cwd-20230930

0001627282-23-000059.txt : 20231113 0001627282-23-000059.hdr.sgml : 20231113 20231109183540 ACCESSION NUMBER: 0001627282-23-000059 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 82 CONFORMED PERIOD OF REPORT: 20230930 FILED AS OF DATE: 20231113 DATE AS OF CHANGE: 20231109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CaliberCos Inc. CENTRAL INDEX KEY: 0001627282 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-41703 FILM NUMBER: 231394148 BUSINESS ADDRESS: STREET 1: 8901 E. MOUNTAIN VIEW RD. STREET 2: SUITE 150 CITY: SCOTTSDALE STATE: AZ ZIP: 85258 BUSINESS PHONE: 480-295-7600 MAIL ADDRESS: STREET 1: 8901 E. MOUNTAIN VIEW RD. STREET 2: SUITE 150 CITY: SCOTTSDALE STATE: AZ ZIP: 85258 FORMER COMPANY: FORMER CONFORMED NAME: CaliberCo Inc. DATE OF NAME CHANGE: 20141205 10-Q 1 cwd-20230930.htm 10-Q cwd-20230930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number 001-41703

CALIBERCOS INC.

(Exact name of registrant as specified in its charter)


Delaware						47-2426901
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

8901 E. Mountain View Rd. Ste. 150, Scottsdale, AZ						85258
(Address of Principal Executive Offices)						(Zip Code)


			(480) 295-7600
			Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, $0.001 par value per share	CWD	Nasdaq Capital Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	x
		Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ¨ No x

There were 21,279,543 shares of common stock, comprised of 13,863,129 shares of Class A Common Stock and 7,416,414 shares of Class B Common Stock of CaliberCos Inc. as of November 7, 2023.

Explanatory Note

In this report, the term “Caliber”, “we”, “us”, “our” or “the Company” refers to CaliberCos Inc.

This quarterly report on Form 10-Q includes forward-looking statements within the meaning of the federal securities laws. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the operating results and financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, statements about:

•estimates of our expenses, future revenues, capital requirements and our needs for additional financing;

•our estimates of the size of our market opportunities;

•our ability to effectively manage our growth;

•our ability to successfully enter new markets, manage our growth expansion and comply with any applicable laws and regulations;

•the effects of increased competition from our market competitors;

•significant disruption in, or breach in security of, our information technology systems and resultant interruptions in service and any related impact on our reputation;

•the attraction and retention of qualified employees and key personnel;

•the effectiveness of our internal controls;

•changes in laws and government regulation affecting our business;

•the impact of adverse economic conditions;

•the sufficiency of our cash and cash equivalents to meet our liquidity needs and service our indebtedness; and

•outcomes of legal or administrative proceedings.

In addition, in this report, the words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “predict,” “potential” and similar expressions, as they relate to our Company, our business and our management, are intended to identify forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.

Forward-looking statements speak only as of the date of this report. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

You should read this report and the documents that we reference in this report and have filed with the Securities and Exchange Commission (“SEC”) as exhibits to this report with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect.

Table of Contents


						Page
Part I - Financial Information						4
Item 1. Financial Statements						4
Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022						4
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022						6
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2023 and 2022						7
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022						9
Notes to Condensed Consolidated Financial Statements						11
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations						44
Item 3. Quantitative and Qualitative Disclosures About Market Risk						63
Item 4. Controls and Procedures						64
Part II - Other Information						65
Item 1. Legal Proceedings						65
Item 1A. Risk Factors						65
Item 2. Unregistered Sales of Equity Securities						65
Item 3. Defaults Upon Senior Securities						65
Item 4. Mine Safety Disclosures						65
Item 5. Other Information						65
Item 6. Exhibit Index						66
Signatures						68

PART I - FINANCIAL INFORMATION

Item 1. Unaudited Financial Statements

CALIBERCOS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)


	September 30, 2023		December 31, 2022
Assets
Cash	$	995	$	1,921
Restricted cash	2,479		23
Real estate investments, net	21,383		2,065

Due from related parties	6,498		9,646
Investments in unconsolidated entities	3,290		3,156
Operating lease - right of use assets	204		1,411

Prepaid and other assets	2,629		5,861
Assets of consolidated funds
Cash	4,536		5,736
Restricted cash	10,407		8,254
Real estate investments, net	219,140		196,177

Accounts receivable, net	2,434		2,228
Notes receivable - related parties	31,184		28,229
Due from related parties	27		15
Operating lease - right of use assets	8,785		8,769

Prepaid and other assets	10,739		5,343
Total assets	$	324,730	$	278,834

CALIBERCOS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)


	September 30, 2023		December 31, 2022
Liabilities and Stockholders’ Equity
Notes payable	$	54,254	$	14,653
Notes payable - related parties	—		365
Accounts payable and accrued expenses	6,852		6,374
Buyback obligation	—		12,391
Due to related parties	87		171
Operating lease liabilities	125		1,587

Other liabilities	535		64
Liabilities of consolidated funds
Notes payable, net	147,779		134,256
Notes payable - related parties	12,799		6,973
Accounts payable and accrued expenses	11,949		9,252
Due to related parties	210		68
Operating lease liabilities	12,397		12,461

Other liabilities	2,987		3,030
Total liabilities	249,974		201,645

Commitments and Contingencies

Preferred stock Series B, $0.001 par value; 12,500,000 shares authorized, no shares issued and outstanding as of September 30, 2023 and 1,651,302 shares issued and outstanding as of December 31, 2022	—		—
Common stock Class A, $0.001 par value; 100,000,000 shares authorized, 13,848,800 and 10,790,787 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	14		11
Common stock Class B, $0.001 par value; 15,000,000 shares authorized, 7,416,414 shares issued and outstanding as September 30, 2023 and December 31, 2022	7		7
Paid-in capital	38,723		33,108
Less treasury stock, at cost, 277,342 shares repurchased and 3,432,351 forward repurchase shares as of December 31, 2022. As of September 30, 2023, there was no treasury stock or forward repurchase shares	—		(13,626)
Accumulated deficit	(34,469)		(22,709)
Stockholders’ equity (deficit) attributable to CaliberCos Inc.	4,275		(3,209)
Stockholders’ equity attributable to noncontrolling interests	70,481		80,398
Total stockholders’ equity	74,756		77,189
Total liabilities and stockholders’ equity	$	324,730	$	278,834

The accompanying notes are an integral part of these condensed consolidated financial statements.

CALIBERCOS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues
Asset management fees	$	1,273	$	982	$	3,784	$	3,048
Performance allocations	36		103		2,474		2,508
Transaction and advisory fees	1,043		5,890		2,462		8,261
Consolidated funds – hospitality revenue	12,526		10,988		52,008		43,801
Consolidated funds – other revenue	2,147		1,543		6,264		4,871
Total revenues	17,025		19,506		66,992		62,489

Expenses
Operating costs	4,881		3,203		16,205		8,421
General and administrative	1,672		1,252		4,914		5,389
Marketing and advertising	210		288		888		1,293
Depreciation and amortization	140		7		409		23
Consolidated funds – hospitality expenses	18,644		14,960		59,676		44,786
Consolidated funds – other expenses	2,883		1,677		6,757		6,146
Total expenses	28,430		21,387		88,849		66,058

Consolidated funds - gain on sale of real estate investments	—		—		—		21,530

Other income (loss), net	414		25		1,479		241
Gain on extinguishment of debt	—		1,421		—		1,421
Interest income	85		109		279		112
Interest expense	(1,316)		(341)		(3,408)		(685)
Net (loss) income before income taxes	(12,222)		(667)		(23,507)		19,050
Provision for income taxes	—		—		—		—
Net (loss) income	(12,222)		(667)		(23,507)		19,050
Net (loss) income attributable to noncontrolling interests	(8,813)		(5,067)		(13,165)		14,561
Net (loss) income attributable to CaliberCos Inc.	$	(3,409)	$	4,400	$	(10,342)	$	4,489
Basic net (loss) income per share attributable to common stockholders	$	(0.16)	$	0.24	$	(0.53)	$	0.25
Diluted net (loss) income per share attributable to common stockholders	$	(0.16)	$	0.22	$	(0.53)	$	0.23
Weighted average common shares outstanding:
Basic	21,238		18,229		19,688		18,033
Diluted	21,238		20,074		19,688		19,878

The accompanying notes are an integral part of these condensed consolidated financial statements.

CALIBERCOS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

(AMOUNTS IN THOUSANDS)


	Preferred Stock			Common Stock						Paid in Capital		Treasury Stock		Accumulated Deficit		Noncontrolling Interests		Total Stockholders’ Equity
				Class A			Class B
	Shares	Par Value		Shares	Par Value		Shares	Par Value
Balances as of December 31, 2022	1,651	$	—	10,791	$	11	7,416	$	7	$	33,108	$	(13,626)	$	(22,709)	$	80,398	$	77,189


Repurchases of common stock	—	—		(42)	—		—	—		—		—		—		—		—

Equity based compensation	—	—		—	—		—	—		702		—		—		—		702
Contributions from noncontrolling interest holders	—	—		—	—		—	—		—		—		—		7,629		7,629
Redemptions of noncontrolling interest holders	—	—		—	—		—	—		—		—		—		(295)		(295)
Distributions to noncontrolling interest holders	—	—		—	—		—	—		—		—		—		(1,752)		(1,752)
Consolidation of VIEs	—	—		—	—		—	—		—		—		—		(20,805)		(20,805)
Deconsolidation of VIEs	—	—		—	—		—	—		—		—		—		9,539		9,539
Retirement of treasury stock	—	—		—	—		—	—		—		1,418		(1,418)		—		—
Net (loss) income	—	—		—	—		—	—		—		—		(1,207)		1,502		295
Balances as of March 31, 2023	1,651	$	—	10,749	$	11	7,416	$	7	$	33,810	$	(12,208)	$	(25,334)	$	76,216	$	72,502

Issuance of common stock, net of issuance costs	—	—		1,200	1		—	—		3,247		—		—		—		3,248

Conversions of preferred stock	(1,651)	—		1,651	2		—	—		—		—		—		—		2
Equity based compensation	—	—		221	—		—	—		1,922		—		—		—		1,922
Contributions from noncontrolling interest holders	—	—		—	—		—	—		—		—		—		6,787		6,787
Redemptions of noncontrolling interest holders	—	—		—	—		—	—		—		—		—		(995)		(995)
Distributions to noncontrolling interest holders	—	—		—	—		—	—		—		—		—		(1,482)		(1,482)


Elimination of buyback obligation	—	—		—	—		—	—		—		12,208		—		—		12,208
Net loss	—	—		—	—		—	—		—		—		(5,726)		(5,854)		(11,580)
Balances as of June 30, 2023	—	$	—	13,821	$	14	7,416	$	7	$	38,979	$	—	$	(31,060)	$	74,672	$	82,612

Equity issuance costs	—	—		—	—		—	—		(649)		—		—		—		(649)


Equity based compensation expense	—	—		27	—		—	—		393		—		—		—		393
Contributions from noncontrolling interest holders	—	—		—	—		—	—		—		—		—		6,870		6,870
Redemptions of noncontrolling interest holders	—	—		—	—		—	—		—		—		—		(480)		(480)
Distributions to noncontrolling interest holders	—	—		—	—		—	—		—		—		—		(1,768)		(1,768)



Net loss	—	—		—	—		—	—		—		—		(3,409)		(8,813)		(12,222)
Balances as of September 30, 2023	—	$	—	13,848	$	14	7,416	$	7	$	38,723	$	—	$	(34,469)	$	70,481	$	74,756

CALIBERCOS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

(AMOUNTS IN THOUSANDS)


	Preferred Stock			Common Stock						Paid in Capital		Treasury Stock		Accumulated Deficit		Noncontrolling Interests		Total Stockholders’ Equity
				Class A			Class B
	Shares	Par Value		Shares	Par Value		Shares	Par Value
Balances as of December 31, 2021	1,650	$	—	10,523	$	10	7,416	$	7	$	29,249	$	(13,626)	$	(24,729)	$	58,782	$	49,693

Issuance of common stock	—	—		10	—		—	—		62		—		—		—		62


Equity based compensation expense	—	—		—	—		—	—		64		—		—		—		64
Contributions from noncontrolling interest holders	—	—		—	—		—	—		—		—		—		5,926		5,926
Redemptions of noncontrolling interest holders	—	—		—	—		—	—		—		—		—		(200)		(200)
Distributions to noncontrolling interest holders	—	—		—	—		—	—		—		—		—		(870)		(870)
Consolidation of VIEs	—	—		—	—		—	—		—		—		—		4,029		4,029
Deconsolidation of VIEs	—	—		—	—		—	—		—		—		—		(16,781)		(16,781)

Net income	—	—		—	—		—	—		—		—		549		21,127		21,676
Balances as of March 31, 2022	1,650	$	—	10,533	$	10	7,416	$	7	$	29,375	$	(13,626)	$	(24,180)	$	72,013	$	63,599

Issuance of common stock	—	—		494	1		—	—		3,249		—		—		—		3,250


Equity based compensation expense	—	—		—	—		—	—		137		—		—		—		137
Contributions from noncontrolling interest holders	—	—		—	—		—	—		—		—		—		10,637		10,637
Redemptions of noncontrolling interest holders	—	—		—	—		—	—		—		—		—		(1,410)		(1,410)
Distributions to noncontrolling interest holders	—	—		—	—		—	—		—		—		—		(1,122)		(1,122)
Consolidation of VIEs	—	—		—	—		—	—		—		—		—		(165)		(165)


Net loss	—	—		—	—		—	—		—		—		(460)		(1,499)		(1,959)
Balances as of June 30, 2022	1,650	$	—	11,027	$	11	7,416	$	7	$	32,761	$	(13,626)	$	(24,640)	$	78,454	$	72,967

Issuance of common stock	—	—		1	—		—	—		—		—		—		—		—


Equity based compensation expense	—	—		—	—		—	—		258		—		—		—		258
Contributions from noncontrolling interest holders	—	—		—	—		—	—		—		—		—		3,845		3,845
Redemptions of noncontrolling interest holders	—	—		—	—		—	—		—		—		—		(275)		(275)
Distributions to noncontrolling interest holders	—	—		—	—		—	—		—		—		—		(1,176)		(1,176)

Deconsolidation of VIEs	—	—		—	—		—	—		—		—		—		2,652		2,652

Net (loss) income	—	—		—	—		—	—		—		—		4,400		(5,067)		(667)
Balances as of September 30, 2022	1,650	$	—	11,028	$	11	7,416	$	7	$	33,019	$	(13,626)	$	(20,240)	$	78,433	$	77,604

The accompanying notes are an integral part of these condensed consolidated financial statements.

CALIBERCOS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(AMOUNTS IN THOUSANDS)


	Nine Months Ended September 30,
	2023		2022
Cash Flows From Operating Activities
Net (loss) income	$	(23,507)	$	19,050
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization	392		23
Non-cash lease expense and gain on lease extinguishment	(285)		—
Non-cash performance allocations	(2,382)		—
Equity-based compensation	3,017		459
Gain on the disposition of real estate	—		(27)
Gain on extinguishment of debt	—		(1,421)

Impairment	—		9
Amortization of above-market/below market leases and straight-line rent, net	178		—
Amortization of deferred financing costs	25		—
Changes in operating assets and liabilities:

Due from related parties	1,364		(3,029)
Prepaid expenses, right-of-use assets and other assets	3,307		(2,099)
Accounts payable and accrued expenses	464		(695)
Due to related parties	(84)		(703)
Lease liabilities and other liabilities	248		(514)
Adjustments to reconcile net (loss) income to net cash from operating activities of consolidated funds:
Depreciation	7,926		6,809
Non-cash lease expense	(80)		—
Gain on the disposition of real estate	—		(21,547)
Loss (gain) on extinguishment of debt	2		(3,131)
Gain on derivative instruments	(114)		—
Loss on disposal of furniture, fixtures and equipment	687		—
Impairment	—		144
Amortization of advanced key money	(56)		(56)
Amortization of above-market/below market leases and straight-line rent, net	(333)		(61)
Amortization of deferred financing costs	1,147		583
Changes in operating assets and liabilities of consolidated funds:
Accounts receivable, net	533		(381)
Due from related parties	(12)		194
Prepaid expenses, right-of use assets and other assets	(4,939)		42
Accounts payable and accrued expenses	849		783
Due to related parties	327		382
Lease liabilities and other liabilities	184		1,370
Net cash used in operating activities	(11,142)		(3,816)

Cash Flows From Investing Activities
Investments in real estate assets	(224)		(228)
Acquisition of real estate assets	(19,472)		—
Proceeds from the sale of real estate assets	—		144
Investments in unconsolidated entities	(134)		(877)
Funding of notes receivable - related party	(980)		—
Payment received on notes receivable - related party	930		—

CALIBERCOS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(AMOUNTS IN THOUSANDS)


	Nine Months Ended September 30,
	2023		2022
Cash Flows From Investing Activities of consolidated funds
Consolidation of VIEs	$	12,927	$	1,393
Deconsolidation of VIEs	(12,418)		(17,246)
Investments in real estate assets	(12,040)		(32,676)
Acquisition of real estate assets	(6,643)		—
Proceeds from the sale of real estate assets	—		30,705
Funding of notes receivable - related party	(11,986)		(6,485)
Payment received on notes receivable - related party	6,085		1,393
Net cash used in investing activities	(43,955)		(23,877)
Cash Flows From Financing Activities
Payment of deferred financing costs	(253)		—
Proceeds from notes payable	43,010		9,015
Repayments of notes payable	(3,181)		(981)
Proceeds from notes payable - related parties	4,000		—
Repayments of notes payable - related parties	(4,365)		(490)

Proceeds from the issuance of common stock, net of issuance costs	2,599		12
Payments of treasury stock - buyback obligation	(183)		(236)

Cash Flows From Financing Activities of consolidated funds

Payment of deferred financing costs	(2,522)		(355)
Proceeds from notes payable	61,681		27,085
Repayments of notes payable	(58,734)		(26,012)
Proceeds from notes payable - related parties	5,647		15,243
Repayments of notes payable - related parties	(4,633)		(9,257)
Contributions from noncontrolling interest holders	21,286		20,408
Redemptions of noncontrolling interests	(1,770)		(1,885)
Distributions to noncontrolling interest holders	(5,002)		(2,977)
Net cash provided by financing activities	57,580		29,570
Net Change in Cash and Restricted Cash	2,483		1,877
Cash and Restricted Cash at Beginning of Period	15,934		16,532
Cash and Restricted Cash at End of Period	$	18,417	$	18,409

Reconciliation of Cash and Restricted Cash
Cash at beginning of period	$	7,657	$	8,378
Restricted cash at beginning of period	8,277		8,154
Cash and restricted cash at beginning of period	15,934		16,532

Cash at end of period	5,531		10,978
Restricted cash at end of period	12,886		7,431
Cash and restricted cash at end of period	$	18,417	$	18,409

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Organization and Liquidity

Organization

CaliberCos Inc., a Delaware corporation, and its consolidated subsidiaries (collectively, the “Company”, “Caliber”, “we”, “our”, and “us”), is an alternative asset manager of private syndication and direct investment real estate funds and provider of a full suite of traditional real estate services. The Company was formed in November 2014, and originally began as Caliber Companies, LLC, an Arizona limited liability company, which commenced operations in January 2009. We also provide various support services to the investments we manage including fund formation services, lending support, construction and development management, and real estate brokerage. Our business is organized into three reportable segments: Fund Management, Development, and Brokerage. As of September 30, 2023, we had operations in Alaska, Arizona, Colorado, and Texas.

In general, our private equity real estate funds are organized as operating partnerships, in which multiple unrelated passive investors own partnership interests. In addition, we are designated as the manager and/or general partner of the partnership. Depending on the legal structure and arrangements between us and the funds, we may or may not consolidate the partnerships for financial reporting purposes. For funds in which we are determined to be the controlling party or primary beneficiary for financial reporting purposes, the fund is consolidated, and the passive investors’ ownership is presented as noncontrolling interest in the accompanying condensed consolidated financial statements. For funds in which we are not determined to be the controlling party for financial reporting purposes, the fund is not consolidated, and any fees earned from the fund are included in fund management revenue in the accompanying condensed consolidated financial statements. See Note 2 – Summary of Significant Accounting Policies for more detail.

Liquidity

The Company, through guarantees of loans held by its consolidated funds, has five separate loans outstanding with maturity dates within the 12-month period subsequent to when these financial statements were issued with outside lenders totaling $28.8 million at September 30, 2023. Management is actively managing the potential amendments to the applicable loan agreements to include additional extension options, pay off or refinancing of these facilities. Management believes that we will be able to enter into new financing arrangements with third-party lenders. The Company has an aggregate of $38.1 million of individual corporate notes outstanding with maturity dates within the 12-month period subsequent to when these financial statements were issued. The loans generally have a 12-month term and may be extended upon the mutual agreement of the lender and the borrower. Management believes it can come to a mutual agreement with each lender to extend the maturities of the notes for an additional 12-month term. See Note 6 – Notes Payable for additional details.

Note 2 – Summary of Significant Accounting Policies

Accounting Policies of the Company

Basis of Presentation and Consolidation

The accompanying condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The accompanying condensed consolidated financial statements include our accounts, our consolidated subsidiaries, and legal entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The equity and net income or loss attributable to noncontrolling interests in subsidiaries is shown separately in the accompanying condensed consolidated balance sheets, statements of operations, and statements of changes in stockholders’ equity. All intercompany balances and transactions have been eliminated in consolidation.

Variable Interest Entities

We determine if an entity is a variable interest entities (“VIE”) based on several factors, including whether the equity holders, as a group, lack the characteristics of a controlling financial interest. We analyze any investments in VIEs to determine if we are the primary beneficiary. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in a VIE.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative analysis focused on identifying which reporting entity has both (i) the power to direct the activities of the entity that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment. We consolidate any VIEs for which we are the primary beneficiary and we disclose our maximum exposure to loss related to the consolidated VIEs. See Note 3 – VIEs for more detail.

Voting Interest Entities

Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities (“VOEs”). For VOEs, we consolidate an entity if we have a controlling financial interest. We have a controlling financial interest in a VOE if (i) for legal entities other than partnerships, we own a majority voting interest in the entity or, for limited partnerships and similar entities, we own a majority of the entity’s kick-out rights through voting limited partnership interests and (ii) non-controlling shareholders or partners do not hold substantive participating rights, and no other conditions exist that would indicate that we do not control the entity.

Interim Unaudited Financial Data

Our condensed consolidated financial statements reflect all adjustments, which are, in our opinion, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Interim results of operations are not necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements, including notes, are unaudited, exclude some of the disclosures required for annual consolidated financial statements, and should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2022.

Use of Accounting Estimates

The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ significantly from those estimates.

Reclassification

On January 17, 2023, the Company’s board of directors approved an amendment to its certificate of incorporation to effect a 1-for-1.6820384 reverse stock split of Class A common stock, Class B common stock and Series B preferred stock. The reverse stock split was effected on January 17, 2023. Certain prior period amounts have been updated to reflect the reverse stock split including share and per share amounts and additional paid-in-capital amounts on the condensed consolidated statement of equity for each of the three months ended March 31, 2022, June 30, 2022, and September 30, 2022.

Cash

Cash includes cash in bank accounts. The Company deposits cash with several high-quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000. At times, the Company’s cash balances may exceed FDIC limits. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held.

Restricted Cash

Restricted cash consists of held in escrow accounts by contractual agreement with lenders as part of financial loan covenant requirements.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Investments in Unconsolidated Entities

If an entity is not a VIE, our determination of the appropriate accounting method with respect to our investments in limited liability companies and other investments is based on voting control. For our managing member interests in limited liability companies, we are presumed to control (and therefore consolidate) the entity, unless the other limited partners have substantive rights that overcome this presumption of control. These substantive rights allow the limited partners to remove the general partner with or without cause or to participate in significant decisions made in the ordinary course of the entity’s business. We account for our non-controlling investments in these entities under the equity method. Our investments in unconsolidated subsidiaries in which we have the ability to exercise significant influence over operating and financial policies, but do not control, or entities which are VIE in which we are not the primary beneficiary are accounted for under the equity method. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the equity method investment’s earnings and distributions. Our share of the earnings or loss from equity method investments is included in other income (expenses), net on the accompanying condensed consolidated statements of operations.

Our determination of the appropriate accounting treatment for an investment in a subsidiary requires judgment of several factors including the size and nature of our ownership interest and the other owners’ substantive rights to make decisions for the entity. If we were to make different judgments or conclusions as to the level of our control or influence, it could result in a different accounting treatment. Consolidating an investment generally would have no impact on our net income or stockholders’ deficit attributable to CaliberCos Inc. in any accounting period, but a different treatment would impact individual income statement and balance sheet line items, as consolidation would effectively “gross up” our statement of operations and balance sheet.

As of September 30, 2023 and December 31, 2022, the carrying amount of our investments in unconsolidated entities was $3.3 million and $3.2 million, respectively. In certain situations, the Company has invested only a nominal amount of cash, or no cash at all, into a venture. As the manager of the venture, we are entitled to 15.0% – 35.0% of the residual cash flow produced by the venture after the payment of any priority returns. Under the equity method, impairment losses are recognized upon evidence of other-than-temporary losses of value. For the three and nine months ended September 30, 2023 and 2022, the Company had no impairment losses related to its investments in unconsolidated entities.

Depreciation and Amortization Expense

Depreciation expense includes costs associated with the purchase of furniture and equipment and office leasehold improvements which are recorded at cost. Furniture and equipment costs are depreciated using the straight-line method over the estimated useful life of the asset, generally three to seven years beginning in the first full month the asset is placed in service. Office leasehold improvements are amortized using the straight-line method over the shorter of the respective estimated useful life or the lease term.

Impairment of Long-Lived Assets

Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is determined not to be recoverable. If events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted net future cash flows resulting from the use of the asset, excluding interest charges. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset.

For the three and nine months ended September 30, 2023 and 2022, the Company had no impairment losses related to its real estate and other long-lived assets.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Concentration of Credit Risk

Substantially all of the Company’s revenues are generated from the management, ownership and/or operations of real estate assets located in Alaska, Arizona, Colorado, and Texas. The Company mitigates the associated risk by:

•diversifying our investments in real estate assets across multiple asset types, including hospitality, commercial, single-family, multi-family, and self-storage properties;

•diversifying our investments in real estate assets across multiple geographic locations including different markets and sub-markets in which our real estate assets are located;

•diversifying our investments in real estate assets across assets at differing points of stabilization, and in varying states of cash flow optimization; and

•maintaining financing relationships with a diversified mix of lenders (differing size and type), including large national banks, local community banks, private equity lenders, and insurance companies.

Noncontrolling Interests in Consolidated Real Estate Partnerships

We report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests within the accompanying condensed consolidated statements of changes in stockholders’ equity. Noncontrolling interests consist of equity interests held by limited partners in consolidated real estate partnerships. We attribute to noncontrolling interests their share of income or loss of the consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners’ capital accounts.

The terms of the partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate assets. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. The terms of certain partnership agreements outline differing classes of equity ownership, some of which are redeemable by the partnership at the partnership manager’s discretion.

Revenue Recognition

In accordance with the Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), management applies the five-step framework in determining the timing and amount of revenue to recognize. This framework requires an entity to: (i) identify the contract(s) with customers, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations within the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. The Company’s revenues primarily consist of fund management and transaction and advisory fees.

Fund Management

Asset management fees generated from the funds are generally based on 1.0% to 1.5% of the unreturned capital contributions in a particular fund and include reimbursement for costs incurred on behalf of the fund, including an allocation of certain overhead costs. The Company earns an asset management fee of 0.70% of the Caliber Hospitality Trust’s (as defined in Note 3 – VIEs) enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. These customer contracts require the Company to provide management services, representing a performance obligation that the Company satisfies over time.

Performance allocations are an arrangement in which we are entitled to an allocation of investment returns, generated within the investment funds which we manage, based on a contractual formula. We typically receive 15.0% to 35.0% of all cash distributions from (i) the operating cash flow of each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of preferred capital contributions; and (ii) the cash flow resulting from the sale or refinance of any real estate assets held by each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of initial preferred capital contributions. Our funds’ preferred returns range from 6.0% to 12.0%, typically 6.0% for common equity or 10.0% to 12.0% for preferred equity, which does not participate in profits. Performance allocations are related to services which have been provided and are recognized when it is determined that they are no longer probable of significant reversal, which is generally satisfied when an underlying fund investment is realized or sold.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Transaction and Advisory Fees

Revenues from contracts with customers includes fixed fee arrangements with related party affiliates to provide certain associated activities which are ancillary to and generally add value to the assets we manage, such as set-up and fund formation services associated with marketing, soliciting, and selling member interests in the affiliated limited partnerships, brokerage services, construction and development management services, loan placement and guarantees. The recognition and measurement of revenue is based on the assessment of individual contract terms. For performance obligations satisfied at a point in time, there are no significant judgments made in evaluating when the customer obtains control of the promised service.

For performance obligations satisfied over time, significant judgment is required to determine how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on appropriate measurement of the Company’s progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events. Transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Variable consideration is included in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in transaction price are based largely on an assessment of its anticipated performance and all information that is reasonably available to the Company. Revenues are recognized when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.

Set-up services are a one-time fee for the initial formation, administration, and set-up of the private equity real estate fund. These fees are recognized at the point in time when the performance under the contract is complete.

Fund formation fees are earned at a point in time at a fixed rate based on the amount of capital raised into certain managed funds. Services include marketing, offering, registration, and ultimately raising capital.

Accounts Receivable

Accounts receivable primarily consists of reimbursable expenses from third-party development projects. The Company continually reviews receivables and determines collectability by taking into consideration the history of past write-offs, collections, current credit conditions, payment history, and the financial condition of the related third-party service providers. In the event that the collectability of a receivable is uncertain, the Company will record an increase in the allowance for doubtful accounts. Amounts that are determined to be uncollectible with a high degree of certainty are written-off through bad debt expense, which is included in operating costs on the accompanying condensed consolidated statements of operations. The Company did not record an allowance for doubtful accounts as of September 30, 2023 and December 31, 2022.

Related Parties

In the normal course of business, the Company enters into transactions with related parties. Related parties include affiliates of the entity, entities under common control of the Company, significant stockholders and executive management and members of their immediate families, and other parties that can significantly influence the management and operating policies of the Company.

Leases

Lessor

At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. When the terms of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type lease. When a lease does not effectively transfer control of the underlying asset to the lessee, but the Company obtains a guarantee for the value of the asset from a third party, the Company classifies the lease as a direct financing lease. All other leases are classified as operating leases. The Company did not have any sales-type or direct financing leases as of September 30, 2023. For operating leases with minimum scheduled rent increases, the consolidated funds recognize rental revenue on a straight-line basis, including the effect of any free rent periods, over the lease term when collectability of lease payments is probable. Variable lease payments are recognized as rental revenue in the period when the changes in facts and circumstances on which the variable lease payments are based occur.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company identified two separate lease components as follows: i) land lease component, and ii) single property lease component comprised of building, land improvements and tenant improvements. The Company’s leases also contain provisions for tenants to reimburse the consolidated funds for maintenance and other property operating expenses, which are considered to be non-lease components. The Company elected the practical expedient to combine lease and non-lease components and the non-lease components will be included with the single property lease component as the predominant component.

Lessee

To account for leases for which the Company is the lessee, contracts must be analyzed upon inception to determine if the arrangement is, or contains, a lease. A lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease classification tests and measurement procedures are performed at the lease commencement date.

The lease liability is initially measured as the present value of the lease payments over the lease term, discounted using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the lessee’s incremental borrowing rate is used. The incremental borrowing rate is determined based on the estimated rate of interest that the lessee would pay to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. The lease term is the noncancelable period of the lease and includes any renewal and termination options the Company is reasonably certain to exercise. The lease liability balance is amortized using the effective interest method. The lease liability is remeasured when the contract is modified, upon the resolution of a contingency such that variable payments become fixed or if the assessment of exercising an extension, termination or purchase option changes.

The right-of-use (“ROU”) asset balance is initially measured as the lease liability amount, adjusted for any lease payments made prior to the commencement date, initial direct costs, estimated costs to dismantle, remove, or restore the underlying asset and incentives received.

The Company’s impairment assessment for ROU assets is consistent with the impairment analysis for the Company's other long-lived assets and is reviewed quarterly.

Accounting Policies of Consolidated Funds

Accounting for Real Estate Investments

Upon the acquisition of real estate properties, a determination is made as to whether the acquisition meets the criteria to be accounted for as an asset acquisition or a business combination. The determination is primarily based on whether the assets acquired, and liabilities assumed meet the definition of a business. The determination of whether the assets acquired, and liabilities assumed meet the definition of a business includes a single or similar asset threshold. In applying the single or similar asset threshold, if substantially all the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the assets acquired, and liabilities assumed are not considered a business. Most of our consolidated fund acquisitions meet the single or similar asset threshold, due to the fact that substantially all the fair value of the gross assets acquired is attributable to the real estate assets acquired.

Acquired real estate properties accounted for as asset acquisitions are recorded at cost, including acquisition and closing costs. Our consolidated funds allocate the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Our consolidated funds determine the fair value of tangible assets, such as land, building, furniture, fixtures and equipment, using a combination of internal valuation techniques that consider comparable market transactions, replacement costs and other available information and fair value estimates provided by third-party valuation specialists, depending upon the circumstances of the acquisition. Our consolidated funds determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using a combination of internal valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and fair value estimates provided by third-party valuation specialists, depending upon the circumstances of the acquisition.

If a transaction is determined to be a business combination, the assets acquired, liabilities assumed, and any identified intangibles are recorded at their estimated fair values on the transaction date, and transaction costs are expensed in the period incurred.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Cost Capitalization and Depreciation

Our consolidated funds capitalize costs, including certain indirect costs, incurred in connection with their development and construction activities. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with capital addition activities at the asset level. Interest, property taxes and insurance are also capitalized during periods in which redevelopment, development and construction projects are in progress. Capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, commence at the point in time when activities necessary to get the assets ready for their intended use are in progress. This includes when assets are undergoing physical construction, as well as when apartment homes are held vacant in advance of planned construction, provided that other activities such as permitting, planning and design are in progress. Our consolidated funds cease the capitalization of costs when the assets are substantially complete and ready for their intended use, which is typically when construction has been completed and apartment homes or other properties are available for occupancy. Cost of ordinary repairs, maintenance and resident turnover are charged to operating expense, as incurred.

Depreciation for all tangible real estate assets is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of our real estate assets are as follows:


Building and building improvements			15 – 40 years
Furniture, fixtures, and equipment			3 – 7 years

For the three and nine months ended September 30, 2023, depreciation expense was $2.8 million and $7.9 million, respectively. For the three and nine months ended September 30, 2022, depreciation expense was $2.2 million and $6.8 million, respectively.

Impairment of Long-Lived Assets

Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is determined to not be recoverable. If events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted net future cash flows resulting from the use of the asset, excluding interest charges. If the carrying amount exceeds the aggregate undiscounted future cash flows, our consolidated funds recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset.

For the three and nine months ended September 30, 2023 and 2022, our consolidated funds did not record an impairment loss related to its real estate and other long-lived assets.

Cash

Cash includes cash in bank accounts. The consolidated funds deposit cash with several high-quality financial institutions. These deposits are guaranteed by the FDIC up to an insurance limit of $250,000. At times, cash balances may exceed FDIC limits. Although the consolidated funds bear risk on amounts in excess of those insured by the FDIC, they have not experienced and do not anticipate any losses due to the high quality of the institutions where the deposits are held.

Restricted Cash

Restricted cash consists of tenant security deposits and cash reserves required by certain loan agreements for capital improvements and repairs. As improvements and repairs are completed, related costs incurred by the consolidated funds are funded from the reserve accounts. Restricted cash also includes cash held in escrow accounts by mortgage companies on behalf of the consolidated funds for payment of property taxes, insurance, and interest.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Fund Revenues

In accordance with ASC 606, our consolidated funds apply the five-step framework in determining the timing and amount of revenue to recognize. This framework requires an entity to: (i) identify the contract(s) with customers, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations within the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. Our consolidated funds’ revenues primarily consist of hospitality revenues, rental income and interest income.

Consolidated funds – hospitality revenue

Hospitality revenues are comprised of charges for room rentals, food and beverage sales, and other hotel operating activities. Revenues are recognized as earned, which is defined as the date upon which a guest occupies a room or utilizes the hotel’s services. Revenues are recorded net of sales tax.

Our consolidated funds have performance obligations to provide accommodations and other ancillary services to hotel guests. As compensation for such goods and services, the consolidated funds are typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary services purchased. These fees are generally payable at the time the hotel guest checks out of the hotel. The consolidated funds generally satisfy the performance obligations over time and recognize the revenue from room sales and from other ancillary guest services on a daily basis, as the rooms are occupied, and the services have been rendered.

For food and beverage, revenue is recognized upon transfer of promised products or services to customers in an amount that reflects the consideration the consolidated funds received in exchange for those services, which is generally when payment is tendered at the time of sale.

The consolidated funds receive deposits for events and rooms. Such deposits are deferred and included in other liabilities on the accompanying condensed consolidated balance sheets. The deposits are credited to consolidated funds – hospitality revenue when the specific event takes place.

Consolidated funds – other revenue

Consolidated funds – other revenue includes rental revenue of $1.2 million and $3.5 million, for the three and nine months ended September 30, 2023, respectively, and $0.8 million and $2.8 million for the three and nine months ended September 30, 2022, respectively. Rental revenue includes the revenues generated primarily by the rental operations of the residential (multi-family and single-family) and commercial properties of our consolidated funds.

Upon adoption of ASC 842, Leases (“ASC 842”), effective January 1, 2022, at the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. When the terms of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type lease. When a lease does not effectively transfer control of the underlying asset to the lessee, but the Company obtains a guarantee for the value of the asset from a third party, the Company classifies the lease as a direct financing lease. All other leases are classified as operating leases. The consolidated funds did not have any sales-type or direct financing leases as of September 30, 2023. For operating leases with minimum scheduled rent increases, the consolidated funds recognize rental revenue on a straight-line basis, including the effect of any free rent periods, over the lease term when collectability of lease payments is probable. Variable lease payments are recognized as rental revenue in the period when the changes in facts and circumstances on which the variable lease payments are based occur.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Prior to the adoption of ASC 842, rental revenue consisted of the amount each tenant paid in accordance with the terms of each lease and were reported on a straight-line basis over the initial noncancelable term of the lease, net of any concessions, and recognized when earned and collectability was reasonably assured. These revenues were recorded net of any sales and occupancy taxes collected from tenants. Rental revenue is not within the scope of ASC 606 and was accounted for in accordance with ASC 840 — Leases.

In addition, consolidated funds - other revenue includes interest income of $0.9 million and $2.7 million, for three and nine months ended September 30, 2023, respectively, and $0.8 million and $2.1 million for the three and nine months ended September 30, 2022, respectively, which is generated by a consolidated fund’s lending activity. Interest income is recognized on the accrual basis of accounting in accordance with the lending agreements over the term of the respective loan agreement.

Consolidated Fund Expenses

Consolidated fund expenses consist primarily of costs, expenses and fees that are incurred by, or arise out of the operation and activities of or otherwise related to, our consolidated funds, including, without limitation, operating costs, depreciation and amortization, interest expense on debt held by our consolidated funds, gain on extinguishment of debt, gain on derivative instruments, insurance expenses, professional fees and other costs associated with administering and supporting those funds.

Accounts Receivable

Accounts receivable primarily consists of amounts due from guests or groups for hotel rooms and services provided by the hotel properties. Accounts receivable also include due, but unpaid, rental payments. Our consolidated funds continually review receivables and determine collectability by taking into consideration the history of past write-offs, collections, current credit conditions, tenant payment history, the financial condition of the tenants, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is uncertain, our consolidated funds will record an increase in the allowance for doubtful accounts. Amounts that are determined to be uncollectible with a high degree of certainty are written-off through bad debt expense, which is included in consolidated funds – hospitality expenses and consolidated funds – other expenses on the accompanying condensed consolidated statements of operations. Our consolidated funds had an no amount of allowance for doubtful accounts as of September 30, 2023 and December 31, 2022.

Derivative Instruments

The consolidated funds record all derivative instruments on the condensed consolidated balance sheets at fair value. The accounting for changes in the fair value of the derivative and the effect on the financial statements depends on its hedge designation and whether the hedge is highly effective in achieving offsetting changes in the fair value of cash flows of the asset or liability hedged. If the consolidated fund elects not to apply hedge accounting treatment, any changes in the fair value of the derivative instruments is recognized immediately in consolidated funds - hospitality expenses in the condensed consolidated statements of operations. If the derivative is designated and qualifies for hedge accounting treatment, the change in fair value of the derivative is recorded in other comprehensive income (loss).

Fair Value of Financial Instruments

The fair value of financial instruments is disclosed in accordance with ASC 825, Financial Instruments. The fair value of our financial instruments is estimated using available market information and established valuation methodologies. The estimates of fair value are not necessarily indicative of the amounts the consolidated funds could realize on disposition of the financial instruments. The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair value amounts.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Fair Value Measurements

Fair value measurements and disclosures consist of a three level valuation hierarchy. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the ability to observe the inputs employed in the measurement using market participant assumptions at the measurement date. An asset’s or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

•Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities that can be accessed at the measurement date.

•Level 2 – Inputs include quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability.

•Level 3 – Unobservable inputs for the asset or liability. These unobservable inputs reflect assumptions about what market participants would use to price the asset or liability and are developed based on the best information available in the circumstances (which might include the reporting company’s own data)

Recent Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. The amendments in ASU 2020-06 are effective for the Company for reporting periods beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted beginning after December 15, 2020. We are currently evaluating the impact of ASU 2020-06, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements.

Note 3 – VIEs

During the nine months ended September 30, 2023, the Company deconsolidated five hospitality funds which were contributed to the Caliber Hospitality, LP, whose sole general partner is Caliber Hospitality Trust, Inc. (the “Caliber Hospitality Trust”). During the nine months ended September 30, 2022, the Company deconsolidated two VIEs, one that sold its investment in a multi-family residential property, repaid the loan secured by the property and therefore the Company was no longer determined to be the primary beneficiary and one that was developing multi-family property and the Company was no longer determined to be the primary beneficiary upon refinancing the loan agreement. We aggregate and report the results of operations of these VIEs in consolidated fund revenues and consolidated fund expenses within the accompanying condensed consolidated statements of operations through the date of deconsolidation.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company consolidated Caliber Hospitality, LP and the Caliber Hospitality Trust, which include activity from five previously consolidated hospitality funds and one previously unconsolidated fund during the nine months ended September 30, 2023 because the Company was determined to be the primary beneficiary as it has the power to direct the activities and the obligation to absorb their losses through its guarantee of the indebtedness secured by the hospitality assets, which is significant to Caliber Hospitality Trust and Caliber Hospitality, LP. In addition, the Company consolidated West Frontier Holdco, LLC (“West Frontier”) as the Company was determined to be the primary beneficiary as we have the power to direct the activities of West Frontier and the obligation to absorb their losses through its guarantee of their indebtedness which is significant to the fund. The consolidation of the Caliber Hospitality Trust and West Frontier consisted of the following, excluding intercompany eliminations at the time of consolidation (in thousands):


Assets
Real estate investments, net	$	87,897
Cash	3,667
Restricted cash	9,260
Accounts receivable, net	4,348
Notes receivable - related parties	10,411
Due from related parties	40
Investments in unconsolidated entities	84,076
Operating lease - right of use assets	8,775
Prepaid and other assets	5,953
Total assets	$	214,427

Liabilities
Notes payable, net	$	80,278
Notes payable - related parties	34,786
Accounts payable and accrued expenses	7,858
Due to related parties	10,302
Operating lease liabilities	12,441
Other liabilities	2,158
Total liabilities	147,823

Stockholders’ equity	66,604
Total liabilities and stockholders’ equity	$	214,427

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

During the nine months ended September 30, 2022, the Company consolidated Northsight Crossing AZ, LLC (“Northsight”) and Southpointe Fundco, LLC (“Southpointe”) because the Company was determined to be the primary beneficiary as we have the power to direct the activities of Northsight and Southpointe and the obligation to absorb their losses through its guarantee of their indebtedness which is significant to the fund. The consolidation of Northsight and Southpointe consisted of the following (in thousands) at the time of consolidation:


Assets
Real estate investments, net	$	23,611
Cash	233
Restricted cash	1,325
Prepaid and other assets	748
Total assets	$	25,917

Liabilities
Notes payable, net	$	15,824
Notes payable - related parties	5,301
Accounts payable and accrued expenses	109
Due to related parties	7
Other liabilities	688
Total liabilities	21,929

Stockholders’ equity	3,988
Total liabilities and stockholders’ equity	$	25,917

Management has determined that the equity holders in our consolidated entities, as a group, lack the power to direct the activities that most significantly impact the entity’s economic performance and/or have disproportionate voting rights relative to their equity. The Company was determined to be the primary beneficiary of each of these entities since it has the power to direct the activities of the entities and the right to absorb losses, generally in the form of guarantees of indebtedness that are significant to the individual entities.

Generally, the assets of the individual consolidated VIEs can be used only to settle liabilities of each respective individual consolidated VIEs and the liabilities of the individual consolidated VIEs are liabilities for which creditors or beneficial interest holders do not have recourse to the general credit of the Company. When the VIE is consolidated, we reflect the assets, liabilities, revenues, expenses and cash flows of the consolidated funds on a gross basis, and the interests in the VIEs are included in non-controlling interest in the condensed consolidated financial statements. The Company has provided financial support to certain consolidated VIEs in the form of short-term financing and guarantees of the debts of certain VIEs. In general, our maximum exposure to loss due to involvement with the consolidated VIEs is limited to the amount of capital investment in the VIE, if any, or the potential obligation to perform on the guarantee of debts.

See Note 11 – Commitments and Contingencies for additional information related to the commitments and contingencies of these VIEs.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 4 – Real Estate Investments

Real Estate Investments of the Company

Asset Acquisitions

During the nine months ended September 30, 2023, the Company acquired its headquarters office building for an aggregate purchase price of $19.5 million with the acquisition being accounted for as an asset acquisition under U.S. GAAP. There were no asset acquisitions by the Company during the nine months ended September 30, 2022.

The preliminary allocation of the purchase price among the assets acquired at their relative fair value as of the acquisition date, consisted of the following for the nine months ended September 30, 2023 (in thousands):


	Nine Months Ended September 30, 2023

Real estate investments, at cost
Land and land improvements	$	9,131
Building and building improvements	9,332
Furniture, fixtures and equipment	959

Intangible lease assets	398
Intangible lease liabilities	(348)
Total purchase price of assets acquired	$	19,472

Real Estate Investments of the Consolidated Funds

Asset Acquisitions by Consolidated Funds

During the nine months ended September 30, 2023, the consolidated funds acquired one multi-family residential property for an aggregate purchase price of $6.6 million with the acquisition being accounted for as an asset acquisition under U.S. GAAP. There were no asset acquisitions by the consolidated funds during the nine months ended September 30, 2022.

The allocation of the purchase price among the assets acquired at their relative fair value as of the acquisition date, consisted of the following for the nine months ended September 30, 2023 (in thousands):


	Nine Months Ended September 30, 2023

Real estate investments, at cost
Land and land improvements	$	599
Building and building improvements	6,044

Total purchase price of assets acquired	$	6,643

Dispositions by Consolidated Funds

During the nine months ended September 30, 2023, the consolidated funds did not sell any properties. During the nine months ended September 30, 2022, the consolidated funds sold its investment in one multi-family apartment building located in Phoenix, Arizona, with a cost basis of $9.1 million, resulting in a gain of $21.5 million, which is included in consolidated funds - gain on sale of real estate assets on the accompanying condensed consolidated statements of operations.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 5 – Prepaid and Other Assets

Prepaid and Other Assets of the Company

Prepaid and other assets consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Pursuit costs (1)	$	1,228	$	4,495
Prepaid expenses	681		704
Accounts receivable, net	167		62
Deposits	63		46





Other assets	490		554
Total prepaid and other assets	$	2,629	$	5,861

(1)

Pursuit costs represent expenses incurred related to new fund formation, primarily for professional, legal, consulting, accounting and tax services. As the funds raise equity investments and operating cash flow, as applicable, these costs are reimbursed by the respective funds to the Company. The Company assesses collectability and expenses any amounts in which collectability is not reasonably assured.

Prepaid and Other Assets of the Consolidated Funds

Prepaid and other assets of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Derivative assets	$	1,845	$	1,646
Prepaid expenses	1,248		1,511
Deposits	673		742
Pursuit costs (1)	657		549
Deferred franchise fees, net	290		372
Intangibles, net	419		361
Inventory	148		138

Other assets (2)	5,459		24
Total prepaid and other assets	$	10,739	$	5,343

__________________________________

(1) Pursuit costs represent expenses incurred related to new fund formation, primarily for professional, legal, consulting, accounting and tax services. As the funds raise equity investments and operating cash flow, as applicable, these costs are reimbursed by the respective funds to the Company. The Company assesses collectability and expenses any amounts in which collectability is not reasonably assured.

(2) Other assets as of September 30, 2023, primarily represents incremental costs, including professional, legal, consulting, accounting and tax services, directly attributable to Caliber Hospitality Trust that are deferred and will be charged against the gross proceeds of the offering.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 7 – Related Party Transactions

Related Party Transactions of the Company

Fund Management

The Company manages multiple private equity real estate funds and the Company generates the following Fund Management revenues:

•Asset Management Fees – We receive an annual asset management fee generally equal to 1.0% to 1.5% of the unreturned capital contributions in a particular fund to compensate us for the overall administration of that fund. The Company earns an asset management fee of 0.70% of the Caliber Hospitality Trust’s enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. We are also entitled to receive reimbursement for certain expenses incurred or paid on behalf of the fund, which may include an allocation of certain administrative and overhead costs. During the three and nine months ended September 30, 2023, the Company earned $1.3 million and $3.8 million, respectively, and during the three and nine months ended September 30, 2022, the Company earned $0.9 million and $3.0 million, respectively, of asset management fees from related parties, which are included in asset management fees on the accompanying condensed consolidated statements of operations.

•Performance allocations – We are entitled to an allocation of the income otherwise allocable to the limited partners/members of the funds we manage, commonly referred to as carried interest. Generally we receive 15.0% to 35.0% of all cash distributions from (i) the operating cash flow of each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of preferred capital contributions; and (ii) the cash flow resulting from the sale or refinance of any real estate assets held by each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of initial preferred capital contributions. Our funds’ preferred returns typically range from 6.0% for common equity to 10.0% to 12.0% for preferred equity, which does not participate in profits. There was an $0.1 million and $2.5 million of performance allocations during the three and nine months ended September 30, 2023, respectively, and $0.1 million and $2.5 million of performance allocations during the three and nine months ended September 30, 2022, respectively, earned by the Company from related parties, which are included in performance allocations on the accompanying condensed consolidated statements of operations.

•Transaction and Advisory Fees – We receive fees for services primarily relating to the set-up of certain funds, marketing, offering, registering, and selling of equity and debt instruments of the affiliates, loan placement and guarantee fees. During the three and nine months ended September 30, 2023, the Company earned an $0.4 million and $0.5 million, respectively, of transaction and advisory fees from related parties, which are included in transaction and advisory fees on the accompanying condensed consolidated statements of operations. During the three and nine months ended September 30, 2022, the Company earned $4.9 million and $5.9 million, respectively, of transaction and advisory fees from related parties, which are included in transaction and advisory fees on the accompanying condensed consolidated statements of operations.

As of September 30, 2023 and December 31, 2022, amounts due to the Company from related parties for fund management services was $4.8 million and $6.8 million, respectively, which are included in due from related parties on the accompanying condensed consolidated balance sheets.

Development

The Company provides development related management services to affiliates and third parties, which include ground-up development and repositioning of real estate assets, the build-out of tenant space, the renovation of hospitality, residential, and commercial real estate, and general real estate repair and maintenance services.

During the three and nine months ended September 30, 2023, the Company recognized $0.5 million and $1.5 million, respectively, and during the three and nine months ended September 30, 2022, the Company recognized $0.8 million and $1.8 million, respectively, of development revenue from related parties, which are included in transaction and advisory fees on the accompanying condensed consolidated statements of operations. As of September 30, 2023 and December 31, 2022, amounts due to the Company from related parties for development services were $1.1 million and $1.0 million, respectively, which are included in due from related parties on the accompanying condensed consolidated balance sheets.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Brokerage

The Company provides real estate brokerage services related to the purchase and sale of residential and commercial properties owned by the funds which we manage. During the three and nine months ended September 30, 2023, the Company recognized $0.2 million and $0.5 million, respectively and during the three and nine months ended September 30, 2022, the Company recognized $0.2 million and $0.6 million, respectively, of brokerage commission revenue from related parties, which are included in transaction and advisory fees on the accompanying condensed consolidated statements of operations. There were no brokerage commissions due from related parties as of September 30, 2023 and December 31, 2022.

Notes Receivable

The Company entered into unsecured promissory notes with related parties. No payments are required prior to the maturity of the notes. The notes may be prepaid in whole, or in part, without penalty.

The following table summarizes the notes payable – related parties as of September 30, 2023 and December 31, 2022 (in thousands):


Notes Receivable - Related Parties	September 30, 2023		December 31, 2022		Interest Rate (1)	Maturity Date (1)
Olathe Behavioral Health	$	25	$	—	12.00%	January 2024
DFW Behavioral Health LLC	25		—		14.00%	May 2025
Total Notes Receivable - Related Parties	$	50	$	—

__________________________________

(1) As of September 30, 2023.

During the three and nine months ended September 30, 2023, the Company earned an immaterial amount of interest in connection with the notes, which is included in interest income on the accompanying condensed consolidated statements of operations. Interest that accrues on certain related party notes receivable can be added to the principal outstanding balance, due at the respective loan maturity date and incurs interest at the respective interest rate. There was an immaterial amount of interest due to the Company as of September 30, 2023.

Notes Payable

The Company entered into unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty.

The following table summarizes the notes payable – related parties as of September 30, 2023 and December 31, 2022 (in thousands):


Notes Payable - Related Parties	September 30, 2023		December 31, 2022		Interest Rate (1)	Maturity Date (1)
Caliber Residential Advantage Fund, LP	$	—	$	365	7.50%	May 2024
Caliber Tax Advantaged Opportunity Fund II, LLC (2)	—		—		12.00%	January 2024
Total Notes Payable - Related Parties	$	—	$	365

__________________________________

(1) As of September 30, 2023.

(2) The Company entered into a $4.0 million unsecured promissory note with a related party and subsequently repaid the note during the nine months ended September 30, 2023.

During each of the three and nine months ended September 30, 2023, the Company incurred an immaterial amount of interest expense in connection with the notes payable – related parties and during each of the three and nine months ended September 30, 2022, the Company incurred an immaterial of interest expense in connection with the notes payable – related parties, which is included in interest expense on the accompanying condensed consolidated statements of operations. There was an no interest payable due to related parties as of September 30, 2023 and December 31, 2022.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Other

In the normal course of business, the Company has various amounts due from and/or due to related parties, including affiliate entities and individuals, for various expenses paid for by the Company on their behalf and other charges. These amounts are generally unsecured, interest-free, and due on demand. As of September 30, 2023 and December 31, 2022, other amounts due from related parties were $0.5 million and $1.9 million, respectively. As of September 30, 2023 and December 31, 2022, other amounts due to related parties were $0.1 million and $0.2 million, respectively, which are included in due to related parties on the accompanying condensed consolidated balance sheets.

Related Party Transactions of the Consolidated Funds

Notes Receivable

The consolidated funds entered into unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty. The notes receivable – related parties consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


Notes Receivable - Related Parties		September 30, 2023		December 31, 2022		Interest Rate(1)	Maturity Date(1)
SF Alaska, LP		$	13,759	$	11,671	12.00%	May 2024
The Ketch, LLC		6,682		5,152		12.00%	May 2024
Caliber Hospitality LP (Tucson East)	(2)	—		3,780		12.00%	May 2024
J-25 Development Group, LLC		4,662		3,794		12.00%	May 2024
Caliber Diversified Opportunity Fund II, LP		491		449		12.00%	March 2024
Encore, LLC		1,083		1,014		12.00%	December 2024
Ridge II, LLC		1,318		845		12.00%	December 2024
Southridge, LLC		1,321		—		13.00%	July 2025
Ironwood, LLC		1,868		1,524		13.00%	September 2025

Total Notes Receivable - Related Parties		$	31,184	$	28,229

__________________________________

(1) As of September 30, 2023.

(2) In March 2023, the asset was contributed to Caliber Hospitality, LP and the fund was consolidated because the Company was determined to be the primary beneficiary as we have the power to direct the activities and the obligation to absorb their losses through its guarantee of the indebtedness secured by the hospitality assets, which is significant to Caliber Hospitality, LP and the Caliber Hospitality Trust.

During the three and nine months ended September 30, 2023, the consolidated fund earned $0.9 million and $2.7 million, respectively, and during the three and nine months ended September 30, 2022, the consolidated fund earned $0.8 million and $2.1 million, respectively, of interest in connection with the notes, which is included in consolidated funds – other revenues on the accompanying condensed consolidated statements of operations. Interest that accrues on certain related party notes receivable, in which the consolidated fund and respective borrower mutually agreed, is added to the principal outstanding balance, due at the respective loan maturity date and incurs interest at the respective interest rate. No interest was due to the Company as of September 30, 2023 and December 31, 2022.

Notes Payable

The consolidated funds entered into unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty. The notes payable – related parties consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Notes Payable - Related Parties	September 30, 2023		December 31, 2022		Interest Rate(1)	Maturity Date(1)
Roosevelt III HOLDCO, LLC	$	—	$	2,748	12.00%	May 2023
CDIF, LLC	—		1,725		12.00%	May 2024
Caliber Tax Advantaged Opportunity Zone Fund, LP	2,690		2,500		8.50%	June 2025
Caliber Tax Advantaged Opportunity Zone Fund, LP	5,109		—		12.00%	January 2024

Caliber Tax Advantaged Opportunity Zone Fund II, LP	5,000		—		12.00%	March 2024
Total Notes Payable - Related Parties	$	12,799	$	6,973

__________________________________

(1) As of September 30, 2023.

During the three and nine months ended September 30, 2023, the consolidated funds incurred $0.3 million and $0.8 million, respectively, and during the three and nine months ended September 30, 2022, the consolidated funds incurred $0.2 million and $0.7 million, respectively of interest expense in connection with the notes payable – related parties, which is included in consolidated funds – hospitality expenses and consolidated funds – other expenses on the accompanying condensed consolidated statements of operations. As of September 30, 2023 and December 31, 2022, there was $0.2 million and $0.1 million, respectively, of interest expense payable which is included in due to related parties on the accompanying condensed consolidated balance sheets. Management expects to extend these notes at maturity.

Other

In the normal course of business, the consolidated funds have various amounts due from and/or due to related parties, including affiliate entities and individuals, for various expenses paid by the funds on their behalf and other charges. These amounts are generally unsecured, interest-free, and due on demand. As of September 30, 2023 and December 31, 2022, there were an immaterial amount of other amounts due from related parties. As of September 30, 2023 and December 31, 2022, there were no other amounts due to related parties.

Note 6 – Notes Payable

Notes Payable of the Company

Notes payable consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


Notes Payable	September 30, 2023		December 31, 2022		Interest Rate (1)		Maturity Date (1)
Corporate notes	$	36,879	$	13,279	10.00% - 12.00%		December 2023 - March 2025
Convertible corporate notes	1,324		1,374		8.25	%	April 2024
Real estate loans (2)	16,279		—		4.30	%	November 2029
Total notes payable	54,482		14,653
Deferred financing costs, net	(228)		—
Total notes payable, net	$	54,254	$	14,653

__________________________________

(1) As of September 30, 2023.

(2) On January 31, 2023, Caliber assumed a loan which is secured by Caliber’s headquarters office building (see Note 4 – Real Estate Investments).

Corporate Notes and Convertible Corporate Notes

The Company has entered into multiple general corporate financing arrangements with third parties. The arrangements are generally evidenced in the form of a promissory note and require monthly or quarterly interest-only payments until maturity. Certain corporate notes are secured by the otherwise unencumbered assets of the Company. The loans generally have a 12-month

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

term and may be extended upon the mutual agreement of the lender and the borrower. Management believes it can come to a mutual agreement with each lender to extend the maturities of the notes for an additional 12-month term.

As of September 30, 2023, there were 226 individual corporate notes outstanding, with an average outstanding principal balance of $0.2 million, interest rates ranging from 8.25% to 12.00%, with weighted average interest rate of 11.42%, and maturity dates ranging from December 2023 to March 2025. During the nine months ended September 30, 2023, there were no conversions of debt into common stock.

As of December 31, 2022, there were 124 individual corporate notes outstanding, with an average outstanding principal balance of $0.1 million, interest rates ranging from 8.25% to 12.00%, with a weighted average interest rate of 10.19%, and maturity dates ranging from April 2023 to June 2024.

The Company has issued corporate notes with a conversion feature. The conversion price is $7.57 per share of common stock. The holders of the convertible corporate notes can elect to convert all or any portion of the balance at any time. As of September 30, 2023 and December 31, 2022, the value of the conversion feature was zero.

Future Minimum Payments

The following table summarizes the scheduled principal repayments of our indebtedness as of September 30, 2023 (in thousands):


Year	Amount
October 1, 2023 - December 31, 2023	$	405
2024	38,043
2025	391
2026	304
2027	317
Thereafter	15,022
Total	$	54,482

Deferred Financing Costs

Amortization of deferred financing costs for the Company was an immaterial amount and there were no deferred financing cost write-offs during the three and nine months ended September 30, 2023. There were no deferred financing costs or related amortization as of or during the three and nine months ended September 30, 2022, respectively.

Notes Payable of the Consolidated Funds

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Notes payable of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022, respectively (in thousands):


Notes Payable	September 30, 2023			December 31, 2022		Interest Rate (1)	Maturity date (1)
Real Estate Loans
Hampton Inn & Suites Hotel	$	5,990		$	6,136	6.12%	July 2025
Four Points by Sheraton Hotel (2)	11,000			11,000		18.00%	September 2023
Holiday Inn Ocotillo Hotel	9,250			9,250		11.33%	November 2023
Airport Hotel Portfolio	55,317			56,470		13.75%	January 2025
DoubleTree by Hilton Tucson Convention Center	18,531			18,856		4.22%	August 2027
Hilton Tucson East	11,952		(3)	—		6.25%	November 2025
DT Mesa Holdco II, LLC	3,000			3,000		7.45%	November 2023
Circle Lofts, LLC	4,833			4,889		9.00%	August 2050
Northsight Crossings AZ, LLC	14,027			14,320		3.75%	February 2029
Southpointe Fundco, LLC	1,050			1,050		11.99%	December 2023
West Frontier Holdco, LLC	4,518		(4)	—		6.35%	February 2038
Total Real Estate Loans	139,468			124,971
Revolving line of credit	4,480			4,500		8.75%	October 2024
Member notes	5,600			5,025		10.00%	June 2025
Economic injury disaster and other loans	500			450		3.75% - 12.05%	March 2024 - June 2050
Total notes payable	150,048			134,946
Deferred financing costs, net	(2,269)			(690)
Total notes payable, net	$	147,779		$	134,256

__________________________________

(1) As of September 30, 2023.

(2) During the nine months ended September 30, 2023, the hotel ceased operations as the Company is converting the property into a multi-family residential assets.

(3) In March 2023, the asset was contributed to Caliber Hospitality, LP and the fund was consolidated because the Company was determined to be the primary beneficiary as we have the power to direct the activities and the obligation to absorb their losses through its guarantee of the indebtedness secured by the hospitality assets, which is significant to Caliber Hospitality, LP and the Caliber Hospitality Trust.

(4) In March 2023, the fund was consolidated as the Company was determined to be the primary beneficiary as we have the power to direct the activities of West Frontier and the obligation to absorb their losses through its guarantee of their indebtedness which is significant to the fund.

Real Estate Loans

The terms of the loan agreements described below include, among other things, certain financial covenants, as defined in the respective loan agreements, including key financial ratios and liquidity requirements. Unless otherwise noted below, the consolidated funds were in compliance with the required financial covenants as of September 30, 2023.

Hampton Inn & Suites Hotel

In July 2015, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of leases and rents of a hotel property in Scottsdale, Arizona. The terms of the note require monthly principal and interest payments, with a balloon payment due at maturity. The loan has a fixed interest rate of 6.12% in effect through the maturity date in July 2025. The terms of the loan allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity date, subject to a prepayment premium fee. The loan is guaranteed by an individual who is an affiliate of the Company.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Four Points by Sheraton Hotel

In June 2018, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of leases and rents of a hotel property in Phoenix, Arizona. The loan requires monthly interest-only payments until maturity. The loan is guaranteed by the Company and matured in September 2023. Per the terms of this agreement, the interest rate on the loan is equal to US Prime Rate plus 2.25%, with a floor rate of 9.65%, until August 31, 2023, at which time, the interest rate increases to 18% until the loan is paid in full or replaced with construction financing from the lender. The lender has not called the loan as of November 9, 2023 and the consolidated fund is current on monthly interest payments. The Company is negotiating a construction loan and expects to repay the loan upon execution of the construction loan.

Holiday Inn Ocotillo Hotel

In July 2018, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of leases and rents of a hotel property in Chandler, Arizona. The loan requires monthly interest-only payments. The interest rate on the loan is equal to 1-month LIBOR plus 6.00%, with a floor rate of 11.00% until maturity in May 2023. In May 2023, the loan agreement was amended and restated with the lender, extending the maturity date to November 2023 and amending the interest rate to SOFR plus 600 basis points, with a floor rate of 11.00%. The loan is guaranteed by the Company. In November 2023, the loan agreement was amended with the lender, extending the maturity date to February 1, 2024.

Airport Hotel Portfolio

In September 2018, the consolidated fund entered into a portfolio loan agreement which was secured by a deed of trust and assignment of leases and rents of the Airport Hotel Portfolio. The loan had a variable interest rate equal to one-month LIBOR plus 3.75% and the loan required interest-only payments until maturity. The loan was guaranteed by the Company and individuals who are affiliates of the Company. In January 2023, the consolidated fund paid the loan amount outstanding in full.

In January 2023, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of leases and rents of the Airport Hotel Portfolio. Per the terms of the loan agreement, the loan has a variable interest rate equal to SOFR plus 8.75% and matures in January 2025. In connection with the loan, the consolidated fund entered into an interest rate cap agreement, which sets the maximum SOFR rate for the loan at 5.00% through January 2024. The loan requires interest-only payments until maturity. The terms of the loan do not allow the prepayment of the outstanding balance in part prior to the maturity date but can be prepaid in whole subject to certain conditions, terms and fees outlined in the loan agreement. The terms of the loan agreement require an exit fee equal to 1.25% of the original principal amount of the loan and a minimum return equal to 30.0% of the original principal amount of the loan less any interest payments made at the time the loan is repaid in full. The exit fee was accrued upon entering into the loan and recorded as a deferred financing cost to be amortized over the life of the loan. The loan is guaranteed by the Company and individuals who are affiliates of the Company.

DoubleTree by Hilton Tucson Convention Center

In August 2019, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of the DoubleTree by Hilton Tucson Convention Center located in Tucson, Arizona. The loan has a variable interest rate per annum equal to LIBOR plus 2.50%. In connection with the loan, the consolidated fund entered into an interest rate swap agreement, which sets the interest at a fixed rate of 4.22% from September 2022 through August 2027. The loan required interest-only payments until September 2022 and principal and interest payments thereafter until maturity. The terms of the loan allow for the prepayment of the outstanding balance in whole or in part at any time prior to the maturity date. The loan matures in August 2027 and is guaranteed by the Company.

Hilton Tucson East

In November 2021, the consolidated fund entered into a loan agreement which is secured by the deed of trust and assignment of rents of the Hilton Tucson East hotel located in Tucson, AZ. The loan has a fixed interest rate of 6.25% and matures in November 2025. The loan required interest-only payments until June 1, 2023 and principal and interest payments thereafter until maturity. The loan amount may be prepaid prior to maturity subject to certain conditions and terms and a prepayment fee as outlined in the agreement.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DT Mesa Holdco II, LLC

In November 2019, the consolidated fund entered into a loan agreement which is secured by the deed of trust of a commercial building in Mesa, Arizona. The loan requires interest-only payments until maturity and the terms of the loan allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity date with no prepayment penalty. In December 2022, the terms of the loan agreement were renegotiated, extending the maturity date of the loan to November 2023 and amending the interest rate to the greater of (i) the federal home loan bank rate plus 2.75%% or (ii) 6.50%. The loan is guaranteed by the Company. As of September 30, 2023 and December 31, 2022, the consolidated fund was not in compliance with its debt service coverage ratio requirement based on the operation of the related property. Per the loan agreement, the lender is entitled to declare an event of default unless the Company agrees to partially repay the loan in an amount and on terms satisfactory to the lender. The Company has been in communication with the lender to negotiate an agreement to mitigate any event of default. There can be no assurance, the management believes we will be able to come to an agreement with the lender in order to mitigate any defaults. In November 2023, the loan agreement was amended with the lender, extending the maturity date to February 7, 2024.

Circle Lofts, LLC

In July 2020, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of a multi-family property located in Scottsdale, Arizona. The loan bears interest at a fixed annual rate of 5.25% until August 1, 2023. On August 1, 2023 and each six months thereafter until the maturity date in August 2050, the interest rate will be adjusted to a rate which is equal to the sum of the six-month LIBOR plus 3.75%. The loan required interest-only payments until July 2021 and principal and interest payments thereafter until maturity. The loan amount may be prepaid prior to maturity subject to certain conditions and terms outlined in the agreement which defines the schedule of prepayment premiums based on the timing of the exercise of this option. The loan is guaranteed by individuals who are affiliates of the Company. In October 2023, the consolidated fund paid the loan amount outstanding in full.

In October 2023, the consolidated fund entered into a $6.3 million loan agreement which is secured by a deed of trust and assignment of leases and rents of a multi-family property located in Scottsdale, Arizona. Per the terms of the loan agreement, the loan has a fixed interest rate of 7.42% and requires interest-only payments until maturity in November 2028. The terms of the loan allow the prepayment of the outstanding balance prior to the maturity date, subject to certain conditions, terms and fees outlined in the loan agreement. The loan is guaranteed by individuals who are affiliates of the Company.

Northsight Crossings AZ, LLC

In January 2022, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of a commercial property in Scottsdale, Arizona. The loan bears interest at an annual rate of 3.75% for the first five years, thereafter, the interest rate is adjusted annually to a rate which is equal to the sum of the published prime rate as defined by the agreement and a margin of 0.5% with a floor of 3.75%. The loan matures in February 2029. Except for an annual maximum principal reduction of 20% of the original principal balance, the loan may be prepaid subject to a 1.0% prepayment premium on the outstanding balance at the time of prepayment during the first two years of the loan. The loan is guaranteed by the Company.

Southpointe Fundco, LLC

In June 2022, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of a residential development property in Phoenix, Arizona. The loan has a fixed rate per annum equal to 9.99%. In May 2023, an extension agreement was executed with the lender, extending the maturity date to December 2023. The terms of the loan allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity date with no prepayment penalty. The loan is guaranteed by an individual who is an affiliate of the Company.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

West Frontier Holdco, LLC

In March 2023, the consolidated fund entered into a construction loan agreement which is secured by a deed of trust and assignment of rents of a multi-family residential property in Payson, Arizona. Upon completion of the construction project, subject to conditions in the agreement, the loan converts to a term loan. The loan requires interest-only payments until March 2025 and principal and interest payments until March 2028, at a fixed interest rate of 6.35%. In April 2028, the loan requires principal and interest payments until maturity in February 2038, at a rate of the five year Treasury Constant Federal Reserve Index plus 2.50%. The terms of the loan allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity date with no prepayment penalty. The loan is guaranteed by individuals who are affiliates of the Company.

Revolving Line of Credit

In August 2019, a consolidated fund entered into a revolving line of credit (“LOC”) with a maximum borrowing amount of $4.5 million. The LOC is secured by the consolidated fund’s assets and is guaranteed by the Company. The LOC has a variable interest rate equal to the greater of (i) Wall Street Journal Prime Rate plus 0.25% per annum or (ii) 4.75%, resulting in a rate of 8.75% as of September 30, 2023. The Company is required to pay a fee of 0.20% of the unused revolving balance. In August 2023, the agreement was amended extending the maturity date of the LOC to October 2024 and removing certain restrictive covenants. The terms of the LOC include certain financial covenants and as of September 30, 2023, the consolidated fund was in compliance with all such covenants.

Member Notes

During 2022 and the nine months ended September 30, 2023, the consolidated fund, Southpointe Fundco, LLC, entered into 10.0% unsecured promissory notes with individual investors. The notes mature in June 2025 and may be extended up to two additional 12-month periods by the fund manager. The notes require quarterly interest-only payments. The terms of the notes allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity date with no prepayment penalty.

Economic Injury Disaster Loans

In June 2020, the consolidated funds were granted Economic Injury Disaster Loans, which are secured by the assets of the respective funds and have a fixed interest rate of 3.75 % and mature in June 2050. At each of September 30, 2023 and December 31, 2022, the outstanding principal balance was $0.5 million. Fixed monthly installment payments began in December 2022 with payments applied first to accrued interest and then the balance, if any, will be applied to principal outstanding. The loans allow for prepayment of principal plus accrued interest prior to maturity. The loan agreements contain certain usual and customary restrictions and covenants relating to, among other things, insurance, and other indebtedness. In addition, the terms of the loans include a cross-default provision whereby the Small Business Administration may, in its discretion, without notice or demand require immediate payment of all amounts outstanding under the loans.

Future Debt Maturities

As of September 30, 2023, the future aggregate principal repayments due on the Company’s notes payable are as follows (in thousands):


Year	Amount
October 1, 2023 - December 31, 2023	$	24,653
2024	5,830
2025	79,328
2026	1,043
2027	17,561
Thereafter	21,633
Total	$	150,048

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Deferred Financing Costs

Amortization of deferred financing costs was $0.4 million and $1.1 million during the three and nine months ended September 30, 2023, respectively, and $0.1 million and $0.4 million during the three and nine months ended September 30, 2022, respectively. There were no deferred financing cost write-offs during the three and nine months ended September 30, 2023. There was $0.1 million of deferred financing cost write-offs during the three and nine months ended September 30, 2022.

Note 8 – Leases

Lessor - Company

Rental revenue of the Company includes the revenues generated by the rental operations of one commercial office property, which was acquired in January 2023. As of September 30, 2023, the leases have non-cancelable remaining lease terms from 1.4 years to 3.6 years. Certain leases contain options to extend the term of the lease and impose financial penalties, including paying all future payments required under the remaining term of the lease, if the tenant terminates the lease. The leases do not contain any lessee purchase options. As of September 30, 2023, the Company does not have any material related party leases as a lessor. During the three and nine months ended September 30, 2023, there was $0.5 million and $1.2 million of fixed rental revenue, respectively, which is included in other income (loss), net on the accompanying condensed consolidated statements of operations. During both of the three and nine months ended September 30, 2023, there was an immaterial amount of variable rental revenue, , which is included in other income (loss), net on the accompanying condensed consolidated statements of operations. The Company had no rental revenue for the three and nine months ended September 30, 2022. Variable rental revenue are primarily costs reimbursed related to common area maintenance.

Future minimum lease payments due to the Company under non-cancellable operating leases over the next five years and thereafter as of September 30, 2023 are as follows (in thousands):


Year	Amount
October 1, 2023 - December 31, 2023	$	340
2024	1,359
2025	977
2026	679
2027	206
Thereafter	—
Total	$	3,561

Lessor - Consolidated Funds

Rental revenue of the consolidated funds includes the revenues generated primarily by the rental operations of three multi-family residential properties, including GC Square Apartments, which was sold in March 2022, and two commercial properties. As of September 30, 2023, the leases have non-cancelable remaining lease terms from 0.1 years to 10.4 years. Certain leases contain options to extend the term of the lease and impose financial penalties, including paying all future payments required under the remaining term of the lease, if the tenant terminates the lease. The leases do not contain any lessee purchase options. As of September 30, 2023, the consolidated funds do not have any material related party leases as a lessor. The components of rental revenue for the three and nine months ended September 30, 2023 and 2022 (in thousands) are presented in the table below. Variable rental revenue are primarily costs reimbursed related to common area maintenance.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed	$	1,030	$	653	$	3,014	$	2,389
Variable	146		129		493		379
Total	$	1,176	$	782	$	3,507	$	2,768

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Future minimum lease payments due to the consolidated funds under non-cancellable operating leases over the next five years and thereafter as of September 30, 2023 are as follows (in thousands):


Year	Amount
October 1, 2023 - December 31, 2023	$	1,834
2024	2,843
2025	2,135
2026	2,010
2027	1,696
Thereafter	5,258
Total	$	15,776

Note 9 – Other Liabilities

Other Liabilities of the Company

Other liabilities consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022

Below market leases, net	$	238	$	—
Tenant improvement allowance	100		—
Deposits (1)	120		23



Other	77		41
Total other liabilities	$	535	$	64

_________________________________

(1) Includes tenant security deposits.

Other Liabilities of the Consolidated Funds

Other liabilities of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Advance key money, net	$	844	$	900
Deposits (1)	777		710
Sales tax payable	636		566
Below market leases, net	361		461





Other	369		393
Total other liabilities	$	2,987	$	3,030

______________________________

(1) Includes hotel advance deposits and tenant security and pet deposits.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 10 – Supplemental Cash Flow Disclosures

Supplemental cash flow information consisted of the following for the nine months ended September 30, 2023 and 2022 (in thousands):


	Nine Months Ended September 30,
	2023		2022
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, none of which was capitalized for the nine months ended September 30, 2023 and 2022, respectively	$	3,479	$	978
Supplemental Disclosure of Cash Flow Information of Consolidated Funds
Cash paid for interest, net of capitalized interest of $31 and $10 for the nine months ended September 30, 2023 and 2022, respectively	10,493		7,245

Supplemental Disclosures of Non-Cash Investing and Financing Activities

Real estate investments moved from held for sale	—		1,703


Accounts receivable - related party eliminated in consolidation of VIEs	1,853		—
Extinguishment of operating lease right-of-use assets	1,059		—
Extinguishment of operating lease liabilities	1,340		—
Cost of real estate investments included in accounts payable	14		—

Issuance of common stock in connection with legal settlement	—		3,200
Issuance of common stock in lieu of cash payment for accounts payable	—		100




Supplemental Disclosures of Non-Cash Investing and Financing Activities of Consolidated Funds
Real estate investments moved to held for sale	—		21,282

Note receivable eliminated in consolidation	2,946		—
Cost of real estate investments included in accounts payable	738		76
Cost of real estate investments included in due to related parties	185		181




Consolidation of VIEs
Real estate investments, net	86,402		—

Accounts receivable, net	4,348		—
Due from related parties	2		—
Operating lease - right of use assets	8,775		—
Prepaid and other assets	2,042		568
Notes payable, net	80,449		—
Notes payable - related parties	6,589		—
Accounts payable and accrued expenses	8,148		130
Due to related parties	28		—
Operating lease liabilities	12,441		—
Other liabilities	2,158		688
Noncontrolling interests	33,732		1,972
Deconsolidation of VIEs
Real estate investments, net	74,061		15,905
Accounts receivable, net	3,609		2

Operating lease - right of use assets	8,775		—
Prepaid and other assets	1,634		53
Due from related parties	2		—
Due to related parties	28		791
Notes payable, net	68,500		16,953
Notes payable - related parties	1,777		1,615
Accounts payable and accrued expenses	7,038		298
Operating lease liabilities	12,441		—
Other liabilities	1,928		4

Noncontrolling interests	21,957		2,882

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 11 – Commitments and Contingencies

Commitments and Contingencies of the Company

Environmental Matters

In connection with the ownership and operation of real estate assets, the Company may potentially be liable for costs and damages related to environmental matters. The Company believes it is in material compliance with current laws and regulations and do not know of any existing environmental condition and has not been notified by any governmental authority of any non-compliance, liability or other claim, in each case, that could result in a material effect on our financial condition or results of operations.

Caliber Tax Advantaged Opportunity Fund LP

Caliber O-Zone Fund Manager, LLC (the “CTAF Fund Manager”) is a wholly-owned subsidiary of the Company and general partner and manager of Caliber Tax Advantaged Opportunity Fund LP (“CTAF”). In the event of a dissolution, winding-up, or termination, if the aggregate amount received by the CTAF limited partners does not equal or exceed an amount equal to a 6% IRR for the limited partners, the CTAF Fund Manager shall immediately contribute to CTAF funds in order to meet this minimum requirement for payment to the CTAF limited partners. As of September 30, 2023 and December 31, 2022, the Company estimated fair value of CTAF was greater than the 6% IRR for the limited partners.

Buyback Program

In September 2018, the Company agreed to repurchase 3,709,693 shares (“Buyback Program”) owned by one of its non-participating founders for $4.54 per share of common stock in exchange for an amendment to such non-participating founder’s shareholder voting rights and other Company protections. Due to the length of time of the liability, the Company recorded a liability of $13.6 million and a corresponding reduction to equity in treasury stock at the inception of the Buyback Program using a present value discount rate of 10.00%. As of December 31, 2022, remaining number of shares to be repurchased was 3,432,351 and the balance of the liability was $12.4 million, which is included in buyback obligation on the accompanying condensed consolidated balance sheets. During the nine months ended September 30, 2023, the Company repurchased 41,615 shares of Class A common stock pursuant to the Buyback Program and on May 19, 2023, the Company’s Class A common stock began trading on the NASDAQ Capital Market, at which point the buyback obligation was relieved and no further amounts were due under the Buyback Program.

Commitments and Contingencies of the Consolidated Funds

Franchise Agreements and Advance Key Money

The consolidated hospitality funds are parties to various franchise agreements where, pursuant to the respective agreements, the respective fund is required to pay monthly fees, generally consisting of royalty, service contribution, technology, program and/or marketing fees. The franchise agreements expire on various dates from June 2025 through August 2033. The consolidated funds recognized total franchise fees of $0.8 million and $3.5 million for the three and nine months ended September 30, 2023, respectively, and $0.7 million and $2.8 million for the three and nine months ended September 30, 2022, respectively.

As a part of one franchise agreement, the consolidated funds received an advance of $1.5 million (“Advance Key Money”) for the consolidated funds to retain the franchisor on the hotel property for 20 years. The consolidated funds are not required to repay any part of the Advance Key Money unless the franchise agreement is cancelled before the termination date of August 2033.

Note 12 – Net Income (Loss) Per Share

Basic earnings per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting of stock options and warrants using the treasury stock method, and convertible debt and preferred stock using the if-converted method.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company considered the two-class method in calculating the basic and diluted earnings per share, however, it was determined that there was no impact to the calculation of basic and diluted net income (loss) per share attributable to common stockholders as Class A and Class B common stock share in the same earnings and profits, thus, having no impact on the calculation.

The Company has calculated the basic and diluted earnings per share during the three and nine months ended September 30, 2023 and 2022 as follows (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net (loss) income attributable to CaliberCos Inc.	$	(3,409)	$	4,400	$	(10,342)	$	4,489

Convertible debt interest	15		(23)		16		67
Net (loss) income attributable to common shareholders of CaliberCos Inc.	$	(3,394)	$	4,377	$	(10,326)	$	4,556
Denominator:
Weighted average shares outstanding – basic	21,238		18,229		19,688		18,033
Dilutive shares – options, net	—		1,663		—		1,663
Dilutive shares – convertible debt, net	—		182		—		182
Weighted average shares outstanding – diluted	21,238		20,074		19,688		19,878

Basic net (loss) income per share attributable to common shareholders	$	(0.16)	$	0.24	$	(0.53)	$	0.25
Diluted net (loss) income per share attributable to common shareholders	$	(0.16)	$	0.22	$	(0.53)	$	0.23

The number of antidilutive shares consisted of the potential exercise of stock options and potential conversion of convertible debt. The following table summarizes these potential exercises and conversions during the three and nine months ended September 30, 2023 and 2022, which have been excluded from the computation of diluted earnings per share attributable to common shareholders (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022

Additional common shares, if stock options were exercised	2,129	—	2,133	—


Additional common shares, if convertible debt were converted	175	—	175	—
	2,304	—	2,308	—	(1)

______________________________

(1) There were no antidilutive shares for the three and nine months ended September 30, 2022.

Note 13 – Fair Value of Financial Instruments

Fair Value of Financial Instruments of the Company

Fair values of financial instruments held by the Company are estimated using available market information and established valuation methodologies. Accordingly, the estimates presented are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair value amounts.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Financial instruments that approximate fair value due to the short-term nature of the instruments consist of cash, restricted cash, accounts receivable, and accounts payable. The fair values of debt have been estimated based on current rates available for similar instruments with similar terms, maturities, and collateral. The fair value of the Company’s fixed rate debt were measured with Level 2 inputs. The estimated fair value of the Company’s real estate loan was determined by management based on a discounted future cash-flow model. As of September 30, 2023 the Company’s real estate loan had a carrying value of $16.3 million and a fair value of $9.3 million.

Fair Value of Financial Instruments of the Consolidated Funds

Fair values of financial instruments held by consolidated funds are estimated using available market information and established valuation methodologies. Accordingly, the estimates presented are not necessarily indicative of the amounts the consolidated funds could realize on disposition of the financial instruments. The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair value amounts.

Financial instruments that approximate fair value due to the short-term nature of the instruments consist of cash, restricted cash, accounts receivable, and accounts payable. The fair values of debt, advance key money, and interest rate caps have been estimated based on current rates available for similar instruments with similar terms, maturities, and collateral. The carrying values of the consolidated funds’ variable rate debt and advance key money as of September 30, 2023 and December 31, 2022 approximated fair value. The fair value of the consolidated funds’ fixed rate debt were measured with Level 2 inputs. The estimated fair values for the instruments below were determined by management based on a discounted future cash-flow model (in thousands).


	September 30, 2023				December 31, 2022
Note Payable	Carrying Value		Fair Value		Carrying Value		Fair Value
Hampton Inn & Suites Hotel	$	5,990	$	4,694	$	6,136	$	4,594
Northsight Crossing AZ, LLC	14,027		9,960		14,319		9,302
Southpointe Fundco, LLC	1,050		1,050		1,050		1,004
Circle Lofts, LLC	4,833		1,757		4,889		1,915
Tucson East, LLC	11,952		11,015		—		—
West Frontier, LLC	4,518		3,788		—		—

Note 14 – Derivative Instruments

Risk Management Objective of Using Derivatives

The consolidated funds utilize derivative instruments, including interest rate caps and swaps, to reduce interest rate risk associated with its borrowings. Our consolidated funds do not intend to utilize derivatives for purposes other than interest rate risk management.

Derivatives Designated as Hedging Instruments

As of September 30, 2023 and December 31, 2022, the Company did not have any derivatives designated as hedging instruments.

Derivatives Not Designated as Hedging Instruments

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	September 30, 2023			December 31, 2022
Type of Derivative	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
Interest rate swap	1	$	18,531	1	$	18,856
Interest rate cap	1	55,000		—	—
Total		$	73,531		$	18,856

The following table presents the fair value of the consolidated funds’ non-designated derivatives, as well as their classification on the condensed consolidated balance sheets, as of September 30, 2023 and December 31, 2022 (in thousands):


Type of Derivative	Balance Sheet Location	September 30, 2023		December 31, 2022
Interest rate swap	Consolidated funds - Prepaid and other assets	$	1,776	$	1,646
Interest rate cap	Consolidated funds - Prepaid and other assets	69		—
Total		$	1,845	$	1,646

The following table presents the gain or loss recognized in consolidated funds - hospitality expenses in the condensed consolidated statements of operations for three and nine months ended September 30, 2023 and 2022 (in thousands):


Type of Derivative	Statement of Operations Location	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Interest rate swap	Consolidated funds - hospitality expenses	$	148	$	—	$	130	$	—
Interest rate cap	Consolidated funds - hospitality expenses	(64)		—		(16)		—
Total		$	84	$	—	$	114	$	—

Note 15 – Segment Reporting

The Company’s operations are organized into three operating segments which constitute three reportable segments for management and financial reporting purposes: Fund Management, Development and Brokerage. Each segment is described below:

Fund Management

The Fund Management segment represents our fund management activities along with back office and corporate support functions including accounting and human resources. It includes the activities of Caliber Services, LLC and its subsidiaries, (“Caliber Services”), which acts as an external manager of our funds that have diversified investment objectives. It also includes the activities associated with Caliber Securities, LLC (“Caliber Securities”), a wholly-owned Arizona registered issuer-dealer, which generates fees from fund formation. Revenues generated by this segment include asset management fees, performance allocations and transaction and advisory fees.

Development

The Development segment represents our activities associated with providing real estate development services as their principal developer. These services include managing and supervising third-party developers and general contractors with respect to the development of the properties owned by our funds. Revenues generated by this segment are generally based on 4.0% of the total expected costs of the development or 4.0% of the total expected costs of the construction project. Caliber Development, LLC (“Caliber Development”), a wholly-owned subsidiary of Caliber Services and an Arizona licensed general contractor, acts as either the developer, development manager, and/or construction manager on our funds’ projects.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Brokerage

This segment includes our real estate brokerage operations. The Company generates commission revenue by acting as a broker for residential and commercial real estate owners and investors seeking to buy, sell and/or lease properties, including investment properties, as well as primary residences. The Company provides brokerage services to affiliated entities as well as third parties.

The information below includes the operating results and measures of profitability for all operating entities which the Company and our chief executive officer, who is our chief operating decision maker, analyze on a regular basis, for the purposes of allocating resources and assessing performance. The results of each segment are presented on a gross basis, prior to any necessary adjustments to (i) eliminate inter-segment transactions, if any, (ii) eliminate the results of entities that are not included in our accompanying condensed consolidated financial statements, (iii) eliminate revenue activity presented gross when U.S. GAAP requires net, and (iv) reclassify items to reflect U.S. GAAP consolidated presentation.

The following tables present the revenues and net income (loss) of each of our reportable segments for the three and nine months ended September 30, 2023 and 2022 (in thousands). Consolidated fund revenues and consolidated fund net income (loss) are presented in order to meet the U.S. GAAP requirement to reconcile the total segment revenues to total revenues on the condensed consolidated statement of operations which includes consolidated fund revenues. Interest income, interest expense, depreciation and amortization expense, and other income (expenses), net are excluded from our segment presentation as these amounts are immaterial.


	Three Months Ended September 30, 2023
	Real Estate Services								Non-Controlling Interests - Consolidated Funds		Intercompany Eliminations & Equity in Income
	Fund Management		Development		Brokerage		Segment Total							CaliberCos Inc. & Subsidiaries
Revenues(1)
Asset management fees	$	2,428	$	—	$	—	$	2,428	$	—	$	(1,155)		$	1,273
Performance allocations	24		—		—		24		—		12			36
Transaction and advisory fees	560		516		200		1,276		—		(233)			1,043
Consolidated funds – hospitality revenue	—		—		—		—		12,526		—			12,526
Consolidated funds – other revenue	—		—		—		—		2,147		—			2,147
Total revenues	3,012		516		200		3,728		14,673		(1,376)			17,025
Net (loss) income	$	(3,395)	$	44	$	(15)	$	(3,366)	$	(6,854)	$	(2,002)	(2)	$	(12,222)

__________________________________

(1) For segment reporting purposes, revenues and expenses are presented on a basis that deconsolidates our consolidated funds. As a result, segment revenues are different than those presented on a consolidated basis in accordance with U.S. GAAP basis because these fees are eliminated in consolidation when they are derived from a consolidated fund.

(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Nine Months Ended September 30, 2023
	Real Estate Services								Non-Controlling Interests - Consolidated Funds		Intercompany Eliminations & Equity in Income
	Fund Management		Development		Brokerage		Segment Total							CaliberCos Inc. & Subsidiaries
Revenues(1)
Asset management fees	$	7,093	$	—	$	—	$	7,093	$	—	$	(3,309)		$	3,784
Performance allocations	2,474		—		—		2,474		—		—			2,474
Transaction and advisory fees	1,123		2,128		633		3,884		—		(1,422)			2,462
Consolidated funds – hospitality revenue	—		—		—		—		52,008		—			52,008
Consolidated funds – other revenue	—		—		—		—		6,264		—			6,264
Total revenues	10,690		2,128		633		13,451		58,272		(4,731)			66,992
Net (loss) income	$	(10,292)	$	614	$	(162)	$	(9,840)	$	(8,161)	$	(5,506)	(2)	$	(23,507)

__________________________________

(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.


	Three Months Ended September 30, 2022
	Real Estate Services								Non-Controlling Interests - Consolidated Funds		Intercompany Eliminations & Equity in Income
	Fund Management		Development		Brokerage		Segment Total							CaliberCos Inc. & Subsidiaries
Revenues(1)
Asset management fees	$	1,927	$	—	$	—	$	1,927	$	—	$	(945)		$	982
Performance allocations	103		—		—		103		—		—			103
Transaction and advisory fees	5,008		1,182		179		6,369		—		(479)			5,890
Consolidated funds – hospitality revenue	—		—		—		—		10,988		—			10,988
Consolidated funds – other revenue	—		—		—		—		1,543		—			1,543
Total revenues	7,038		1,182		179		8,399		12,531		(1,424)			19,506
Net (loss) income	$	4,099	$	817	$	138	$	5,054	$	(4,106)	$	(1,615)	(2)	$	(667)

__________________________________

(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.

Table of Contents

CALIBERCOS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Nine Months Ended September 30, 2022
	Real Estate Services								Non-Controlling Interests - Consolidated Funds		Intercompany Eliminations & Equity in Income
	Fund Management		Development		Brokerage		Segment Total							CaliberCos Inc. & Subsidiaries
Revenues(1)
Asset management fees	$	6,095	$	—	$	—	$	6,095	$	—	$	(3,047)		$	3,048
Performance allocations	2,508		—		—		2,508		—		—			2,508
Transaction and advisory fees	6,276		2,596		1,221		10,093		—		(1,832)			8,261
Consolidated funds – hospitality revenue	—		—		—		—		43,801		—			43,801
Consolidated funds – other revenue	—		—		—		—		4,871		—			4,871
Total revenues	14,879		2,596		1,221		18,696		48,672		(4,879)			62,489
Net (loss) income	$	2,242	$	1,576	$	840	$	4,658	$	19,270	$	(4,878)	(2)	$	19,050

__________________________________

(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.

Note 16 – Subsequent Events

Management has evaluated events and transactions that occurred after September 30, 2023 through November 9, 2023, the date these condensed consolidated financial statement were available to be issued. In addition to those matters discussed in Note 6 – Notes Payable, the following is a summary of the significant events and transactions that took place during this period:

•On October 13, 2023, Northsight Crossing AZ, LLC, a Caliber co-sponsored single asset syndication, sold Northsight Crossing for $27.4 million, resulting in cash proceeds of approximately $12.2 million, net of loan repayment, closing costs and fees, a gain on the sale of real estate of approximately $5.0 million, and a loss on the extinguishment of debt of approximately $0.2 million. The property was purchased in January 2022 for $21.1 million.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from these forward-looking statements as a result of certain factors. For a complete discussion of such risk factors, see the section entitled “Risk Factors” in the Company’s Prospectus on Form 424(b)(4) filed with the SEC on May 17, 2023. Capitalized terms used herein, but not otherwise defined, shall have the meaning ascribed to those terms in the “Part I - Financial Information,” including the related notes to the condensed consolidated financial statements contained therein.

Overview

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 $5.0 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.

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.

Fund Management — This segment represents our fund management activities along with back office and corporate support functions including accounting and human resources. It includes the activities of Caliber Services, which acts as an external manager of our funds, which have diversified investment objectives. It also includes the activities associated with Caliber Securities, a wholly-owned Arizona registered issuer-dealer, which generates fees from set-up services and fund formation. We earn fund management fees for services rendered to each of the funds by Caliber Services as follows:

•Asset Management Fee. We receive an annual asset management fee typically equal to 1.0% to 1.5% of the non-affiliated capital contributions related to the assets owned by the particular fund to compensate us for the overall administration of that fund. These management fees are payable regularly, generally on a monthly basis, pursuant to our management agreement with each fund.

•Performance Allocations. We are entitled to an allocation of the income allocable to the limited partners or members of each fund for returns above accumulated and unpaid priority preferred returns and repayment of preferred capital contributions (the “Hurdle Rate”), commonly referred to as carried interest. Performance allocations are an important element of our business and have historically accounted for a material portion of our revenues.

Depending on the fund, we typically receive a carried interest of 15.0% to 35.0%, depending on the fund, of all cash distributions from (i) the operating cash flow of each fund above the Hurdle Rate and (ii) the cash flow resulting from the sale or refinancing of any investments held by our funds after payment of the related fund’s investors unpaid priority preferred returns and Hurdle Rate. Our funds’ preferred returns range from 6.0% to 12.0%.

•Financing Fee. We earn a fee upon the closing of a loan by our investment funds with a third-party lender to compensate us for the services performed and costs incurred in securing the financing. This is typically a fixed fee arrangement which approximates no more than 1.0% of the total loan and will not exceed 3.0% of the total loan after considering all other origination fees charged by lenders and brokers involved in the transaction. Financing fees are recorded under Transaction and Advisory Fees.

•Set-Up Fee. We charge an initial one-time fee related to the initial formation, administration and set-up of the applicable fund. Set-up fees can be flat fees or a percentage of capital raised, typically 1.5% of capital raised or less. These fees are recorded under Transaction and Advisory Fees.

•Fund Formation Fee. Through Caliber Securities, we earn non-affiliated fees from raising capital for our funds. Our contracts with our funds are typically fixed fee arrangements which approximate no more than 3.5% on capital raised. These fees are recorded under Transaction and Advisory Fees.

Based on the contractual terms of the relevant funds we manage, in addition to the fees noted above, Caliber is entitled to be reimbursed for its expenses, which are not to exceed non-affiliated third-party costs, related to services provided to the funds.

Development — This segment represents our activities associated with providing real estate development services as their principal developer. These services include managing and supervising third-party developers and general contractors with respect to the development of the properties owned by our funds. Revenues generated by this segment are generally based on 4.0% of the total expected costs of the development or 4.0% of the total expected costs of the construction project. Caliber Development, a wholly-owned subsidiary of Caliber Services and an Arizona licensed general contractor, acts as either the developer, development manager, and/or construction manager on our funds’ projects.

We have a number of development, redevelopment, construction, and entitlement projects that are underway or are 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 September 30, 2023, 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.

Brokerage — This segment is involved in the buying, selling and leasing of all our funds’ assets. For the three and nine months ended September 30, 2023, our brokerage segment completed approximately $6.0 million and $16.8 million, respectively, in transactions generating $0.1 million and $0.4 million of brokerage fees, respectively. For the three and nine months ended September 30, 2022, our brokerage segment completed approximately $2.2 million and $63.1 million, respectively, in transactions generating $0.1 million and $0.9 million of brokerage fees, respectively.

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 November 2014, the Company was reorganized as a Nevada corporation and in June 2018, we reincorporated in the state of Delaware. On our website we make available, free of charge, information about the Company and its’ investments. None of the information on our website is deemed to be part of this report.

Trends Affecting Our Business

Our business is driven by trends which affect the following:

1)Capital formation: any trend which increases or decreases investors’ knowledge of alternative investments, desire to acquire them, access to acquire them, and knowledge and appreciation of Caliber as a potential provider, will affect our ability to attract and raise new capital. Capital formation also drives investment acquisitions, which contribute to Caliber’s revenues.

2)Investment acquisition: any trend which increases or decreases the supply of middle-market real estate projects or loans, the accessibility of developments or development incentives, or enhances or detracts from Caliber’s ability to access those projects will affect our ability to generate revenue. Coincidentally, investment acquisitions, or the rights to acquire an investment, drive capital formation – creating a flywheel effect for Caliber.

3)Project execution: any trend which increases or decreases the costs of execution on a real estate project, including materials pricing, labor pricing, access to materials, delays due to governmental action, and the general labor market, will affect Caliber’s ability to generate revenues.

Our business depends in large part on our ability to raise capital for our funds from investors. Since our inception, we have continued to successfully raise capital into our funds with our total capital raised through September 30, 2023 of approximately $650.5 million. Our success at raising new capital into our funds is impacted by the extent to which new investors see alternative assets as a viable option for capital appreciation and/or income generation. Since our ability to raise new capital into our funds is dependent upon the availability and willingness of investors to direct their investment dollars into our products, our financial performance is sensitive in part to changes in overall economic conditions that affect investment behaviors. The demand from investors is dependent upon the type of asset, the type of return it will generate (current cash flow, long-term capital gains, or both) and the actual return earned by our fund investors relative to other comparable or substitute products. General economic factors and conditions, including the general interest rate environment and unemployment rates, may affect an investor’s ability and desire to invest in real estate. For example, a significant interest rate increase could cause a projected rate of return to be insufficient after considering other risk exposures. Additionally, if weakness in the economy emerges and actual or expected default rates increase, investors in our funds may delay or reduce their investments; however, we believe our approach to investing and the capabilities that Caliber manages throughout the deal cycle will continue to offer an attractive value proposition to investors.

In June 2023, the United States of America’s House of Representatives unanimously approved legislation that would increase the number of investors who can participate in private offerings of securities by expanding the accredited investor criteria. The Fair Investment Opportunities for Professional Experts Act would expand the definition of accredited investor to include people with certain licenses, education or professional experience. The Accredited Investor Definition Review Act would give the SEC discretion to determine the certifications, designations or credentials investors must possess to be accredited and directs the SEC to review the accredited investor definition every five years. We believe these government actions will increase the size of our potential investor base significantly, however we cannot yet assess the number of newly accredited investors that would have the ability or interest to invest in a Caliber fund.

While we have had historical successes, there can be no assurance that fundraising for our new and existing funds will experience similar success. If we were unable to raise such capital, we would be unable to collect capital raise fees or deploy such capital into investments, which would materially reduce our revenues and cash flow and adversely affect our financial condition.

We remain confident about our ability to find, identify, and source new investment opportunities that meet the requirements and return profile of our investment funds despite headwinds associated with increased asset valuations, competition and increased overall cost of credit. We continue to identify strategic acquisitions on off-market terms and anticipate that this trend will continue. We are at a point in our investment cycle where some of our funds have begun to exit significant parts of their portfolios while other are approaching a potential harvesting phase. We have complemented these cycles with other newer funds that will maintain management fees while providing continued sources of activity for our Development segment.

In February 2023, we expanded our access to institutional capital by entering into an agreement with Skyway Capital Markets to serve as a managing broker-dealer for our primary investment products. The agreement designates Skyway to assist us to raise capital primarily from third party broker-dealers and registered investment advisors, many of which have an existing business relationship with Skyway. Skyway will assist us in our efforts to hire, train and manage a national wholesaling team, secure selling agreements, and provide appropriate due diligence to advisors distributing our funds. Our current managing broker-dealer will remain engaged with us to supervise and manage our existing private client sales team and to join Skyway as a selling group member.

Acquiring new assets includes being able to negotiate favorable loans on both a short and long-term basis. We strive to forecast and project our returns using assumptions about, among other things, the types of loans that we might expect the market to extend for a particular type of asset. This becomes more complex when the asset also requires construction financing. We may also need to refinance existing loans that are due to mature. Factors that affect these arrangements include the interest rate and economic environment, the estimated fair value of real property, and the profitability of the asset’s historical operations. These capital market conditions may affect the renewal or replacement of our credit agreements, some of which have maturity dates occurring within the next 12 months. Obtaining such financing is not guaranteed and is largely dependent on market conditions and other factors.

The advancement of real estate investment-oriented technology, sometimes referred to as “proptech” offers Caliber the benefit of new and innovative technologies to better execute on capital formation strategies, investment acquisition strategies, and investment management strategies. In recent years, Caliber has added to its technology stack with systems that we believe lead the market in their specific ability to enhance execution on our projects. Several of these technologies seek to incorporate investments in artificial intelligence, which we believe will be a prevailing trend in helping Caliber to enhance its project execution going forward.

Regional conflicts and instability, such as those in Israel and Ukraine, can have significant impacts on global markets and economies and investor perception and tolerance for risk. These conflicts could lead to increased volatility in financial markets, disrupt supply chains, and change investor appetite for investments in alternative assets.

Business Environment

Global markets are experiencing significant volatility driven by concerns over inflation, rising interest rates, slowing economic growth and geopolitical uncertainty. The annual inflation rate in the United States increased to 9.1% in June 2022, the highest rate since November 1981, but decreased to 3.7% in September 2023. As a result, from January 1, 2022 through September 20, 2023, the Federal Reserve increased the federal funds rate by 525 basis points and has indicated its intention to continue to increase interest rates in an effort to combat inflation. The rising interest rates, coupled with periods of significant equity and credit market volatility may potentially make it more difficult for us to find attractive opportunities for our funds to exit and realize value from their existing investments. Historically, inflation has tended to favor new capital formation for Caliber’s funds, as investors seek opportunities that can hedge against rising costs, such as real estate investments. In addition, the increase in interest rates has put pressure on owners of existing real estate to sell assets as their loans mature. Combined with a shrinking pool of buyers, the commercial and residential real estate markets in our favored geographies are moving away from a seller’s market and closer to a buyer’s market. It remains to be seen if a stressed or distressed market may emerge, similar to Caliber’s early years of operations. In both a buyer’s market and a stressed or distressed market, Caliber expects its business model to outperform, as our direct access to investor capital and our ability to invest in a variety of asset classes allows Caliber to move with the market and take advantage of potentially attractive prices. For project execution, inflation has increased the cost of nearly all building materials and labor types, increasing the cost of construction and renovation of our funds’ assets.

Key Financial Measures and Indicators

Our key financial measures are discussed in the following pages. Additional information regarding these key financial measures and our other significant accounting policies can be found in Note 2 – Summary of Significant Accounting Policies in the notes to our accompanying condensed consolidated financial statements included herein.

Total Revenue

We generate the majority of our revenue from (i) asset management fees, (ii) performance allocations and (iii) advisory and transaction services. Included within our consolidated results, are the related revenues of certain consolidated VIEs.

Total Expenses

Total expenses include operating costs, general and administrative, marketing and advertising and depreciation and amortization. Included within our consolidated results, are the related expenses of consolidated VIEs.

Other Income (Expenses)

Other income (expenses) include interest expense and interest income.

Results of Operations

Comparison of the Three Months Ended September 30, 2023 and 2022

The following table and discussion provide insight into our condensed consolidated results of operations for the three months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,
	2023		2022		$ Change		% Change
Revenues
Asset management fees	$	1,273	$	982	$	291	29.6	%
Performance allocations	36		103		(67)		(65.0)	%
Transaction and advisory fees	1,043		5,890		(4,847)		(82.3)	%
Consolidated funds – hospitality revenue	12,526		10,988		1,538		14.0	%
Consolidated funds – other revenue	2,147		1,543		604		39.1	%
Total revenues	17,025		19,506		(2,481)		(12.7)	%

Expenses
Operating costs	4,881		3,203		1,678		52.4	%
General and administrative	1,672		1,252		420		33.5	%
Marketing and advertising	210		288		(78)		(27.1)	%
Depreciation and amortization	140		7		133		1,900.0	%
Consolidated fund expenses – hospitality expenses	18,644		14,960		3,684		24.6	%
Consolidated fund expenses – other expenses	2,883		1,677		1,206		71.9	%
Total expenses	28,430		21,387		7,043		32.9	%



Other income (expense), net	414		25		389		1,556.0	%
Gain on extinguishment of debt	—		1,421		(1,421)		(100.0)	%
Interest income	85		109		(24)		(22.0)	%
Interest expense	(1,316)		(341)		(975)		285.9	%
Net income loss income taxes	(12,222)		(667)		(11,555)		1,732.4	%
Provision for income taxes	—		—		—		0.0	%
Net loss	(12,222)		(667)		(11,555)		1,732.4	%
Net loss attributable to noncontrolling interests	(8,813)		(5,067)		(3,746)		73.9	%
Net (loss) attributable to CaliberCos Inc.	$	(3,409)	$	4,400	$	(7,809)	(177.5)	%

For the three months ended September 30, 2023 and 2022, total revenues were $17.0 million and $19.5 million, respectively, representing a period-over-period decrease of 12.7%. This decrease was primarily due to a decrease of $4.8 million in consolidated transaction and advisory fees, representing a period-over-period decrease of 82.3%, due to $4.4 million of organization and offering fees earned for services performed in conjunction with the formation of Caliber Tax Advantaged Opportunity Zone Fund II, LLC during the three months ended September 30, 2022, offset by an increase in consolidated fund revenues, primarily from Hilton Tucson East which was consolidated during the three months ended March 31, 2023. See the Segment Analysis section below in which revenues are presented on a basis that deconsolidates our consolidated funds. As a result, segment revenues are different than those presented on a consolidated basis in accordance with U.S. GAAP basis because these fees are eliminated in consolidation when they are derived from a consolidated fund.

For the three months ended September 30, 2023 and 2022, total expenses were $28.4 million and $21.4 million, respectively, representing a period-over-period increase of 32.9%. The increase was primarily due to an increase in consolidated fund related expenses from Hilton Tucson East, which was consolidated during the three months ended March 31, 2023, and rising labor costs and variable costs associated with increased revenue, such as management and franchise fees and loyalty program costs. In addition, the increase in operating costs was primarily due to an increase in payroll costs related to increased headcount and cost of human capital driven by the Company’s growth initiatives, as the Company looks to enhance its capabilities across all lines of service.

For the three months ended September 30, 2023 and 2022, interest expense was $1.3 million and $0.3 million, respectively. The increase was primarily due to the increase in corporate notes outstanding during the three months ended September 30, 2023, as compared to the same period in 2022.

Segment Analysis

The following discussion is specific to our various segments for the three months ended September 30, 2023 and 2022. Our segment information is presented in a format consistent with the information senior management uses to make operating decisions, assess performance and allocate resources.

For segment reporting purposes, revenues and expenses are presented on a basis that deconsolidates our consolidated funds. As a result, segment revenues are different than those presented on a consolidated basis in accordance with U.S. GAAP because these fees are eliminated in consolidation when they are derived from a consolidated fund. Furthermore, segment expenses are also different than those presented on a consolidated U.S. GAAP basis due to the exclusion of fund expenses that are paid by the consolidated funds.

Fund Management

The following table presents our results of operations for our Fund Management segment (in thousands):


	Three Months Ended September 30,
	2023		2022		$ Change		% Change
Revenues
Asset management fees	$	2,428	$	1,927	$	501	26.0	%
Performance allocations	24		103		(79)		(76.7)	%
Transaction and advisory fees	560		5,008		(4,448)		(88.8)	%
Total revenues	3,012		7,038		(4,026)		(57.2)	%
Expenses
Operating costs	4,228		2,661		1,567		58.9	%
General and administrative	1,549		1,184		365		30.8	%
Marketing and advertising	208		287		(79)		(27.5)	%
Depreciation and amortization	34		7		27		385.7	%
Total expenses	6,019		4,139		1,880		45.4	%

Other expense, net	11		(3)		14		(466.7)	%
Gain on extinguishment of debt	—		1,421		(1,421)		(100.0)	%
Interest expense	(1,128)		(326)		(802)		246.0	%
Interest income	729		108		621		575.0	%
Net (loss) income	$	(3,395)	$	4,099	$	(7,494)	(182.8)	%

For the three months ended September 30, 2023 and 2022, transaction and advisory fees were $0.6 million and $5.0 million, respectively, representing a period-over-period decrease of 88.8%. The decrease was primarily related to $4.4 million of organization and offering fees earned for services performed in conjunction with the formation of Caliber Tax Advantaged Opportunity Zone Fund II, LLC during the three months ended September 30, 2022, compared to $0.4 million of such fees earned during the three months ended September 30, 2023, offset by an increase in fund administration fees for the three months ended September 30, 2023 as compared to the same period in 2022.

For the three months ended September 30, 2023 and 2022, total expenses were $6.0 million and $4.1 million, respectively, representing a period-over-period increase of 45.4%. The increase was primarily due to an increase in operating costs from additional payroll associated with increased headcount and cost of human capital driven by the Company’s growth initiatives, as the Company looks to enhance its capabilities across all lines of service.

For the three months ended September 30, 2023 and 2022, interest expense was $1.1 million and $0.3 million, respectively. The increase was primarily due to the increase in corporate notes outstanding during the three months ended September 30, 2023, as compared to the same period in 2022.

For the three months ended September 30, 2023, interest income was $0.7 million, which represents the interest earned on various related party notes receivable that were entered into subsequent to June 30, 2022.

Development

The following table presents our results of operations for our Development segment (in thousands):


	Three Months Ended September 30,
	2023		2022		$ Change		% Change
Revenues
Transaction and advisory fees	$	516	$	1,182	$	(666)	(56.3)	%
Total revenues	516		1,182		(666)		(56.3)	%
Expenses
Operating costs	394		321		73		22.7	%
General and administrative	78		45		33		73.3	%

Depreciation and amortization	—		8		(8)		(100.0)	%
Total expenses	472		374		98		26.2	%

Other income, net	—		9		(9)		(100.0)	%



Net income	$	44	$	817	$	(773)	(94.6)	%

For the three months ended September 30, 2023 and 2022, transaction and advisory fees were $0.5 million and $1.2 million, respectively, representing a period-over-period decrease of 56.3%. The decrease is primarily due to a decrease in development fees related to one commercial development project in Arizona during the three months ended September 30, 2023, as compared to the same period in 2022.

Brokerage

The following table presents our results of operations for our Brokerage segment (in thousands):


	Three Months Ended September 30,
	2023		2022		$ Change		% Change
Revenues
Transaction and advisory fees	$	200	$	179	$	21	11.7	%
Total revenues	200		179		21		11.7	%
Expenses
Operating costs	102		31		71		229.0	%
General and administrative	24		23		1		4.3	%

Depreciation and amortization	39		—		39		100.0	%
Total expenses	165		54		111		205.6	%

Other income, net	138		28		110		392.9	%

Interest expense	(189)		(15)		(174)		1160.0	%
Interest income	1		—		1		100.0	%
Net (loss) income	$	(15)	$	138	$	(153)	(110.9)	%

Operating costs, primarily related to repairs and maintenance, depreciation expense and other income, net, which includes rental revenue, increased due to the acquisition of the Company’s headquarters office building in 2023. Interest expense increased due to the note assumed in conjunction with the headquarters office building acquisition.

Comparison of the Nine Months Ended September 30, 2023 and 2022

The following table and discussion provide insight into our condensed consolidated results of operations for the nine months ended September 30, 2023 and 2022 (in thousands):


	Nine Months Ended September 30,
	2023		2022		$ Change		% Change
Revenues
Asset management fees	$	3,784	$	3,048	$	736	24.1	%
Performance allocations	2,474		2,508		(34)		(1.4)	%
Transaction and advisory fees	2,462		8,261		(5,799)		(70.2)	%
Consolidated funds – hospitality revenue	52,008		43,801		8,207		18.7	%
Consolidated funds – other revenue	6,264		4,871		1,393		28.6	%
Total revenues	66,992		62,489		4,503		7.2	%

Expenses
Operating costs	16,205		8,421		7,784		92.4	%
General and administrative	4,914		5,389		(475)		(8.8)	%
Marketing and advertising	888		1,293		(405)		(31.3)	%
Depreciation and amortization	409		23		386		1678.3	%
Consolidated fund expenses – hospitality expenses	59,676		44,786		14,890		33.2	%
Consolidated fund expenses – other expenses	6,757		6,146		611		9.9	%
Total expenses	88,849		66,058		22,791		34.5	%

Consolidated funds – gain on sale of real estate investments	—		21,530		(21,530)		(100.0)	%

Other income, net	1,479		241		1,238		513.7	%
Gain on extinguishment of debt	—		1,421		(1,421)		(100.0)	%
Interest income	279		112		167		149.1	%
Interest expense	(3,408)		(685)		(2,723)		397.5	%
Net (loss) income before income taxes	(23,507)		19,050		(42,557)		(223.4)	%
Provision for income taxes	—		—		—		0.0	%
Net (loss) income	(23,507)		19,050		(42,557)		(223.4)	%
Net (loss) income attributable to noncontrolling interests	(13,165)		14,561		(27,726)		(190.4)	%
Net (loss) income attributable to CaliberCos Inc.	$	(10,342)	$	4,489	$	(14,831)	(330.4)	%

For the nine months ended September 30, 2023 and 2022, total revenues were $67.0 million and $62.5 million, respectively, representing a period-over-period increase of 7.2%. This increase was due to an increase in revenues in our consolidated fund hotel assets resulting from increased occupancy rates and higher average daily rates and from revenues from Hilton Tucson East which was consolidated during the nine months ended September 30, 2023, offset by a $5.1 million, or 36.9%, decrease in consolidated asset management fees, performance allocations, and transaction and advisory fees, which primarily relates to $4.4 million of organization and offering fees earned for services performed in conjunction with the formation of Caliber Tax Advantaged Opportunity Zone Fund II, LLC during the nine months ended September 30, 2023. See the Segment Analysis section below in which revenues are presented on a basis that deconsolidates our consolidated funds. As a result, segment revenues are different than those presented on a consolidated basis in accordance with U.S. GAAP basis because these fees are eliminated in consolidation when they are derived from a consolidated fund.

For the nine months ended September 30, 2023 and 2022, total expenses were $88.8 million and $66.1 million, respectively, representing a period-over-period increase of 34.5%. The increase was primarily due to an increase in consolidated fund related expenses due to rising labor costs and variable costs associated with increased revenue, such as management and franchise fees and loyalty program costs, and from operating expenses from Hilton Tucson East, which was consolidated during the nine months ended September 30, 2023. In addition, there was an increase in operating costs from (i) additional payroll associated with increased headcount and cost of human capital driven by the Company’s growth initiatives, as the Company looks to enhance its capabilities across all lines of service, (ii) an increase in bonus expense due to the timing of bonus accruals during the nine months ended September 30, 2023 as compared to 2022, and (iii) an increase in stock compensation expense for restricted stock units that vested upon the closing of the Company’s IPO.

For the nine months ended September 30, 2022, consolidated funds – gain on sale of real estate investments includes the gain recognized in 2022 on the sale of GC Square Apartments for $21.5 million, a multi-family property with a cost basis of $9.1 million. The sale drove the majority of our performance allocations for the nine months ended September 30, 2022.

For the nine months ended September 30, 2023 and 2022, interest expense was $3.4 million and $0.7 million, respectively. The increase was primarily due to the increase in corporate notes outstanding during the nine months ended September 30, 2023, as compared to the same period in 2022. In addition, there was one real estate note outstanding during the nine months ended September 30, 2023 with no comparable real estate notes outstanding during the same period in 2022.

Segment Analysis

The following discussion is specific to our various segments for the nine months ended September 30, 2023 and 2022. Our segment information is presented in a format consistent with the information senior management uses to make operating decisions, assess performance and allocate resources.

Fund Management

The following table presents our results of operations for our Fund Management segment (in thousands):


	Nine Months Ended September 30,
	2023		2022		$ Change		% Change
Revenues
Asset management fees	$	7,093	$	6,095	$	998	16.4	%
Performance allocations	2,474		2,508		(34)		(1.4)	%
Transaction and advisory fees	1,123		6,276		(5,153)		(82.1)	%
Total revenues	10,690		14,879		(4,189)		(28.2)	%
Expenses
Operating costs	14,235		7,045		7,190		102.1	%
General and administrative	4,362		5,166		(804)		(15.6)	%
Marketing and advertising	887		1,292		(405)		(31.3)	%
Depreciation and amortization	90		23		67		291.3	%
Total expenses	19,574		13,526		6,048		44.7	%

Other income, net	12		(3)		15		(500.0)	%
Gain on extinguishment of debt	—		1,421		(1,421)		(100.0)	%
Interest expense	(2,898)		(640)		(2,258)		352.8	%
Interest income	1,478		111		1,367		1231.5	%
Net (loss) income	$	(10,292)	$	2,242	$	(12,534)	(559.1)	%

For the nine months ended September 30, 2023 and 2022, asset management fees were $7.1 million and $6.1 million, respectively, representing a period-over-period increase of 16.4%. The increase was primarily due to an increase in managed capital.

For the nine months ended September 30, 2023, performance allocations were $2.5 million, which represents the carried interest earned related to the contribution of the hospitality assets to Caliber Hospitality, LP in March 2023. For the nine months ended September 30, 2022, performance allocations were $2.5 million, which represents the carried interest earned related to the sale of the GC Square Apartments multi-family property in March 2022.

For the nine months ended September 30, 2023 and 2022, transaction and advisory fees were $1.1 million and $6.3 million, respectively, representing a period-over-period decrease of 82.1%. The decrease was primarily related to $4.4 million of organization and offering fees earned for services performed in conjunction with the formation of Caliber Tax Advantaged Opportunity Zone Fund II, LLC during the nine months ended September 30, 2023, compared to $0.4 million of such fees earned during the nine months ended September 30, 2022 and a decrease in capital raise fees.

For the nine months ended September 30, 2023 and 2022, operating costs were $14.2 million and $7.0 million, respectively, representing a period-over-period increase of 102.1%. This increase was primarily due to an increase in payroll costs related to increased headcount and cost of human capital driven by the Company’s growth initiatives, as the Company looks to enhance its capabilities across all lines of service. In addition, there was an increase in bonus expense of $1.7 million due to the timing of bonus accruals during the nine months ended September 30, 2023 as compared to 2022 and an increase in stock compensation expense of $2.6 million for restricted stock units that vested upon the closing of the Company’s IPO.

For the nine months ended September 30, 2023 and 2022, general and administrative expenses were $4.4 million and $5.2 million, respectively, representing a period-over-period decrease of 15.6%. The decrease was primarily due to a legal settlement and related legal costs incurred during the nine months ended September 30, 2022 and a decrease in accounting and other legal fees incurred during the nine months ended September 30, 2023 as compared to the same period in 2022.

For the nine months ended September 30, 2023 and 2022, interest expense, net of gain on extinguishment of debt, was $2.9 million and $0.6 million, respectively. The increase was due to the gain on extinguishment of debt recognized during the nine months ended September 30, 2022 on the forgiveness of a PPP loan of $1.4 million principal, plus accrued interest. primarily and due to the increase in corporate notes outstanding during the nine months ended September 30, 2023, as compared to the same period in 2022.

For the nine months ended September 30, 2023, interest income was $1.5 million, which represents the interest earned on various related party notes receivable. There was $0.1 million interest income for the nine months ended September 30, 2022 as the related party notes receivable were entered into subsequent to June 30, 2023.

Development

The following table presents our results of operations for our Development segment (in thousands):


	Nine Months Ended September 30,
	2023		2022		$ Change		% Change
Revenues
Transaction and advisory fees	$	2,128	$	2,596	$	(468)	(18.0)	%
Total revenues	2,128		2,596		(468)		(18.0)	%
Expenses
Operating costs	1,282		1,071		211		19.7	%
General and administrative	232		157		75		47.8	%

Depreciation and amortization	—		8		(8)		(100.0)	%
Total expenses	1,514		1,236		278		22.5	%

Other income, net	—		216		(216)		(100.0)	%



Net income	$	614	$	1,576	$	(962)	(61.0)	%

For the nine months ended September 30, 2023 and 2022, transaction and advisory fees were $2.1 million and $2.6 million, respectively, representing a period-over-period decrease of 18.0%. The decrease is primarily due to completing development projects in late 2022 and early 2023, offset by new development projects and increased construction activity at ongoing development projects.

Brokerage

The following table presents our results of operations for our Brokerage segment (in thousands):


	Nine Months Ended September 30,
	2023		2022		$ Change		% Change
Revenues
Transaction and advisory fees	$	633	$	1,221	$	(588)	(48.2)	%
Total revenues	633		1,221		(588)		(48.2)	%
Expenses
Operating costs	395		305		90		29.5	%
General and administrative	65		58		7		12.1	%

Depreciation and amortization	107		—		107		100.0	%
Total expenses	567		363		204		56.2	%

Other income, net	282		28		254		907.1	%

Interest expense	(511)		(46)		(465)		1010.9	%
Interest income	1		—		1		100.0	%
Net (loss) income	$	(162)	$	840	$	(1,002)	(119.3)	%

For the nine months ended September 30, 2023 and 2022, transaction and advisory fees were $0.6 million and $1.2 million, respectively. The decrease is primarily related to a decrease of brokerage transactions, which were $16.8 million during the nine months ended September 30, 2023, as compared to $63.1 million during the same period in 2022.

For the nine months ended September 30, 2023, interest expense included interest related to one real estate note outstanding during the nine months ended September 30, 2023 with no comparable real estate notes outstanding during the same period in 2022.

Investment Valuations

The investments that are held by our funds are generally considered to be illiquid and have no readily ascertainable market value. We value these investments based on our estimate of their fair value as of the date of determination. We estimate the fair value of our fund’s investments based on a number of inputs built within forecasting models which are either developed by a third party or by our internal finance team. The models generally rely on discounted cash flow analysis and other techniques and may include independently sourced market parameters. The material estimates and assumptions used in these models include the timing and expected amounts of cash flows, income and expenses for the property, the appropriateness of discount rates used, overall capitalization rate, and, in some cases, the ability to execute, estimated proceeds and timing of expected sales and financings. The majority of our assets utilize the income approach to value the property. Where appropriate, management may obtain additional supporting evidence of values from methods generally utilized in the real estate investment industry, such as appraisal reports and broker price opinion reports.

With respect to the underlying factors that led to the change in fair value in the current year, we identify assets that are undervalued and/or underperforming at the time of acquisition. Such assets generally undergo some form of repositioning soon after our acquisition in order to help drive increased appreciation and operating performance. Once the repositioning is complete, we focus on increasing the asset’s net operating income, thereby further increasing the value of the asset. Making below-market acquisitions, adding value through development activities, and increasing free cash flow with proper management all represent a material component to our core business model.

A unique feature of Caliber’s funds is the discretion given to Caliber’s management team to decide when to sell assets and when to hold them. We believe this discretion allows Caliber to avoid selling properties that, while their business plan may have matured, the market will not pay an attractive price in the current environment. Avoiding selling at a time of disruption, such as all of 2020, is critical to preserving the value of our assets, our carried interest, our ongoing revenues, and our clients’ capital. While this is management’s expectation, there can be no assurance these outcomes will occur.

Assets Under Management

AUM refers to the assets we manage or sponsor. We monitor two types of information with regard to our AUM:

i.Managed Capital – we define this as the total equity capital raised from investors in our funds at any point in time. We use this information to monitor, among other things, the amount of ‘preferred return’ that would be paid at the time of a distribution and the potential to earn a performance fee over and above the preferred return at the time of the distribution. Our asset management fees are based on a percentage of managed capital and monitoring the change and composition of managed capital provides relevant data points for Caliber management to further calculate and predict future earnings.

ii.Fair Value (“FV”) AUM – we define this is as the aggregate fair value of the real estate assets we manage and from which we derive management fees, performance revenues and other fees and expense reimbursements. We estimate the value of these assets quarterly to help make sale and hold decisions and to evaluate whether an existing asset would benefit from refinancing or recapitalization. This also gives us insight into the value of our carried interest at any point in time. We also utilize FV AUM to predict the percentage of our portfolio which may need development services in a given year, fund management services (such as refinance), and brokerage services. As we control the decision to hire for these services, our service income is generally predictable based upon our current portfolio AUM and our expectations for AUM growth in the year forecasted. As of September 30, 2023, we had total FV AUM of approximately $822.5 million.

Although we believe we are utilizing generally accepted methodologies for our calculation of Managed Capital and FV AUM, it may differ from our competitors, thereby making these metrics non-comparable to our competitors.

Managed Capital

The table below summarizes the activity of the managed capital for the nine months ended September 30, 2023 (in thousands):


	Managed Capital
Balances as of December 31, 2022	$	383,189
Originations	12,050
Redemptions	(2,742)
Balances as of March 31, 2023	392,497
Originations	11,227
Redemptions	(1,968)
Balances as of June 30, 2023	401,756
Originations	12,958
Redemptions	(2,268)
Balances as of September 30, 2023	$	412,446

The following table summarizes managed capital for our investment fund portfolios as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Real Estate
Hospitality	$	101,118	$	102,071
Residential	72,501		62,819
Commercial	147,857		128,210
Total Real Estate	321,476		293,100
Credit(1)	79,758		74,766
Other(2)	11,212		15,323
Total	$	412,446	$	383,189

___________________________________________

(1)Credit managed capital represents loans made to Caliber’s investment funds by our diversified credit fund.

(2)Other managed capital represents undeployed capital held in our diversified funds.

Managed capital for our hospitality funds decreased by $1.0 million during the nine months ended September 30, 2023, due to the $5.0 million purchase of Caliber Hospitality Trust’s Class A non-voting preferred stock, which was offset by a $6.0 million decrease when hotel operations ceased at the Four Points by Sheraton hotel, as the Company is converting the property into a multi-family residential asset.

Managed capital for our residential investment funds increased by $9.7 million during the nine months ended September 30, 2023, due to the planned conversion of the Four Points by Sheraton hotel discussed above and $9.2 million in capital raised into our residential assets, offset by $5.5 million of redemptions by diversified funds.

Managed capital for our commercial investment funds increased $19.6 million during the nine months ended September 30, 2023, representing: (i) $6.3 million in capital raised into our commercial assets, and (ii) $13.3 million contributed by our diversified funds, to support seven commercial ground-up builds and acquisitions in Arizona. The scope of investments included tenant improvements, land development, and acquiring existing operating commercial properties.

During the nine months ended September 30, 2023, we raised $19.6 million of new capital into Caliber Fixed Income Fund III, LP (“CFIF III”) and deployed it into our various real estate investments, which was offset by $15.6 million of repayments of the notes receivable. We also deployed $11.1 million directly into new investments in the form of notes receivable, which was offset by $10.1 million of repayments of the notes receivable.

As of September 30, 2023, we held $11.2 million of other managed capital, which included a $3.2 million private equity investment in a local start-up business and $8.0 million of undeployed cash and pursuit costs, compared to $15.3 million of other managed capital, which included a $3.2 million private equity investment in a local start-up business and $12.1 million of undeployed cash and pursuit costs held as of December 31, 2022.

FV AUM

As the economy continued to recover, our FV AUM increased. The table below details the activities that had an impact on our FV AUM, during the nine months ended September 30, 2023 (in thousands).



Balances as of December 31, 2022	$	745,514
Assets acquired(1)	28,604
Construction and net market appreciation	33,019
Assets sold or disposed	(5,820)
Credit(2)	4,242
Other(3)	1,360
Balances as of March 31, 2023	806,919
Assets acquired(1)	—
Construction and net market appreciation	19,095
Assets sold or disposed	(595)
Credit(2)	590
Other(3)	(703)
Balances as of June 30, 2023	825,306
Assets acquired(1)	780
Construction and net market appreciation	1,045
Assets sold or disposed	(6,025)
Credit(2)	160
Other(3)	1,204
Balances as of September 30, 2023	$	822,470

The following table summarizes FV AUM of our investment fund portfolios as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Real Estate
Hospitality	$	316,000	$	319,300
Residential	148,600		86,900
Commercial	266,900		255,197
Total Real Estate	731,500		661,397
Credit(2)	79,758		74,766
Other(3)	11,212		9,351
Total	$	822,470	$	745,514

___________________________________________

(1)Assets acquired during the nine months ended September 30, 2023 include one development asset in Colorado, our headquarters office building, and two multi-family residential asset in Arizona.

(2)Credit FV AUM represents loans made to Caliber’s investment funds by our diversified credit fund.

(3)Other FV AUM represents undeployed capital held in our diversified funds.

Non-GAAP Measures

We present Consolidated EBITDA, Consolidated Adjusted EBITDA, and Caliber Adjusted EBITDA, which are not recognized financial measures under U.S. GAAP, as supplemental disclosures because we regularly review these measures to evaluate our funds, measure our performance, identify trends, formulate financial projections and make strategic decisions.

Consolidated EBITDA represents the Company’s and the consolidated funds’ earnings before net interest expense, income taxes, depreciation and amortization. Consolidated Adjusted EBITDA represents Consolidated EBITDA as further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company’s Buyback Program, litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash expenses or losses, as further adjusted for extraordinary or non-recurring items.

Caliber Adjusted EBITDA represents Consolidated Adjusted EBITDA on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.

When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. We generally use these non-U.S. GAAP financial measures to evaluate operating performance and for other discretionary purposes. We believe that these measures enhance the understanding of ongoing operations and comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they eliminate the impact of selected charges that may obscure trends in the underlying performance of our business. Because not all companies use identical calculations, our presentation of Consolidated EBITDA, Consolidated Adjusted EBITDA, and Caliber Adjusted EBITDA may not be comparable to similarly identified measures of other companies.

Consolidated EBITDA, Consolidated Adjusted EBITDA, and Caliber Adjusted EBITDA are not intended to be measures of free cash flow for our discretionary use because they do not consider certain cash requirements such as tax and debt service payments. These measures may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.

The following table presents a reconciliation of net (loss) income to Consolidated EBITDA, Consolidated Adjusted EBITDA, and Caliber Adjusted EBITDA for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net (loss) income	$	(12,222)	$	(667)	$	(23,507)	$	19,050
Interest expense	1,316		342		3,408		686
Depreciation expense	140		15		409		31
Consolidated funds’ EBITDA adjustments	7,210		4,810		20,142		14,446
Consolidated EBITDA	(3,556)		4,500		452		34,213
Share buy-back	—		78		183		235
Stock-based compensation	393		170		3,017		371
Severance payments	6		—		19		—
Legal costs	—		—		—		525
Public registration costs	—		—		—		779
Consolidated Adjusted EBITDA	(3,157)		4,748		3,671		36,123
Intercompany eliminations	2,002		1,615		5,506		4,878
Non-controlling interest Adjusted EBITDA eliminations	(356)		(704)		(11,981)		(33,716)
Caliber Adjusted EBITDA	$	(1,511)	$	5,659	$	(2,804)	$	7,285

Liquidity and Capital Resources

The Company, through guarantees of loans held by its consolidated funds, has five separate loans outstanding with maturity dates within the 12-month period subsequent to when these financial statements were issued with outside lenders totaling $28.8 million at September 30, 2023. Management is actively managing the potential amendments to the applicable loan agreements to include additional extension options, pay off or refinancing of these facilities. Management believes that we will be able to come to an agreement with the respective lenders in order to mitigate any defaults or enter into new financing arrangements with third-party lenders. See Note 6 – Notes Payable for additional details. As of December 31, 2022, the Company, through guarantees of loans held by its consolidated funds, had five separate loans outstanding with maturity dates within the 12-month period subsequent to December 31, 2022 with outside lenders totaling $28.8 million.

Each of our funds and the related assets that are acquired or own equity interest in those funds are established as separate legal entities with limited liability. Therefore, the cash flows generated by these entities, whether through operations or financing, are unavailable for general corporate purposes.

We have historically financed our operations primarily through a combination of operating cash flows, private offerings of our equity securities, and secured and unsecured debt. In addition, due to the consolidation of CFIF III, we recognize a revolving line of credit with a maximum borrowing amount of $4.5 million.

We hold our excess unrestricted cash in bank accounts with several high-quality financial institutions. We believe that our current capital position is sufficient to meet our current liquidity needs for at least the next 12 months.

Equity Financings

Since inception through September 30, 2023, we have raised approximately $39.3 million from the sale of common and convertible preferred stock to third parties and management. The funds received from the issuance of our stock sales have been used for operating expenditures and refinancing our higher interest debt.

On May 19, 2023, the Company closed its initial public offering of 1,200,000 shares of Class A common stock at a public offering price of $4.00 per share, for aggregate gross proceeds of $4.8 million before deducting underwriting discounts, commissions, and other offering expenses, at which point the buyback obligation was relieved and no further amounts are due under the Buyback Program.

Corporate Debt

As of September 30, 2023, we have issued and outstanding unsecured promissory notes of $38.2 million with an average outstanding principal balance of $0.2 million, a weighted average interest rate of 11.42%, and maturity dates ranging from December 2023 to March 2025. The purpose of this financing program is to provide the Company with flexible, short-term capital to be used to grow its assets under management and assist funds in a fast-moving acquisition or investment, as well as general corporate purposes. Additionally, the program provides customers of Caliber’s funds access to a short-term lending opportunity. Management believes it can come to a mutual agreement with each lender to extend the maturities of the notes for an additional 12-month term. This outstanding debt resulted in $1.2 million and $2.9 million of interest expense for the three and nine months ended September 30, 2023.

Cash Flows Analysis

The section below discusses in more detail the Company’s primary sources and uses of cash and primary drivers of cash flows within the Company’s condensed consolidated statements of cash flows (in thousands).


	Nine Months Ended September 30,
	2023		2022		$ Change
Net cash provided by (used in):
Operating activities	$	(11,142)	$	(3,816)	$	(7,326)
Investing activities	(43,955)		(23,877)		(20,078)
Financing activities	57,580		29,570		28,010
Net change in cash and cash equivalents	$	2,483	$	1,877	$	606

The assets of our consolidated funds, on a gross basis, can be substantially larger than the assets of our core business and, accordingly could have a substantial effect on the accompanying statements of cash flows. The table below summarizes our condensed consolidated statements of cash flow by activity attributable to the Company and to our consolidated funds (in thousands).


	Nine Months Ended September 30,
	2023		2022		$ Change
Net cash used in the Company’s operating activities	$	(4,098)	$	(3,508)	$	(590)
Net cash used in the consolidated funds’ operating activities	(7,044)		(308)		(6,736)
Net cash used in provided by operating activities	(11,142)		(3,816)		(7,326)
Net cash used in the Company’s investing activities	(19,880)		(961)		(18,919)
Net cash used in the consolidated funds’ investing activities	(24,075)		(22,916)		(1,159)
Net cash used in investing activities	(43,955)		(23,877)		(20,078)
Net cash provided by the Company’s financing activities	41,627		7,320		34,307
Net cash provided by the consolidated funds’ financing activities	15,953		22,250		(6,297)
Net cash provided by financing activities	57,580		29,570		28,010
Net change in cash and cash equivalents	$	2,483	$	1,877	$	606

Operating Activities

Our net cash flows from operating activities are generally comprised of asset management fees, performance allocations, and transaction and advisory fees, less cash used for operating expenses, including interest paid on our debt obligations. Net cash flows used in operating activities of the Company increased during the nine months ended September 30, 2023 as compared to the same period in 2022 primarily related to increased interest payments related to the Company’s corporate notes. Net cash flows used in operating activities of the consolidated funds increased from the nine months ended September 30, 2023, as compared to the net cash flows provided by operating activities during the same period in 2022, was primarily due to increased interest payments related to the consolidated funds notes payable.

Investing Activities

The increase in net cash flows used in investing activities of the Company for the nine months ended September 30, 2023 as compared to the same period in 2022 primarily relates to an increase in the acquisition of real estate assets. The increase in net cash flows used in investing activities of the consolidated funds is primarily due to a decrease in proceeds from the sale of real estate investments, offset by the increase in the acquisition of real estate assets, and the net impact of the consolidation and deconsolidation of VIEs, and a decrease in investments in real estate assets.

Financing Activities

The increase in net cash flows provided by financing activities of the Company for the nine months ended September 30, 2023 as compared to the same period in 2022 was primarily due to an increase of $31.8 million of net proceeds on notes payable and an increase of $2.6 million in proceeds from the issuance of common stock, net of equity issuance costs during the nine months ended September 30, 2023 as compared to the same period in 2022. The decrease in net cash flows provided by financing activities of the consolidated funds is primarily due to a decrease in the net proceeds from notes payable and notes payable – related parties of our consolidated funds of $3.1 million, an increase in deferred financing costs paid of $2.2 million, and an increase in distributions to noncontrolling interest holders of $2.0 million during the nine months ended September 30, 2023 as compared to the same period in 2022.

Critical Accounting Estimates

Accounting Estimates of the Company

We believe the following critical accounting policies affect the Company’s more significant estimates and judgements used in the preparation of our condensed consolidated financial statements.

Revenue Recognition

In accordance with the ASC 606, Revenue from Contracts with Customers (“ASC 606”), management applies the five-step framework in determining the timing and amount of revenue to recognize. This framework requires an entity to: (i) identify the contract(s) with customers, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations within the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. The Company’s revenues primarily consist of fund management and transaction and advisory fees.

Fund Management

Asset management fees are generally based on 1.0% to 1.5% of the unreturned capital contributions in a particular fund and include reimbursement for costs incurred on behalf of the fund, including an allocation of certain overhead costs. Asset management fees are recalculated for each fund on an annual basis. These customer contracts require the Company to provide management services, representing a performance obligation that the Company satisfies over time.

Transaction and Advisory Fees

Income Taxes

The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and tax basis of assets and liabilities and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured by applying enacted tax rates and laws and are released in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided against deferred tax assets when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.

A valuation allowance is required to reduce the balance of a deferred tax asset if it is determined that it is more-likely-than-not that all or some portion of the deferred tax asset will not be realized due to the lack of sufficient taxable income or other limitation on the Company’s ability to utilize the loss carryforward.

We recognize the impact of an income tax position, if that position is more-likely-than-not of being sustained on audit, based on the technical merits of the position. Related interest and penalties are classified as income taxes in the financial statements.

Segment Information

The Company’s activities are organized into three operating segments which constitute three reportable segments based on similarities with both their qualitative and economic characteristics. These segments distinguish all of the primary revenue generating activities of the business but group them together by their nature. The Company’s chief operating decision maker uses total revenue, operating income and key operating statistics to evaluate performance and allocate resources to the Company’s operations. The Company’s operations are organized into three reportable segments for management and financial reporting purposes, Fund Management, Development and Brokerage.

Management has concluded that the consolidated investment funds do not meet the requirements to be an operating segment. The non-reportable segments include certain business activities which do not meet the requirement to be a reportable segment because they are immaterial. These activities represent the operating activity of our single-family assets which involve both the sale and rental of real estate assets. In addition, the Company has not and does not allocate its assets or liabilities specifically to the operating segments and the Company’s chief operating decision maker does not review assets or liabilities by segment to make operating decisions. Assets, liabilities and corporate expenses are recorded at the legal entity level, which is not consistent to the operating segment and is therefore not reported by segment.

Accounting Estimates of Consolidated Funds

We believe the following critical accounting policies affect the consolidated funds’ more significant estimates and judgements used in the preparation of our condensed consolidated financial statements.

Consolidated Fund Revenues

Consolidated funds – hospitality revenue

Consolidated funds – other revenue

Consolidated funds – other revenue primarily consists of rental revenue of $1.2 million and $3.5 million for the three and nine months ended September 30, 2023, respectively, and $0.8 million and $2.8 million for the three and nine months ended September 30, 2022, respectively. Rental revenue includes the revenues generated primarily by the rental operations of the residential (multi-family and single-family) and commercial properties of our consolidated funds.

Consolidated Fund Expenses

Fair Value of Financial Instruments

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market Risk

The market risk associated with financial instruments and derivative financial instruments is the risk of loss from adverse changes in market prices or interest rates. Our market risk arises primarily from interest rate risk relating to variable-rate borrowings. To meet our short and long-term liquidity requirements, we borrow funds at a combination of fixed and variable rates. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows and to manage our overall borrowing costs. To achieve these objectives, from time to time, we may enter into interest rate hedge contracts such as swaps, caps, collars, treasury locks, options and forwards in order to mitigate our interest rate risk with respect to various debt instruments. We would not hold or issue these derivative contracts for trading or speculative purposes.

Interest Rate Risk

As of September 30, 2023, our debt included fixed-rate debt with a fair value and carrying value of $107.5 million and $123.2 million, respectively. Changes in market interest rates on our fixed rate debt impact the fair value of the debt, but they have no impact on interest incurred or cash flow. For instance, if interest rates rise 100 basis points, and the fixed rate debt balance remains constant, we expect the fair value of our debt to decrease, the same way the price of a bond declines as interest rates rise.

As of September 30, 2023, our debt included variable-rate debt with a fair value and carrying value of $81.3 million. The sensitivity analysis related to our variable-rate debt assumes an immediate 100 basis point move in interest rates from their September 30, 2023 levels, with all other variables held constant. A 100 basis point increase or decrease in variable interest rates on our variable-rate debt would increase or decrease our interest expense by $0.8 million annually.

Credit Risk

•diversifying our investments in real estate assets across multiple asset types, including hospitality, commercial, single-family, multi-family, and self-storage properties;

•diversifying our investments in real estate assets across multiple geographic locations including different markets and sub-markets in which our real estate assets are located;

•diversifying our investments in real estate assets across assets at differing points of stabilization, and in varying states of cash flow optimization; and

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (“the Exchange Act”)) that are designed to provide reasonable assurance that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, we recognize that no controls and procedures, no matter how well designed and operated, can provide absolute assurance of achieving the desired control objectives.

In accordance with Rules 13a-15(b) and 15d-15(b) of the Exchange Act, management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures as of September 30, 2023 and determined that the disclosure controls and procedures were effective at a reasonable assurance level as of that date.

Changes in Internal Control Over Financial Reporting

No change occurred in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d -15(f) of the Exchange Act) during the three months ended September 30, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We are, from time to time, party to various claims and legal proceedings arising out of our ordinary course of business, but we do not believe that any of these claims or proceedings will have a material effect on our business, consolidated financial condition or results of operations.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in the Risk Factors section in the Company’s Prospectus on Form 424(b)(4) filed with the SEC on May 17, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibit Index


Exhibit Number						Description
3.1						Third Amended and Restated Certificate of Incorporation of CaliberCos Inc. (incorporated by reference to Exhibit 3.1 of CaliberCos Inc.’s Form 8-K filed with the SEC on May 19, 2023
3.2						Amended and Restated Bylaws of CaliberCos Inc. (incorporated by reference to Exhibit 3.2 of CaliberCos Inc.’s Form 8-K filed with the SEC on May 19, 2023)
4.1						Form of Class A common stock Certificate (incorporated by reference to Exhibit 4.1 to the Registrant’s Registration Statement on Form S-1/A, filed with the SEC on October 28, 2022 (File No. 333-267657))
4.2						Amended and Restated Stockholders’ Agreement dated March 22, 2023, by and among the Company, John C. Loeffler, Jennifer Schrader and Donnie Schrader (incorporated by reference to Exhibit 4.2 to the Registrant’s Registration Statement on Form S-1/A, filed with the SEC on March 22, 2023 (File No. 333-267657))
4.2.1						Stock Purchase Agreement dated September 21, 2018, by and among the Company and Donnie Schrader (incorporated by reference to Exhibit 3.2 of CaliberCos Inc.’s offering statement on Form 1-A (File No.024-11016), filed with the SEC on June 13, 2019)
10.1+						CaliberCos Inc. Amended and Restated 2017 Stock Incentive Plan (incorporated by reference to Exhibit 99.1 of CaliberCos Inc.’s Form S-8 (File No. 333-272078), filed with the SEC on May 19, 2023)
10.2						Loan Agreement, dated as of January 20, 2023, among 47th Street Phoenix Airport LLC, CHPH Holding, LLC, and 44th and McDowell Holding, LLC, as Borrower and Trimont Real Estate Advisors, LLC, as Agent for BP Holdings SIGMA LLC, as Lender (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q (File No. 001-04321), filed with the SEC on June 23, 2023)
10.3						Guaranty of Recourse Obligations dated January 20, 2023, by John C. Loeffler, II, Jennifer Schrader,CDIF, LLC, Caliber Diversified Opportunity Fund II, LP, and CaliberCos Inc. for the benefit of BP Holdings Sigma, LLC(Incorporated by reference to the Company’s Quarterly Report on Form 10-Q (File No. 001-04321), filed with the SEC on June 23, 2023)
10.4						Loan Agreement dated as of October 17, 2019 between Pollock Gateway II DE LLC, as borrower and Barclays Capital Real Estate Inc., as lender (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q (File No. 001-04321), filed with the SEC on June 23, 2023)
10.5						Assumption Agreement dated January 25, 2023 by and among Pollock Gateway II DE LLC, original borrower, Gateway II Holdco, LLC, new borrower, Guila Pollock and Vita Piazza, trustees of The James and Guila Pollock Trust dated June 27, 2006, original guarantor, CaliberCos Inc., new guarantor, and Wells Fargo Bank, National Association, as Trustee for the benefit of the registered holders of BBCMS Mortgage Trust 2019-C5, Commercial Mortgage Pass Through Certificates, Series 2019-C5, lender (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q (File No. 001-04321), filed with the SEC on June 23, 2023)
10.6+						Executive Employment Agreement dated January 1, 2019 by and among CaliberCos Inc. and Jennifer Schrader (incorporated by reference to Exhibit 6.5 of CaliberCos Inc.’s offering statement on Form 1-A (File No.024-11016), filed with the SEC on August 19, 2019)
10.7+						Executive Employment Agreement dated January 1, 2019 by and among CaliberCos Inc. and John C. Loeffler II (incorporated by reference to Exhibit 6.6 of CaliberCos Inc.’s offering statement on Form 1-A (File No.024-11016), filed with the SEC on August 19, 2019)
10.8+						Executive Employment Agreement dated January 1, 2019 by and among CaliberCos Inc. and Roy Bade (incorporated by reference to Exhibit 6.7 of CaliberCos Inc.’s offering statement on Form 1-A (File No.024-11016), filed with the SEC on August 19, 2019)
10.9+						Executive Employment Agreement dated January 1, 2019 by and among CaliberCos Inc. and Jade Leung (incorporated by reference to Exhibit 6.8 of CaliberCos Inc.’s offering statement on Form 1-A (File No.024-11016), filed with the SEC on August 19, 2019)
10.10						Form of Indemnification Agreement between CaliberCos Inc. and its directors and officers (incorporated by reference to Exhibit 10.11 to the Registrant’s Registration Statement on Form S-1/A, filed with the SEC on November 23, 2022 (File No. 333-267657))
10.11						Form of Escrow Agreement by and among CaliberCos Inc., SI Securities, LLC and The Bryn Mawr Trust Company of Delaware (incorporated by reference to Exhibit 8.1 of CaliberCos Inc.’s offering statement on Form 1-A (File No.024-11016), filed with the SEC on January 3, 2020)
10.12						Caliber/ Encore Opportunistic Growth Fund Limited Liability Company Agreement dated May 1, 2022 by and between CaliberCos Inc. and Encore Caliber Holdings, LLC (incorporated by reference to Exhibit 10.13 to the Registrant’s Registration Statement on Form S-1/A, filed with the SEC on April 12, 2023 (File No. 333-267657))
10.13						Form of Managing Dealer Agreement by and among CaliberCos Inc., Skyway Capital Markets, LLC and Issuer (incorporated by reference to Exhibit 10.14 to the Registrant’s Registration Statement on Form S-1/A, filed with the SEC on April 12, 2023 (File No. 333-267657))
10.14						Sponsor Consulting Agreement dated December 1, 2022 by and among CaliberCos Inc. and Skyway Capital Markets, LLC (incorporated by reference to Exhibit 10.15 to the Registrant’s Registration Statement on Form S-1/A, filed with the SEC on April 12, 2023 (File No. 333-267657))
10.15						Contribution Agreement dated June 30, 2023 (Incorporated by reference to the Company’s Current Report on Form 8-K (File No. 024-11016), filed with the SEC on July 7, 2023)


31.1*						Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a)
31.2*						Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a)
32.1**						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350
32.2**						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350
101.INS*						Inline XBRL Instance
101.SCH*						Inline XBRL Taxonomy Extension Schema
101.CAL*						Inline XBRL Taxonomy Extension Calculation
101.LAB*						Inline XBRL Taxonomy Extension Labels
101.PRE*						Inline XBRL Taxonomy Extension Presentation
104						Cover Page Interactive Data File (embedded within the Inline XBRL and contained in Exhibit 101)


*			Filed herewith.
**			Furnished herewith.
+			Indicates management contract or compensatory plan.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized, in Scottsdale, Arizona, on November 9, 2023.


			CALIBERCOS INC.

			By:			/s/ John C. Loeffler, II
			Name:			John C. Loeffler, II
			Title:			Chairman and Chief Executive Officer

As required under the Securities Act of 1933, this Quarterly Report on Form 10-Q has been signed below by the following persons in the capacities and on the dates indicated:

Signature

Title

Date

/s/ John C. Loeffler, II

Chairman and Chief Executive Officer

November 9, 2023

John C. Loeffler, II

(Principal Executive Officer)

/s/ Jade Leung

Chief Financial Officer (Principal Accounting Officer)

November 9, 2023

Jade Leung

/s/ Jennifer Schrader

President, Chief Operating Officer and Vice-Chairperson

November 9, 2023

Jennifer Schrader

EX-31.1 2 cwd-ex311_q32023.htm EX-31.1 Document

EXHIBIT 31.1

Certification of Principal Executive Officer Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, John C. Loeffler, II, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of CaliberCos Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:

November 9, 2023

By:

/s/ John C. Loeffler, II

John C. Loeffler, II

Chairman and Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 cwd-ex312_q32023.htm EX-31.2 Document

EXHIBIT 31.2

Certification of Principal Executive Officer Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Jade Leung, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of CaliberCos Inc.;

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:

November 9, 2023

By:

/s/ Jade Leung

Jade Leung

Chief Financial Officer

(Principal Financial Officer)

EX-32.1 4 cwd-ex321_q32023.htm EX-32.1 Document

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CaliberCos Inc. (the “Company”) on Form 10-Q, for the fiscal quarter ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John C. Loeffler, II, Chief Executive Officer of CaliberCos Inc., certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Date:

November 9, 2023

By:

/s/ John C. Loeffler, II

John C. Loeffler, II

Chairman and Chief Executive Officer

(Principal Executive Officer)

EX-32.2 5 cwd-ex322_q32023.htm EX-32.2 Document

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CaliberCos Inc. (the “Company”) on Form 10-Q, for the fiscal quarter ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jade Leung, Chief Financial Officer of CaliberCos Inc., certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:

November 9, 2023

By:

/s/ Jade Leung

Jade Leung

Chief Financial Officer

(Principal Financial Officer)

EX-101.SCH 6 cwd-20230930.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 0000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink 0000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 0000003 - Statement - CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 0000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 0000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 0000006 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 0000007 - Disclosure - Organization and Liquidity link:presentationLink link:calculationLink link:definitionLink 0000008 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 0000009 - Disclosure - VIEs link:presentationLink link:calculationLink link:definitionLink 0000010 - Disclosure - Real Estate Investments link:presentationLink link:calculationLink link:definitionLink 0000011 - Disclosure - Prepaid and Other Assets link:presentationLink link:calculationLink link:definitionLink 0000012 - Disclosure - Notes Payable link:presentationLink link:calculationLink link:definitionLink 0000013 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 0000014 - Disclosure - Leases link:presentationLink link:calculationLink link:definitionLink 0000015 - Disclosure - Other Liabilities link:presentationLink link:calculationLink link:definitionLink 0000016 - Disclosure - Supplemental Cash Flow Disclosures link:presentationLink link:calculationLink link:definitionLink 0000017 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 0000018 - Disclosure - Net Income (Loss) Per Share link:presentationLink link:calculationLink link:definitionLink 0000019 - Disclosure - Fair Value of Financial Instruments link:presentationLink link:calculationLink link:definitionLink 0000020 - Disclosure - Derivative Instruments link:presentationLink link:calculationLink link:definitionLink 0000021 - Disclosure - Segment Reporting link:presentationLink link:calculationLink link:definitionLink 0000022 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 9954471 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 9954472 - Disclosure - Summary of Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 9954473 - Disclosure - VIEs (Tables) link:presentationLink link:calculationLink link:definitionLink 9954474 - Disclosure - Real Estate Investments (Tables) link:presentationLink link:calculationLink link:definitionLink 9954475 - Disclosure - Prepaid and Other Assets (Tables) link:presentationLink link:calculationLink link:definitionLink 9954476 - Disclosure - Notes Payable (Tables) link:presentationLink link:calculationLink link:definitionLink 9954477 - Disclosure - Related Party Transactions (Tables) link:presentationLink link:calculationLink link:definitionLink 9954478 - Disclosure - Leases (Tables) link:presentationLink link:calculationLink link:definitionLink 9954479 - Disclosure - Other Liabilities (Tables) link:presentationLink link:calculationLink link:definitionLink 9954480 - Disclosure - Supplemental Cash Flow Disclosures (Tables) link:presentationLink link:calculationLink link:definitionLink 9954481 - Disclosure - Net Income (Loss) Per Share (Tables) link:presentationLink link:calculationLink link:definitionLink 9954482 - Disclosure - Fair Value of Financial Instruments (Tables) link:presentationLink link:calculationLink link:definitionLink 9954483 - Disclosure - Derivative Instruments (Tables) link:presentationLink link:calculationLink link:definitionLink 9954484 - Disclosure - Segment Reporting (Tables) link:presentationLink link:calculationLink link:definitionLink 9954485 - Disclosure - Organization and Liquidity (Details) link:presentationLink link:calculationLink link:definitionLink 9954486 - Disclosure - Summary of Significant Accounting Policies - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 9954487 - Disclosure - Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Real Estate Assets (Details) link:presentationLink link:calculationLink link:definitionLink 9954488 - Disclosure - VIEs - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 9954489 - Disclosure - VIEs - Schedule of Variable Interest Entities (Details) link:presentationLink link:calculationLink link:definitionLink 9954490 - Disclosure - Real Estate Investments - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 9954491 - Disclosure - Real Estate Investments - Schedule of Asset Acquisition (Details) link:presentationLink link:calculationLink link:definitionLink 9954492 - Disclosure - Prepaid and Other Assets - Summary of Prepaid and Other Assets (Details) link:presentationLink link:calculationLink link:definitionLink 9954492 - Disclosure - Prepaid and Other Assets - Summary of Prepaid and Other Assets (Details) link:presentationLink link:calculationLink link:definitionLink 9954493 - Disclosure - Notes Payable - Summary of Notes Payable (Details) link:presentationLink link:calculationLink link:definitionLink 9954494 - Disclosure - Notes Payable - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 9954495 - Disclosure - Notes Payable - Summary of Principal Repayments (Details) link:presentationLink link:calculationLink link:definitionLink 9954496 - Disclosure - Related Party Transactions - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 9954497 - Disclosure - Related Party Transactions - Schedule of Notes Receivable (Details) link:presentationLink link:calculationLink link:definitionLink 9954498 - Disclosure - Related Party Transactions - Schedule of Notes Payable (Details) link:presentationLink link:calculationLink link:definitionLink 9954499 - Disclosure - Leases - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 9954500 - Disclosure - Leases - Future Minimum Lease Payments (Details) link:presentationLink link:calculationLink link:definitionLink 9954501 - Disclosure - Leases - Rental Revenue (Details) link:presentationLink link:calculationLink link:definitionLink 9954502 - Disclosure - Other Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 9954503 - Disclosure - Supplemental Cash Flow Disclosures (Details) link:presentationLink link:calculationLink link:definitionLink 9954504 - Disclosure - Commitments and Contingencies (Details) link:presentationLink link:calculationLink link:definitionLink 9954505 - Disclosure - Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) link:presentationLink link:calculationLink link:definitionLink 9954506 - Disclosure - Net Income (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) link:presentationLink link:calculationLink link:definitionLink 9954507 - Disclosure - Fair Value of Financial Instrument (Details) link:presentationLink link:calculationLink link:definitionLink 9954508 - Disclosure - Derivative Instruments - Notional Amounts (Details) link:presentationLink link:calculationLink link:definitionLink 9954509 - Disclosure - Derivative Instruments - Fair Values by Balance Sheet Location (Details) link:presentationLink link:calculationLink link:definitionLink 9954510 - Disclosure - Derivative Instruments - Gain (Loss) (Details) link:presentationLink link:calculationLink link:definitionLink 9954511 - Disclosure - Segment Reporting - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 9954512 - Disclosure - Segment Reporting - Schedule of Segment Reporting (Details) link:presentationLink link:calculationLink link:definitionLink 9954513 - Disclosure - Subsequent Events (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 cwd-20230930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 8 cwd-20230930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 9 cwd-20230930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Consolidated Entities [Axis] Consolidated Entities [Axis] Variable Rate [Domain] Variable Rate [Domain] Real estate investments, at cost Property, Plant and Equipment, Additions Net (loss) income attributable to noncontrolling interests Net Income (Loss) Attributable to Noncontrolling Interest Cost Capitalization and Depreciation Deferred Charges, Policy [Policy Text Block] Circle Lofts, LLC Notes Payable, Circle Lofts, LLC [Member] Notes Payable, Circle Lofts, LLC Statistical Measurement [Domain] Statistical Measurement [Domain] Caliber Tax Advantage Opportunity Fund LP Caliber Tax Advantage Opportunity Fund LP [Member] Caliber Tax Advantage Opportunity Fund LP Line of credit maximum borrowing capacity Line of Credit Facility, Maximum Borrowing Capacity Changes in operating assets and liabilities: Increase (Decrease) in Operating Capital [Abstract] Related Party Transaction [Line Items] Related Party Transaction [Line Items] Notes Payable Debt Disclosure [Text Block] Statement of Stockholders' Equity [Abstract] Revolving Credit Facility Revolving Credit Facility [Member] VIE, primary beneficiary Variable Interest Entity, Primary Beneficiary [Member] Total purchase price of assets acquired Asset Acquisition, Assets Acquired and Liabilities Assumed, Net Asset Acquisition, Assets Acquired and Liabilities Assumed, Net Segment Reporting [Abstract] Multi-Family Residential Properties Multi-Family Residential Properties [Member] Multi-Family Residential Properties Transaction and advisory fees Transaction And Advisory Fees [Member] Transaction And Advisory Fees Commitments and Contingencies Commitments and Contingencies Proceeds from the issuance of common stock, net of issuance costs Proceeds from Issuance of Common Stock Convertible debt interest Interest On Convertible Debt, Net Of Tax And Adjustments Interest On Convertible Debt, Net Of Tax And Adjustments Hospitality revenue Hotel [Member] Real estate investment property, at cost Real Estate Investment Property, at Cost Variable Interest Entity [Line Items] Variable Interest Entity [Line Items] Ownership [Axis] Ownership [Axis] Prepaid and other assets Noncash Or Part Noncash Deconsolidation, Prepaid And Other Assets Noncash Or Part Noncash Deconsolidation, Prepaid And Other Assets Fixed Operating Lease, Lease Income, Lease Payments Other Liabilities Other Liabilities [Table Text Block] West Frontier Holdco, LLC Notes Payable, West Frontier Holdco, LLC [Member] Notes Payable, West Frontier Holdco, LLC Leases, Lessee Lessee, Leases [Policy Text Block] Consolidated Fund Revenues Revenue [Policy Text Block] Federal Home Loan Bank Rate Federal Home Loan Bank Rate [Member] Federal Home Loan Bank Rate Preferred stock, par value (in dollars per share) Preferred Stock, Par or Stated Value Per Share Preferred stock Preferred Stock, Value, Issued Issuance of common stock in connection with legal settlement Issuance Of Common Stock In Connection With Legal Settlement Issuance Of Common Stock In Connection With Legal Settlement Subsequent Event Type [Domain] Subsequent Event Type [Domain] Funding of notes receivable - related party Payments to Acquire Notes Receivable Consolidation of VIEs, decrease Noncontrolling Interest, Decrease From Consolidation Noncontrolling Interest, Decrease From Consolidation Impairment loss, long-lived assets Impairment, Long-Lived Asset, Held-for-Use Diluted net (loss) income per share attributable to common stockholders (in dollars per share) Earnings Per Share, Diluted Other Significant Noncash Transactions [Table] Other Significant Noncash Transactions [Table] Tucson East, LLC Notes Payable, Tucson East, LLC [Member] Notes Payable, Tucson East, LLC Amortization of advanced key money Amortization of Advanced Key Money Amortization of Advanced Key Money Notes receivable, interest income Interest Income, Financing Receivable, before Allowance for Credit Loss Caliber Hospitality Trust Caliber Hospitality Trust [Member] Caliber Hospitality Trust Land and land improvements Land and Land Improvements [Member] Treasury stock, shares repurchased (in shares) Treasury Stock, Common, Shares Number of corporate notes Debt Instrument, Number Of Corporate Notes Debt Instrument, Number Of Corporate Notes Revolving line of credit Line of Credit [Member] Leases Lessor, Operating Leases [Text Block] Building and building improvements Building and Building Improvements [Member] Operating lease - right of use assets Noncash Or Part Noncash Consolidation, Operating Lease, Right Of Use Assets Noncash Or Part Noncash Consolidation, Operating Lease, Right Of Use Assets Trading Symbol Trading Symbol Real estate brokerage services Real Estate Brokerage Services [Member] Real Estate Brokerage Services Investments in unconsolidated entities Payments to Acquire Equity Method Investments Due from related parties Increase (Decrease) in Due from Related Parties Long-term debt, fair value Long-Term Debt, Fair Value Net (loss) income attributable to CaliberCos Inc. Net (loss) income attributable to CaliberCos Inc. Net Income (Loss) Number of extensions Debt Instrument, Number of Extensions Debt Instrument, Number of Extensions Other expenses Other General Expense Derivative Contract [Domain] Derivative Contract [Domain] Schedule of Notional Amounts of Derivatives Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] Fair Value Disclosures [Abstract] Brokerage Brokerage Segment [Member] Brokerage Segment Development related management services Development Related Management Services [Member] Development Related Management Services Liabilities and Stockholders’ Equity Liabilities and Equity [Abstract] Entity Ex Transition Period Entity Ex Transition Period Total Lessor, Operating Lease, Payment to be Received Schedule of Earnings Per Share, Basic and Diluted Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Hospitality expenses Cost of Goods and Services Sold Class B Common Class B [Member] 2027 Lessor, Operating Lease, Payment to be Received, Year Four Pursuit costs Pursuit Costs Pursuit Costs Number of entities deconsolidated, sold Variable Interest Entity, Number Of Entities Deconsolidated During Period Variable Interest Entity, Number Of Entities Deconsolidated During Period Other Commitments [Table] Other Commitments [Table] Summary of Significant Accounting Policies Significant Accounting Policies [Text Block] Carrying Value Reported Value Measurement [Member] Estimated Useful Lives of Real Estate Assets Property, Plant and Equipment [Table Text Block] Equity Components [Axis] Equity Components [Axis] Deconsolidation of VIEs Noncash Or Part Noncash Deconsolidation [Abstract] Noncash Or Part Noncash Deconsolidation Prepaid expenses, right-of-use assets and other assets Increase (Decrease) In Prepaid Expenses, Right-Of-Use Assets And Other Assets Increase (Decrease) In Prepaid Expenses, Right-Of-Use Assets And Other Assets Other liabilities Noncash Or Part Noncash Deconsolidation, Other Liabilities Noncash Or Part Noncash Deconsolidation, Other Liabilities Measurement Basis [Axis] Measurement Basis [Axis] 2025 Long-Term Debt, Maturity, Year Two Asset Acquisition [Domain] Asset Acquisition [Domain] Entity Small Business Entity Small Business Weighted average common shares outstanding: Weighted Average Number of Shares Outstanding, Basic [Abstract] Local Phone Number Local Phone Number Accounts receivable, net Increase (Decrease) in Accounts Receivable Fair Value Measurement [Domain] Fair Value Measurement [Domain] Gain on the disposition of real estate Gain (Loss) on Disposition of Real Estate, Discontinued Operations Ridge II, LLC Ridge II, LLC [Member] Ridge II, LLC Other Other Related Party Transactions [Member] Other Related Party Transactions October 1, 2023 - December 31, 2023 Long-Term Debt, Maturity, Remainder of Fiscal Year Notional Amount Derivative, Notional Amount Consolidation of VIEs Noncash Or Part Noncash Conslidation [Abstract] Noncash Or Part Noncash Conslidation Proceeds from the sale of real estate assets Proceeds from Real Estate and Real Estate Joint Ventures Capitalized interest Interest Paid, Capitalized, Investing Activities DoubleTree by Hilton Tucson Convention Center, Notes Payable Notes Payable, DoubleTree by Hilton Tucson Convention Center [Member] Notes Payable, DoubleTree by Hilton Tucson Convention Center Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Depreciation Depreciation Lessor, Lease, Description [Table] Lessor, Lease, Description [Table] Payment of deferred financing costs Payments of Debt Issuance Costs Acquisition of real estate assets Payments to Acquire Real Estate Portion at Fair Value Measurement Portion at Fair Value Measurement [Member] Schedule of Notes Payable Schedule of Long-Term Debt Instruments [Table Text Block] Schedule Of Other Liabilities [Line Items] Schedule Of Other Liabilities [Line Items] Schedule Of Other Liabilities [Line Items] Rental revenue, number of revenue-generating properties Lessor, Operating Lease, Number Of Properties Lessor, Operating Lease, Number Of Properties Cash Cash and Cash Equivalents, Policy [Policy Text Block] Equity issuance costs Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs Accounts receivable, net Noncash Or Part Noncash Consolidation, Accounts Receivable, Net Noncash Or Part Noncash Consolidation, Accounts Receivable, Net Preferred return, preferred equity Real Estate Investment, Preferred Return, Preferred Equity Real Estate Investment, Preferred Return, Preferred Equity Variable Interest Entities Consolidation, Variable Interest Entity, Policy [Policy Text Block] Total revenues Revenues Schedule of Asset Acquisition Asset Acquisition [Table Text Block] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] Product and Service [Domain] Product and Service [Domain] Interest expense, debt Interest Expense, Debt Cash Flows From Investing Activities Net Cash Provided by (Used in) Investing Activities [Abstract] Thereafter Lessor, Operating Lease, Payment to be Received, after Year Four Lessor, Operating Lease, Payment to be Received, after Year Four Note Payable Notes Payable, Fair Value Disclosure Fund Management Fund Management Segment [Member] Fund Management Segment Antidilutive securities excluded from computation (in shares) Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Derivative Instruments and Hedging Activities Disclosure [Abstract] Document Quarterly Report Document Quarterly Report Notes payable - related parties Noncash Or Part Noncash Deconsolidation, Notes Payable, Related Parties Noncash Or Part Noncash Deconsolidation, Notes Payable, Related Parties Interest expense Interest expense Interest Expense Noncontrolling interests Noncash Or Part Noncash Consolidation, Noncontrolling Interests Noncash Or Part Noncash Consolidation, Noncontrolling Interests Cost of real estate investments included in accounts payable Capital Expenditures Incurred but Not yet Paid Gain on extinguishment of debt Loss (gain) on extinguishment of debt Loss on extinguishment of debt Gain (Loss) on Extinguishment of Debt Minimum return percentage Debt Instrument, Exit Fee, Minimum Return, Percentage Debt Instrument, Exit Fee, Minimum Return, Percentage Hedging Designation [Axis] Hedging Designation [Axis] Intangible lease assets Finite-Lived Intangible Assets Acquired Due to related parties Noncash Or Part Noncash Consolidation, Due To Related Parties Noncash Or Part Noncash Consolidation, Due To Related Parties Related Party Transactions Related Party Transactions Disclosure [Text Block] Use of Accounting Estimates Use of Estimates, Policy [Policy Text Block] Long-Term Debt, Type [Domain] Long-Term Debt, Type [Domain] Entity File Number Entity File Number Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Measurement Input, Discount Rate Measurement Input, Discount Rate [Member] Operating lease - right of use assets Noncash Or Part Noncash Deconsolidation, Operating Lease, Right Of Use Assets Noncash Or Part Noncash Deconsolidation, Operating Lease, Right Of Use Assets 2026 Long-Term Debt, Maturity, Year Three Real Estate [Abstract] Entity Shell Company Entity Shell Company Recent Accounting Pronouncements New Accounting Pronouncements, Policy [Policy Text Block] Other revenue Revenue Not from Contract with Customer Shares acquired, cost per share (in dollars per share) Shares Acquired, Average Cost Per Share Counterparty Name [Domain] Counterparty Name [Domain] Cash and Restricted Cash at Beginning of Period Cash and Restricted Cash at End of Period Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents Encore, LLC Encore, LLC [Member] Encore, LLC Accounts payable and accrued expenses Accounts Payable and Accrued Liabilities Interest income Investment Income, Interest Discount rate Buyback Obligation, Measurement Input Buyback Obligation, Measurement Input Corporate notes Loans Payable [Member] Due to related parties Noncash Or Part Noncash Deconsolidation, Due To Related Parties Noncash Or Part Noncash Deconsolidation, Due To Related Parties Olathe Behavioral Health Olathe Behavioral Health [Member] Olathe Behavioral Health Impairment of Long-Lived Assets Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] Sales tax payable Sales and Excise Tax Payable Common stock, issued (in shares) Common Stock, Shares, Issued The Ketch, LLC The Ketch, LLC [Member] The Ketch, LLC Less treasury stock, at cost Treasury Stock, Common, Value Fund management services Fund Management Services [Member] Fund Management Services Security Exchange Name Security Exchange Name Total Long-term debt Long-Term Debt Issuance of common stock in lieu of cash payment for accounts payable Issuance Of Common Stock In Lieu Of Cash Payment For Accounts Payable Issuance Of Common Stock In Lieu Of Cash Payment For Accounts Payable 2027 Long-Term Debt, Maturity, Year Four Additional common shares, if stock options were exercised Employee Stock Option [Member] Derivative Instruments Derivative Instruments and Hedging Activities Disclosure [Text Block] Class A Common Class A [Member] Asset Acquisition [Table] Asset Acquisition [Table] Investments in real estate assets Payment for (Proceeds from) Real Estate, Held-for-Investment Maximum Maximum [Member] Due from related parties Noncash Or Part Noncash Consolidation, Due From Related Parties Noncash Or Part Noncash Consolidation, Due From Related Parties Document Type Document Type Entity Address, Address Line One Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Two Organization And Liquidity [Table] Organization And Liquidity [Table] Organization And Liquidity Six-Month LIBOR Six-Month LIBOR [Member] Six-Month LIBOR Antidilutive Securities, Name [Domain] Antidilutive Securities, Name [Domain] Subsequent Event [Table] Subsequent Event [Table] Accounting for Real Estate Investments Business Combinations And Asset Acquisitions, Policy [Policy Text Block] Business Combinations And Asset Acquisitions, Policy Basis of Presentation and Consolidation, Interim Unaudited Financial Data Basis of Accounting, Policy [Policy Text Block] Fund management fees, percentage Property Management Fee, Percent Fee Franchise agreement, term Franchise Agreement, Term Franchise Agreement, Term October 1, 2023 - December 31, 2023 Lessor, Operating Lease, Payment to be Received, Remainder of Fiscal Year Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] One-Month LIBOR One-Month LIBOR [Member] One-Month LIBOR Related party transaction, rate Related Party Transaction, Rate Subsequent Event Subsequent Event [Member] Derivative [Table] Derivative [Table] Variable Rate [Axis] Variable Rate [Axis] EX-101.PRE 10 cwd-20230930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 11 R1.htm IDEA: XBRL DOCUMENT

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 07, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-41703
Entity Registrant Name	CALIBERCOS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2426901
Entity Address, Address Line One	8901 E. Mountain View Rd.
Entity Address, Address Line Two	Ste. 150
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85258
City Area Code	480
Local Phone Number	295-7600
Title of 12(b) Security	Class A common stock, $0.001 par value per share
Trading Symbol	CWD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001627282
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,863,129
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,416,414

XML 12 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Assets	$ 324,730	$ 278,834
Liabilities and Stockholders’ Equity
Total liabilities	249,974	201,645
Commitments and Contingencies
Preferred stock	0	0
Paid-in capital	38,723	33,108
Less treasury stock, at cost	0	(13,626)
Accumulated deficit	(34,469)	(22,709)
Stockholders’ equity (deficit) attributable to CaliberCos Inc.	4,275	(3,209)
Stockholders’ equity attributable to noncontrolling interests	70,481	80,398
Total stockholders’ equity	74,756	77,189
Total liabilities and stockholders’ equity	324,730	278,834
Class A
Liabilities and Stockholders’ Equity
Common stock	14	11
Class B
Liabilities and Stockholders’ Equity
Common stock	7	7
Excluding consolidated VIE
Assets
Cash	995	1,921
Restricted cash	2,479	23
Real estate investments, net	21,383	2,065
Accounts receivable, net	167	62
Due from related parties	6,498	9,646
Investments in unconsolidated entities	3,290	3,156
Operating lease - right of use assets	204	1,411
Prepaid and other assets	2,629	5,861
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses	6,852	6,374
Buyback obligation	0	12,391
Other liabilities	535	64
Operating lease liabilities	125	1,587
Excluding consolidated VIE \| Nonrelated party
Liabilities and Stockholders’ Equity
Notes payable	54,254	14,653
Other liabilities	535	64
Excluding consolidated VIE \| Related party
Assets
Notes receivable - related parties	50	0
Liabilities and Stockholders’ Equity
Notes payable	0	365
Other liabilities	87	171
VIE, primary beneficiary
Assets
Cash	4,536	5,736
Restricted cash	10,407	8,254
Real estate investments, net	219,140	196,177
Accounts receivable, net	2,434	2,228
Notes receivable - related parties	31,184	28,229
Due from related parties	27	15
Operating lease - right of use assets	8,785	8,769
Prepaid and other assets	10,739	5,343
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses	11,949	9,252
Other liabilities	2,987	3,030
Operating lease liabilities	12,397	12,461
VIE, primary beneficiary \| Nonrelated party
Liabilities and Stockholders’ Equity
Notes payable	147,779	134,256
Other liabilities	2,987	3,030
VIE, primary beneficiary \| Related party
Assets
Notes receivable - related parties	31,184	28,229
Liabilities and Stockholders’ Equity
Notes payable	12,799	6,973
Other liabilities	$ 210	$ 68

XML 13 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	12,500,000	12,500,000
Preferred stock, issued (in shares)	0	1,651,302
Preferred stock, outstanding (in shares)	0	1,651,302
Treasury stock, shares repurchased (in shares)	0	277,342
Treasury stock, forward shares repurchased (in shares)	0	3,432,351
Class A
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	13,848,800	10,790,787
Common stock, outstanding (in shares)	13,848,800	10,790,787
Class B
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	15,000,000	15,000,000
Common stock, issued (in shares)	7,416,414	7,416,414
Common stock, outstanding (in shares)	7,416,414	7,416,414

XML 14 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues [Abstract]
Other revenue	$ 2,147	$ 1,543	$ 6,264	$ 4,871
Total revenues	17,025	19,506	66,992	62,489
Expenses
Total expenses	28,430	21,387	88,849	66,058
Other income (loss), net	414	25	1,479	241
Gain on extinguishment of debt	0	1,421	0	1,421
Interest income	85	109	279	112
Interest expense	(1,316)	(341)	(3,408)	(685)
Net (loss) income before income taxes	(12,222)	(667)	(23,507)	19,050
Provision for income taxes	0	0	0	0
Net (loss) income	(12,222)	(667)	(23,507)	19,050
Net (loss) income attributable to noncontrolling interests	(8,813)	(5,067)	(13,165)	14,561
Net (loss) income attributable to CaliberCos Inc.	$ (3,409)	$ 4,400	$ (10,342)	$ 4,489
Basic net (loss) income per share attributable to common stockholders (in dollars per share)	$ (0.16)	$ 0.24	$ (0.53)	$ 0.25
Diluted net (loss) income per share attributable to common stockholders (in dollars per share)	$ (0.16)	$ 0.22	$ (0.53)	$ 0.23
Weighted average common shares outstanding:
Basic (in shares)	21,238	18,229	19,688	18,033
Diluted (in shares)	21,238	20,074	19,688	19,878
Excluding consolidated VIE
Expenses
Operating costs	$ 4,881	$ 3,203	$ 16,205	$ 8,421
General and administrative	1,672	1,252	4,914	5,389
Marketing and advertising	210	288	888	1,293
Depreciation and amortization	140	7	409	23
Gain on extinguishment of debt			0	1,421
VIE, primary beneficiary
Revenues [Abstract]
Other revenue	2,147	1,543	6,264	4,871
Expenses
Other expenses	2,883	1,677	6,757	6,146
Gains on sale of real estate investments	0	0	0	21,530
Gain on extinguishment of debt			(2)	3,131
Interest income	900	800	2,700	2,100
Asset management fees \| Excluding consolidated VIE
Revenues [Abstract]
Revenue	1,273	982	3,784	3,048
Performance allocations \| Excluding consolidated VIE
Revenues [Abstract]
Revenue	36	103	2,474	2,508
Transaction and advisory fees \| Excluding consolidated VIE
Revenues [Abstract]
Revenue	1,043	5,890	2,462	8,261
Hospitality revenue \| VIE, primary beneficiary
Revenues [Abstract]
Revenue	12,526	10,988	52,008	43,801
Expenses
Hospitality expenses	$ 18,644	$ 14,960	$ 59,676	$ 44,786

XML 15 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Class A	Class B	Preferred Stock	Common Stock Class A	Common Stock Class B	Paid in Capital	Treasury Stock	Accumulated Deficit	Noncontrolling Interests
Balance, beginning of period (in shares) at Dec. 31, 2021				1,650,000
Balance, beginning of period (in shares) at Dec. 31, 2021					10,523,000	7,416,000
Balance, beginning of period at Dec. 31, 2021	$ 49,693				$ 10	$ 7	$ 29,249	$ (13,626)	$ (24,729)	$ 58,782
Issuance of common stock (in shares)					10,000
Issuance of common stock	62						62
Equity based compensation	64						64
Contributions from noncontrolling interest holders	5,926									5,926
Redemptions of noncontrolling interest holders	(200)									(200)
Distributions to noncontrolling interest holders	(870)									(870)
Consolidation of VIEs, increase	4,029									4,029
Deconsolidation of VIEs, decrease	(16,781)									(16,781)
Net (loss) income	21,676								549	21,127
Balance, end of period (in shares) at Mar. 31, 2022				1,650,000
Balance, end of period (in shares) at Mar. 31, 2022					10,533,000	7,416,000
Balance, end of period at Mar. 31, 2022	63,599				$ 10	$ 7	29,375	(13,626)	(24,180)	72,013
Balance, beginning of period (in shares) at Dec. 31, 2021				1,650,000
Balance, beginning of period (in shares) at Dec. 31, 2021					10,523,000	7,416,000
Balance, beginning of period at Dec. 31, 2021	49,693				$ 10	$ 7	29,249	(13,626)	(24,729)	58,782
Net (loss) income	19,050
Balance, end of period (in shares) at Sep. 30, 2022				1,650,000
Balance, end of period (in shares) at Sep. 30, 2022					11,028,000	7,416,000
Balance, end of period at Sep. 30, 2022	77,604				$ 11	$ 7	33,019	(13,626)	(20,240)	78,433
Balance, beginning of period (in shares) at Mar. 31, 2022				1,650,000
Balance, beginning of period (in shares) at Mar. 31, 2022					10,533,000	7,416,000
Balance, beginning of period at Mar. 31, 2022	63,599				$ 10	$ 7	29,375	(13,626)	(24,180)	72,013
Issuance of common stock (in shares)					494,000
Issuance of common stock	3,250				$ 1		3,249
Equity based compensation	137						137
Contributions from noncontrolling interest holders	10,637									10,637
Redemptions of noncontrolling interest holders	(1,410)									(1,410)
Distributions to noncontrolling interest holders	(1,122)									(1,122)
Consolidation of VIEs, decrease	(165)									(165)
Net (loss) income	(1,959)								(460)	(1,499)
Balance, end of period (in shares) at Jun. 30, 2022				1,650,000
Balance, end of period (in shares) at Jun. 30, 2022					11,027,000	7,416,000
Balance, end of period at Jun. 30, 2022	72,967				$ 11	$ 7	32,761	(13,626)	(24,640)	78,454
Issuance of common stock (in shares)					1,000
Issuance of common stock	0						0
Equity based compensation	258						258
Contributions from noncontrolling interest holders	3,845									3,845
Redemptions of noncontrolling interest holders	(275)									(275)
Distributions to noncontrolling interest holders	(1,176)									(1,176)
Deconsolidation of VIEs, increase	2,652									2,652
Net (loss) income	(667)								4,400	(5,067)
Balance, end of period (in shares) at Sep. 30, 2022				1,650,000
Balance, end of period (in shares) at Sep. 30, 2022					11,028,000	7,416,000
Balance, end of period at Sep. 30, 2022	$ 77,604				$ 11	$ 7	33,019	(13,626)	(20,240)	78,433
Balance, beginning of period (in shares) at Dec. 31, 2022	1,651,302			1,651,000
Balance, beginning of period (in shares) at Dec. 31, 2022		10,790,787	7,416,414		10,791,000	7,416,000
Balance, beginning of period at Dec. 31, 2022	$ 77,189				$ 11	$ 7	33,108	(13,626)	(22,709)	80,398
Repurchases of common stock (in shares)					(42,000)
Equity based compensation	702						702
Contributions from noncontrolling interest holders	7,629									7,629
Redemptions of noncontrolling interest holders	(295)									(295)
Distributions to noncontrolling interest holders	(1,752)									(1,752)
Consolidation of VIEs, decrease	(20,805)									(20,805)
Deconsolidation of VIEs, increase	9,539									9,539
Retirement of treasury stock								1,418	(1,418)
Net (loss) income	295								(1,207)	1,502
Balance, end of period (in shares) at Mar. 31, 2023				1,651,000
Balance, end of period (in shares) at Mar. 31, 2023					10,749,000	7,416,000
Balance, end of period at Mar. 31, 2023	$ 72,502				$ 11	$ 7	33,810	(12,208)	(25,334)	76,216
Balance, beginning of period (in shares) at Dec. 31, 2022	1,651,302			1,651,000
Balance, beginning of period (in shares) at Dec. 31, 2022		10,790,787	7,416,414		10,791,000	7,416,000
Balance, beginning of period at Dec. 31, 2022	$ 77,189				$ 11	$ 7	33,108	(13,626)	(22,709)	80,398
Net (loss) income	$ (23,507)
Balance, end of period (in shares) at Sep. 30, 2023	0			0
Balance, end of period (in shares) at Sep. 30, 2023		13,848,800	7,416,414		13,848,000	7,416,000
Balance, end of period at Sep. 30, 2023	$ 74,756				$ 14	$ 7	38,723	0	(34,469)	70,481
Balance, beginning of period (in shares) at Mar. 31, 2023				1,651,000
Balance, beginning of period (in shares) at Mar. 31, 2023					10,749,000	7,416,000
Balance, beginning of period at Mar. 31, 2023	72,502				$ 11	$ 7	33,810	(12,208)	(25,334)	76,216
Issuance of common stock (in shares)					1,200,000
Issuance of common stock	3,248				$ 1		3,247
Conversions of preferred stock (in shares)				(1,651,000)	1,651,000
Conversions of preferred stock	2				$ 2
Equity based compensation (in shares)					221,000
Equity based compensation	1,922						1,922
Contributions from noncontrolling interest holders	6,787									6,787
Redemptions of noncontrolling interest holders	(995)									(995)
Distributions to noncontrolling interest holders	(1,482)									(1,482)
Elimination of buyback obligation	12,208							12,208
Net (loss) income	(11,580)								(5,726)	(5,854)
Balance, end of period (in shares) at Jun. 30, 2023					13,821,000	7,416,000
Balance, end of period at Jun. 30, 2023	82,612				$ 14	$ 7	38,979	0	(31,060)	74,672
Equity issuance costs	(649)						(649)
Equity based compensation (in shares)					27,000
Equity based compensation	393						393
Contributions from noncontrolling interest holders	6,870									6,870
Redemptions of noncontrolling interest holders	(480)									(480)
Distributions to noncontrolling interest holders	(1,768)									(1,768)
Net (loss) income	$ (12,222)								(3,409)	(8,813)
Balance, end of period (in shares) at Sep. 30, 2023	0			0
Balance, end of period (in shares) at Sep. 30, 2023		13,848,800	7,416,414		13,848,000	7,416,000
Balance, end of period at Sep. 30, 2023	$ 74,756				$ 14	$ 7	$ 38,723	$ 0	$ (34,469)	$ 70,481

XML 16 R6.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows From Operating Activities
Net (loss) income	$ (23,507,000)	$ 19,050,000
Adjustments to reconcile net (loss) income to net cash from operating activities:
Loss (gain) on extinguishment of debt	0	(1,421,000)
Changes in operating assets and liabilities:
Net cash used in operating activities	(11,142,000)	(3,816,000)
Cash Flows From Investing Activities
Net cash used in investing activities	(43,955,000)	(23,877,000)
Cash Flows From Financing Activities
Net cash provided by financing activities	57,580,000	29,570,000
Net Change in Cash and Restricted Cash	2,483,000	1,877,000
Cash and Restricted Cash at Beginning of Period	15,934,000	16,532,000
Cash and Restricted Cash at End of Period	18,417,000	18,409,000
Reconciliation of Cash and Restricted Cash
Cash at beginning of period	7,657,000	8,378,000
Restricted cash at beginning of period	8,277,000	8,154,000
Cash and Restricted Cash at Beginning of Period	15,934,000	16,532,000
Cash at end of period	5,531,000	10,978,000
Restricted cash at end of period	12,886,000	7,431,000
Cash and Restricted Cash at End of Period	18,417,000	18,409,000
Excluding consolidated VIE
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization	392,000	23,000
Non-cash lease expense and gain on lease extinguishment	(285,000)	0
Non-cash performance allocations	(2,382,000)	0
Equity-based compensation	3,017,000	459,000
Gain on the disposition of real estate	0	(27,000)
Loss (gain) on extinguishment of debt	0	(1,421,000)
Impairment	0	9,000
Amortization of above-market/below market leases and straight-line rent, net	178,000	0
Amortization of deferred financing costs	25,000	0
Changes in operating assets and liabilities:
Due from related parties	1,364,000	(3,029,000)
Prepaid expenses, right-of-use assets and other assets	3,307,000	(2,099,000)
Accounts payable and accrued expenses	464,000	(695,000)
Due to related parties	(84,000)	(703,000)
Lease liabilities and other liabilities	248,000	(514,000)
Cash Flows From Investing Activities
Investments in real estate assets	(224,000)	(228,000)
Acquisition of real estate assets	(19,472,000)	0
Proceeds from the sale of real estate assets	0	144,000
Investments in unconsolidated entities	(134,000)	(877,000)
Funding of notes receivable - related party	(980,000)	0
Payment received on notes receivable - related party	930,000	0
Cash Flows From Financing Activities
Payment of deferred financing costs	(253,000)	0
Proceeds from the issuance of common stock, net of issuance costs	2,599,000	12,000
Payments of treasury stock - buyback obligation	(183,000)	(236,000)
Excluding consolidated VIE \| Related party
Cash Flows From Financing Activities
Proceeds from notes payable	4,000,000	0
Repayments of notes payable	(4,365,000)	(490,000)
Excluding consolidated VIE \| Nonrelated party
Cash Flows From Financing Activities
Proceeds from notes payable	43,010,000	9,015,000
Repayments of notes payable	(3,181,000)	(981,000)
VIE, primary beneficiary
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization	7,926,000	6,809,000
Non-cash lease expense and gain on lease extinguishment	(80,000)	0
Gain on the disposition of real estate	0	(21,547,000)
Loss (gain) on extinguishment of debt	2,000	(3,131,000)
Impairment	0	144,000
Amortization of above-market/below market leases and straight-line rent, net	(333,000)	(61,000)
Amortization of deferred financing costs	1,100,000	400,000
Amortization of deferred financing costs	1,147,000	583,000
Gain on derivative instruments	(114,000)	0
Loss on disposal of furniture, fixtures and equipment	687,000	0
Amortization of advanced key money	(56,000)	(56,000)
Changes in operating assets and liabilities:
Accounts receivable, net	533,000	(381,000)
Due from related parties	(12,000)	194,000
Prepaid expenses, right-of-use assets and other assets	(4,939,000)	42,000
Accounts payable and accrued expenses	849,000	783,000
Due to related parties	327,000	382,000
Lease liabilities and other liabilities	184,000	1,370,000
Cash Flows From Investing Activities
Investments in real estate assets	(12,040,000)	(32,676,000)
Acquisition of real estate assets	(6,643,000)	0
Proceeds from the sale of real estate assets	0	30,705,000
Funding of notes receivable - related party	(11,986,000)	(6,485,000)
Payment received on notes receivable - related party	6,085,000	1,393,000
Consolidation of VIEs	12,927,000	1,393,000
Deconsolidation of VIEs	(12,418,000)	(17,246,000)
Cash Flows From Financing Activities
Payment of deferred financing costs	(2,522,000)	(355,000)
Proceeds from notes payable	61,681,000	27,085,000
Repayments of notes payable	(58,734,000)	(26,012,000)
Contributions from noncontrolling interest holders	21,286,000	20,408,000
Redemptions of noncontrolling interests	(1,770,000)	(1,885,000)
Distributions to noncontrolling interest holders	(5,002,000)	(2,977,000)
VIE, primary beneficiary \| Related party
Cash Flows From Financing Activities
Proceeds from notes payable	5,647,000	15,243,000
Repayments of notes payable	$ (4,633,000)	$ (9,257,000)

XML 17 R7.htm IDEA: XBRL DOCUMENT

Organization and Liquidity	9 Months Ended
Organization and Liquidity	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Liquidity	Organization and Liquidity Organization CaliberCos Inc., a Delaware corporation, and its consolidated subsidiaries (collectively, the “Company”, “Caliber”, “we”, “our”, and “us”), is an alternative asset manager of private syndication and direct investment real estate funds and provider of a full suite of traditional real estate services. The Company was formed in November 2014, and originally began as Caliber Companies, LLC, an Arizona limited liability company, which commenced operations in January 2009. We also provide various support services to the investments we manage including fund formation services, lending support, construction and development management, and real estate brokerage. Our business is organized into three reportable segments: Fund Management, Development, and Brokerage. As of September 30, 2023, we had operations in Alaska, Arizona, Colorado, and Texas. In general, our private equity real estate funds are organized as operating partnerships, in which multiple unrelated passive investors own partnership interests. In addition, we are designated as the manager and/or general partner of the partnership. Depending on the legal structure and arrangements between us and the funds, we may or may not consolidate the partnerships for financial reporting purposes. For funds in which we are determined to be the controlling party or primary beneficiary for financial reporting purposes, the fund is consolidated, and the passive investors’ ownership is presented as noncontrolling interest in the accompanying condensed consolidated financial statements. For funds in which we are not determined to be the controlling party for financial reporting purposes, the fund is not consolidated, and any fees earned from the fund are included in fund management revenue in the accompanying condensed consolidated financial statements. See Note 2 – Summary of Significant Accounting Policies for more detail. Liquidity The Company, through guarantees of loans held by its consolidated funds, has five separate loans outstanding with maturity dates within the 12-month period subsequent to when these financial statements were issued with outside lenders totaling $28.8 million at September 30, 2023. Management is actively managing the potential amendments to the applicable loan agreements to include additional extension options, pay off or refinancing of these facilities. Management believes that we will be able to enter into new financing arrangements with third-party lenders. The Company has an aggregate of $38.1 million of individual corporate notes outstanding with maturity dates within the 12-month period subsequent to when these financial statements were issued. The loans generally have a 12-month term and may be extended upon the mutual agreement of the lender and the borrower. Management believes it can come to a mutual agreement with each lender to extend the maturities of the notes for an additional 12-month term. See Note 6 – Notes Payable for additional details.

XML 18 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Accounting Policies of the Company

Basis of Presentation and Consolidation

Variable Interest Entities

Voting Interest Entities

Interim Unaudited Financial Data

Use of Accounting Estimates

Reclassification

Cash

Restricted Cash

Restricted cash consists of held in escrow accounts by contractual agreement with lenders as part of financial loan covenant requirements.

Investments in Unconsolidated Entities

Depreciation and Amortization Expense

Impairment of Long-Lived Assets

For the three and nine months ended September 30, 2023 and 2022, the Company had no impairment losses related to its real estate and other long-lived assets.

Concentration of Credit Risk

•diversifying our investments in real estate assets across multiple asset types, including hospitality, commercial, single-family, multi-family, and self-storage properties;

•diversifying our investments in real estate assets across multiple geographic locations including different markets and sub-markets in which our real estate assets are located;

•diversifying our investments in real estate assets across assets at differing points of stabilization, and in varying states of cash flow optimization; and

Noncontrolling Interests in Consolidated Real Estate Partnerships

Revenue Recognition

Fund Management

Transaction and Advisory Fees

Accounts Receivable

Related Parties

Leases

Lessor

Lessee

The Company’s impairment assessment for ROU assets is consistent with the impairment analysis for the Company's other long-lived assets and is reviewed quarterly.

Accounting Policies of Consolidated Funds

Accounting for Real Estate Investments

Cost Capitalization and Depreciation


Building and building improvements			15 – 40 years
Furniture, fixtures, and equipment			3 – 7 years

Impairment of Long-Lived Assets

Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is determined to not be recoverable. If events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted net future cash flows resulting from the use of the asset, excluding interest charges. If the carrying amount exceeds the aggregate undiscounted future cash flows, our consolidated funds recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset.

For the three and nine months ended September 30, 2023 and 2022, our consolidated funds did not record an impairment loss related to its real estate and other long-lived assets.

Cash

Restricted Cash

Consolidated Fund Revenues

Consolidated funds – hospitality revenue

Consolidated funds – other revenue

Consolidated Fund Expenses

Accounts Receivable

Derivative Instruments

Fair Value of Financial Instruments

Fair Value Measurements

•Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities that can be accessed at the measurement date.

Recent Accounting Pronouncements

XML 19 R9.htm IDEA: XBRL DOCUMENT

VIEs

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VIEs


Assets
Real estate investments, net	$	87,897
Cash	3,667
Restricted cash	9,260
Accounts receivable, net	4,348
Notes receivable - related parties	10,411
Due from related parties	40
Investments in unconsolidated entities	84,076
Operating lease - right of use assets	8,775
Prepaid and other assets	5,953
Total assets	$	214,427

Liabilities
Notes payable, net	$	80,278
Notes payable - related parties	34,786
Accounts payable and accrued expenses	7,858
Due to related parties	10,302
Operating lease liabilities	12,441
Other liabilities	2,158
Total liabilities	147,823

Stockholders’ equity	66,604
Total liabilities and stockholders’ equity	$	214,427


Assets
Real estate investments, net	$	23,611
Cash	233
Restricted cash	1,325
Prepaid and other assets	748
Total assets	$	25,917

Liabilities
Notes payable, net	$	15,824
Notes payable - related parties	5,301
Accounts payable and accrued expenses	109
Due to related parties	7
Other liabilities	688
Total liabilities	21,929

Stockholders’ equity	3,988
Total liabilities and stockholders’ equity	$	25,917

See Note 11 – Commitments and Contingencies for additional information related to the commitments and contingencies of these VIEs.

XML 20 R10.htm IDEA: XBRL DOCUMENT

Real Estate Investments

9 Months Ended

Sep. 30, 2023

Real Estate [Abstract]

Real Estate Investments

Real Estate Investments of the Company

Asset Acquisitions


	Nine Months Ended September 30, 2023

Real estate investments, at cost
Land and land improvements	$	9,131
Building and building improvements	9,332
Furniture, fixtures and equipment	959

Intangible lease assets	398
Intangible lease liabilities	(348)
Total purchase price of assets acquired	$	19,472

Real Estate Investments of the Consolidated Funds

Asset Acquisitions by Consolidated Funds


	Nine Months Ended September 30, 2023

Real estate investments, at cost
Land and land improvements	$	599
Building and building improvements	6,044

Total purchase price of assets acquired	$	6,643

Dispositions by Consolidated Funds

XML 21 R11.htm IDEA: XBRL DOCUMENT

Prepaid and Other Assets

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid and Other Assets

Prepaid and Other Assets of the Company

Prepaid and other assets consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Pursuit costs (1)	$	1,228	$	4,495
Prepaid expenses	681		704
Accounts receivable, net	167		62
Deposits	63		46





Other assets	490		554
Total prepaid and other assets	$	2,629	$	5,861

(1)

Prepaid and Other Assets of the Consolidated Funds

Prepaid and other assets of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Derivative assets	$	1,845	$	1,646
Prepaid expenses	1,248		1,511
Deposits	673		742
Pursuit costs (1)	657		549
Deferred franchise fees, net	290		372
Intangibles, net	419		361
Inventory	148		138

Other assets (2)	5,459		24
Total prepaid and other assets	$	10,739	$	5,343

__________________________________

XML 22 R12.htm IDEA: XBRL DOCUMENT

Notes Payable

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Notes Payable

Notes Payable of the Company

Notes payable consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


Notes Payable	September 30, 2023		December 31, 2022		Interest Rate (1)		Maturity Date (1)
Corporate notes	$	36,879	$	13,279	10.00% - 12.00%		December 2023 - March 2025
Convertible corporate notes	1,324		1,374		8.25	%	April 2024
Real estate loans (2)	16,279		—		4.30	%	November 2029
Total notes payable	54,482		14,653
Deferred financing costs, net	(228)		—
Total notes payable, net	$	54,254	$	14,653

__________________________________

(1) As of September 30, 2023.

(2) On January 31, 2023, Caliber assumed a loan which is secured by Caliber’s headquarters office building (see Note 4 – Real Estate Investments).

Corporate Notes and Convertible Corporate Notes

Future Minimum Payments

The following table summarizes the scheduled principal repayments of our indebtedness as of September 30, 2023 (in thousands):


Year	Amount
October 1, 2023 - December 31, 2023	$	405
2024	38,043
2025	391
2026	304
2027	317
Thereafter	15,022
Total	$	54,482

Deferred Financing Costs

Notes Payable of the Consolidated Funds

Notes payable of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022, respectively (in thousands):


Notes Payable	September 30, 2023			December 31, 2022		Interest Rate (1)	Maturity date (1)
Real Estate Loans
Hampton Inn & Suites Hotel	$	5,990		$	6,136	6.12%	July 2025
Four Points by Sheraton Hotel (2)	11,000			11,000		18.00%	September 2023
Holiday Inn Ocotillo Hotel	9,250			9,250		11.33%	November 2023
Airport Hotel Portfolio	55,317			56,470		13.75%	January 2025
DoubleTree by Hilton Tucson Convention Center	18,531			18,856		4.22%	August 2027
Hilton Tucson East	11,952		(3)	—		6.25%	November 2025
DT Mesa Holdco II, LLC	3,000			3,000		7.45%	November 2023
Circle Lofts, LLC	4,833			4,889		9.00%	August 2050
Northsight Crossings AZ, LLC	14,027			14,320		3.75%	February 2029
Southpointe Fundco, LLC	1,050			1,050		11.99%	December 2023
West Frontier Holdco, LLC	4,518		(4)	—		6.35%	February 2038
Total Real Estate Loans	139,468			124,971
Revolving line of credit	4,480			4,500		8.75%	October 2024
Member notes	5,600			5,025		10.00%	June 2025
Economic injury disaster and other loans	500			450		3.75% - 12.05%	March 2024 - June 2050
Total notes payable	150,048			134,946
Deferred financing costs, net	(2,269)			(690)
Total notes payable, net	$	147,779		$	134,256

__________________________________

(1) As of September 30, 2023.

(2) During the nine months ended September 30, 2023, the hotel ceased operations as the Company is converting the property into a multi-family residential assets.

Real Estate Loans

Hampton Inn & Suites Hotel

Four Points by Sheraton Hotel

Holiday Inn Ocotillo Hotel

Airport Hotel Portfolio

DoubleTree by Hilton Tucson Convention Center

Hilton Tucson East

DT Mesa Holdco II, LLC

Circle Lofts, LLC

Northsight Crossings AZ, LLC

Southpointe Fundco, LLC

West Frontier Holdco, LLC

Revolving Line of Credit

Member Notes

Economic Injury Disaster Loans

Future Debt Maturities

As of September 30, 2023, the future aggregate principal repayments due on the Company’s notes payable are as follows (in thousands):


Year	Amount
October 1, 2023 - December 31, 2023	$	24,653
2024	5,830
2025	79,328
2026	1,043
2027	17,561
Thereafter	21,633
Total	$	150,048

Deferred Financing Costs

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

XML 23 R13.htm IDEA: XBRL DOCUMENT

Related Party Transactions

9 Months Ended

Sep. 30, 2023

Related Party Transactions

Related Party Transactions of the Company

Fund Management

The Company manages multiple private equity real estate funds and the Company generates the following Fund Management revenues:

Development

Brokerage

Notes Receivable

The Company entered into unsecured promissory notes with related parties. No payments are required prior to the maturity of the notes. The notes may be prepaid in whole, or in part, without penalty.

The following table summarizes the notes payable – related parties as of September 30, 2023 and December 31, 2022 (in thousands):


Notes Receivable - Related Parties	September 30, 2023		December 31, 2022		Interest Rate (1)	Maturity Date (1)
Olathe Behavioral Health	$	25	$	—	12.00%	January 2024
DFW Behavioral Health LLC	25		—		14.00%	May 2025
Total Notes Receivable - Related Parties	$	50	$	—

__________________________________

(1) As of September 30, 2023.

Notes Payable

The Company entered into unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty.

The following table summarizes the notes payable – related parties as of September 30, 2023 and December 31, 2022 (in thousands):


Notes Payable - Related Parties	September 30, 2023		December 31, 2022		Interest Rate (1)	Maturity Date (1)
Caliber Residential Advantage Fund, LP	$	—	$	365	7.50%	May 2024
Caliber Tax Advantaged Opportunity Fund II, LLC (2)	—		—		12.00%	January 2024
Total Notes Payable - Related Parties	$	—	$	365

__________________________________

(1) As of September 30, 2023.

(2) The Company entered into a $4.0 million unsecured promissory note with a related party and subsequently repaid the note during the nine months ended September 30, 2023.

Other

Related Party Transactions of the Consolidated Funds

Notes Receivable


Notes Receivable - Related Parties		September 30, 2023		December 31, 2022		Interest Rate(1)	Maturity Date(1)
SF Alaska, LP		$	13,759	$	11,671	12.00%	May 2024
The Ketch, LLC		6,682		5,152		12.00%	May 2024
Caliber Hospitality LP (Tucson East)	(2)	—		3,780		12.00%	May 2024
J-25 Development Group, LLC		4,662		3,794		12.00%	May 2024
Caliber Diversified Opportunity Fund II, LP		491		449		12.00%	March 2024
Encore, LLC		1,083		1,014		12.00%	December 2024
Ridge II, LLC		1,318		845		12.00%	December 2024
Southridge, LLC		1,321		—		13.00%	July 2025
Ironwood, LLC		1,868		1,524		13.00%	September 2025

Total Notes Receivable - Related Parties		$	31,184	$	28,229

__________________________________

(1) As of September 30, 2023.

Notes Payable


Notes Payable - Related Parties	September 30, 2023		December 31, 2022		Interest Rate(1)	Maturity Date(1)
Roosevelt III HOLDCO, LLC	$	—	$	2,748	12.00%	May 2023
CDIF, LLC	—		1,725		12.00%	May 2024
Caliber Tax Advantaged Opportunity Zone Fund, LP	2,690		2,500		8.50%	June 2025
Caliber Tax Advantaged Opportunity Zone Fund, LP	5,109		—		12.00%	January 2024

Caliber Tax Advantaged Opportunity Zone Fund II, LP	5,000		—		12.00%	March 2024
Total Notes Payable - Related Parties	$	12,799	$	6,973

__________________________________

(1) As of September 30, 2023.

Other

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

XML 24 R14.htm IDEA: XBRL DOCUMENT

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

Lessor - Company

Future minimum lease payments due to the Company under non-cancellable operating leases over the next five years and thereafter as of September 30, 2023 are as follows (in thousands):


Year	Amount
October 1, 2023 - December 31, 2023	$	340
2024	1,359
2025	977
2026	679
2027	206
Thereafter	—
Total	$	3,561

Lessor - Consolidated Funds


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed	$	1,030	$	653	$	3,014	$	2,389
Variable	146		129		493		379
Total	$	1,176	$	782	$	3,507	$	2,768

Future minimum lease payments due to the consolidated funds under non-cancellable operating leases over the next five years and thereafter as of September 30, 2023 are as follows (in thousands):


Year	Amount
October 1, 2023 - December 31, 2023	$	1,834
2024	2,843
2025	2,135
2026	2,010
2027	1,696
Thereafter	5,258
Total	$	15,776

XML 25 R15.htm IDEA: XBRL DOCUMENT

Other Liabilities

9 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other Liabilities of the Company

Other liabilities consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022

Below market leases, net	$	238	$	—
Tenant improvement allowance	100		—
Deposits (1)	120		23



Other	77		41
Total other liabilities	$	535	$	64

_________________________________

(1) Includes tenant security deposits.

Other Liabilities of the Consolidated Funds

Other liabilities of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Advance key money, net	$	844	$	900
Deposits (1)	777		710
Sales tax payable	636		566
Below market leases, net	361		461





Other	369		393
Total other liabilities	$	2,987	$	3,030

______________________________

(1) Includes hotel advance deposits and tenant security and pet deposits.

XML 26 R16.htm IDEA: XBRL DOCUMENT

Supplemental Cash Flow Disclosures

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Disclosures

Supplemental cash flow information consisted of the following for the nine months ended September 30, 2023 and 2022 (in thousands):


	Nine Months Ended September 30,
	2023		2022
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, none of which was capitalized for the nine months ended September 30, 2023 and 2022, respectively	$	3,479	$	978
Supplemental Disclosure of Cash Flow Information of Consolidated Funds
Cash paid for interest, net of capitalized interest of $31 and $10 for the nine months ended September 30, 2023 and 2022, respectively	10,493		7,245

Supplemental Disclosures of Non-Cash Investing and Financing Activities

Real estate investments moved from held for sale	—		1,703


Accounts receivable - related party eliminated in consolidation of VIEs	1,853		—
Extinguishment of operating lease right-of-use assets	1,059		—
Extinguishment of operating lease liabilities	1,340		—
Cost of real estate investments included in accounts payable	14		—

Issuance of common stock in connection with legal settlement	—		3,200
Issuance of common stock in lieu of cash payment for accounts payable	—		100




Supplemental Disclosures of Non-Cash Investing and Financing Activities of Consolidated Funds
Real estate investments moved to held for sale	—		21,282

Note receivable eliminated in consolidation	2,946		—
Cost of real estate investments included in accounts payable	738		76
Cost of real estate investments included in due to related parties	185		181




Consolidation of VIEs
Real estate investments, net	86,402		—

Accounts receivable, net	4,348		—
Due from related parties	2		—
Operating lease - right of use assets	8,775		—
Prepaid and other assets	2,042		568
Notes payable, net	80,449		—
Notes payable - related parties	6,589		—
Accounts payable and accrued expenses	8,148		130
Due to related parties	28		—
Operating lease liabilities	12,441		—
Other liabilities	2,158		688
Noncontrolling interests	33,732		1,972
Deconsolidation of VIEs
Real estate investments, net	74,061		15,905
Accounts receivable, net	3,609		2

Operating lease - right of use assets	8,775		—
Prepaid and other assets	1,634		53
Due from related parties	2		—
Due to related parties	28		791
Notes payable, net	68,500		16,953
Notes payable - related parties	1,777		1,615
Accounts payable and accrued expenses	7,038		298
Operating lease liabilities	12,441		—
Other liabilities	1,928		4

Noncontrolling interests	21,957		2,882

XML 27 R17.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments and Contingencies of the Company Environmental Matters In connection with the ownership and operation of real estate assets, the Company may potentially be liable for costs and damages related to environmental matters. The Company believes it is in material compliance with current laws and regulations and do not know of any existing environmental condition and has not been notified by any governmental authority of any non-compliance, liability or other claim, in each case, that could result in a material effect on our financial condition or results of operations. Caliber Tax Advantaged Opportunity Fund LP Caliber O-Zone Fund Manager, LLC (the “CTAF Fund Manager”) is a wholly-owned subsidiary of the Company and general partner and manager of Caliber Tax Advantaged Opportunity Fund LP (“CTAF”). In the event of a dissolution, winding-up, or termination, if the aggregate amount received by the CTAF limited partners does not equal or exceed an amount equal to a 6% IRR for the limited partners, the CTAF Fund Manager shall immediately contribute to CTAF funds in order to meet this minimum requirement for payment to the CTAF limited partners. As of September 30, 2023 and December 31, 2022, the Company estimated fair value of CTAF was greater than the 6% IRR for the limited partners. Buyback Program In September 2018, the Company agreed to repurchase 3,709,693 shares (“Buyback Program”) owned by one of its non-participating founders for $4.54 per share of common stock in exchange for an amendment to such non-participating founder’s shareholder voting rights and other Company protections. Due to the length of time of the liability, the Company recorded a liability of $13.6 million and a corresponding reduction to equity in treasury stock at the inception of the Buyback Program using a present value discount rate of 10.00%. As of December 31, 2022, remaining number of shares to be repurchased was 3,432,351 and the balance of the liability was $12.4 million, which is included in buyback obligation on the accompanying condensed consolidated balance sheets. During the nine months ended September 30, 2023, the Company repurchased 41,615 shares of Class A common stock pursuant to the Buyback Program and on May 19, 2023, the Company’s Class A common stock began trading on the NASDAQ Capital Market, at which point the buyback obligation was relieved and no further amounts were due under the Buyback Program. Commitments and Contingencies of the Consolidated Funds Franchise Agreements and Advance Key Money The consolidated hospitality funds are parties to various franchise agreements where, pursuant to the respective agreements, the respective fund is required to pay monthly fees, generally consisting of royalty, service contribution, technology, program and/or marketing fees. The franchise agreements expire on various dates from June 2025 through August 2033. The consolidated funds recognized total franchise fees of $0.8 million and $3.5 million for the three and nine months ended September 30, 2023, respectively, and $0.7 million and $2.8 million for the three and nine months ended September 30, 2022, respectively. As a part of one franchise agreement, the consolidated funds received an advance of $1.5 million (“Advance Key Money”) for the consolidated funds to retain the franchisor on the hotel property for 20 years. The consolidated funds are not required to repay any part of the Advance Key Money unless the franchise agreement is cancelled before the termination date of August 2033.

XML 28 R18.htm IDEA: XBRL DOCUMENT

Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

The Company has calculated the basic and diluted earnings per share during the three and nine months ended September 30, 2023 and 2022 as follows (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net (loss) income attributable to CaliberCos Inc.	$	(3,409)	$	4,400	$	(10,342)	$	4,489

Convertible debt interest	15		(23)		16		67
Net (loss) income attributable to common shareholders of CaliberCos Inc.	$	(3,394)	$	4,377	$	(10,326)	$	4,556
Denominator:
Weighted average shares outstanding – basic	21,238		18,229		19,688		18,033
Dilutive shares – options, net	—		1,663		—		1,663
Dilutive shares – convertible debt, net	—		182		—		182
Weighted average shares outstanding – diluted	21,238		20,074		19,688		19,878

Basic net (loss) income per share attributable to common shareholders	$	(0.16)	$	0.24	$	(0.53)	$	0.25
Diluted net (loss) income per share attributable to common shareholders	$	(0.16)	$	0.22	$	(0.53)	$	0.23


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022

Additional common shares, if stock options were exercised	2,129	—	2,133	—


Additional common shares, if convertible debt were converted	175	—	175	—
	2,304	—	2,308	—	(1)

______________________________

(1) There were no antidilutive shares for the three and nine months ended September 30, 2022.

XML 29 R19.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments of the Company

Fair Value of Financial Instruments of the Consolidated Funds

Financial instruments that approximate fair value due to the short-term nature of the instruments consist of cash, restricted cash, accounts receivable, and accounts payable. The fair values of debt, advance key money, and interest rate caps have been estimated based on current rates available for similar instruments with similar terms, maturities, and collateral. The carrying values of the consolidated funds’ variable rate debt and advance key money as of September 30, 2023 and December 31, 2022 approximated fair value. The fair value of the consolidated funds’ fixed rate debt were measured with Level 2 inputs. The estimated fair values for the instruments below were determined by management based on a discounted future cash-flow model (in thousands).


	September 30, 2023				December 31, 2022
Note Payable	Carrying Value		Fair Value		Carrying Value		Fair Value
Hampton Inn & Suites Hotel	$	5,990	$	4,694	$	6,136	$	4,594
Northsight Crossing AZ, LLC	14,027		9,960		14,319		9,302
Southpointe Fundco, LLC	1,050		1,050		1,050		1,004
Circle Lofts, LLC	4,833		1,757		4,889		1,915
Tucson East, LLC	11,952		11,015		—		—
West Frontier, LLC	4,518		3,788		—		—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 30 R20.htm IDEA: XBRL DOCUMENT

Derivative Instruments

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Risk Management Objective of Using Derivatives

Derivatives Designated as Hedging Instruments

As of September 30, 2023 and December 31, 2022, the Company did not have any derivatives designated as hedging instruments.

Derivatives Not Designated as Hedging Instruments


	September 30, 2023			December 31, 2022
Type of Derivative	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
Interest rate swap	1	$	18,531	1	$	18,856
Interest rate cap	1	55,000		—	—
Total		$	73,531		$	18,856


Type of Derivative	Balance Sheet Location	September 30, 2023		December 31, 2022
Interest rate swap	Consolidated funds - Prepaid and other assets	$	1,776	$	1,646
Interest rate cap	Consolidated funds - Prepaid and other assets	69		—
Total		$	1,845	$	1,646


Type of Derivative	Statement of Operations Location	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Interest rate swap	Consolidated funds - hospitality expenses	$	148	$	—	$	130	$	—
Interest rate cap	Consolidated funds - hospitality expenses	(64)		—		(16)		—
Total		$	84	$	—	$	114	$	—

XML 31 R21.htm IDEA: XBRL DOCUMENT

Segment Reporting

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

Fund Management

Development

Brokerage


	Three Months Ended September 30, 2023
	Real Estate Services								Non-Controlling Interests - Consolidated Funds		Intercompany Eliminations & Equity in Income
	Fund Management		Development		Brokerage		Segment Total							CaliberCos Inc. & Subsidiaries
Revenues(1)
Asset management fees	$	2,428	$	—	$	—	$	2,428	$	—	$	(1,155)		$	1,273
Performance allocations	24		—		—		24		—		12			36
Transaction and advisory fees	560		516		200		1,276		—		(233)			1,043
Consolidated funds – hospitality revenue	—		—		—		—		12,526		—			12,526
Consolidated funds – other revenue	—		—		—		—		2,147		—			2,147
Total revenues	3,012		516		200		3,728		14,673		(1,376)			17,025
Net (loss) income	$	(3,395)	$	44	$	(15)	$	(3,366)	$	(6,854)	$	(2,002)	(2)	$	(12,222)

__________________________________

(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.


	Nine Months Ended September 30, 2023
	Real Estate Services								Non-Controlling Interests - Consolidated Funds		Intercompany Eliminations & Equity in Income
	Fund Management		Development		Brokerage		Segment Total							CaliberCos Inc. & Subsidiaries
Revenues(1)
Asset management fees	$	7,093	$	—	$	—	$	7,093	$	—	$	(3,309)		$	3,784
Performance allocations	2,474		—		—		2,474		—		—			2,474
Transaction and advisory fees	1,123		2,128		633		3,884		—		(1,422)			2,462
Consolidated funds – hospitality revenue	—		—		—		—		52,008		—			52,008
Consolidated funds – other revenue	—		—		—		—		6,264		—			6,264
Total revenues	10,690		2,128		633		13,451		58,272		(4,731)			66,992
Net (loss) income	$	(10,292)	$	614	$	(162)	$	(9,840)	$	(8,161)	$	(5,506)	(2)	$	(23,507)

__________________________________

(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.


	Three Months Ended September 30, 2022
	Real Estate Services								Non-Controlling Interests - Consolidated Funds		Intercompany Eliminations & Equity in Income
	Fund Management		Development		Brokerage		Segment Total							CaliberCos Inc. & Subsidiaries
Revenues(1)
Asset management fees	$	1,927	$	—	$	—	$	1,927	$	—	$	(945)		$	982
Performance allocations	103		—		—		103		—		—			103
Transaction and advisory fees	5,008		1,182		179		6,369		—		(479)			5,890
Consolidated funds – hospitality revenue	—		—		—		—		10,988		—			10,988
Consolidated funds – other revenue	—		—		—		—		1,543		—			1,543
Total revenues	7,038		1,182		179		8,399		12,531		(1,424)			19,506
Net (loss) income	$	4,099	$	817	$	138	$	5,054	$	(4,106)	$	(1,615)	(2)	$	(667)

__________________________________

(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.


	Nine Months Ended September 30, 2022
	Real Estate Services								Non-Controlling Interests - Consolidated Funds		Intercompany Eliminations & Equity in Income
	Fund Management		Development		Brokerage		Segment Total							CaliberCos Inc. & Subsidiaries
Revenues(1)
Asset management fees	$	6,095	$	—	$	—	$	6,095	$	—	$	(3,047)		$	3,048
Performance allocations	2,508		—		—		2,508		—		—			2,508
Transaction and advisory fees	6,276		2,596		1,221		10,093		—		(1,832)			8,261
Consolidated funds – hospitality revenue	—		—		—		—		43,801		—			43,801
Consolidated funds – other revenue	—		—		—		—		4,871		—			4,871
Total revenues	14,879		2,596		1,221		18,696		48,672		(4,879)			62,489
Net (loss) income	$	2,242	$	1,576	$	840	$	4,658	$	19,270	$	(4,878)	(2)	$	19,050

__________________________________

(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

XML 32 R22.htm IDEA: XBRL DOCUMENT

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Management has evaluated events and transactions that occurred after September 30, 2023 through November 9, 2023, the date these condensed consolidated financial statement were available to be issued. In addition to those matters discussed in Note 6 – Notes Payable, the following is a summary of the significant events and transactions that took place during this period: •On October 13, 2023, Northsight Crossing AZ, LLC, a Caliber co-sponsored single asset syndication, sold Northsight Crossing for $27.4 million, resulting in cash proceeds of approximately $12.2 million, net of loan repayment, closing costs and fees, a gain on the sale of real estate of approximately $5.0 million, and a loss on the extinguishment of debt of approximately $0.2 million. The property was purchased in January 2022 for $21.1 million.

XML 33 R23.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation, Interim Unaudited Financial Data	Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The accompanying condensed consolidated financial statements include our accounts, our consolidated subsidiaries, and legal entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The equity and net income or loss attributable to noncontrolling interests in subsidiaries is shown separately in the accompanying condensed consolidated balance sheets, statements of operations, and statements of changes in stockholders’ equity. All intercompany balances and transactions have been eliminated in consolidation. Interim Unaudited Financial Data Our condensed consolidated financial statements reflect all adjustments, which are, in our opinion, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Interim results of operations are not necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements, including notes, are unaudited, exclude some of the disclosures required for annual consolidated financial statements, and should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2022.
Variable Interest Entities	Variable Interest Entities We determine if an entity is a variable interest entities (“VIE”) based on several factors, including whether the equity holders, as a group, lack the characteristics of a controlling financial interest. We analyze any investments in VIEs to determine if we are the primary beneficiary. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in a VIE. Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative analysis focused on identifying which reporting entity has both (i) the power to direct the activities of the entity that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment. We consolidate any VIEs for which we are the primary beneficiary and we disclose our maximum exposure to loss related to the consolidated VIEs.
Voting Interest Entities	Voting Interest Entities Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities (“VOEs”). For VOEs, we consolidate an entity if we have a controlling financial interest. We have a controlling financial interest in a VOE if (i) for legal entities other than partnerships, we own a majority voting interest in the entity or, for limited partnerships and similar entities, we own a majority of the entity’s kick-out rights through voting limited partnership interests and (ii) non-controlling shareholders or partners do not hold substantive participating rights, and no other conditions exist that would indicate that we do not control the entity.
Use of Accounting Estimates	Use of Accounting Estimates The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ significantly from those estimates.
Reclassification	ReclassificationOn January 17, 2023, the Company’s board of directors approved an amendment to its certificate of incorporation to effect a 1-for-1.6820384 reverse stock split of Class A common stock, Class B common stock and Series B preferred stock. The reverse stock split was effected on January 17, 2023. Certain prior period amounts have been updated to reflect the reverse stock split including share and per share amounts and additional paid-in-capital amounts on the condensed consolidated statement of equity for each of the three months ended March 31, 2022, June 30, 2022, and September 30, 2022.
Cash	Cash Cash includes cash in bank accounts. The Company deposits cash with several high-quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000. At times, the Company’s cash balances may exceed FDIC limits. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held. Cash Cash includes cash in bank accounts. The consolidated funds deposit cash with several high-quality financial institutions. These deposits are guaranteed by the FDIC up to an insurance limit of $250,000. At times, cash balances may exceed FDIC limits. Although the consolidated funds bear risk on amounts in excess of those insured by the FDIC, they have not experienced and do not anticipate any losses due to the high quality of the institutions where the deposits are held.
Restricted Cash	Restricted Cash Restricted cash consists of held in escrow accounts by contractual agreement with lenders as part of financial loan covenant requirements. Restricted Cash Restricted cash consists of tenant security deposits and cash reserves required by certain loan agreements for capital improvements and repairs. As improvements and repairs are completed, related costs incurred by the consolidated funds are funded from the reserve accounts. Restricted cash also includes cash held in escrow accounts by mortgage companies on behalf of the consolidated funds for payment of property taxes, insurance, and interest.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities If an entity is not a VIE, our determination of the appropriate accounting method with respect to our investments in limited liability companies and other investments is based on voting control. For our managing member interests in limited liability companies, we are presumed to control (and therefore consolidate) the entity, unless the other limited partners have substantive rights that overcome this presumption of control. These substantive rights allow the limited partners to remove the general partner with or without cause or to participate in significant decisions made in the ordinary course of the entity’s business. We account for our non-controlling investments in these entities under the equity method. Our investments in unconsolidated subsidiaries in which we have the ability to exercise significant influence over operating and financial policies, but do not control, or entities which are VIE in which we are not the primary beneficiary are accounted for under the equity method. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the equity method investment’s earnings and distributions. Our share of the earnings or loss from equity method investments is included in other income (expenses), net on the accompanying condensed consolidated statements of operations. Our determination of the appropriate accounting treatment for an investment in a subsidiary requires judgment of several factors including the size and nature of our ownership interest and the other owners’ substantive rights to make decisions for the entity. If we were to make different judgments or conclusions as to the level of our control or influence, it could result in a different accounting treatment. Consolidating an investment generally would have no impact on our net income or stockholders’ deficit attributable to CaliberCos Inc. in any accounting period, but a different treatment would impact individual income statement and balance sheet line items, as consolidation would effectively “gross up” our statement of operations and balance sheet.
Depreciation and Amortization Expense	Depreciation and Amortization ExpenseDepreciation expense includes costs associated with the purchase of furniture and equipment and office leasehold improvements which are recorded at cost. Furniture and equipment costs are depreciated using the straight-line method over the estimated useful life of the asset, generally three to seven years beginning in the first full month the asset is placed in service. Office leasehold improvements are amortized using the straight-line method over the shorter of the respective estimated useful life or the lease term.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is determined not to be recoverable. If events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted net future cash flows resulting from the use of the asset, excluding interest charges. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset. Impairment of Long-Lived Assets Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is determined to not be recoverable. If events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted net future cash flows resulting from the use of the asset, excluding interest charges. If the carrying amount exceeds the aggregate undiscounted future cash flows, our consolidated funds recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset.
Concentration of Credit Risk	Concentration of Credit Risk Substantially all of the Company’s revenues are generated from the management, ownership and/or operations of real estate assets located in Alaska, Arizona, Colorado, and Texas. The Company mitigates the associated risk by: •diversifying our investments in real estate assets across multiple asset types, including hospitality, commercial, single-family, multi-family, and self-storage properties; •diversifying our investments in real estate assets across multiple geographic locations including different markets and sub-markets in which our real estate assets are located; •diversifying our investments in real estate assets across assets at differing points of stabilization, and in varying states of cash flow optimization; and •maintaining financing relationships with a diversified mix of lenders (differing size and type), including large national banks, local community banks, private equity lenders, and insurance companies.
Noncontrolling Interests in Consolidated Real Estate Partnerships	Noncontrolling Interests in Consolidated Real Estate Partnerships We report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests within the accompanying condensed consolidated statements of changes in stockholders’ equity. Noncontrolling interests consist of equity interests held by limited partners in consolidated real estate partnerships. We attribute to noncontrolling interests their share of income or loss of the consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners’ capital accounts. The terms of the partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate assets. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. The terms of certain partnership agreements outline differing classes of equity ownership, some of which are redeemable by the partnership at the partnership manager’s discretion.
Revenue Recognition	Revenue Recognition In accordance with the Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), management applies the five-step framework in determining the timing and amount of revenue to recognize. This framework requires an entity to: (i) identify the contract(s) with customers, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations within the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. The Company’s revenues primarily consist of fund management and transaction and advisory fees. Fund Management Asset management fees generated from the funds are generally based on 1.0% to 1.5% of the unreturned capital contributions in a particular fund and include reimbursement for costs incurred on behalf of the fund, including an allocation of certain overhead costs. The Company earns an asset management fee of 0.70% of the Caliber Hospitality Trust’s (as defined in Note 3 – VIEs) enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. These customer contracts require the Company to provide management services, representing a performance obligation that the Company satisfies over time. Performance allocations are an arrangement in which we are entitled to an allocation of investment returns, generated within the investment funds which we manage, based on a contractual formula. We typically receive 15.0% to 35.0% of all cash distributions from (i) the operating cash flow of each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of preferred capital contributions; and (ii) the cash flow resulting from the sale or refinance of any real estate assets held by each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of initial preferred capital contributions. Our funds’ preferred returns range from 6.0% to 12.0%, typically 6.0% for common equity or 10.0% to 12.0% for preferred equity, which does not participate in profits. Performance allocations are related to services which have been provided and are recognized when it is determined that they are no longer probable of significant reversal, which is generally satisfied when an underlying fund investment is realized or sold. Transaction and Advisory Fees Revenues from contracts with customers includes fixed fee arrangements with related party affiliates to provide certain associated activities which are ancillary to and generally add value to the assets we manage, such as set-up and fund formation services associated with marketing, soliciting, and selling member interests in the affiliated limited partnerships, brokerage services, construction and development management services, loan placement and guarantees. The recognition and measurement of revenue is based on the assessment of individual contract terms. For performance obligations satisfied at a point in time, there are no significant judgments made in evaluating when the customer obtains control of the promised service. For performance obligations satisfied over time, significant judgment is required to determine how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on appropriate measurement of the Company’s progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events. Transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Variable consideration is included in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in transaction price are based largely on an assessment of its anticipated performance and all information that is reasonably available to the Company. Revenues are recognized when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Set-up services are a one-time fee for the initial formation, administration, and set-up of the private equity real estate fund. These fees are recognized at the point in time when the performance under the contract is complete. Fund formation fees are earned at a point in time at a fixed rate based on the amount of capital raised into certain managed funds. Services include marketing, offering, registration, and ultimately raising capital.
Accounts Receivable	Accounts Receivable Accounts receivable primarily consists of reimbursable expenses from third-party development projects. The Company continually reviews receivables and determines collectability by taking into consideration the history of past write-offs, collections, current credit conditions, payment history, and the financial condition of the related third-party service providers. In the event that the collectability of a receivable is uncertain, the Company will record an increase in the allowance for doubtful accounts. Amounts that are determined to be uncollectible with a high degree of certainty are written-off through bad debt expense, which is included in operating costs on the accompanying condensed consolidated statements of operations. The Company did not record an allowance for doubtful accounts as of September 30, 2023 and December 31, 2022. Accounts Receivable Accounts receivable primarily consists of amounts due from guests or groups for hotel rooms and services provided by the hotel properties. Accounts receivable also include due, but unpaid, rental payments. Our consolidated funds continually review receivables and determine collectability by taking into consideration the history of past write-offs, collections, current credit conditions, tenant payment history, the financial condition of the tenants, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is uncertain, our consolidated funds will record an increase in the allowance for doubtful accounts. Amounts that are determined to be uncollectible with a high degree of certainty are written-off through bad debt expense, which is included in consolidated funds – hospitality expenses and consolidated funds – other expenses on the accompanying condensed consolidated statements of operations. Our consolidated funds had an no amount of allowance for doubtful accounts as of September 30, 2023 and December 31, 2022.
Related Parties	Related Parties In the normal course of business, the Company enters into transactions with related parties. Related parties include affiliates of the entity, entities under common control of the Company, significant stockholders and executive management and members of their immediate families, and other parties that can significantly influence the management and operating policies of the Company.
Leases, Lessor	Leases Lessor At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. When the terms of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type lease. When a lease does not effectively transfer control of the underlying asset to the lessee, but the Company obtains a guarantee for the value of the asset from a third party, the Company classifies the lease as a direct financing lease. All other leases are classified as operating leases. The Company did not have any sales-type or direct financing leases as of September 30, 2023. For operating leases with minimum scheduled rent increases, the consolidated funds recognize rental revenue on a straight-line basis, including the effect of any free rent periods, over the lease term when collectability of lease payments is probable. Variable lease payments are recognized as rental revenue in the period when the changes in facts and circumstances on which the variable lease payments are based occur. The Company identified two separate lease components as follows: i) land lease component, and ii) single property lease component comprised of building, land improvements and tenant improvements. The Company’s leases also contain provisions for tenants to reimburse the consolidated funds for maintenance and other property operating expenses, which are considered to be non-lease components. The Company elected the practical expedient to combine lease and non-lease components and the non-lease components will be included with the single property lease component as the predominant component.
Leases, Lessee	Lessee To account for leases for which the Company is the lessee, contracts must be analyzed upon inception to determine if the arrangement is, or contains, a lease. A lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease classification tests and measurement procedures are performed at the lease commencement date. The lease liability is initially measured as the present value of the lease payments over the lease term, discounted using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the lessee’s incremental borrowing rate is used. The incremental borrowing rate is determined based on the estimated rate of interest that the lessee would pay to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. The lease term is the noncancelable period of the lease and includes any renewal and termination options the Company is reasonably certain to exercise. The lease liability balance is amortized using the effective interest method. The lease liability is remeasured when the contract is modified, upon the resolution of a contingency such that variable payments become fixed or if the assessment of exercising an extension, termination or purchase option changes. The right-of-use (“ROU”) asset balance is initially measured as the lease liability amount, adjusted for any lease payments made prior to the commencement date, initial direct costs, estimated costs to dismantle, remove, or restore the underlying asset and incentives received. The Company’s impairment assessment for ROU assets is consistent with the impairment analysis for the Company's other long-lived assets and is reviewed quarterly.
Accounting for Real Estate Investments	Accounting for Real Estate Investments Upon the acquisition of real estate properties, a determination is made as to whether the acquisition meets the criteria to be accounted for as an asset acquisition or a business combination. The determination is primarily based on whether the assets acquired, and liabilities assumed meet the definition of a business. The determination of whether the assets acquired, and liabilities assumed meet the definition of a business includes a single or similar asset threshold. In applying the single or similar asset threshold, if substantially all the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the assets acquired, and liabilities assumed are not considered a business. Most of our consolidated fund acquisitions meet the single or similar asset threshold, due to the fact that substantially all the fair value of the gross assets acquired is attributable to the real estate assets acquired. Acquired real estate properties accounted for as asset acquisitions are recorded at cost, including acquisition and closing costs. Our consolidated funds allocate the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Our consolidated funds determine the fair value of tangible assets, such as land, building, furniture, fixtures and equipment, using a combination of internal valuation techniques that consider comparable market transactions, replacement costs and other available information and fair value estimates provided by third-party valuation specialists, depending upon the circumstances of the acquisition. Our consolidated funds determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using a combination of internal valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and fair value estimates provided by third-party valuation specialists, depending upon the circumstances of the acquisition. If a transaction is determined to be a business combination, the assets acquired, liabilities assumed, and any identified intangibles are recorded at their estimated fair values on the transaction date, and transaction costs are expensed in the period incurred.
Cost Capitalization and Depreciation	Cost Capitalization and Depreciation Our consolidated funds capitalize costs, including certain indirect costs, incurred in connection with their development and construction activities. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with capital addition activities at the asset level. Interest, property taxes and insurance are also capitalized during periods in which redevelopment, development and construction projects are in progress. Capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, commence at the point in time when activities necessary to get the assets ready for their intended use are in progress. This includes when assets are undergoing physical construction, as well as when apartment homes are held vacant in advance of planned construction, provided that other activities such as permitting, planning and design are in progress. Our consolidated funds cease the capitalization of costs when the assets are substantially complete and ready for their intended use, which is typically when construction has been completed and apartment homes or other properties are available for occupancy. Cost of ordinary repairs, maintenance and resident turnover are charged to operating expense, as incurred.
Consolidated Fund Revenues	Consolidated Fund Revenues In accordance with ASC 606, our consolidated funds apply the five-step framework in determining the timing and amount of revenue to recognize. This framework requires an entity to: (i) identify the contract(s) with customers, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations within the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. Our consolidated funds’ revenues primarily consist of hospitality revenues, rental income and interest income. Consolidated funds – hospitality revenue Hospitality revenues are comprised of charges for room rentals, food and beverage sales, and other hotel operating activities. Revenues are recognized as earned, which is defined as the date upon which a guest occupies a room or utilizes the hotel’s services. Revenues are recorded net of sales tax. Our consolidated funds have performance obligations to provide accommodations and other ancillary services to hotel guests. As compensation for such goods and services, the consolidated funds are typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary services purchased. These fees are generally payable at the time the hotel guest checks out of the hotel. The consolidated funds generally satisfy the performance obligations over time and recognize the revenue from room sales and from other ancillary guest services on a daily basis, as the rooms are occupied, and the services have been rendered. For food and beverage, revenue is recognized upon transfer of promised products or services to customers in an amount that reflects the consideration the consolidated funds received in exchange for those services, which is generally when payment is tendered at the time of sale. The consolidated funds receive deposits for events and rooms. Such deposits are deferred and included in other liabilities on the accompanying condensed consolidated balance sheets. The deposits are credited to consolidated funds – hospitality revenue when the specific event takes place. Consolidated funds – other revenue Consolidated funds – other revenue includes rental revenue of $1.2 million and $3.5 million, for the three and nine months ended September 30, 2023, respectively, and $0.8 million and $2.8 million for the three and nine months ended September 30, 2022, respectively. Rental revenue includes the revenues generated primarily by the rental operations of the residential (multi-family and single-family) and commercial properties of our consolidated funds. Upon adoption of ASC 842, Leases (“ASC 842”), effective January 1, 2022, at the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. When the terms of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type lease. When a lease does not effectively transfer control of the underlying asset to the lessee, but the Company obtains a guarantee for the value of the asset from a third party, the Company classifies the lease as a direct financing lease. All other leases are classified as operating leases. The consolidated funds did not have any sales-type or direct financing leases as of September 30, 2023. For operating leases with minimum scheduled rent increases, the consolidated funds recognize rental revenue on a straight-line basis, including the effect of any free rent periods, over the lease term when collectability of lease payments is probable. Variable lease payments are recognized as rental revenue in the period when the changes in facts and circumstances on which the variable lease payments are based occur. The Company identified two separate lease components as follows: i) land lease component, and ii) single property lease component comprised of building, land improvements and tenant improvements. The Company’s leases also contain provisions for tenants to reimburse the consolidated funds for maintenance and other property operating expenses, which are considered to be non-lease components. The Company elected the practical expedient to combine lease and non-lease components and the non-lease components will be included with the single property lease component as the predominant component. Prior to the adoption of ASC 842, rental revenue consisted of the amount each tenant paid in accordance with the terms of each lease and were reported on a straight-line basis over the initial noncancelable term of the lease, net of any concessions, and recognized when earned and collectability was reasonably assured. These revenues were recorded net of any sales and occupancy taxes collected from tenants. Rental revenue is not within the scope of ASC 606 and was accounted for in accordance with ASC 840 — Leases. In addition, consolidated funds - other revenue includes interest income of $0.9 million and $2.7 million, for three and nine months ended September 30, 2023, respectively, and $0.8 million and $2.1 million for the three and nine months ended September 30, 2022, respectively, which is generated by a consolidated fund’s lending activity. Interest income is recognized on the accrual basis of accounting in accordance with the lending agreements over the term of the respective loan agreement.
Derivative Instruments	Derivative InstrumentsThe consolidated funds record all derivative instruments on the condensed consolidated balance sheets at fair value. The accounting for changes in the fair value of the derivative and the effect on the financial statements depends on its hedge designation and whether the hedge is highly effective in achieving offsetting changes in the fair value of cash flows of the asset or liability hedged. If the consolidated fund elects not to apply hedge accounting treatment, any changes in the fair value of the derivative instruments is recognized immediately in consolidated funds - hospitality expenses in the condensed consolidated statements of operations. If the derivative is designated and qualifies for hedge accounting treatment, the change in fair value of the derivative is recorded in other comprehensive income (loss).
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of financial instruments is disclosed in accordance with ASC 825, Financial Instruments. The fair value of our financial instruments is estimated using available market information and established valuation methodologies. The estimates of fair value are not necessarily indicative of the amounts the consolidated funds could realize on disposition of the financial instruments. The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair value amounts.
Fair Value Measurements	Fair Value Measurements Fair value measurements and disclosures consist of a three level valuation hierarchy. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the ability to observe the inputs employed in the measurement using market participant assumptions at the measurement date. An asset’s or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: •Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities that can be accessed at the measurement date. •Level 2 – Inputs include quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. •Level 3 – Unobservable inputs for the asset or liability. These unobservable inputs reflect assumptions about what market participants would use to price the asset or liability and are developed based on the best information available in the circumstances (which might include the reporting company’s own data)
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. The amendments in ASU 2020-06 are effective for the Company for reporting periods beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted beginning after December 15, 2020. We are currently evaluating the impact of ASU 2020-06, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements.

XML 34 R24.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Estimated Useful Lives of Real Estate Assets

The estimated useful lives of our real estate assets are as follows:


Building and building improvements			15 – 40 years
Furniture, fixtures, and equipment			3 – 7 years

XML 35 R25.htm IDEA: XBRL DOCUMENT

VIEs (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The consolidation of the Caliber Hospitality Trust and West Frontier consisted of the following, excluding intercompany eliminations at the time of consolidation (in thousands):


Assets
Real estate investments, net	$	87,897
Cash	3,667
Restricted cash	9,260
Accounts receivable, net	4,348
Notes receivable - related parties	10,411
Due from related parties	40
Investments in unconsolidated entities	84,076
Operating lease - right of use assets	8,775
Prepaid and other assets	5,953
Total assets	$	214,427

Liabilities
Notes payable, net	$	80,278
Notes payable - related parties	34,786
Accounts payable and accrued expenses	7,858
Due to related parties	10,302
Operating lease liabilities	12,441
Other liabilities	2,158
Total liabilities	147,823

Stockholders’ equity	66,604
Total liabilities and stockholders’ equity	$	214,427

During the nine months ended September 30, 2022, the The consolidation of Northsight and Southpointe consisted of the following (in thousands) at the time of consolidation:


Assets
Real estate investments, net	$	23,611
Cash	233
Restricted cash	1,325
Prepaid and other assets	748
Total assets	$	25,917

Liabilities
Notes payable, net	$	15,824
Notes payable - related parties	5,301
Accounts payable and accrued expenses	109
Due to related parties	7
Other liabilities	688
Total liabilities	21,929

Stockholders’ equity	3,988
Total liabilities and stockholders’ equity	$	25,917

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

XML 36 R26.htm IDEA: XBRL DOCUMENT

Real Estate Investments (Tables)

9 Months Ended

Sep. 30, 2023

Real Estate [Abstract]

Schedule of Asset Acquisition


	Nine Months Ended September 30, 2023

Real estate investments, at cost
Land and land improvements	$	9,131
Building and building improvements	9,332
Furniture, fixtures and equipment	959

Intangible lease assets	398
Intangible lease liabilities	(348)
Total purchase price of assets acquired	$	19,472


	Nine Months Ended September 30, 2023

Real estate investments, at cost
Land and land improvements	$	599
Building and building improvements	6,044

Total purchase price of assets acquired	$	6,643

XML 37 R27.htm IDEA: XBRL DOCUMENT

Prepaid and Other Assets (Tables)

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Assets

Prepaid and other assets consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Pursuit costs (1)	$	1,228	$	4,495
Prepaid expenses	681		704
Accounts receivable, net	167		62
Deposits	63		46





Other assets	490		554
Total prepaid and other assets	$	2,629	$	5,861

(1)

Prepaid and Other Assets of the Consolidated Funds

Prepaid and other assets of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Derivative assets	$	1,845	$	1,646
Prepaid expenses	1,248		1,511
Deposits	673		742
Pursuit costs (1)	657		549
Deferred franchise fees, net	290		372
Intangibles, net	419		361
Inventory	148		138

Other assets (2)	5,459		24
Total prepaid and other assets	$	10,739	$	5,343

__________________________________

XML 38 R28.htm IDEA: XBRL DOCUMENT

Notes Payable (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Notes Payable

The following table summarizes the notes payable – related parties as of September 30, 2023 and December 31, 2022 (in thousands):


Notes Payable - Related Parties	September 30, 2023		December 31, 2022		Interest Rate (1)	Maturity Date (1)
Caliber Residential Advantage Fund, LP	$	—	$	365	7.50%	May 2024
Caliber Tax Advantaged Opportunity Fund II, LLC (2)	—		—		12.00%	January 2024
Total Notes Payable - Related Parties	$	—	$	365

__________________________________

(1) As of September 30, 2023.

(2) The Company entered into a $4.0 million unsecured promissory note with a related party and subsequently repaid the note during the nine months ended September 30, 2023.

The notes payable – related parties consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


Notes Payable - Related Parties	September 30, 2023		December 31, 2022		Interest Rate(1)	Maturity Date(1)
Roosevelt III HOLDCO, LLC	$	—	$	2,748	12.00%	May 2023
CDIF, LLC	—		1,725		12.00%	May 2024
Caliber Tax Advantaged Opportunity Zone Fund, LP	2,690		2,500		8.50%	June 2025
Caliber Tax Advantaged Opportunity Zone Fund, LP	5,109		—		12.00%	January 2024

Caliber Tax Advantaged Opportunity Zone Fund II, LP	5,000		—		12.00%	March 2024
Total Notes Payable - Related Parties	$	12,799	$	6,973

__________________________________

(1) As of September 30, 2023.

Notes payable consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


Notes Payable	September 30, 2023		December 31, 2022		Interest Rate (1)		Maturity Date (1)
Corporate notes	$	36,879	$	13,279	10.00% - 12.00%		December 2023 - March 2025
Convertible corporate notes	1,324		1,374		8.25	%	April 2024
Real estate loans (2)	16,279		—		4.30	%	November 2029
Total notes payable	54,482		14,653
Deferred financing costs, net	(228)		—
Total notes payable, net	$	54,254	$	14,653

__________________________________

(1) As of September 30, 2023.

(2) On January 31, 2023, Caliber assumed a loan which is secured by Caliber’s headquarters office building (see Note 4 – Real Estate Investments).

Notes payable of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022, respectively (in thousands):


Notes Payable	September 30, 2023			December 31, 2022		Interest Rate (1)	Maturity date (1)
Real Estate Loans
Hampton Inn & Suites Hotel	$	5,990		$	6,136	6.12%	July 2025
Four Points by Sheraton Hotel (2)	11,000			11,000		18.00%	September 2023
Holiday Inn Ocotillo Hotel	9,250			9,250		11.33%	November 2023
Airport Hotel Portfolio	55,317			56,470		13.75%	January 2025
DoubleTree by Hilton Tucson Convention Center	18,531			18,856		4.22%	August 2027
Hilton Tucson East	11,952		(3)	—		6.25%	November 2025
DT Mesa Holdco II, LLC	3,000			3,000		7.45%	November 2023
Circle Lofts, LLC	4,833			4,889		9.00%	August 2050
Northsight Crossings AZ, LLC	14,027			14,320		3.75%	February 2029
Southpointe Fundco, LLC	1,050			1,050		11.99%	December 2023
West Frontier Holdco, LLC	4,518		(4)	—		6.35%	February 2038
Total Real Estate Loans	139,468			124,971
Revolving line of credit	4,480			4,500		8.75%	October 2024
Member notes	5,600			5,025		10.00%	June 2025
Economic injury disaster and other loans	500			450		3.75% - 12.05%	March 2024 - June 2050
Total notes payable	150,048			134,946
Deferred financing costs, net	(2,269)			(690)
Total notes payable, net	$	147,779		$	134,256

__________________________________

(1) As of September 30, 2023.

(2) During the nine months ended September 30, 2023, the hotel ceased operations as the Company is converting the property into a multi-family residential assets.

Schedule of Maturities of Long-Term Debt

The following table summarizes the scheduled principal repayments of our indebtedness as of September 30, 2023 (in thousands):


Year	Amount
October 1, 2023 - December 31, 2023	$	405
2024	38,043
2025	391
2026	304
2027	317
Thereafter	15,022
Total	$	54,482

As of September 30, 2023, the future aggregate principal repayments due on the Company’s notes payable are as follows (in thousands):


Year	Amount
October 1, 2023 - December 31, 2023	$	24,653
2024	5,830
2025	79,328
2026	1,043
2027	17,561
Thereafter	21,633
Total	$	150,048

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

XML 39 R29.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Notes Payable

The following table summarizes the notes payable – related parties as of September 30, 2023 and December 31, 2022 (in thousands):


Notes Payable - Related Parties	September 30, 2023		December 31, 2022		Interest Rate (1)	Maturity Date (1)
Caliber Residential Advantage Fund, LP	$	—	$	365	7.50%	May 2024
Caliber Tax Advantaged Opportunity Fund II, LLC (2)	—		—		12.00%	January 2024
Total Notes Payable - Related Parties	$	—	$	365

__________________________________

(1) As of September 30, 2023.

(2) The Company entered into a $4.0 million unsecured promissory note with a related party and subsequently repaid the note during the nine months ended September 30, 2023.

The notes payable – related parties consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


Notes Payable - Related Parties	September 30, 2023		December 31, 2022		Interest Rate(1)	Maturity Date(1)
Roosevelt III HOLDCO, LLC	$	—	$	2,748	12.00%	May 2023
CDIF, LLC	—		1,725		12.00%	May 2024
Caliber Tax Advantaged Opportunity Zone Fund, LP	2,690		2,500		8.50%	June 2025
Caliber Tax Advantaged Opportunity Zone Fund, LP	5,109		—		12.00%	January 2024

Caliber Tax Advantaged Opportunity Zone Fund II, LP	5,000		—		12.00%	March 2024
Total Notes Payable - Related Parties	$	12,799	$	6,973

__________________________________

(1) As of September 30, 2023.

Notes payable consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


Notes Payable	September 30, 2023		December 31, 2022		Interest Rate (1)		Maturity Date (1)
Corporate notes	$	36,879	$	13,279	10.00% - 12.00%		December 2023 - March 2025
Convertible corporate notes	1,324		1,374		8.25	%	April 2024
Real estate loans (2)	16,279		—		4.30	%	November 2029
Total notes payable	54,482		14,653
Deferred financing costs, net	(228)		—
Total notes payable, net	$	54,254	$	14,653

__________________________________

(1) As of September 30, 2023.

(2) On January 31, 2023, Caliber assumed a loan which is secured by Caliber’s headquarters office building (see Note 4 – Real Estate Investments).

Notes payable of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022, respectively (in thousands):


Notes Payable	September 30, 2023			December 31, 2022		Interest Rate (1)	Maturity date (1)
Real Estate Loans
Hampton Inn & Suites Hotel	$	5,990		$	6,136	6.12%	July 2025
Four Points by Sheraton Hotel (2)	11,000			11,000		18.00%	September 2023
Holiday Inn Ocotillo Hotel	9,250			9,250		11.33%	November 2023
Airport Hotel Portfolio	55,317			56,470		13.75%	January 2025
DoubleTree by Hilton Tucson Convention Center	18,531			18,856		4.22%	August 2027
Hilton Tucson East	11,952		(3)	—		6.25%	November 2025
DT Mesa Holdco II, LLC	3,000			3,000		7.45%	November 2023
Circle Lofts, LLC	4,833			4,889		9.00%	August 2050
Northsight Crossings AZ, LLC	14,027			14,320		3.75%	February 2029
Southpointe Fundco, LLC	1,050			1,050		11.99%	December 2023
West Frontier Holdco, LLC	4,518		(4)	—		6.35%	February 2038
Total Real Estate Loans	139,468			124,971
Revolving line of credit	4,480			4,500		8.75%	October 2024
Member notes	5,600			5,025		10.00%	June 2025
Economic injury disaster and other loans	500			450		3.75% - 12.05%	March 2024 - June 2050
Total notes payable	150,048			134,946
Deferred financing costs, net	(2,269)			(690)
Total notes payable, net	$	147,779		$	134,256

__________________________________

(1) As of September 30, 2023.

(2) During the nine months ended September 30, 2023, the hotel ceased operations as the Company is converting the property into a multi-family residential assets.

Schedule of Notes Receivable

The following table summarizes the notes payable – related parties as of September 30, 2023 and December 31, 2022 (in thousands):


Notes Receivable - Related Parties	September 30, 2023		December 31, 2022		Interest Rate (1)	Maturity Date (1)
Olathe Behavioral Health	$	25	$	—	12.00%	January 2024
DFW Behavioral Health LLC	25		—		14.00%	May 2025
Total Notes Receivable - Related Parties	$	50	$	—

__________________________________

(1) As of September 30, 2023.

The notes receivable – related parties consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


Notes Receivable - Related Parties		September 30, 2023		December 31, 2022		Interest Rate(1)	Maturity Date(1)
SF Alaska, LP		$	13,759	$	11,671	12.00%	May 2024
The Ketch, LLC		6,682		5,152		12.00%	May 2024
Caliber Hospitality LP (Tucson East)	(2)	—		3,780		12.00%	May 2024
J-25 Development Group, LLC		4,662		3,794		12.00%	May 2024
Caliber Diversified Opportunity Fund II, LP		491		449		12.00%	March 2024
Encore, LLC		1,083		1,014		12.00%	December 2024
Ridge II, LLC		1,318		845		12.00%	December 2024
Southridge, LLC		1,321		—		13.00%	July 2025
Ironwood, LLC		1,868		1,524		13.00%	September 2025

Total Notes Receivable - Related Parties		$	31,184	$	28,229

__________________________________

(1) As of September 30, 2023.

- Definition

+ References

+ Details

XML 40 R30.htm IDEA: XBRL DOCUMENT

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Lessor, Operating Lease, Payment to be Received, Maturity

Future minimum lease payments due to the Company under non-cancellable operating leases over the next five years and thereafter as of September 30, 2023 are as follows (in thousands):


Year	Amount
October 1, 2023 - December 31, 2023	$	340
2024	1,359
2025	977
2026	679
2027	206
Thereafter	—
Total	$	3,561

Future minimum lease payments due to the consolidated funds under non-cancellable operating leases over the next five years and thereafter as of September 30, 2023 are as follows (in thousands):


Year	Amount
October 1, 2023 - December 31, 2023	$	1,834
2024	2,843
2025	2,135
2026	2,010
2027	1,696
Thereafter	5,258
Total	$	15,776

Operating Lease, Lease Income


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed	$	1,030	$	653	$	3,014	$	2,389
Variable	146		129		493		379
Total	$	1,176	$	782	$	3,507	$	2,768

XML 41 R31.htm IDEA: XBRL DOCUMENT

Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022

Below market leases, net	$	238	$	—
Tenant improvement allowance	100		—
Deposits (1)	120		23



Other	77		41
Total other liabilities	$	535	$	64

_________________________________

(1) Includes tenant security deposits.

Other Liabilities of the Consolidated Funds

Other liabilities of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Advance key money, net	$	844	$	900
Deposits (1)	777		710
Sales tax payable	636		566
Below market leases, net	361		461





Other	369		393
Total other liabilities	$	2,987	$	3,030

______________________________

(1) Includes hotel advance deposits and tenant security and pet deposits.

XML 42 R32.htm IDEA: XBRL DOCUMENT

Supplemental Cash Flow Disclosures (Tables)

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information consisted of the following for the nine months ended September 30, 2023 and 2022 (in thousands):


	Nine Months Ended September 30,
	2023		2022
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, none of which was capitalized for the nine months ended September 30, 2023 and 2022, respectively	$	3,479	$	978
Supplemental Disclosure of Cash Flow Information of Consolidated Funds
Cash paid for interest, net of capitalized interest of $31 and $10 for the nine months ended September 30, 2023 and 2022, respectively	10,493		7,245

Supplemental Disclosures of Non-Cash Investing and Financing Activities

Real estate investments moved from held for sale	—		1,703


Accounts receivable - related party eliminated in consolidation of VIEs	1,853		—
Extinguishment of operating lease right-of-use assets	1,059		—
Extinguishment of operating lease liabilities	1,340		—
Cost of real estate investments included in accounts payable	14		—

Issuance of common stock in connection with legal settlement	—		3,200
Issuance of common stock in lieu of cash payment for accounts payable	—		100




Supplemental Disclosures of Non-Cash Investing and Financing Activities of Consolidated Funds
Real estate investments moved to held for sale	—		21,282

Note receivable eliminated in consolidation	2,946		—
Cost of real estate investments included in accounts payable	738		76
Cost of real estate investments included in due to related parties	185		181




Consolidation of VIEs
Real estate investments, net	86,402		—

Accounts receivable, net	4,348		—
Due from related parties	2		—
Operating lease - right of use assets	8,775		—
Prepaid and other assets	2,042		568
Notes payable, net	80,449		—
Notes payable - related parties	6,589		—
Accounts payable and accrued expenses	8,148		130
Due to related parties	28		—
Operating lease liabilities	12,441		—
Other liabilities	2,158		688
Noncontrolling interests	33,732		1,972
Deconsolidation of VIEs
Real estate investments, net	74,061		15,905
Accounts receivable, net	3,609		2

Operating lease - right of use assets	8,775		—
Prepaid and other assets	1,634		53
Due from related parties	2		—
Due to related parties	28		791
Notes payable, net	68,500		16,953
Notes payable - related parties	1,777		1,615
Accounts payable and accrued expenses	7,038		298
Operating lease liabilities	12,441		—
Other liabilities	1,928		4

Noncontrolling interests	21,957		2,882

XML 43 R33.htm IDEA: XBRL DOCUMENT

Net Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The Company has calculated the basic and diluted earnings per share during the three and nine months ended September 30, 2023 and 2022 as follows (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net (loss) income attributable to CaliberCos Inc.	$	(3,409)	$	4,400	$	(10,342)	$	4,489

Convertible debt interest	15		(23)		16		67
Net (loss) income attributable to common shareholders of CaliberCos Inc.	$	(3,394)	$	4,377	$	(10,326)	$	4,556
Denominator:
Weighted average shares outstanding – basic	21,238		18,229		19,688		18,033
Dilutive shares – options, net	—		1,663		—		1,663
Dilutive shares – convertible debt, net	—		182		—		182
Weighted average shares outstanding – diluted	21,238		20,074		19,688		19,878

Basic net (loss) income per share attributable to common shareholders	$	(0.16)	$	0.24	$	(0.53)	$	0.25
Diluted net (loss) income per share attributable to common shareholders	$	(0.16)	$	0.22	$	(0.53)	$	0.23

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes these potential exercises and conversions during the three and nine months ended September 30, 2023 and 2022, which have been excluded from the computation of diluted earnings per share attributable to common shareholders (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022

Additional common shares, if stock options were exercised	2,129	—	2,133	—


Additional common shares, if convertible debt were converted	175	—	175	—
	2,304	—	2,308	—	(1)

______________________________

(1) There were no antidilutive shares for the three and nine months ended September 30, 2022.

XML 44 R34.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The estimated fair values for the instruments below were determined by management based on a discounted future cash-flow model (in thousands).


	September 30, 2023				December 31, 2022
Note Payable	Carrying Value		Fair Value		Carrying Value		Fair Value
Hampton Inn & Suites Hotel	$	5,990	$	4,694	$	6,136	$	4,594
Northsight Crossing AZ, LLC	14,027		9,960		14,319		9,302
Southpointe Fundco, LLC	1,050		1,050		1,050		1,004
Circle Lofts, LLC	4,833		1,757		4,889		1,915
Tucson East, LLC	11,952		11,015		—		—
West Frontier, LLC	4,518		3,788		—		—

XML 45 R35.htm IDEA: XBRL DOCUMENT

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Derivatives


	September 30, 2023			December 31, 2022
Type of Derivative	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
Interest rate swap	1	$	18,531	1	$	18,856
Interest rate cap	1	55,000		—	—
Total		$	73,531		$	18,856

Derivative Assets by Balance Sheet Location


Type of Derivative	Balance Sheet Location	September 30, 2023		December 31, 2022
Interest rate swap	Consolidated funds - Prepaid and other assets	$	1,776	$	1,646
Interest rate cap	Consolidated funds - Prepaid and other assets	69		—
Total		$	1,845	$	1,646

Derivative Instruments, Gain (Loss)


Type of Derivative	Statement of Operations Location	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Interest rate swap	Consolidated funds - hospitality expenses	$	148	$	—	$	130	$	—
Interest rate cap	Consolidated funds - hospitality expenses	(64)		—		(16)		—
Total		$	84	$	—	$	114	$	—

XML 46 R36.htm IDEA: XBRL DOCUMENT

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting


	Three Months Ended September 30, 2023
	Real Estate Services								Non-Controlling Interests - Consolidated Funds		Intercompany Eliminations & Equity in Income
	Fund Management		Development		Brokerage		Segment Total							CaliberCos Inc. & Subsidiaries
Revenues(1)
Asset management fees	$	2,428	$	—	$	—	$	2,428	$	—	$	(1,155)		$	1,273
Performance allocations	24		—		—		24		—		12			36
Transaction and advisory fees	560		516		200		1,276		—		(233)			1,043
Consolidated funds – hospitality revenue	—		—		—		—		12,526		—			12,526
Consolidated funds – other revenue	—		—		—		—		2,147		—			2,147
Total revenues	3,012		516		200		3,728		14,673		(1,376)			17,025
Net (loss) income	$	(3,395)	$	44	$	(15)	$	(3,366)	$	(6,854)	$	(2,002)	(2)	$	(12,222)

__________________________________

(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.


	Nine Months Ended September 30, 2023
	Real Estate Services								Non-Controlling Interests - Consolidated Funds		Intercompany Eliminations & Equity in Income
	Fund Management		Development		Brokerage		Segment Total							CaliberCos Inc. & Subsidiaries
Revenues(1)
Asset management fees	$	7,093	$	—	$	—	$	7,093	$	—	$	(3,309)		$	3,784
Performance allocations	2,474		—		—		2,474		—		—			2,474
Transaction and advisory fees	1,123		2,128		633		3,884		—		(1,422)			2,462
Consolidated funds – hospitality revenue	—		—		—		—		52,008		—			52,008
Consolidated funds – other revenue	—		—		—		—		6,264		—			6,264
Total revenues	10,690		2,128		633		13,451		58,272		(4,731)			66,992
Net (loss) income	$	(10,292)	$	614	$	(162)	$	(9,840)	$	(8,161)	$	(5,506)	(2)	$	(23,507)

__________________________________

(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.


	Three Months Ended September 30, 2022
	Real Estate Services								Non-Controlling Interests - Consolidated Funds		Intercompany Eliminations & Equity in Income
	Fund Management		Development		Brokerage		Segment Total							CaliberCos Inc. & Subsidiaries
Revenues(1)
Asset management fees	$	1,927	$	—	$	—	$	1,927	$	—	$	(945)		$	982
Performance allocations	103		—		—		103		—		—			103
Transaction and advisory fees	5,008		1,182		179		6,369		—		(479)			5,890
Consolidated funds – hospitality revenue	—		—		—		—		10,988		—			10,988
Consolidated funds – other revenue	—		—		—		—		1,543		—			1,543
Total revenues	7,038		1,182		179		8,399		12,531		(1,424)			19,506
Net (loss) income	$	4,099	$	817	$	138	$	5,054	$	(4,106)	$	(1,615)	(2)	$	(667)

__________________________________

(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.


	Nine Months Ended September 30, 2022
	Real Estate Services								Non-Controlling Interests - Consolidated Funds		Intercompany Eliminations & Equity in Income
	Fund Management		Development		Brokerage		Segment Total							CaliberCos Inc. & Subsidiaries
Revenues(1)
Asset management fees	$	6,095	$	—	$	—	$	6,095	$	—	$	(3,047)		$	3,048
Performance allocations	2,508		—		—		2,508		—		—			2,508
Transaction and advisory fees	6,276		2,596		1,221		10,093		—		(1,832)			8,261
Consolidated funds – hospitality revenue	—		—		—		—		43,801		—			43,801
Consolidated funds – other revenue	—		—		—		—		4,871		—			4,871
Total revenues	14,879		2,596		1,221		18,696		48,672		(4,879)			62,489
Net (loss) income	$	2,242	$	1,576	$	840	$	4,658	$	19,270	$	(4,878)	(2)	$	19,050

__________________________________

(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.

XML 47 R37.htm IDEA: XBRL DOCUMENT

Organization and Liquidity (Details) $ in Millions	9 Months Ended
Organization and Liquidity (Details) $ in Millions	Sep. 30, 2023 USD ($) segment loan
Organization And Liquidity [Line Items]
Number of reportable segments \| segment	3
VIE, primary beneficiary
Organization And Liquidity [Line Items]
Number of short-term loans outstanding \| loan	5
Short-term debt	$ 28.8
Excluding consolidated VIE
Organization And Liquidity [Line Items]
Short-term debt	$ 38.1

XML 48 R38.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Narrative (Details)		3 Months Ended		9 Months Ended
	Jan. 17, 2023	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Interest income		$ 85,000	$ 109,000	$ 279,000	$ 112,000
Excluding consolidated VIE
Summary Of Significant Accounting Policies [Line Items]
Stockholders' equity, reverse stock split	0.5945
Investments in unconsolidated entities		3,290,000		3,290,000		$ 3,156,000
Impairment loss, investments		0	0	0	0
Impairment loss, long-lived assets		$ 0	0	$ 0	0
Excluding consolidated VIE \| Minimum \| Furniture And Equipment
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life		3 years		3 years
Excluding consolidated VIE \| Maximum \| Furniture And Equipment
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life		7 years		7 years
VIE, primary beneficiary
Summary Of Significant Accounting Policies [Line Items]
Impairment loss, long-lived assets		$ 0	0	$ 0	0
Depreciation		2,800,000	2,200,000	7,900,000	6,800,000
Total		1,176,000	782,000	3,507,000	2,768,000
Interest income		900,000	$ 800,000	2,700,000	$ 2,100,000
Allowance for doubtful accounts		$ 0		$ 0		$ 0
Asset management fees \| Excluding consolidated VIE \| Related party
Summary Of Significant Accounting Policies [Line Items]
Fund management fees, percentage				0.70%
Asset management fees \| Excluding consolidated VIE \| Minimum \| Related party
Summary Of Significant Accounting Policies [Line Items]
Fund management fees, percentage				1.00%
Asset management fees \| Excluding consolidated VIE \| Maximum \| Related party
Summary Of Significant Accounting Policies [Line Items]
Fund management fees, percentage				1.50%
Performance allocations \| Excluding consolidated VIE \| Related party
Summary Of Significant Accounting Policies [Line Items]
Preferred return, common equity				6.00%
Performance allocations \| Excluding consolidated VIE \| Minimum \| Related party
Summary Of Significant Accounting Policies [Line Items]
Percentage of residual cash flow				15.00%
Preferred return, preferred equity				10.00%
Performance allocations \| Excluding consolidated VIE \| Maximum \| Related party
Summary Of Significant Accounting Policies [Line Items]
Percentage of residual cash flow				35.00%
Preferred return, preferred equity				12.00%

XML 49 R39.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Real Estate Assets (Details) - VIE, primary beneficiary	Sep. 30, 2023
Minimum \| Building and building improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	15 years
Minimum \| Furniture, fixtures and equipment
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	3 years
Maximum \| Building and building improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	40 years
Maximum \| Furniture, fixtures and equipment
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	7 years

XML 50 R40.htm IDEA: XBRL DOCUMENT

VIEs - Narrative (Details)	9 Months Ended
VIEs - Narrative (Details)	Sep. 30, 2023 fund entity	Sep. 30, 2022 entity
Variable Interest Entity [Line Items]
Number of entities deconsolidated, sold \| entity	5
Number of entities deconsolidated, no longer significant \| entity		2
Caliber Hospitality, LP
Variable Interest Entity [Line Items]
Variable interest entities, number of consolidated funds \| fund	5
Caliber Hospitality Trust
Variable Interest Entity [Line Items]
Variable interest entities, number of consolidated funds \| fund	1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

XML 51 R41.htm IDEA: XBRL DOCUMENT

VIEs - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash	$ 5,531			$ 7,657	$ 10,978			$ 8,378
Restricted cash	12,886			8,277	7,431			8,154
Assets	324,730			278,834
Liabilities
Total liabilities	249,974			201,645
Stockholders’ equity	74,756	$ 82,612	$ 72,502	77,189	$ 77,604	$ 72,967	$ 63,599	$ 49,693
Total liabilities and stockholders’ equity	324,730			278,834
VIE, primary beneficiary
Assets
Real estate investments, net	219,140			196,177
Accounts receivable, net	2,434			2,228
Notes receivable - related parties	31,184			28,229
Due from related parties	27			15
Operating lease - right of use assets	8,785			8,769
Prepaid and other assets	10,739			5,343
Liabilities
Accounts payable and accrued expenses	11,949			9,252
Other liabilities	2,987			3,030
Operating lease liabilities	12,397			12,461
VIE, primary beneficiary \| Caliber Hospitality Trust And West Frontier
Assets
Real estate investments, net	87,897
Cash	3,667
Restricted cash	9,260
Accounts receivable, net	4,348
Notes receivable - related parties	10,411
Due from related parties	40
Investments in unconsolidated entities	84,076
Operating lease - right of use assets	8,775
Prepaid and other assets	5,953
Assets	214,427
Liabilities
Accounts payable and accrued expenses	7,858
Operating lease liabilities	12,441
Total liabilities	147,823
Stockholders’ equity	66,604
Total liabilities and stockholders’ equity	214,427
VIE, primary beneficiary \| Northsight And Southpointe
Assets
Real estate investments, net	23,611
Cash	233
Restricted cash	1,325
Prepaid and other assets	748
Assets	25,917
Liabilities
Accounts payable and accrued expenses	109
Total liabilities	21,929
Stockholders’ equity	3,988
Total liabilities and stockholders’ equity	25,917
VIE, primary beneficiary \| Nonrelated party
Liabilities
Notes payable	147,779			134,256
Other liabilities	2,987			3,030
VIE, primary beneficiary \| Nonrelated party \| Caliber Hospitality Trust And West Frontier
Liabilities
Notes payable	80,278
Other liabilities	2,158
VIE, primary beneficiary \| Nonrelated party \| Northsight And Southpointe
Liabilities
Notes payable	15,824
Other liabilities	688
VIE, primary beneficiary \| Related party
Assets
Notes receivable - related parties	31,184			28,229
Liabilities
Notes payable	12,799			6,973
Other liabilities	210			$ 68
VIE, primary beneficiary \| Related party \| Caliber Hospitality Trust And West Frontier
Liabilities
Notes payable	34,786
Other liabilities	10,302
VIE, primary beneficiary \| Related party \| Northsight And Southpointe
Liabilities
Notes payable	5,301
Other liabilities	$ 7

XML 52 R42.htm IDEA: XBRL DOCUMENT

Real Estate Investments - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property acquisition
VIE, primary beneficiary
Asset Acquisition [Line Items]
Number of assets acquisitions \| acquisition				0
Number of real estate properties disposed \| property			0	1
Real estate investment property, at cost		$ 9,100		$ 9,100
Gains on sale of real estate investments	$ 0	$ 0	$ 0	$ 21,530
Excluding consolidated VIE
Asset Acquisition [Line Items]
Number of assets acquisitions \| acquisition				0
Headquarters office building acquisition \| Excluding consolidated VIE
Asset Acquisition [Line Items]
Asset acquisition, purchase price			19,500
Multi-family residential property acquisition \| VIE, primary beneficiary
Asset Acquisition [Line Items]
Asset acquisition, purchase price			$ 6,600
Number of real estate properties acquired \| property			1

XML 53 R43.htm IDEA: XBRL DOCUMENT

Real Estate Investments - Schedule of Asset Acquisition (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Excluding consolidated VIE \| Headquarters office building acquisition
Asset Acquisition [Line Items]
Intangible lease assets	$ 398
Intangible lease liabilities	(348)
Total purchase price of assets acquired	19,472
VIE, primary beneficiary \| Multi-family residential property acquisition
Asset Acquisition [Line Items]
Total purchase price of assets acquired	6,643
Land and land improvements \| Excluding consolidated VIE \| Headquarters office building acquisition
Asset Acquisition [Line Items]
Real estate investments, at cost	9,131
Land and land improvements \| VIE, primary beneficiary \| Multi-family residential property acquisition
Asset Acquisition [Line Items]
Real estate investments, at cost	599
Building and building improvements \| Excluding consolidated VIE \| Headquarters office building acquisition
Asset Acquisition [Line Items]
Real estate investments, at cost	9,332
Building and building improvements \| VIE, primary beneficiary \| Multi-family residential property acquisition
Asset Acquisition [Line Items]
Real estate investments, at cost	6,044
Furniture, fixtures and equipment \| Excluding consolidated VIE \| Headquarters office building acquisition
Asset Acquisition [Line Items]
Real estate investments, at cost	$ 959

XML 54 R44.htm IDEA: XBRL DOCUMENT

Prepaid and Other Assets - Summary of Prepaid and Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Excluding consolidated VIE
Variable Interest Entity [Line Items]
Pursuit costs	$ 1,228	$ 4,495
Prepaid expenses	681	704
Accounts receivable, net	167	62
Deposits	63	46
Other assets	490	554
Prepaid and other assets	2,629	5,861
VIE, primary beneficiary
Variable Interest Entity [Line Items]
Pursuit costs	657	549
Derivative assets	1,845	1,646
Prepaid expenses	1,248	1,511
Accounts receivable, net	2,434	2,228
Deposits	673	742
Other assets	5,459	24
Deferred franchise fees, net	290	372
Intangibles, net	419	361
Inventory	148	138
Prepaid and other assets	$ 10,739	$ 5,343

XML 55 R45.htm IDEA: XBRL DOCUMENT

Notes Payable - Summary of Notes Payable (Details) - USD ($)	Sep. 30, 2023	Aug. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Jan. 31, 2022	Nov. 30, 2021	Jul. 31, 2020	Jul. 31, 2015
Excluding consolidated VIE
Debt Instrument [Line Items]
Notes payable	$ 54,482,000			$ 14,653,000
Deferred financing costs, net	(228,000)			0	$ 0
Total	54,254,000			14,653,000
VIE, primary beneficiary
Debt Instrument [Line Items]
Notes payable	150,048,000			134,946,000
Deferred financing costs, net	(2,269,000)			(690,000)
Total	147,779,000			134,256,000
VIE, primary beneficiary \| Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Notional Amount	73,531,000			18,856,000
VIE, primary beneficiary \| Interest rate swap \| Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Notional Amount	18,531,000			18,856,000
Corporate notes \| Excluding consolidated VIE
Debt Instrument [Line Items]
Notes payable	$ 36,879,000			13,279,000
Corporate notes \| Excluding consolidated VIE \| Minimum
Debt Instrument [Line Items]
Interest rate	10.00%
Corporate notes \| Excluding consolidated VIE \| Maximum
Debt Instrument [Line Items]
Interest rate	12.00%
Convertible corporate notes \| Excluding consolidated VIE
Debt Instrument [Line Items]
Notes payable	$ 1,324,000			1,374,000
Interest rate	8.25%
Real estate notes \| Hampton Inn & Suites Hotel
Debt Instrument [Line Items]
Interest rate										6.12%
Real estate notes \| Excluding consolidated VIE
Debt Instrument [Line Items]
Notes payable	$ 16,279,000			0
Total	$ 16,300,000
Interest rate	4.30%
Real estate notes \| VIE, primary beneficiary
Debt Instrument [Line Items]
Notes payable	$ 139,468,000			124,971,000
Real estate notes \| VIE, primary beneficiary \| Hampton Inn & Suites Hotel
Debt Instrument [Line Items]
Notes payable	$ 5,990,000			6,136,000
Interest rate	6.12%
Real estate notes \| VIE, primary beneficiary \| Four Points by Sheraton Hotel, Notes Payable
Debt Instrument [Line Items]
Notes payable	$ 11,000,000			11,000,000
Interest rate	18.00%	18.00%
Real estate notes \| VIE, primary beneficiary \| Holiday Inn Ocotillo Hotel, Notes Payable
Debt Instrument [Line Items]
Notes payable	$ 9,250,000			9,250,000
Interest rate	11.33%
Real estate notes \| VIE, primary beneficiary \| Airport Hotel Portfolio, Notes Payable
Debt Instrument [Line Items]
Notes payable	$ 55,317,000			56,470,000
Interest rate	13.75%
Real estate notes \| VIE, primary beneficiary \| DoubleTree by Hilton Tucson Convention Center, Notes Payable
Debt Instrument [Line Items]
Notes payable	$ 18,531,000			18,856,000
Interest rate	4.22%
Real estate notes \| VIE, primary beneficiary \| Hilton Tucson East, Notes Payable
Debt Instrument [Line Items]
Notes payable	$ 11,952,000			0
Interest rate	6.25%							6.25%
Real estate notes \| VIE, primary beneficiary \| DT Mesa Holdco II, LLC, Notes Payable
Debt Instrument [Line Items]
Notes payable	$ 3,000,000			$ 3,000,000
Interest rate	7.45%			6.50%
Real estate notes \| VIE, primary beneficiary \| Circle Lofts, LLC
Debt Instrument [Line Items]
Notes payable	$ 4,833,000			$ 4,889,000
Interest rate	9.00%								5.25%
Real estate notes \| VIE, primary beneficiary \| Northsight Crossing AZ, LLC
Debt Instrument [Line Items]
Notes payable	$ 14,027,000			14,320,000
Interest rate	3.75%						3.75%
Real estate notes \| VIE, primary beneficiary \| Southpointe Fundco, LLC
Debt Instrument [Line Items]
Notes payable	$ 1,050,000			1,050,000
Interest rate	11.99%					9.99%
Real estate notes \| VIE, primary beneficiary \| West Frontier Holdco, LLC
Debt Instrument [Line Items]
Notes payable	$ 4,518,000			0
Interest rate	6.35%		6.35%
Revolving line of credit \| VIE, primary beneficiary
Debt Instrument [Line Items]
Notes payable	$ 4,480,000			4,500,000
Interest rate	8.75%
Member notes \| VIE, primary beneficiary
Debt Instrument [Line Items]
Notes payable	$ 5,600,000			$ 5,025,000
Interest rate	10.00%			10.00%
Economic injury disaster and other loans \| VIE, primary beneficiary
Debt Instrument [Line Items]
Notes payable	$ 500,000			$ 450,000
Economic injury disaster and other loans \| VIE, primary beneficiary \| Minimum
Debt Instrument [Line Items]
Interest rate	3.75%
Economic injury disaster and other loans \| VIE, primary beneficiary \| Maximum
Debt Instrument [Line Items]
Interest rate	12.05%

XML 56 R46.htm IDEA: XBRL DOCUMENT

Notes Payable - Narrative (Details)	1 Months Ended											3 Months Ended		9 Months Ended
Notes Payable - Narrative (Details)	Aug. 31, 2023	May 31, 2023	Mar. 31, 2023	Jan. 31, 2023	Dec. 31, 2022 USD ($) note	Jan. 31, 2022	Jul. 31, 2020	Aug. 31, 2019 USD ($)	Sep. 30, 2018	Jul. 30, 2018	Jun. 30, 2018	Sep. 30, 2023 USD ($) extension note $ / shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) extension note $ / shares	Sep. 30, 2022 USD ($)	Oct. 31, 2023 USD ($)	Jun. 30, 2022	Nov. 30, 2021	Jun. 30, 2020	Jul. 31, 2018	Jul. 31, 2015
Debt Instrument [Line Items]
Number of extensions \| extension												2		2
Real estate notes \| Hampton Inn & Suites Hotel
Debt Instrument [Line Items]
Interest rate																					6.12%
Excluding consolidated VIE
Debt Instrument [Line Items]
Deferred financing cost write-offs												$ 0		$ 0
Deferred financing costs, net					$ 0							228,000	$ 0	228,000	$ 0
Amortization of deferred financing costs													0	25,000	0
Long-term debt					$ 14,653,000							$ 54,254,000		$ 54,254,000
Excluding consolidated VIE \| Corporate notes \| Corporate Notes And Convertible Corporate Notes
Debt Instrument [Line Items]
Number of corporate notes \| note					124							226		226
Average outstanding principal balance per loan					$ 100,000							$ 200,000		$ 200,000
Weighted average interest rate					10.19%							11.42%		11.42%
Excluding consolidated VIE \| Convertible corporate notes
Debt Instrument [Line Items]
Interest rate												8.25%		8.25%
Convertible conversion price (in dollars per share) \| $ / shares												$ 7.57		$ 7.57
Excluding consolidated VIE \| Real estate notes
Debt Instrument [Line Items]
Interest rate												4.30%		4.30%
Long-term debt												$ 16,300,000		$ 16,300,000
Excluding consolidated VIE \| Minimum \| Corporate notes
Debt Instrument [Line Items]
Interest rate												10.00%		10.00%
Excluding consolidated VIE \| Minimum \| Corporate notes \| Corporate Notes And Convertible Corporate Notes
Debt Instrument [Line Items]
Interest rate					8.25%							8.25%		8.25%
Excluding consolidated VIE \| Maximum \| Corporate notes
Debt Instrument [Line Items]
Interest rate												12.00%		12.00%
Excluding consolidated VIE \| Maximum \| Corporate notes \| Corporate Notes And Convertible Corporate Notes
Debt Instrument [Line Items]
Interest rate					12.00%							12.00%		12.00%
VIE, primary beneficiary
Debt Instrument [Line Items]
Deferred financing cost write-offs												$ 0	100,000	$ 0	100,000
Deferred financing costs, net					$ 690,000							2,269,000		2,269,000
Amortization of deferred financing costs												400,000	$ 100,000	1,100,000	$ 400,000
Long-term debt					134,256,000							147,779,000		147,779,000
VIE, primary beneficiary \| Economic Injury Disaster Loans
Debt Instrument [Line Items]
Interest rate																			3.75%
Long-term debt					$ 500,000							$ 500,000		$ 500,000
VIE, primary beneficiary \| Real estate notes \| Hampton Inn & Suites Hotel
Debt Instrument [Line Items]
Interest rate												6.12%		6.12%
VIE, primary beneficiary \| Real estate notes \| Four Points by Sheraton Hotel, Notes Payable
Debt Instrument [Line Items]
Interest rate	18.00%											18.00%		18.00%
VIE, primary beneficiary \| Real estate notes \| Holiday Inn Ocotillo Hotel, Notes Payable
Debt Instrument [Line Items]
Interest rate												11.33%		11.33%
Interest rate floor		11.00%																		11.00%
VIE, primary beneficiary \| Real estate notes \| Airport Hotel Portfolio, Notes Payable
Debt Instrument [Line Items]
Interest rate												13.75%		13.75%
Exit fee percentage				1.25%
Minimum return percentage				30.00%
VIE, primary beneficiary \| Real estate notes \| DoubleTree by Hilton Tucson Convention Center, Notes Payable
Debt Instrument [Line Items]
Interest rate												4.22%		4.22%
VIE, primary beneficiary \| Real estate notes \| DoubleTree by Hilton Tucson Convention Center, Notes Payable \| Interest rate swap
Debt Instrument [Line Items]
Derivative, fixed interest rate								4.22%
VIE, primary beneficiary \| Real estate notes \| Hilton Tucson East, Notes Payable
Debt Instrument [Line Items]
Interest rate												6.25%		6.25%				6.25%
VIE, primary beneficiary \| Real estate notes \| DT Mesa Holdco II, LLC, Notes Payable
Debt Instrument [Line Items]
Interest rate					6.50%							7.45%		7.45%
VIE, primary beneficiary \| Real estate notes \| Circle Lofts, LLC
Debt Instrument [Line Items]
Interest rate							5.25%					9.00%		9.00%
Debt instrument, interest rate adjustment, term	6 months
VIE, primary beneficiary \| Real estate notes \| Circle Lofts, LLC \| Subsequent Event
Debt Instrument [Line Items]
Interest rate																7.42%
Debt instrument, face amount																$ 6,300,000
VIE, primary beneficiary \| Real estate notes \| Northsight Crossing AZ, LLC
Debt Instrument [Line Items]
Interest rate						3.75%						3.75%		3.75%
Interest rate floor						3.75%
Debt instrument, initial interest rate period						5 years
Annual maximum principal reduction percentage						20.00%
Debt instrument prepayment premium, percentage						1.00%
Debt instrument, prepayment premium, period						2 years
VIE, primary beneficiary \| Real estate notes \| Southpointe Fundco, LLC
Debt Instrument [Line Items]
Interest rate												11.99%		11.99%			9.99%
VIE, primary beneficiary \| Real estate notes \| West Frontier Holdco, LLC
Debt Instrument [Line Items]
Interest rate			6.35%									6.35%		6.35%
VIE, primary beneficiary \| Revolving line of credit
Debt Instrument [Line Items]
Interest rate												8.75%		8.75%
VIE, primary beneficiary \| Revolving line of credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate								4.75%
Line of credit maximum borrowing capacity								$ 4,500,000
Line of credit facility, unused capacity, commitment fee percentage								0.20%
VIE, primary beneficiary \| Member notes
Debt Instrument [Line Items]
Interest rate					10.00%							10.00%		10.00%
VIE, primary beneficiary \| One-Month LIBOR \| Real estate notes \| Holiday Inn Ocotillo Hotel, Notes Payable
Debt Instrument [Line Items]
Basis spread on variable rate										6.00%
VIE, primary beneficiary \| One-Month LIBOR \| Real estate notes \| Airport Hotel Portfolio, Notes Payable
Debt Instrument [Line Items]
Basis spread on variable rate									3.75%
VIE, primary beneficiary \| One-Month LIBOR \| Real estate notes \| DoubleTree by Hilton Tucson Convention Center, Notes Payable
Debt Instrument [Line Items]
Basis spread on variable rate								2.50%
VIE, primary beneficiary \| Secured Overnight Financing Rate (SOFR) \| Real estate notes \| Holiday Inn Ocotillo Hotel, Notes Payable
Debt Instrument [Line Items]
Basis spread on variable rate		6.00%
VIE, primary beneficiary \| Secured Overnight Financing Rate (SOFR) \| Real estate notes \| Airport Hotel Portfolio, Notes Payable
Debt Instrument [Line Items]
Basis spread on variable rate				8.75%
VIE, primary beneficiary \| Federal Home Loan Bank Rate \| Real estate notes \| DT Mesa Holdco II, LLC, Notes Payable
Debt Instrument [Line Items]
Basis spread on variable rate					2.75%
VIE, primary beneficiary \| Six-Month LIBOR \| Real estate notes \| Circle Lofts, LLC
Debt Instrument [Line Items]
Basis spread on variable rate							3.75%
VIE, primary beneficiary \| Five Year Treasury Constant Federal Reserve Index \| Real estate notes \| West Frontier Holdco, LLC
Debt Instrument [Line Items]
Basis spread on variable rate			2.50%
VIE, primary beneficiary \| Wall Street Journal Prime Rate \| Revolving line of credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate								0.25%
VIE, primary beneficiary \| Prime Rate \| Real estate notes \| Four Points by Sheraton Hotel, Notes Payable
Debt Instrument [Line Items]
Basis spread on variable rate											2.25%
Interest rate floor											9.65%
VIE, primary beneficiary \| Prime Rate \| Real estate notes \| Northsight Crossing AZ, LLC
Debt Instrument [Line Items]
Basis spread on variable rate						0.50%
VIE, primary beneficiary \| Maximum \| Secured Overnight Financing Rate (SOFR) \| Real estate notes \| Airport Hotel Portfolio, Notes Payable
Debt Instrument [Line Items]
Debt instrument, variable rate				5.00%

XML 57 R47.htm IDEA: XBRL DOCUMENT

Notes Payable - Summary of Principal Repayments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Excluding consolidated VIE
Debt Instrument [Line Items]
October 1, 2023 - December 31, 2023	$ 405
2024	38,043
2025	391
2026	304
2027	317
Thereafter	15,022
Total	54,482	$ 14,653
VIE, primary beneficiary
Debt Instrument [Line Items]
October 1, 2023 - December 31, 2023	24,653
2024	5,830
2025	79,328
2026	1,043
2027	17,561
Thereafter	21,633
Total	$ 150,048	$ 134,946

XML 58 R48.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Interest expense	$ 1,316,000	$ 341,000	$ 3,408,000	$ 685,000
Excluding consolidated VIE
Related Party Transaction [Line Items]
Due from related parties	6,498,000		6,498,000		$ 9,646,000
Other liabilities	535,000		535,000		64,000
VIE, primary beneficiary
Related Party Transaction [Line Items]
Due from related parties	27,000		27,000		15,000
Other liabilities	2,987,000		2,987,000		3,030,000
Related party \| Excluding consolidated VIE
Related Party Transaction [Line Items]
Notes receivable, interest income	0		0
Interest receivable	0		0
Interest expense	0	0	0	0
Interest payable	0		0		0
Other liabilities	87,000		87,000		171,000
Related party \| VIE, primary beneficiary
Related Party Transaction [Line Items]
Notes receivable, interest income	900,000	800,000	2,700,000	2,100,000
Interest receivable	0		0		0
Interest payable	200,000		200,000		100,000
Other liabilities	210,000		210,000		68,000
Interest expense, debt	300,000	200,000	800,000	700,000
Related party \| Fund management services \| Excluding consolidated VIE
Related Party Transaction [Line Items]
Due from related parties	4,800,000		4,800,000		6,800,000
Related party \| Development related management services \| Excluding consolidated VIE
Related Party Transaction [Line Items]
Due from related parties	1,100,000		1,100,000		1,000,000
Related party \| Real estate brokerage services \| Excluding consolidated VIE
Related Party Transaction [Line Items]
Due from related parties	0		0		0
Related party \| Other \| Excluding consolidated VIE
Related Party Transaction [Line Items]
Due from related parties	500,000		500,000		1,900,000
Other liabilities	100,000		100,000		200,000
Related party \| Other \| VIE, primary beneficiary
Related Party Transaction [Line Items]
Other liabilities	0		0		$ 0
Asset management fees
Related Party Transaction [Line Items]
Revenue	1,273,000	982,000	$ 3,784,000	3,048,000
Asset management fees \| Related party \| Excluding consolidated VIE
Related Party Transaction [Line Items]
Fund management fees, percentage			0.70%
Revenue	1,300,000	900,000	$ 3,800,000	3,000,000
Asset management fees \| Related party \| Excluding consolidated VIE \| Minimum
Related Party Transaction [Line Items]
Fund management fees, percentage			1.00%
Asset management fees \| Related party \| Excluding consolidated VIE \| Maximum
Related Party Transaction [Line Items]
Fund management fees, percentage			1.50%
Performance allocations
Related Party Transaction [Line Items]
Revenue	36,000	103,000	$ 2,474,000	2,508,000
Performance allocations \| Related party \| Excluding consolidated VIE
Related Party Transaction [Line Items]
Revenue	100,000	100,000	$ 2,500,000	2,500,000
Preferred return, common equity			6.00%
Performance allocations \| Related party \| Excluding consolidated VIE \| Minimum
Related Party Transaction [Line Items]
Percentage of residual cash flow			15.00%
Preferred return, preferred equity			10.00%
Performance allocations \| Related party \| Excluding consolidated VIE \| Maximum
Related Party Transaction [Line Items]
Percentage of residual cash flow			35.00%
Preferred return, preferred equity			12.00%
Transaction and advisory fees
Related Party Transaction [Line Items]
Revenue	1,043,000	5,890,000	$ 2,462,000	8,261,000
Transaction and advisory fees \| Related party \| Fund Formation Fees, loan placement and guarantee fees \| Excluding consolidated VIE
Related Party Transaction [Line Items]
Revenue	400,000	4,900,000	500,000	5,900,000
Transaction and advisory fees \| Related party \| Development related management services \| Excluding consolidated VIE
Related Party Transaction [Line Items]
Revenue	500,000	800,000	1,500,000	1,800,000
Transaction and advisory fees \| Related party \| Real estate brokerage services \| Excluding consolidated VIE
Related Party Transaction [Line Items]
Revenue	$ 200,000	$ 200,000	$ 500,000	$ 600,000

XML 59 R49.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Schedule of Notes Receivable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
VIE, primary beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 31,184	$ 28,229
Related party \| Excluding consolidated VIE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	50	0
Related party \| Excluding consolidated VIE \| Olathe Behavioral Health
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 25	0
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| DFW Behavioral Health LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 25	0
Related party transaction, rate	14.00%
Related party \| VIE, primary beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 31,184	28,229
Related party \| VIE, primary beneficiary \| SF Alaska, LP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 13,759	11,671
Related party transaction, rate	12.00%
Related party \| VIE, primary beneficiary \| The Ketch, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 6,682	5,152
Related party transaction, rate	12.00%
Related party \| VIE, primary beneficiary \| Caliber Hospitality LP (Tucson East)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 0	3,780
Related party transaction, rate	12.00%
Related party \| VIE, primary beneficiary \| J-25 Development Group, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 4,662	3,794
Related party transaction, rate	12.00%
Related party \| VIE, primary beneficiary \| Caliber Diversified Opportunity Fund II, LP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 491	449
Related party transaction, rate	12.00%
Related party \| VIE, primary beneficiary \| Encore, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 1,083	1,014
Related party transaction, rate	12.00%
Related party \| VIE, primary beneficiary \| Ridge II, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 1,318	845
Related party transaction, rate	12.00%
Related party \| VIE, primary beneficiary \| Southridge, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 1,321	0
Related party transaction, rate	13.00%
Related party \| VIE, primary beneficiary \| Ironwood, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 1,868	$ 1,524
Related party transaction, rate	13.00%

XML 60 R50.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Schedule of Notes Payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
VIE, primary beneficiary
Debt Instrument [Line Items]
Repayments of notes payable	$ 58,734	$ 26,012
Related party \| Excluding consolidated VIE
Debt Instrument [Line Items]
Notes payable	0		$ 365
Repayments of notes payable	4,365	490
Related party \| Excluding consolidated VIE \| Caliber Note, Due May 2024
Debt Instrument [Line Items]
Notes payable	$ 0		365
Interest rate	7.50%
Related party \| Excluding consolidated VIE \| Caliber Note, Fund II, Due January 2024
Debt Instrument [Line Items]
Notes payable	$ 0		0
Interest rate	12.00%
Repayments of notes payable	$ 4,000
Related party \| VIE, primary beneficiary
Debt Instrument [Line Items]
Notes payable	12,799		6,973
Repayments of notes payable	4,633	$ 9,257
Related party \| VIE, primary beneficiary \| Caliber Note, Fund II, Due January 2024
Debt Instrument [Line Items]
Notes payable	$ 5,000		0
Interest rate	12.00%
Related party \| VIE, primary beneficiary \| Roosevelt Note, Due May 2024
Debt Instrument [Line Items]
Notes payable	$ 0		2,748
Interest rate	12.00%
Related party \| VIE, primary beneficiary \| CDIF Note, Due May 2023
Debt Instrument [Line Items]
Notes payable	$ 0		1,725
Interest rate	12.00%
Related party \| VIE, primary beneficiary \| Caliber Note, Due June 2025
Debt Instrument [Line Items]
Notes payable	$ 2,690		2,500
Interest rate	8.50%
Related party \| VIE, primary beneficiary \| Caliber Note, Fund I, Due January 2024
Debt Instrument [Line Items]
Notes payable	$ 5,109		$ 0
Interest rate	12.00%

XML 61 R51.htm IDEA: XBRL DOCUMENT

Leases - Narrative (Details)	3 Months Ended		9 Months Ended
Leases - Narrative (Details)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)
Lessor, Lease, Description [Line Items]
Future minimum lease payments due, term (in years)			5 years
Excluding consolidated VIE
Lessor, Lease, Description [Line Items]
Rental revenue, number of revenue-generating properties \| property			1
Fixed	$ 500,000	$ 0	$ 1,200,000	$ 0
Variable	0	0	$ 0	0
Excluding consolidated VIE \| Minimum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, remaining lease term			1 year 4 months 24 days
Excluding consolidated VIE \| Maximum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, remaining lease term			3 years 7 months 6 days
VIE, primary beneficiary
Lessor, Lease, Description [Line Items]
Fixed	1,030,000	653,000	$ 3,014,000	2,389,000
Variable	$ 146,000	$ 129,000	$ 493,000	$ 379,000
VIE, primary beneficiary \| Multi-Family Residential Properties
Lessor, Lease, Description [Line Items]
Rental revenue, number of revenue-generating properties \| property			3
VIE, primary beneficiary \| Commercial Properties
Lessor, Lease, Description [Line Items]
Rental revenue, number of revenue-generating properties \| property			2
VIE, primary beneficiary \| Minimum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, remaining lease term			1 month 6 days
VIE, primary beneficiary \| Maximum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, remaining lease term			10 years 4 months 24 days

XML 62 R52.htm IDEA: XBRL DOCUMENT

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Excluding consolidated VIE
Lessor, Lease, Description [Line Items]
October 1, 2023 - December 31, 2023	$ 340
2024	1,359
2025	977
2026	679
2027	206
Thereafter	0
Total	3,561
VIE, primary beneficiary
Lessor, Lease, Description [Line Items]
October 1, 2023 - December 31, 2023	1,834
2024	2,843
2025	2,135
2026	2,010
2027	1,696
Thereafter	5,258
Total	$ 15,776

XML 63 R53.htm IDEA: XBRL DOCUMENT

Leases - Rental Revenue (Details) - VIE, primary beneficiary - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lessor, Lease, Description [Line Items]
Fixed	$ 1,030	$ 653	$ 3,014	$ 2,389
Variable	146	129	493	379
Total	$ 1,176	$ 782	$ 3,507	$ 2,768

XML 64 R54.htm IDEA: XBRL DOCUMENT

Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Excluding consolidated VIE
Schedule Of Other Liabilities [Line Items]
Below market leases, net	$ 238	$ 0
Tenant improvement allowance	100	0
Deposits	120	23
Other	77	41
Other liabilities	535	64
VIE, primary beneficiary
Schedule Of Other Liabilities [Line Items]
Below market leases, net	361	461
Deposits	777	710
Other	369	393
Advance key money, net	844	900
Sales tax payable	636	566
Other liabilities	$ 2,987	$ 3,030

XML 65 R55.htm IDEA: XBRL DOCUMENT

Supplemental Cash Flow Disclosures (Details) - USD ($)	9 Months Ended
Supplemental Cash Flow Disclosures (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Other Significant Noncash Transactions [Line Items]
Capitalized interest	$ 0	$ 0
Excluding consolidated VIE
Other Significant Noncash Transactions [Line Items]
Cash paid for interest, net of capitalized interest	3,479,000	978,000
Real estate investments moved from held for sale	0	1,703,000
Accounts receivable - related party eliminated in consolidation of VIEs	1,853,000	0
Extinguishment of operating lease right-of-use assets	1,059,000	0
Extinguishment of operating lease liabilities	1,340,000	0
Cost of real estate investments included in accounts payable	14,000	0
Issuance of common stock in connection with legal settlement	0	3,200,000
Issuance of common stock in lieu of cash payment for accounts payable	0	100,000
VIE, primary beneficiary
Other Significant Noncash Transactions [Line Items]
Cash paid for interest, net of capitalized interest	10,493,000	7,245,000
Capitalized interest	31,000	10,000
Cost of real estate investments included in accounts payable	738,000	76,000
Real estate investments moved to held for sale	0	21,282,000
Note receivable eliminated in consolidation	2,946,000	0
Cost of real estate investments included in due to related parties	185,000	181,000
Consolidation of VIEs
Real estate investments, net	86,402,000	0
Accounts receivable, net	4,348,000	0
Due from related parties	2,000	0
Operating lease - right of use assets	8,775,000	0
Prepaid and other assets	2,042,000	568,000
Notes payable, net	80,449,000	0
Notes payable - related parties	6,589,000	0
Accounts payable and accrued expenses	8,148,000	130,000
Due to related parties	28,000	0
Operating lease liabilities	12,441,000	0
Other liabilities	2,158,000	688,000
Noncontrolling interests	33,732,000	1,972,000
Deconsolidation of VIEs
Real estate investments, net	74,061,000	15,905,000
Accounts receivable, net	3,609,000	2,000
Operating lease - right of use assets	8,775,000	0
Prepaid and other assets	1,634,000	53,000
Due from related parties	2,000	0
Due to related parties	28,000	791,000
Notes payable, net	68,500,000	16,953,000
Notes payable - related parties	1,777,000	1,615,000
Accounts payable and accrued expenses	7,038,000	298,000
Operating lease liabilities	12,441,000	0
Other liabilities	1,928,000	4,000
Noncontrolling interests	$ 21,957,000	$ 2,882,000

XML 66 R56.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2018 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) shares
Caliber Tax Advantage Opportunity Fund LP
Other Commitments [Line Items]
Internal rate of return, threshold				0.06
Excluding consolidated VIE
Other Commitments [Line Items]
Buyback obligation		$ 0		$ 0		$ 12,391
VIE, primary beneficiary
Other Commitments [Line Items]
Total franchise fees		$ 800	$ 700	3,500	$ 2,800
Advance key money				$ 1,500
Franchise agreement, term				20 years
Buyback Program \| Excluding consolidated VIE
Other Commitments [Line Items]
Maximum amount of shares to be repurchased (in shares) \| shares	3,709,693
Shares acquired, cost per share (in dollars per share) \| $ / shares	$ 4.54
Buyback obligation	$ 13,600					$ 12,400
Number of remaining shares to be repurchased (in shares) \| shares						3,432,351
Buyback Program \| Class A \| Excluding consolidated VIE
Other Commitments [Line Items]
Shares repurchased (in shares) \| shares				41,615
Buyback Program \| Measurement Input, Discount Rate \| Excluding consolidated VIE
Other Commitments [Line Items]
Discount rate	0.1000

XML 67 R57.htm IDEA: XBRL DOCUMENT

Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net (loss) income attributable to CaliberCos Inc.	$ (3,409)	$ 4,400	$ (10,342)	$ 4,489
Convertible debt interest	15	(23)	16	67
Net (loss) income attributable to common shareholders of CaliberCos Inc.	$ (3,394)	$ 4,377	$ (10,326)	$ 4,556
Denominator:
Weighted average shares outstanding – basic (in shares)	21,238	18,229	19,688	18,033
Dilutive shares – options, net (in shares)	0	1,663	0	1,663
Dilutive shares – convertible debt, net (in shares)	0	182	0	182
Weighted average shares outstanding - diluted (in shares)	21,238	20,074	19,688	19,878
Basic net (loss) income per share attributable to common stockholders (in dollars per share)	$ (0.16)	$ 0.24	$ (0.53)	$ 0.25
Diluted net (loss) income per share attributable to common stockholders (in dollars per share)	$ (0.16)	$ 0.22	$ (0.53)	$ 0.23

XML 68 R58.htm IDEA: XBRL DOCUMENT

Net Income (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	2,304,000	0	2,308,000	0
Additional common shares, if stock options were exercised
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	2,129,000	0	2,133,000	0
Additional common shares, if convertible debt were converted
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	175,000	0	175,000	0

XML 69 R59.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instrument (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Excluding consolidated VIE
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 54,254	$ 14,653
Excluding consolidated VIE \| Real estate notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	16,300
Long-term debt, fair value	9,300
VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	147,779	134,256
Carrying Value \| Hampton Inn & Suites Hotel \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	5,990	6,136
Carrying Value \| Northsight Crossing AZ, LLC \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	14,027	14,319
Carrying Value \| Southpointe Fundco, LLC \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	1,050	1,050
Carrying Value \| Circle Lofts, LLC \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	4,833	4,889
Carrying Value \| Tucson East, LLC \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	11,952	0
Carrying Value \| West Frontier, LLC \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	4,518	0
Fair Value \| Hampton Inn & Suites Hotel \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	4,694	4,594
Fair Value \| Northsight Crossing AZ, LLC \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	9,960	9,302
Fair Value \| Southpointe Fundco, LLC \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	1,050	1,004
Fair Value \| Circle Lofts, LLC \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	1,757	1,915
Fair Value \| Tucson East, LLC \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	11,015	0
Fair Value \| West Frontier, LLC \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	$ 3,788	$ 0

XML 70 R60.htm IDEA: XBRL DOCUMENT

Derivative Instruments - Notional Amounts (Details) - VIE, primary beneficiary - Not Designated as Hedging Instrument $ in Thousands	Sep. 30, 2023 USD ($) derivative	Dec. 31, 2022 USD ($) derivative
Derivative [Line Items]
Notional Amount	$ 73,531	$ 18,856
Interest rate swap
Derivative [Line Items]
Number of Instruments \| derivative	1	1
Notional Amount	$ 18,531	$ 18,856
Interest rate cap
Derivative [Line Items]
Number of Instruments \| derivative	1	0
Notional Amount	$ 55,000	$ 0

XML 71 R61.htm IDEA: XBRL DOCUMENT

Derivative Instruments - Fair Values by Balance Sheet Location (Details) - VIE, primary beneficiary - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative assets	$ 1,845	$ 1,646
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative assets	1,845	1,646
Interest rate swap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative assets	1,776	1,646
Interest rate cap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative assets	$ 69	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10

+ Details

XML 72 R62.htm IDEA: XBRL DOCUMENT

Derivative Instruments - Gain (Loss) (Details) - VIE, primary beneficiary - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Gain (loss) on derivatives	$ 84	$ 0	$ 114	$ 0
Interest rate swap
Derivative [Line Items]
Gain (loss) on derivatives	148	0	130	0
Interest rate cap
Derivative [Line Items]
Gain (loss) on derivatives	$ (64)	$ 0	$ (16)	$ 0

XML 73 R63.htm IDEA: XBRL DOCUMENT

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2023 segment
Segment Reporting Information [Line Items]
Number of operating segments	3
Number of reportable segments	3
Development
Segment Reporting Information [Line Items]
Revenue, percent of expected costs	4.00%

XML 74 R64.htm IDEA: XBRL DOCUMENT

Segment Reporting - Schedule of Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Other revenue	$ 2,147			$ 1,543			$ 6,264	$ 4,871
Total revenues	17,025			19,506			66,992	62,489
Net (loss) income	(12,222)	$ (11,580)	$ 295	(667)	$ (1,959)	$ 21,676	(23,507)	19,050
Intercompany Eliminations & Equity in Income
Segment Reporting Information [Line Items]
Total revenues	(1,376)			(1,424)			(4,731)	(4,879)
Net (loss) income	(2,002)			(1,615)			(5,506)	(4,878)
Excluding consolidated VIE \| Real Estate Services
Segment Reporting Information [Line Items]
Total revenues	3,728			8,399			13,451	18,696
Net (loss) income	(3,366)			5,054			(9,840)	4,658
Excluding consolidated VIE \| Real Estate Services \| Fund Management
Segment Reporting Information [Line Items]
Total revenues	3,012			7,038			10,690	14,879
Net (loss) income	(3,395)			4,099			(10,292)	2,242
Excluding consolidated VIE \| Real Estate Services \| Development
Segment Reporting Information [Line Items]
Total revenues	516			1,182			2,128	2,596
Net (loss) income	44			817			614	1,576
Excluding consolidated VIE \| Real Estate Services \| Brokerage
Segment Reporting Information [Line Items]
Total revenues	200			179			633	1,221
Net (loss) income	(15)			138			(162)	840
VIE, primary beneficiary
Segment Reporting Information [Line Items]
Other revenue	2,147			1,543			6,264	4,871
VIE, primary beneficiary \| Non-controlling Interests - Consolidated Funds
Segment Reporting Information [Line Items]
Other revenue	2,147			1,543			6,264	4,871
Total revenues	14,673			12,531			58,272	48,672
Net (loss) income	(6,854)			(4,106)			(8,161)	19,270
Asset management fees
Segment Reporting Information [Line Items]
Revenue	1,273			982			3,784	3,048
Asset management fees \| Intercompany Eliminations & Equity in Income
Segment Reporting Information [Line Items]
Revenue	(1,155)			(945)			(3,309)	(3,047)
Asset management fees \| Excluding consolidated VIE \| Real Estate Services
Segment Reporting Information [Line Items]
Revenue	2,428			1,927			7,093	6,095
Asset management fees \| Excluding consolidated VIE \| Real Estate Services \| Fund Management
Segment Reporting Information [Line Items]
Revenue	2,428			1,927			7,093	6,095
Asset management fees \| Excluding consolidated VIE \| Real Estate Services \| Development
Segment Reporting Information [Line Items]
Revenue	0			0			0	0
Asset management fees \| Excluding consolidated VIE \| Real Estate Services \| Brokerage
Segment Reporting Information [Line Items]
Revenue	0			0			0	0
Performance allocations
Segment Reporting Information [Line Items]
Revenue	36			103			2,474	2,508
Performance allocations \| Intercompany Eliminations & Equity in Income
Segment Reporting Information [Line Items]
Revenue	12			0			0	0
Performance allocations \| Excluding consolidated VIE \| Real Estate Services
Segment Reporting Information [Line Items]
Revenue	24			103			2,474	2,508
Performance allocations \| Excluding consolidated VIE \| Real Estate Services \| Fund Management
Segment Reporting Information [Line Items]
Revenue	24			103			2,474	2,508
Performance allocations \| Excluding consolidated VIE \| Real Estate Services \| Development
Segment Reporting Information [Line Items]
Revenue	0			0			0	0
Performance allocations \| Excluding consolidated VIE \| Real Estate Services \| Brokerage
Segment Reporting Information [Line Items]
Revenue	0			0			0	0
Transaction and advisory fees
Segment Reporting Information [Line Items]
Revenue	1,043			5,890			2,462	8,261
Transaction and advisory fees \| Intercompany Eliminations & Equity in Income
Segment Reporting Information [Line Items]
Revenue	(233)			(479)			(1,422)	(1,832)
Transaction and advisory fees \| Excluding consolidated VIE \| Real Estate Services
Segment Reporting Information [Line Items]
Revenue	1,276			6,369			3,884	10,093
Transaction and advisory fees \| Excluding consolidated VIE \| Real Estate Services \| Fund Management
Segment Reporting Information [Line Items]
Revenue	560			5,008			1,123	6,276
Transaction and advisory fees \| Excluding consolidated VIE \| Real Estate Services \| Development
Segment Reporting Information [Line Items]
Revenue	516			1,182			2,128	2,596
Transaction and advisory fees \| Excluding consolidated VIE \| Real Estate Services \| Brokerage
Segment Reporting Information [Line Items]
Revenue	200			179			633	1,221
Hospitality revenue
Segment Reporting Information [Line Items]
Revenue	12,526			10,988			52,008	43,801
Hospitality revenue \| VIE, primary beneficiary \| Non-controlling Interests - Consolidated Funds
Segment Reporting Information [Line Items]
Revenue	$ 12,526			$ 10,988			$ 52,008	$ 43,801

XML 75 R65.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Oct. 13, 2023	Jan. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Loss on extinguishment of debt			$ 0	$ 1,421	$ 0	$ 1,421
VIE, primary beneficiary
Subsequent Event [Line Items]
Gain on disposal of property					(687)	0
Loss on extinguishment of debt					$ (2)	$ 3,131
VIE, primary beneficiary \| Northsight
Subsequent Event [Line Items]
Payments to acquire property		$ 21,100
VIE, primary beneficiary \| Northsight \| Subsequent Event
Subsequent Event [Line Items]
Property, disposal	$ 27,400
Proceeds from sale of property	12,200
Gain on disposal of property	5,000
Loss on extinguishment of debt	$ (200)

XML 76 cwd-20230930_htm.xml IDEA: XBRL DOCUMENT 0001627282 2023-01-01 2023-09-30 0001627282 us-gaap:CommonClassAMember 2023-11-07 0001627282 us-gaap:CommonClassBMember 2023-11-07 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-12-31 0001627282 2023-09-30 0001627282 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:NonrelatedPartyMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:NonrelatedPartyMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:NonrelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:NonrelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:CommonClassAMember 2023-09-30 0001627282 us-gaap:CommonClassAMember 2022-12-31 0001627282 us-gaap:CommonClassBMember 2023-09-30 0001627282 us-gaap:CommonClassBMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:AssetManagement1Member 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:AssetManagement1Member 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:AssetManagement1Member 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:AssetManagement1Member 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:InvestmentPerformanceMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:InvestmentPerformanceMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:InvestmentPerformanceMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:InvestmentPerformanceMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember 2022-01-01 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:HotelMember 2023-07-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:HotelMember 2022-07-01 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:HotelMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:HotelMember 2022-01-01 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2023-07-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-07-01 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-01-01 2022-09-30 0001627282 2023-07-01 2023-09-30 0001627282 2022-07-01 2022-09-30 0001627282 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2022-01-01 2022-09-30 0001627282 us-gaap:PreferredStockMember 2022-12-31 0001627282 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2022-12-31 0001627282 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2022-12-31 0001627282 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001627282 us-gaap:TreasuryStockCommonMember 2022-12-31 0001627282 us-gaap:RetainedEarningsMember 2022-12-31 0001627282 us-gaap:NoncontrollingInterestMember 2022-12-31 0001627282 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-01-01 2023-03-31 0001627282 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-03-31 0001627282 2023-01-01 2023-03-31 0001627282 us-gaap:NoncontrollingInterestMember 2023-01-01 2023-03-31 0001627282 us-gaap:TreasuryStockCommonMember 2023-01-01 2023-03-31 0001627282 us-gaap:RetainedEarningsMember 2023-01-01 2023-03-31 0001627282 us-gaap:PreferredStockMember 2023-03-31 0001627282 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-03-31 0001627282 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-03-31 0001627282 us-gaap:AdditionalPaidInCapitalMember 2023-03-31 0001627282 us-gaap:TreasuryStockCommonMember 2023-03-31 0001627282 us-gaap:RetainedEarningsMember 2023-03-31 0001627282 us-gaap:NoncontrollingInterestMember 2023-03-31 0001627282 2023-03-31 0001627282 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-04-01 2023-06-30 0001627282 us-gaap:AdditionalPaidInCapitalMember 2023-04-01 2023-06-30 0001627282 2023-04-01 2023-06-30 0001627282 us-gaap:PreferredStockMember 2023-04-01 2023-06-30 0001627282 us-gaap:NoncontrollingInterestMember 2023-04-01 2023-06-30 0001627282 us-gaap:TreasuryStockCommonMember 2023-04-01 2023-06-30 0001627282 us-gaap:RetainedEarningsMember 2023-04-01 2023-06-30 0001627282 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-06-30 0001627282 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-06-30 0001627282 us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0001627282 us-gaap:TreasuryStockCommonMember 2023-06-30 0001627282 us-gaap:RetainedEarningsMember 2023-06-30 0001627282 us-gaap:NoncontrollingInterestMember 2023-06-30 0001627282 2023-06-30 0001627282 us-gaap:AdditionalPaidInCapitalMember 2023-07-01 2023-09-30 0001627282 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-07-01 2023-09-30 0001627282 us-gaap:NoncontrollingInterestMember 2023-07-01 2023-09-30 0001627282 us-gaap:RetainedEarningsMember 2023-07-01 2023-09-30 0001627282 us-gaap:PreferredStockMember 2023-09-30 0001627282 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-09-30 0001627282 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-09-30 0001627282 us-gaap:AdditionalPaidInCapitalMember 2023-09-30 0001627282 us-gaap:TreasuryStockCommonMember 2023-09-30 0001627282 us-gaap:RetainedEarningsMember 2023-09-30 0001627282 us-gaap:NoncontrollingInterestMember 2023-09-30 0001627282 us-gaap:PreferredStockMember 2021-12-31 0001627282 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2021-12-31 0001627282 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2021-12-31 0001627282 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001627282 us-gaap:TreasuryStockCommonMember 2021-12-31 0001627282 us-gaap:RetainedEarningsMember 2021-12-31 0001627282 us-gaap:NoncontrollingInterestMember 2021-12-31 0001627282 2021-12-31 0001627282 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2022-01-01 2022-03-31 0001627282 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-03-31 0001627282 2022-01-01 2022-03-31 0001627282 us-gaap:NoncontrollingInterestMember 2022-01-01 2022-03-31 0001627282 us-gaap:RetainedEarningsMember 2022-01-01 2022-03-31 0001627282 us-gaap:PreferredStockMember 2022-03-31 0001627282 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2022-03-31 0001627282 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2022-03-31 0001627282 us-gaap:AdditionalPaidInCapitalMember 2022-03-31 0001627282 us-gaap:TreasuryStockCommonMember 2022-03-31 0001627282 us-gaap:RetainedEarningsMember 2022-03-31 0001627282 us-gaap:NoncontrollingInterestMember 2022-03-31 0001627282 2022-03-31 0001627282 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2022-04-01 2022-06-30 0001627282 us-gaap:AdditionalPaidInCapitalMember 2022-04-01 2022-06-30 0001627282 2022-04-01 2022-06-30 0001627282 us-gaap:NoncontrollingInterestMember 2022-04-01 2022-06-30 0001627282 us-gaap:RetainedEarningsMember 2022-04-01 2022-06-30 0001627282 us-gaap:PreferredStockMember 2022-06-30 0001627282 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2022-06-30 0001627282 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2022-06-30 0001627282 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0001627282 us-gaap:TreasuryStockCommonMember 2022-06-30 0001627282 us-gaap:RetainedEarningsMember 2022-06-30 0001627282 us-gaap:NoncontrollingInterestMember 2022-06-30 0001627282 2022-06-30 0001627282 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2022-07-01 2022-09-30 0001627282 us-gaap:AdditionalPaidInCapitalMember 2022-07-01 2022-09-30 0001627282 us-gaap:NoncontrollingInterestMember 2022-07-01 2022-09-30 0001627282 us-gaap:RetainedEarningsMember 2022-07-01 2022-09-30 0001627282 us-gaap:PreferredStockMember 2022-09-30 0001627282 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2022-09-30 0001627282 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2022-09-30 0001627282 us-gaap:AdditionalPaidInCapitalMember 2022-09-30 0001627282 us-gaap:TreasuryStockCommonMember 2022-09-30 0001627282 us-gaap:RetainedEarningsMember 2022-09-30 0001627282 us-gaap:NoncontrollingInterestMember 2022-09-30 0001627282 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:NonrelatedPartyMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:NonrelatedPartyMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:RelatedPartyMember 2022-01-01 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:RelatedPartyMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:InvestmentPerformanceMember srt:MinimumMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:InvestmentPerformanceMember srt:MaximumMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:MinimumMember cwd:FurnitureAndEquipmentMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:MaximumMember cwd:FurnitureAndEquipmentMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:AssetManagement1Member srt:MinimumMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:AssetManagement1Member srt:MaximumMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:AssetManagement1Member us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:InvestmentPerformanceMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:MinimumMember us-gaap:BuildingAndBuildingImprovementsMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:MaximumMember us-gaap:BuildingAndBuildingImprovementsMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:MinimumMember cwd:FurnitureFixturesAndEquipmentMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:MaximumMember cwd:FurnitureFixturesAndEquipmentMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2023-01-17 2023-01-17 0001627282 cwd:CaliberHospitalityLPMember 2023-01-01 2023-09-30 0001627282 cwd:CaliberHospitalityTrustMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CaliberHospitalityTrustAndWestFrontierMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CaliberHospitalityTrustAndWestFrontierMember us-gaap:NonrelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CaliberHospitalityTrustAndWestFrontierMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NorthsightAndSouthpointeMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NorthsightAndSouthpointeMember us-gaap:NonrelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NorthsightAndSouthpointeMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:HeadquartersOfficeBuildingAcquisitionMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:HeadquartersOfficeBuildingAcquisitionMember us-gaap:LandAndLandImprovementsMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:HeadquartersOfficeBuildingAcquisitionMember us-gaap:BuildingAndBuildingImprovementsMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:HeadquartersOfficeBuildingAcquisitionMember cwd:FurnitureFixturesAndEquipmentMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:MultiFamilyResidentialPropertyAcquisitionMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:MultiFamilyResidentialPropertyAcquisitionMember us-gaap:LandAndLandImprovementsMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:MultiFamilyResidentialPropertyAcquisitionMember us-gaap:BuildingAndBuildingImprovementsMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:AssetManagement1Member us-gaap:RelatedPartyMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:AssetManagement1Member us-gaap:RelatedPartyMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:AssetManagement1Member us-gaap:RelatedPartyMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:InvestmentPerformanceMember us-gaap:RelatedPartyMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:InvestmentPerformanceMember us-gaap:RelatedPartyMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:InvestmentPerformanceMember us-gaap:RelatedPartyMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember cwd:FundFormationFeesLoanPlacementAndGuaranteeFeesMember us-gaap:RelatedPartyMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember cwd:FundFormationFeesLoanPlacementAndGuaranteeFeesMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember cwd:FundFormationFeesLoanPlacementAndGuaranteeFeesMember us-gaap:RelatedPartyMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember cwd:FundFormationFeesLoanPlacementAndGuaranteeFeesMember us-gaap:RelatedPartyMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:FundManagementServicesMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:FundManagementServicesMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember cwd:DevelopmentRelatedManagementServicesMember us-gaap:RelatedPartyMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember cwd:DevelopmentRelatedManagementServicesMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember cwd:DevelopmentRelatedManagementServicesMember us-gaap:RelatedPartyMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember cwd:DevelopmentRelatedManagementServicesMember us-gaap:RelatedPartyMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:DevelopmentRelatedManagementServicesMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:DevelopmentRelatedManagementServicesMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember cwd:RealEstateBrokerageServicesMember us-gaap:RelatedPartyMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember cwd:RealEstateBrokerageServicesMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember cwd:RealEstateBrokerageServicesMember us-gaap:RelatedPartyMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:TransactionAndAdvisoryFeesMember cwd:RealEstateBrokerageServicesMember us-gaap:RelatedPartyMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:RealEstateBrokerageServicesMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:RealEstateBrokerageServicesMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:OlatheBehavioralHealthMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:OlatheBehavioralHealthMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:OlatheBehavioralHealthMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:DFWBehavioralHealthLLCMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:DFWBehavioralHealthLLCMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:DFWBehavioralHealthLLCMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:RelatedPartyMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:CaliberNoteDueMay2024Member us-gaap:RelatedPartyMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:CaliberNoteDueMay2024Member us-gaap:RelatedPartyMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:CaliberNoteFundIIDueJanuary2024Member us-gaap:RelatedPartyMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:CaliberNoteFundIIDueJanuary2024Member us-gaap:RelatedPartyMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:CaliberNoteFundIIDueJanuary2024Member us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:RelatedPartyMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:OtherRelatedPartyTransactionsMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:OtherRelatedPartyTransactionsMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:SFAlaskaLPMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:SFAlaskaLPMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:SFAlaskaLPMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:TheKetchLLCMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:TheKetchLLCMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:TheKetchLLCMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CaliberHospitalityLPTucsonEastMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CaliberHospitalityLPTucsonEastMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CaliberHospitalityLPTucsonEastMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:J25DevelopmentGroupLLCMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:J25DevelopmentGroupLLCMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:J25DevelopmentGroupLLCMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CaliberDiversifiedOpportunityFundIILPMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CaliberDiversifiedOpportunityFundIILPMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CaliberDiversifiedOpportunityFundIILPMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:EncoreLLCMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:EncoreLLCMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:EncoreLLCMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:RidgeIILLCMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:RidgeIILLCMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:RidgeIILLCMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:SouthridgeLLCMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:SouthridgeLLCMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:SouthridgeLLCMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:IronwoodLLCMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:IronwoodLLCMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:IronwoodLLCMember us-gaap:RelatedPartyMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:RelatedPartyMember 2023-07-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:RelatedPartyMember 2022-07-01 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:RooseveltNoteDueMay2023Member us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:RooseveltNoteDueMay2023Member us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CDIFNoteDueMay2024Member us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CDIFNoteDueMay2024Member us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CaliberNoteDueJune2025Member us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CaliberNoteDueJune2025Member us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CaliberNoteFundIDueJanuary2024Member us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CaliberNoteFundIDueJanuary2024Member us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CaliberNoteFundIIDueJanuary2024Member us-gaap:RelatedPartyMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CaliberNoteFundIIDueJanuary2024Member us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:OtherRelatedPartyTransactionsMember us-gaap:RelatedPartyMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:OtherRelatedPartyTransactionsMember us-gaap:RelatedPartyMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:LoansPayableMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:LoansPayableMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:MinimumMember us-gaap:LoansPayableMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:MaximumMember us-gaap:LoansPayableMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:ConvertibleDebtMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:ConvertibleDebtMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:SecuredDebtMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:SecuredDebtMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:CorporateNotesAndConvertibleCorporateNotesMember us-gaap:LoansPayableMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:MinimumMember cwd:CorporateNotesAndConvertibleCorporateNotesMember us-gaap:LoansPayableMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:MaximumMember cwd:CorporateNotesAndConvertibleCorporateNotesMember us-gaap:LoansPayableMember 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:CorporateNotesAndConvertibleCorporateNotesMember us-gaap:LoansPayableMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:MinimumMember cwd:CorporateNotesAndConvertibleCorporateNotesMember us-gaap:LoansPayableMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:MaximumMember cwd:CorporateNotesAndConvertibleCorporateNotesMember us-gaap:LoansPayableMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableHamptonInnSuitesHotelMember us-gaap:SecuredDebtMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableHamptonInnSuitesHotelMember us-gaap:SecuredDebtMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableFourPointsBySheratonHotelMember us-gaap:SecuredDebtMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableFourPointsBySheratonHotelMember us-gaap:SecuredDebtMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableHolidayInnOcotilloHotelMember us-gaap:SecuredDebtMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableHolidayInnOcotilloHotelMember us-gaap:SecuredDebtMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableAirportHotelPortfolioMember us-gaap:SecuredDebtMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableAirportHotelPortfolioMember us-gaap:SecuredDebtMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableDoubleTreeByHiltonTucsonConventionCenterMember us-gaap:SecuredDebtMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableDoubleTreeByHiltonTucsonConventionCenterMember us-gaap:SecuredDebtMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableHiltonTucsonEastMember us-gaap:SecuredDebtMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableHiltonTucsonEastMember us-gaap:SecuredDebtMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableDTMesaHoldcoIILLCMember us-gaap:SecuredDebtMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableDTMesaHoldcoIILLCMember us-gaap:SecuredDebtMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableCircleLoftsLLCMember us-gaap:SecuredDebtMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableCircleLoftsLLCMember us-gaap:SecuredDebtMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableNorthsightCrossingAZLLCMember us-gaap:SecuredDebtMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableNorthsightCrossingAZLLCMember us-gaap:SecuredDebtMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableSouthpointeFundcoLLCMember us-gaap:SecuredDebtMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableSouthpointeFundcoLLCMember us-gaap:SecuredDebtMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableWestFrontierHoldcoLLCMember us-gaap:SecuredDebtMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableWestFrontierHoldcoLLCMember us-gaap:SecuredDebtMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:SecuredDebtMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:SecuredDebtMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:LineOfCreditMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:LineOfCreditMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:UnsecuredDebtMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:UnsecuredDebtMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:EconomicInjuryDisasterLoansMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:EconomicInjuryDisasterLoansMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:MinimumMember cwd:EconomicInjuryDisasterLoansMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:MaximumMember cwd:EconomicInjuryDisasterLoansMember 2023-09-30 0001627282 cwd:NotesPayableHamptonInnSuitesHotelMember us-gaap:SecuredDebtMember 2015-07-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableFourPointsBySheratonHotelMember us-gaap:SecuredDebtMember us-gaap:PrimeRateMember 2018-06-01 2018-06-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableFourPointsBySheratonHotelMember us-gaap:SecuredDebtMember us-gaap:PrimeRateMember 2018-06-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableFourPointsBySheratonHotelMember us-gaap:SecuredDebtMember 2023-08-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableHolidayInnOcotilloHotelMember us-gaap:SecuredDebtMember cwd:OneMonthLIBORMember 2018-07-01 2018-07-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableHolidayInnOcotilloHotelMember us-gaap:SecuredDebtMember 2018-07-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableHolidayInnOcotilloHotelMember us-gaap:SecuredDebtMember cwd:SecuredOvernightFinancingRateSOFRMember 2023-05-01 2023-05-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableHolidayInnOcotilloHotelMember us-gaap:SecuredDebtMember 2023-05-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableAirportHotelPortfolioMember us-gaap:SecuredDebtMember cwd:OneMonthLIBORMember 2018-09-01 2018-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableAirportHotelPortfolioMember us-gaap:SecuredDebtMember cwd:SecuredOvernightFinancingRateSOFRMember 2023-01-01 2023-01-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:MaximumMember cwd:NotesPayableAirportHotelPortfolioMember us-gaap:SecuredDebtMember cwd:SecuredOvernightFinancingRateSOFRMember 2023-01-01 2023-01-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableAirportHotelPortfolioMember us-gaap:SecuredDebtMember 2023-01-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableDoubleTreeByHiltonTucsonConventionCenterMember us-gaap:SecuredDebtMember cwd:OneMonthLIBORMember 2019-08-01 2019-08-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableDoubleTreeByHiltonTucsonConventionCenterMember us-gaap:InterestRateSwapMember us-gaap:SecuredDebtMember 2019-08-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableHiltonTucsonEastMember us-gaap:SecuredDebtMember 2021-11-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableDTMesaHoldcoIILLCMember us-gaap:SecuredDebtMember cwd:FederalHomeLoanBankRateMember 2022-12-01 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableCircleLoftsLLCMember us-gaap:SecuredDebtMember 2020-07-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableCircleLoftsLLCMember us-gaap:SecuredDebtMember 2023-08-01 2023-08-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableCircleLoftsLLCMember us-gaap:SecuredDebtMember cwd:SixMonthLIBORMember 2020-07-01 2020-07-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableCircleLoftsLLCMember us-gaap:SecuredDebtMember us-gaap:SubsequentEventMember 2023-10-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableNorthsightCrossingAZLLCMember us-gaap:SecuredDebtMember 2022-01-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableNorthsightCrossingAZLLCMember us-gaap:SecuredDebtMember 2022-01-01 2022-01-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableNorthsightCrossingAZLLCMember us-gaap:SecuredDebtMember us-gaap:PrimeRateMember 2022-01-01 2022-01-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableSouthpointeFundcoLLCMember us-gaap:SecuredDebtMember 2022-06-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableWestFrontierHoldcoLLCMember us-gaap:SecuredDebtMember 2023-03-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableWestFrontierHoldcoLLCMember us-gaap:SecuredDebtMember cwd:FiveYearTreasuryConstantFederalReserveIndexMember 2023-03-01 2023-03-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2019-08-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember cwd:WallStreetJournalPrimeRateMember 2019-08-01 2019-08-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2019-08-01 2019-08-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:EconomicInjuryDisasterLoansMember 2020-06-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:EconomicInjuryDisasterLoansMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:EconomicInjuryDisasterLoansMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:MinimumMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember srt:MaximumMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:MultiFamilyResidentialPropertiesMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:CommercialPropertiesMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:MinimumMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:MaximumMember 2023-01-01 2023-09-30 0001627282 cwd:CaliberTaxAdvantageOpportunityFundLPMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:BuybackProgramMember 2018-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:BuybackProgramMember 2018-09-01 2018-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:MeasurementInputDiscountRateMember cwd:BuybackProgramMember 2018-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:BuybackProgramMember 2022-12-31 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember cwd:BuybackProgramMember us-gaap:CommonClassAMember 2023-01-01 2023-09-30 0001627282 us-gaap:EmployeeStockOptionMember 2023-07-01 2023-09-30 0001627282 us-gaap:EmployeeStockOptionMember 2022-07-01 2022-09-30 0001627282 us-gaap:EmployeeStockOptionMember 2023-01-01 2023-09-30 0001627282 us-gaap:EmployeeStockOptionMember 2022-01-01 2022-09-30 0001627282 us-gaap:ConvertibleDebtSecuritiesMember 2023-07-01 2023-09-30 0001627282 us-gaap:ConvertibleDebtSecuritiesMember 2022-07-01 2022-09-30 0001627282 us-gaap:ConvertibleDebtSecuritiesMember 2023-01-01 2023-09-30 0001627282 us-gaap:ConvertibleDebtSecuritiesMember 2022-01-01 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableHamptonInnSuitesHotelMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableHamptonInnSuitesHotelMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableHamptonInnSuitesHotelMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableHamptonInnSuitesHotelMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableNorthsightCrossingAZLLCMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableNorthsightCrossingAZLLCMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableNorthsightCrossingAZLLCMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableNorthsightCrossingAZLLCMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableSouthpointeFundcoLLCMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableSouthpointeFundcoLLCMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableSouthpointeFundcoLLCMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableSouthpointeFundcoLLCMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableCircleLoftsLLCMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableCircleLoftsLLCMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableCircleLoftsLLCMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableCircleLoftsLLCMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableTucsonEastLLCMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableTucsonEastLLCMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableTucsonEastLLCMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableTucsonEastLLCMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableWestFrontierLLCMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableWestFrontierLLCMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableWestFrontierLLCMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NotesPayableWestFrontierLLCMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:InterestRateCapMember us-gaap:NondesignatedMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:InterestRateCapMember us-gaap:NondesignatedMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:NondesignatedMember 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:NondesignatedMember 2022-12-31 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:InterestRateSwapMember 2023-07-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:InterestRateSwapMember 2022-07-01 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:InterestRateSwapMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:InterestRateSwapMember 2022-01-01 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:InterestRateCapMember 2023-07-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:InterestRateCapMember 2022-07-01 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:InterestRateCapMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:InterestRateCapMember 2022-01-01 2022-09-30 0001627282 cwd:DevelopmentSegmentMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member cwd:FundManagementSegmentMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member cwd:DevelopmentSegmentMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member cwd:BrokerageSegmentMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member 2023-07-01 2023-09-30 0001627282 srt:ConsolidationEliminationsMember us-gaap:AssetManagement1Member 2023-07-01 2023-09-30 0001627282 us-gaap:AssetManagement1Member 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember cwd:FundManagementSegmentMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember cwd:DevelopmentSegmentMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember cwd:BrokerageSegmentMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidationEliminationsMember us-gaap:InvestmentPerformanceMember 2023-07-01 2023-09-30 0001627282 us-gaap:InvestmentPerformanceMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember cwd:FundManagementSegmentMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember cwd:DevelopmentSegmentMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember cwd:BrokerageSegmentMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidationEliminationsMember cwd:TransactionAndAdvisoryFeesMember 2023-07-01 2023-09-30 0001627282 cwd:TransactionAndAdvisoryFeesMember 2023-07-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CorporateNonSegmentMember srt:HotelMember 2023-07-01 2023-09-30 0001627282 srt:HotelMember 2023-07-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CorporateNonSegmentMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:FundManagementSegmentMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:DevelopmentSegmentMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:BrokerageSegmentMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidationEliminationsMember 2023-07-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member cwd:FundManagementSegmentMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member cwd:DevelopmentSegmentMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member cwd:BrokerageSegmentMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member 2023-01-01 2023-09-30 0001627282 srt:ConsolidationEliminationsMember us-gaap:AssetManagement1Member 2023-01-01 2023-09-30 0001627282 us-gaap:AssetManagement1Member 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember cwd:FundManagementSegmentMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember cwd:DevelopmentSegmentMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember cwd:BrokerageSegmentMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidationEliminationsMember us-gaap:InvestmentPerformanceMember 2023-01-01 2023-09-30 0001627282 us-gaap:InvestmentPerformanceMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember cwd:FundManagementSegmentMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember cwd:DevelopmentSegmentMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember cwd:BrokerageSegmentMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidationEliminationsMember cwd:TransactionAndAdvisoryFeesMember 2023-01-01 2023-09-30 0001627282 cwd:TransactionAndAdvisoryFeesMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CorporateNonSegmentMember srt:HotelMember 2023-01-01 2023-09-30 0001627282 srt:HotelMember 2023-01-01 2023-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CorporateNonSegmentMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:FundManagementSegmentMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:DevelopmentSegmentMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:BrokerageSegmentMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidationEliminationsMember 2023-01-01 2023-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member cwd:FundManagementSegmentMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member cwd:DevelopmentSegmentMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member cwd:BrokerageSegmentMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member 2022-07-01 2022-09-30 0001627282 srt:ConsolidationEliminationsMember us-gaap:AssetManagement1Member 2022-07-01 2022-09-30 0001627282 us-gaap:AssetManagement1Member 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember cwd:FundManagementSegmentMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember cwd:DevelopmentSegmentMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember cwd:BrokerageSegmentMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidationEliminationsMember us-gaap:InvestmentPerformanceMember 2022-07-01 2022-09-30 0001627282 us-gaap:InvestmentPerformanceMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember cwd:FundManagementSegmentMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember cwd:DevelopmentSegmentMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember cwd:BrokerageSegmentMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidationEliminationsMember cwd:TransactionAndAdvisoryFeesMember 2022-07-01 2022-09-30 0001627282 cwd:TransactionAndAdvisoryFeesMember 2022-07-01 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CorporateNonSegmentMember srt:HotelMember 2022-07-01 2022-09-30 0001627282 srt:HotelMember 2022-07-01 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CorporateNonSegmentMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:FundManagementSegmentMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:DevelopmentSegmentMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:BrokerageSegmentMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidationEliminationsMember 2022-07-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member cwd:FundManagementSegmentMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member cwd:DevelopmentSegmentMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member cwd:BrokerageSegmentMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:AssetManagement1Member 2022-01-01 2022-09-30 0001627282 srt:ConsolidationEliminationsMember us-gaap:AssetManagement1Member 2022-01-01 2022-09-30 0001627282 us-gaap:AssetManagement1Member 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember cwd:FundManagementSegmentMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember cwd:DevelopmentSegmentMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember cwd:BrokerageSegmentMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember us-gaap:InvestmentPerformanceMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidationEliminationsMember us-gaap:InvestmentPerformanceMember 2022-01-01 2022-09-30 0001627282 us-gaap:InvestmentPerformanceMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember cwd:FundManagementSegmentMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember cwd:DevelopmentSegmentMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember cwd:BrokerageSegmentMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:TransactionAndAdvisoryFeesMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidationEliminationsMember cwd:TransactionAndAdvisoryFeesMember 2022-01-01 2022-09-30 0001627282 cwd:TransactionAndAdvisoryFeesMember 2022-01-01 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CorporateNonSegmentMember srt:HotelMember 2022-01-01 2022-09-30 0001627282 srt:HotelMember 2022-01-01 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CorporateNonSegmentMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:FundManagementSegmentMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:DevelopmentSegmentMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember cwd:BrokerageSegmentMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember us-gaap:OperatingSegmentsMember 2022-01-01 2022-09-30 0001627282 srt:ConsolidationEliminationsMember 2022-01-01 2022-09-30 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:SubsequentEventMember cwd:NorthsightCrossingAZLLCMember 2023-10-13 2023-10-13 0001627282 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember cwd:NorthsightCrossingAZLLCMember 2022-01-01 2022-01-31 shares iso4217:USD iso4217:USD shares cwd:segment cwd:loan pure cwd:entity cwd:fund cwd:acquisition cwd:property cwd:note cwd:extension cwd:derivative 0001627282 --12-31 2023 Q3 false

P3Y

0.5945

10-Q true 2023-09-30 false 001-41703 CALIBERCOS INC. DE 47-2426901 8901 E. Mountain View Rd. Ste. 150 Scottsdale AZ 85258 480 295-7600 Class A common stock, $0.001 par value per share CWD NASDAQ Yes Yes Non-accelerated Filer true true false false 13863129 7416414

995000

1921000

2479000

23000

21383000

2065000

6498000

9646000

3290000

3156000

204000

1411000

2629000

5861000

4536000

5736000

10407000

8254000

219140000

196177000

2434000

2228000

31184000

28229000

27000

15000

8785000

8769000

10739000

5343000

324730000

278834000

54254000

14653000

365000

6852000

6374000

0 12391000

87000

171000

125000

1587000

535000

64000

147779000

134256000

12799000

6973000

11949000

9252000

210000

68000

12397000

12461000

2987000

3030000

249974000

201645000

0.001

12500000

1651302

0.001

100000000

13848800

10790787

14000

11000

0.001

15000000

7416414

7000

38723000

33108000

277342

3432351

13626000

-34469000

-22709000

4275000

-3209000

70481000

80398000

74756000

77189000

324730000

278834000

1273000

982000

3784000

3048000

36000

103000

2474000

2508000

1043000

5890000

2462000

8261000

12526000

10988000

52008000

43801000

2147000

1543000

6264000

4871000

17025000

19506000

66992000

62489000

4881000

3203000

16205000

8421000

1672000

1252000

4914000

5389000

210000

288000

888000

1293000

140000

7000

409000

23000

18644000

14960000

59676000

44786000

2883000

1677000

6757000

6146000

28430000

21387000

88849000

66058000

21530000

414000

25000

1479000

241000

1421000

85000

109000

279000

112000

1316000

341000

3408000

685000

-12222000

-667000

-23507000

19050000

-12222000

-667000

-23507000

19050000

-8813000

-5067000

-13165000

14561000

-3409000

4400000

-10342000

4489000

-0.16

0.24

-0.53

0.25

-0.16

0.22

-0.53

0.23

21238000

18229000

19688000

18033000

21238000

20074000

19688000

19878000

1651000

10791000

11000

7416000

7000

33108000

-13626000

-22709000

80398000

77189000

42000

702000

7629000 7629000

295000

1752000

20805000 20805000 9539000 9539000

-1418000

1418000

-1207000

1502000

295000

1651000

10749000

11000

7416000

7000

33810000

-12208000

-25334000

76216000

72502000

1200000

1000

3247000

3248000

-1651000

1651000

2000

221000

1922000

6787000 6787000

995000

1482000

12208000 12208000

-5726000

-5854000

-11580000

13821000

14000

7416000

7000

38979000

-31060000

74672000

82612000

649000

27000

393000

6870000 6870000

480000

1768000

-3409000

-8813000

-12222000

13848000

14000

7416000

7000

38723000

-34469000

70481000

74756000

1650000

10523000

10000

7416000

7000

29249000

-13626000

-24729000

58782000

49693000

10000

62000

64000

5926000 5926000

200000

870000

4029000 4029000

16781000

549000

21127000

21676000

1650000

10533000

10000

7416000

7000

29375000

-13626000

-24180000

72013000

63599000

494000

1000

3249000

3250000

137000

10637000 10637000

1410000

1122000

165000 165000

-460000

-1499000

-1959000

1650000

11027000

11000

7416000

7000

32761000

-13626000

-24640000

78454000

72967000

1000

258000

3845000 3845000

275000

1176000

2652000 2652000

4400000

-5067000

-667000

1650000

11028000

11000

7416000

7000

33019000

-13626000

-20240000

78433000

77604000

-23507000

19050000

392000

23000

-285000 0 2382000 0

3017000

459000

27000

1421000

9000

178000

25000

-1364000

3029000

-3307000 2099000

464000

-695000

-84000

-703000

248000

-514000

7926000

6809000

-80000 0

21547000

-2000

3131000

114000

-687000

144000

-56000 -56000

-333000

-61000

1147000 583000

-533000

381000

12000

-194000

4939000 -42000

849000

783000

327000

382000

184000

1370000

-11142000

-3816000

224000

228000

19472000

144000

134000

877000

980000

930000

12927000 1393000 12418000 17246000

12040000

32676000

6643000

30705000

11986000

6485000

6085000

1393000

-43955000

-23877000

253000

43010000

9015000

3181000

981000

4000000

4365000

490000

2599000

12000

183000

236000

2522000

355000

61681000

27085000

58734000

26012000

5647000

15243000

4633000

9257000

21286000

20408000

1770000

1885000

5002000

2977000

57580000

29570000

2483000

1877000

15934000

16532000

18417000

18409000

7657000

8378000

8277000

8154000

15934000

16532000

5531000

10978000

12886000

7431000

18417000

18409000

Organization and Liquidity<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Organization</span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CaliberCos Inc., a Delaware corporation, and its consolidated subsidiaries (collectively, the “Company”, “Caliber”, “we”, “our”, and “us”), is an alternative asset manager of private syndication and direct</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> investment real estate funds and provider of a full suite of traditional real estate services. The Company was formed in November 2014, and originally began as Caliber Companies, LLC, an Arizona limited liability company, which commenced operations in January 2009. We also provide various support services to the investments we manage including fund formation services, lending support, construction and development management, and real estate brokerage. Our business is organized into three reportable segments: Fund Management, Development, and Brokerage. As of September 30, 2023, we had operations in Alaska, Arizona, Colorado, and Texas.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In general, our private equity real estate funds are organized as operating partnerships, in which multiple unrelated passive investors own partnership interests. In addition, we are designated as the manager and/or general partner of the partnership. Depending on the legal structure and arrangements between us and the funds, we may or may not consolidate the partnerships for financial reporting purposes. For funds in which we are determined to be the controlling party or primary beneficiary for financial reporting purposes, the fund is consolidated, and the passive investors’ ownership is presented as noncontrolling interest in the accompanying condensed consolidated financial statements. For funds in which we are not determined to be the controlling party for financial reporting purposes, the fund is not consolidated, and any fees earned from the fund are included in fund management revenue in the accompanying condensed consolidated financial statements. See Note 2 – Summary of Significant Accounting Policies for more detail.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity</span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company, through guarantees of loans held by its consolidated funds, has five separate loans outstanding with maturity dates within the 12-month period subsequent to when these financial statements were issued with outside lenders totaling $28.8 million at September 30, 2023. Management is actively managing the potential amendments to the applicable loan agreements to include additional extension options, pay off or refinancing of these facilities. Management believes that we will be able to enter into new financing arrangements with third-party lenders. The Company has an aggregate of $38.1 million of individual corporate notes outstanding with maturity dates within the 12-month period subsequent to when these financial statements were issued. The loans generally have a 12-month term and may be extended upon the mutual agreement of the lender and the borrower. Management believes it can come to a mutual agreement with each lender to extend the maturities of the notes for an additional 12-month term. See Note 6 – Notes Payable for additional details.</span></div>

28800000

38100000

Summary of Significant Accounting Policies<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accounting Policies of the Company</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Basis of Presentation and Consolidation</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The accompanying condensed consolidated financial statements include our accounts, our consolidated subsidiaries, and legal entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The equity and net income or loss attributable to noncontrolling interests in subsidiaries is shown separately in the accompanying condensed consolidated balance sheets, statements of operations, and statements of changes in stockholders’ equity. All intercompany balances and transactions have been eliminated in consolidation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Variable Interest Entities</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We determine if an entity is a variable interest entities (“VIE”) based on several factors, including whether the equity holders, as a group, lack the characteristics of a controlling financial interest. We analyze any investments in VIEs to determine if we are the primary beneficiary. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in a VIE.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative analysis focused on identifying which reporting entity has both (i) the power to direct the activities of the entity that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment. We consolidate any VIEs for which we are the primary beneficiary and we disclose our maximum exposure to loss related to the consolidated VIEs. See Note 3 – VIEs for more detail.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Voting Interest Entities</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities (“VOEs”). For VOEs, we consolidate an entity if we have a controlling financial interest. We have a controlling financial interest in a VOE if (i) for legal entities other than partnerships, we own a majority voting interest in the entity or, for limited partnerships and similar entities, we own a majority of the entity’s kick-out rights through voting limited partnership interests and (ii) non-controlling shareholders or partners do not hold substantive participating rights, and no other conditions exist that would indicate that we do not control the entity.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Interim Unaudited Financial Data</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our condensed consolidated financial statements reflect all adjustments, which are, in our opinion, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Interim results of operations are not necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements, including notes, are unaudited, exclude some of the disclosures required for annual consolidated financial statements, and should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2022.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Accounting Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ significantly from those estimates.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassification</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 17, 2023, the Company’s board of directors approved an amendment to its certificate of incorporation to effect a 1-for-1.6820384 reverse stock split of Class A common stock, Class B common stock and Series B preferred stock. The reverse stock split was effected on January 17, 2023. Certain prior period amounts have been updated to reflect the reverse stock split including share and per share amounts and additional paid-in-capital amounts on the condensed consolidated statement of equity for each of the three months ended March 31, 2022, June 30, 2022, and September 30, 2022. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Cash</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash includes cash in bank accounts. The Company deposits cash with several high-quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000. At times, the Company’s cash balances may exceed FDIC limits. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Restricted Cash</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Restricted cash consists of held in escrow accounts by contractual agreement with lenders as part of financial loan covenant requirements.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Investments in Unconsolidated Entities</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If an entity is not a VIE, our determination of the appropriate accounting method with respect to our investments in limited liability companies and other investments is based on voting control. For our managing member interests in limited liability companies, we are presumed to control (and therefore consolidate) the entity, unless the other limited partners have substantive rights that overcome this presumption of control. These substantive rights allow the limited partners to remove the general partner with or without cause or to participate in significant decisions made in the ordinary course of the entity’s business. We account for our non-controlling investments in these entities under the equity method. Our investments in unconsolidated subsidiaries in which we have the ability to exercise significant influence over operating and financial policies, but do not control, or entities which are VIE in which we are not the primary beneficiary are accounted for under the equity method. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the equity method investment’s earnings and distributions. Our share of the earnings or loss from equity method investments is included in other income (expenses), net on the accompanying condensed consolidated statements of operations.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our determination of the appropriate accounting treatment for an investment in a subsidiary requires judgment of several factors including the size and nature of our ownership interest and the other owners’ substantive rights to make decisions for the entity. If we were to make different judgments or conclusions as to the level of our control or influence, it could result in a different accounting treatment. Consolidating an investment generally would have no impact on our net income or stockholders’ deficit attributable to CaliberCos Inc. in any accounting period, but a different treatment would impact individual income statement and balance sheet line items, as consolidation would effectively “gross up” our statement of operations and balance sheet. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2023 and December 31, 2022, the carrying amount of our investments in unconsolidated entities was $3.3 million and $3.2 million, respectively. In certain situations, the Company has invested only a nominal amount of cash, or no cash at all, into a venture. As the manager of the venture, we are entitled to 15.0% – 35.0% of the residual cash flow produced by the venture after the payment of any priority returns. Under the equity method, impairment losses are recognized upon evidence of other-than-temporary losses of value. For the three and nine months ended September 30, 2023 and 2022, the Company had no impairment losses related to its investments in unconsolidated entities.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Depreciation and Amortization Expense</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depreciation expense includes costs associated with the purchase of furniture and equipment and office leasehold improvements which are recorded at cost. Furniture and equipment costs are depreciated using the straight-line method over the estimated useful life of the asset, generally <span style="-sec-ix-hidden:f-600">three</span> to seven years beginning in the first full month the asset is placed in service. Office leasehold improvements are amortized using the straight-line method over the shorter of the respective estimated useful life or the lease term. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Impairment of Long-Lived Assets</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is determined not to be recoverable. If events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted net future cash flows resulting from the use of the asset, excluding interest charges. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the three and nine months ended September 30, 2023 and 2022, the Company had no impairment losses related to its real estate and other long-lived assets.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Substantially all of the Company’s revenues are generated from the management, ownership and/or operations of real estate assets located in </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Alaska, Arizona, Colorado, and Texas. Th</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">e Company mitigates the associated risk by:</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">diversifying our investments in real estate assets across multiple asset types, including hospitality, commercial, single-family, multi-family, and self-storage properties;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">diversifying our investments in real estate assets across multiple geographic locations including different markets and sub-markets in which our real estate assets are located;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">diversifying our investments in real estate assets across assets at differing points of stabilization, and in varying states of cash flow optimization; and</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">maintaining financing relationships with a diversified mix of lenders (differing size and type), including large national banks, local community banks, private equity lenders, and insurance companies. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Noncontrolling Interests in Consolidated Real Estate Partnerships</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests within the accompanying condensed consolidated statements of changes in stockholders’ equity. Noncontrolling interests consist of equity interests held by limited partners in consolidated real estate partnerships. We attribute to noncontrolling interests their share of income or loss of the consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners’ capital accounts.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The terms of the partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate assets. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. The terms of certain partnership agreements outline differing classes of equity ownership, some of which are redeemable by the partnership at the partnership manager’s discretion.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Revenue Recognition</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with the Accounting Standards Codification (“ASC”) 606, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Revenue from Contracts with Customers </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(“ASC 606”), management applies the five-step framework in determining the timing and amount of revenue to recognize. This framework requires an entity to: (i) identify the contract(s) with customers, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations within the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. The Company’s revenues primarily consist of fund management and transaction and advisory fees.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Fund Management</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Asset management fees generated from the funds are generally based on 1.0% to 1.5% of the unreturned capital contributions in a particular fund and include reimbursement for costs incurred on behalf of the fund, including an allocation of certain overhead costs. The Company earns an asset management fee of 0.70% of the Caliber Hospitality Trust’s (as defined in Note 3 – VIEs) enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. These customer contracts require the Company to provide management services, representing a performance obligation that the Company satisfies over time. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Performance allocations are an arrangement in which we are entitled to an allocation of investment returns, generated within the investment funds which we manage, based on a contractual formula. We typically receive 15.0% to 35.0% of all cash distributions from (i) the operating cash flow of each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of preferred capital contributions; and (ii) the cash flow resulting from the sale or refinance of any real estate assets held by each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of initial preferred capital contributions. Our funds’ preferred returns range from 6.0% to 12.0%, typically 6.0% for common equity or 10.0% to 12.0% for preferred equity, which does not participate in profits. Performance allocations are related to services which have been provided and are recognized when it is determined that they are no longer probable of significant reversal, which is generally satisfied when an underlying fund investment is realized or sold.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Transaction and Advisory Fees</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues from contracts with customers includes fixed fee arrangements with related party affiliates to provide certain associated activities which are ancillary to and generally add value to the assets we manage, such as set-up and fund formation services associated with marketing, soliciting, and selling member interests in the affiliated limited partnerships, brokerage services, construction and development management services, loan placement and guarantees. The recognition and measurement of revenue is based on the assessment of individual contract terms. For performance obligations satisfied at a point in time, there are no significant judgments made in evaluating when the customer obtains control of the promised service.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For performance obligations satisfied over time, significant judgment is required to determine how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on appropriate measurement of the Company’s progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events. Transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Variable consideration is included in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in transaction price are based largely on an assessment of its anticipated performance and all information that is reasonably available to the Company. Revenues are recognized when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Set-up services are a one-time fee for the initial formation, administration, and set-up of the private equity real estate fund. These fees are recognized at the point in time when the performance under the contract is complete.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fund formation fees are earned at a point in time at a fixed rate based on the amount of capital raised into certain managed funds. Services include marketing, offering, registration, and ultimately raising capital.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Accounts Receivable</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accounts receivable primarily consists of reimbursable expenses from third-party development projects. The Company continually reviews receivables and determines collectability by taking into consideration the history of past write-offs, collections, current credit conditions, payment history, and the financial condition of the related third-party service providers. In the event that the collectability of a receivable is uncertain, the Company will record an increase in the allowance for doubtful accounts. Amounts that are determined to be uncollectible with a high degree of certainty are written-off through bad debt expense, which is included in operating costs on the accompanying condensed consolidated statements of operations. The Company did not record an allowance for doubtful accounts as of September 30, 2023 and December 31, 2022.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Related Parties</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the normal course of business, the Company enters into transactions with related parties. Related parties include affiliates of the entity, entities under common control of the Company, significant stockholders and executive management and members of their immediate families, and other parties that can significantly influence the management and operating policies of the Company.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Leases</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Lessor</span></div><div style="text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. When the terms of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type lease. When a lease does not effectively transfer control of the underlying asset to the lessee, but the Company obtains a guarantee for the value of the asset from a third party, the Company classifies the lease as a direct financing lease. All other leases are classified as operating leases. The Company did not have any sales-type or direct financing leases as of September 30, 2023. For operating leases with minimum scheduled rent increases, the consolidated funds recognize rental revenue on a straight-line basis, including the effect of any free rent periods, over the lease term when collectability of lease payments is probable. Variable lease payments are recognized as rental revenue in the period when the changes in facts and circumstances on which the variable lease payments are based occur.</span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company identified two separate lease components as follows: i) land lease component, and ii) single property lease component comprised of building, land improvements and tenant improvements. The Company’s leases also contain provisions for tenants to reimburse the consolidated funds for maintenance and other property operating expenses, which are considered to be non-lease components. The Company elected the practical expedient to combine lease and non-lease components and the non-lease components will be included with the single property lease component as the predominant component.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Lessee</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To account for leases for which the Company is the lessee, contracts must be analyzed upon inception to determine if the arrangement is, or contains, a lease. A lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease classification tests and measurement procedures are performed at the lease commencement date.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The lease liability is initially measured as the present value of the lease payments over the lease term, discounted using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the lessee’s incremental borrowing rate is used. The incremental borrowing rate is determined based on the estimated rate of interest that the lessee would pay to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. The lease term is the noncancelable period of the lease and includes any renewal and termination options the Company is reasonably certain to exercise. The lease liability balance is amortized using the effective interest method. The lease liability is remeasured when the contract is modified, upon the resolution of a contingency such that variable payments become fixed or if the assessment of exercising an extension, termination or purchase option changes.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The right-of-use (“ROU”) asset balance is initially measured as the lease liability amount, adjusted for any lease payments made prior to the commencement date, initial direct costs, estimated costs to dismantle, remove, or restore the underlying asset and incentives received.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s impairment assessment for ROU assets is consistent with the impairment analysis for the Company's other long-lived assets and is reviewed quarterly.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accounting Policies of Consolidated Funds</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Accounting for Real Estate Investments</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon the acquisition of real estate properties, a determination is made as to whether the acquisition meets the criteria to be accounted for as an asset acquisition or a business combination. The determination is primarily based on whether the assets acquired, and liabilities assumed meet the definition of a business. The determination of whether the assets acquired, and liabilities assumed meet the definition of a business includes a single or similar asset threshold. In applying the single or similar asset threshold, if substantially all the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the assets acquired, and liabilities assumed are not considered a business. Most of our consolidated fund acquisitions meet the single or similar asset threshold, due to the fact that substantially all the fair value of the gross assets acquired is attributable to the real estate assets acquired.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Acquired real estate properties accounted for as asset acquisitions are recorded at cost, including acquisition and closing costs. Our consolidated funds allocate the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Our consolidated funds determine the fair value of tangible assets, such as land, building, furniture, fixtures and equipment, using a combination of internal valuation techniques that consider comparable market transactions, replacement costs and other available information and fair value estimates provided by third-party valuation specialists, depending upon the circumstances of the acquisition. Our consolidated funds determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using a combination of internal valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and fair value estimates provided by third-party valuation specialists, depending upon the circumstances of the acquisition.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If a transaction is determined to be a business combination, the assets acquired, liabilities assumed, and any identified intangibles are recorded at their estimated fair values on the transaction date, and transaction costs are expensed in the period incurred.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Cost Capitalization and Depreciation</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our consolidated funds capitalize costs, including certain indirect costs, incurred in connection with their development and construction activities. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with capital addition activities at the asset level. Interest, property taxes and insurance are also capitalized during periods in which redevelopment, development and construction projects are in progress. Capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, commence at the point in time when activities necessary to get the assets ready for their intended use are in progress. This includes when assets are undergoing physical construction, as well as when apartment homes are held vacant in advance of planned construction, provided that other activities such as permitting, planning and design are in progress. Our consolidated funds cease the capitalization of costs when the assets are substantially complete and ready for their intended use, which is typically when construction has been completed and apartment homes or other properties are available for occupancy. Cost of ordinary repairs, maintenance and resident turnover are charged to operating expense, as incurred.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depreciation for all tangible real estate assets is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of our real estate assets are as follows:</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:81.227%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.573%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Building and building improvements</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15 – 40 years</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Furniture, fixtures, and equipment</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3 – 7 years</span></div></td></tr></table></div><div><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the three and nine months ended September 30, 2023, depreciation expense was $2.8 million and $7.9 million, respectively. For the three and nine months ended September 30, 2022, depreciation expense was $2.2 million and $6.8 million, respectively.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Impairment of Long-Lived Assets</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is determined to not be recoverable. If events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted net future cash flows resulting from the use of the asset, excluding interest charges. If the carrying amount exceeds the aggregate undiscounted future cash flows, our consolidated funds recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the three and nine months ended September 30, 2023 and 2022, our consolidated funds did not record an impairment loss related to its real estate and other long-lived assets.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Cash</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash includes cash in bank accounts. The consolidated funds deposit cash with several high-quality financial institutions. These deposits are guaranteed by the FDIC up to an insurance limit of $250,000. At times, cash balances may exceed FDIC limits. Although the consolidated funds bear risk on amounts in excess of those insured by the FDIC, they have not experienced and do not anticipate any losses due to the high quality of the institutions where the deposits are held.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Restricted Cash</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Restricted cash consists of tenant security deposits and cash reserves required by certain loan agreements for capital improvements and repairs. As improvements and repairs are completed, related costs incurred by the consolidated funds are funded from the reserve accounts. Restricted cash also includes cash held in escrow accounts by mortgage companies on behalf of the consolidated funds for payment of property taxes, insurance, and interest.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Consolidated Fund Revenues</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with ASC 606, our consolidated funds apply the five-step framework in determining the timing and amount of revenue to recognize. This framework requires an entity to: (i) identify the contract(s) with customers, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations within the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. Our consolidated funds’ revenues primarily consist of hospitality revenues, rental income and interest income.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Consolidated funds – hospitality revenue</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Hospitality revenues are comprised of charges for room rentals, food and beverage sales, and other hotel operating activities. Revenues are recognized as earned, which is defined as the date upon which a guest occupies a room or utilizes the hotel’s services. Revenues are recorded net of sales tax.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our consolidated funds have performance obligations to provide accommodations and other ancillary services to hotel guests. As compensation for such goods and services, the consolidated funds are typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary services purchased. These fees are generally payable at the time the hotel guest checks out of the hotel. The consolidated funds generally satisfy the performance obligations over time and recognize the revenue from room sales and from other ancillary guest services on a daily basis, as the rooms are occupied, and the services have been rendered.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For food and beverage, revenue is recognized upon transfer of promised products or services to customers in an amount that reflects the consideration the consolidated funds received in exchange for those services, which is generally when payment is tendered at the time of sale.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated funds receive deposits for events and rooms. Such deposits are deferred and included in other liabilities on the accompanying condensed consolidated balance sheets. The deposits are credited to consolidated funds – hospitality revenue when the specific event takes place.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Consolidated funds – other revenue</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Consolidated funds – other revenue includes rental revenue of $1.2 million and $3.5 million, for the three and nine months ended September 30, 2023, respectively, and $0.8 million and $2.8 million for the three and nine months ended September 30, 2022, respectively. Rental revenue includes the revenues generated primarily by the rental operations of the residential (multi-family and single-family) and commercial properties of our consolidated funds. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon adoption of ASC 842, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Leases</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (“ASC 842”), effective January 1, 2022, at the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. When the terms of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type lease. When a lease does not effectively transfer control of the underlying asset to the lessee, but the Company obtains a guarantee for the value of the asset from a third party, the Company classifies the lease as a direct financing lease. All other leases are classified as operating leases. The consolidated funds did not have any sales-type or direct financing leases as of September 30, 2023. For operating leases with minimum scheduled rent increases, the consolidated funds recognize rental revenue on a straight-line basis, including the effect of any free rent periods, over the lease term when collectability of lease payments is probable. Variable lease payments are recognized as rental revenue in the period when the changes in facts and circumstances on which the variable lease payments are based occur.</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company identified two separate lease components as follows: i) land lease component, and ii) single property lease component comprised of building, land improvements and tenant improvements. The Company’s leases also contain provisions for tenants to reimburse the consolidated funds for maintenance and other property operating expenses, which are considered to be non-lease components. The Company elected the practical expedient to combine lease and non-lease components and the non-lease components will be included with the single property lease component as the predominant component.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior to the adoption of ASC 842, rental revenue consisted of the amount each tenant paid in accordance with the terms of each lease and were reported on a straight-line basis over the initial noncancelable term of the lease, net of any concessions, and recognized when earned and collectability was reasonably assured. These revenues were recorded net of any sales and occupancy taxes collected from tenants. Rental revenue is not within the scope of ASC 606 and was accounted for in accordance with ASC 840 — Leases.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, consolidated funds - other revenue includes interest income of $0.9 million and $2.7 million, for three and nine months ended September 30, 2023, respectively, and $0.8 million and $2.1 million for the three and nine months ended September 30, 2022, respectively, which is generated by a consolidated fund’s lending activity. Interest income is recognized on the accrual basis of accounting in accordance with the lending agreements over the term of the respective loan agreement.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Consolidated Fund Expenses</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Consolidated fund expenses consist primarily of costs, expenses and fees that are incurred by, or arise out of the operation and activities of or otherwise related to, our consolidated funds, including, without limitation, operating costs, depreciation and amortization, interest expense on debt held by our consolidated funds, gain on extinguishment of debt, gain on derivative instruments, insurance expenses, professional fees and other costs associated with administering and supporting those funds.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Accounts Receivable</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accounts receivable primarily consists of amounts due from guests or groups for hotel rooms and services provided by the hotel properties. Accounts receivable also include due, but unpaid, rental payments. Our consolidated funds continually review receivables and determine collectability by taking into consideration the history of past write-offs, collections, current credit conditions, tenant payment history, the financial condition of the tenants, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is uncertain, our consolidated funds will record an increase in the allowance for doubtful accounts. Amounts that are determined to be uncollectible with a high degree of certainty are written-off through bad debt expense, which is included in consolidated funds – hospitality expenses and consolidated funds – other expenses on the accompanying condensed consolidated statements of operations. Our consolidated funds had an no amount of allowance for doubtful accounts as of September 30, 2023 and December 31, 2022.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Derivative Instruments</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated funds record all derivative instruments on the condensed consolidated balance sheets at fair value. The accounting for changes in the fair value of the derivative and the effect on the financial statements depends on its hedge designation and whether the hedge is highly effective in achieving offsetting changes in the fair value of cash flows of the asset or liability hedged. If the consolidated fund elects not to apply hedge accounting treatment, any changes in the fair value of the derivative instruments is recognized immediately in consolidated funds - hospitality expenses in the condensed consolidated statements of operations. If the derivative is designated and qualifies for hedge accounting treatment, the change in fair value of the derivative is recorded in other comprehensive income (loss). </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fair Value of Financial Instruments</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of financial instruments is disclosed in accordance with ASC 825, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The fair value of our financial instruments is estimated using available market information and established valuation methodologies. The estimates of fair value are not necessarily indicative of the amounts the consolidated funds could realize on disposition of the financial instruments. The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair value amounts.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fair Value Measurements</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fair value measurements and disclosures consist of a three level valuation hierarchy. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the ability to observe the inputs employed in the measurement using market participant assumptions at the measurement date. An asset’s or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities that can be accessed at the measurement date.</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Level 2 – Inputs include quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability.</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Level 3 – Unobservable inputs for the asset or liability. These unobservable inputs reflect assumptions about what market participants would use to price the asset or liability and are developed based on the best information available in the circumstances (which might include the reporting company’s own data)</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;text-decoration:underline">Recent Accounting Pronouncements</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, which simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. The amendments in ASU 2020-06 are effective for the Company for reporting periods beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted beginning after December 15, 2020. We are currently evaluating the impact of ASU 2020-06, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements.</span></div>

<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Variable Interest Entities</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We determine if an entity is a variable interest entities (“VIE”) based on several factors, including whether the equity holders, as a group, lack the characteristics of a controlling financial interest. We analyze any investments in VIEs to determine if we are the primary beneficiary. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in a VIE.</span></div>Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative analysis focused on identifying which reporting entity has both (i) the power to direct the activities of the entity that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment. We consolidate any VIEs for which we are the primary beneficiary and we disclose our maximum exposure to loss related to the consolidated VIEs.

<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Voting Interest Entities</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities (“VOEs”). For VOEs, we consolidate an entity if we have a controlling financial interest. We have a controlling financial interest in a VOE if (i) for legal entities other than partnerships, we own a majority voting interest in the entity or, for limited partnerships and similar entities, we own a majority of the entity’s kick-out rights through voting limited partnership interests and (ii) non-controlling shareholders or partners do not hold substantive participating rights, and no other conditions exist that would indicate that we do not control the entity.</span></div>

ReclassificationOn January 17, 2023, the Company’s board of directors approved an amendment to its certificate of incorporation to effect a 1-for-1.6820384 reverse stock split of Class A common stock, Class B common stock and Series B preferred stock. The reverse stock split was effected on January 17, 2023. Certain prior period amounts have been updated to reflect the reverse stock split including share and per share amounts and additional paid-in-capital amounts on the condensed consolidated statement of equity for each of the three months ended March 31, 2022, June 30, 2022, and September 30, 2022.

3300000

3200000

0.150 0.350

Depreciation and Amortization ExpenseDepreciation expense includes costs associated with the purchase of furniture and equipment and office leasehold improvements which are recorded at cost. Furniture and equipment costs are depreciated using the straight-line method over the estimated useful life of the asset, generally <span style="-sec-ix-hidden:f-600">three</span> to seven years beginning in the first full month the asset is placed in service. Office leasehold improvements are amortized using the straight-line method over the shorter of the respective estimated useful life or the lease term.

P7Y

<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Noncontrolling Interests in Consolidated Real Estate Partnerships</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests within the accompanying condensed consolidated statements of changes in stockholders’ equity. Noncontrolling interests consist of equity interests held by limited partners in consolidated real estate partnerships. We attribute to noncontrolling interests their share of income or loss of the consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners’ capital accounts.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The terms of the partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate assets. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. The terms of certain partnership agreements outline differing classes of equity ownership, some of which are redeemable by the partnership at the partnership manager’s discretion.</span></div>

<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Revenue Recognition</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with the Accounting Standards Codification (“ASC”) 606, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Revenue from Contracts with Customers </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(“ASC 606”), management applies the five-step framework in determining the timing and amount of revenue to recognize. This framework requires an entity to: (i) identify the contract(s) with customers, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations within the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. The Company’s revenues primarily consist of fund management and transaction and advisory fees.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Fund Management</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Asset management fees generated from the funds are generally based on 1.0% to 1.5% of the unreturned capital contributions in a particular fund and include reimbursement for costs incurred on behalf of the fund, including an allocation of certain overhead costs. The Company earns an asset management fee of 0.70% of the Caliber Hospitality Trust’s (as defined in Note 3 – VIEs) enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. These customer contracts require the Company to provide management services, representing a performance obligation that the Company satisfies over time. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Performance allocations are an arrangement in which we are entitled to an allocation of investment returns, generated within the investment funds which we manage, based on a contractual formula. We typically receive 15.0% to 35.0% of all cash distributions from (i) the operating cash flow of each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of preferred capital contributions; and (ii) the cash flow resulting from the sale or refinance of any real estate assets held by each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of initial preferred capital contributions. Our funds’ preferred returns range from 6.0% to 12.0%, typically 6.0% for common equity or 10.0% to 12.0% for preferred equity, which does not participate in profits. Performance allocations are related to services which have been provided and are recognized when it is determined that they are no longer probable of significant reversal, which is generally satisfied when an underlying fund investment is realized or sold.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Transaction and Advisory Fees</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues from contracts with customers includes fixed fee arrangements with related party affiliates to provide certain associated activities which are ancillary to and generally add value to the assets we manage, such as set-up and fund formation services associated with marketing, soliciting, and selling member interests in the affiliated limited partnerships, brokerage services, construction and development management services, loan placement and guarantees. The recognition and measurement of revenue is based on the assessment of individual contract terms. For performance obligations satisfied at a point in time, there are no significant judgments made in evaluating when the customer obtains control of the promised service.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For performance obligations satisfied over time, significant judgment is required to determine how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on appropriate measurement of the Company’s progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events. Transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Variable consideration is included in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in transaction price are based largely on an assessment of its anticipated performance and all information that is reasonably available to the Company. Revenues are recognized when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Set-up services are a one-time fee for the initial formation, administration, and set-up of the private equity real estate fund. These fees are recognized at the point in time when the performance under the contract is complete.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fund formation fees are earned at a point in time at a fixed rate based on the amount of capital raised into certain managed funds. Services include marketing, offering, registration, and ultimately raising capital.</span></div>

0.010

0.015

0.0070

0.150 0.350 0.060 0.120 0.060 0.100 0.120

<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Leases</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Lessor</span></div><div style="text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. When the terms of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type lease. When a lease does not effectively transfer control of the underlying asset to the lessee, but the Company obtains a guarantee for the value of the asset from a third party, the Company classifies the lease as a direct financing lease. All other leases are classified as operating leases. The Company did not have any sales-type or direct financing leases as of September 30, 2023. For operating leases with minimum scheduled rent increases, the consolidated funds recognize rental revenue on a straight-line basis, including the effect of any free rent periods, over the lease term when collectability of lease payments is probable. Variable lease payments are recognized as rental revenue in the period when the changes in facts and circumstances on which the variable lease payments are based occur.</span></div>The Company identified two separate lease components as follows: i) land lease component, and ii) single property lease component comprised of building, land improvements and tenant improvements. The Company’s leases also contain provisions for tenants to reimburse the consolidated funds for maintenance and other property operating expenses, which are considered to be non-lease components. The Company elected the practical expedient to combine lease and non-lease components and the non-lease components will be included with the single property lease component as the predominant component.

<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Lessee</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To account for leases for which the Company is the lessee, contracts must be analyzed upon inception to determine if the arrangement is, or contains, a lease. A lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease classification tests and measurement procedures are performed at the lease commencement date.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The lease liability is initially measured as the present value of the lease payments over the lease term, discounted using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the lessee’s incremental borrowing rate is used. The incremental borrowing rate is determined based on the estimated rate of interest that the lessee would pay to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. The lease term is the noncancelable period of the lease and includes any renewal and termination options the Company is reasonably certain to exercise. The lease liability balance is amortized using the effective interest method. The lease liability is remeasured when the contract is modified, upon the resolution of a contingency such that variable payments become fixed or if the assessment of exercising an extension, termination or purchase option changes.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The right-of-use (“ROU”) asset balance is initially measured as the lease liability amount, adjusted for any lease payments made prior to the commencement date, initial direct costs, estimated costs to dismantle, remove, or restore the underlying asset and incentives received.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s impairment assessment for ROU assets is consistent with the impairment analysis for the Company's other long-lived assets and is reviewed quarterly.</span></div>

The estimated useful lives of our real estate assets are as follows:<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:81.227%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.573%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Building and building improvements</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15 – 40 years</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Furniture, fixtures, and equipment</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3 – 7 years</span></div></td></tr></table>

P15Y

P40Y

P3Y

P7Y

2800000

7900000

2200000

6800000

<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Consolidated Fund Revenues</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with ASC 606, our consolidated funds apply the five-step framework in determining the timing and amount of revenue to recognize. This framework requires an entity to: (i) identify the contract(s) with customers, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations within the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. Our consolidated funds’ revenues primarily consist of hospitality revenues, rental income and interest income.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Consolidated funds – hospitality revenue</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Hospitality revenues are comprised of charges for room rentals, food and beverage sales, and other hotel operating activities. Revenues are recognized as earned, which is defined as the date upon which a guest occupies a room or utilizes the hotel’s services. Revenues are recorded net of sales tax.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our consolidated funds have performance obligations to provide accommodations and other ancillary services to hotel guests. As compensation for such goods and services, the consolidated funds are typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary services purchased. These fees are generally payable at the time the hotel guest checks out of the hotel. The consolidated funds generally satisfy the performance obligations over time and recognize the revenue from room sales and from other ancillary guest services on a daily basis, as the rooms are occupied, and the services have been rendered.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For food and beverage, revenue is recognized upon transfer of promised products or services to customers in an amount that reflects the consideration the consolidated funds received in exchange for those services, which is generally when payment is tendered at the time of sale.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated funds receive deposits for events and rooms. Such deposits are deferred and included in other liabilities on the accompanying condensed consolidated balance sheets. The deposits are credited to consolidated funds – hospitality revenue when the specific event takes place.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Consolidated funds – other revenue</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Consolidated funds – other revenue includes rental revenue of $1.2 million and $3.5 million, for the three and nine months ended September 30, 2023, respectively, and $0.8 million and $2.8 million for the three and nine months ended September 30, 2022, respectively. Rental revenue includes the revenues generated primarily by the rental operations of the residential (multi-family and single-family) and commercial properties of our consolidated funds. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon adoption of ASC 842, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Leases</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (“ASC 842”), effective January 1, 2022, at the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. When the terms of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type lease. When a lease does not effectively transfer control of the underlying asset to the lessee, but the Company obtains a guarantee for the value of the asset from a third party, the Company classifies the lease as a direct financing lease. All other leases are classified as operating leases. The consolidated funds did not have any sales-type or direct financing leases as of September 30, 2023. For operating leases with minimum scheduled rent increases, the consolidated funds recognize rental revenue on a straight-line basis, including the effect of any free rent periods, over the lease term when collectability of lease payments is probable. Variable lease payments are recognized as rental revenue in the period when the changes in facts and circumstances on which the variable lease payments are based occur.</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company identified two separate lease components as follows: i) land lease component, and ii) single property lease component comprised of building, land improvements and tenant improvements. The Company’s leases also contain provisions for tenants to reimburse the consolidated funds for maintenance and other property operating expenses, which are considered to be non-lease components. The Company elected the practical expedient to combine lease and non-lease components and the non-lease components will be included with the single property lease component as the predominant component.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior to the adoption of ASC 842, rental revenue consisted of the amount each tenant paid in accordance with the terms of each lease and were reported on a straight-line basis over the initial noncancelable term of the lease, net of any concessions, and recognized when earned and collectability was reasonably assured. These revenues were recorded net of any sales and occupancy taxes collected from tenants. Rental revenue is not within the scope of ASC 606 and was accounted for in accordance with ASC 840 — Leases.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, consolidated funds - other revenue includes interest income of $0.9 million and $2.7 million, for three and nine months ended September 30, 2023, respectively, and $0.8 million and $2.1 million for the three and nine months ended September 30, 2022, respectively, which is generated by a consolidated fund’s lending activity. Interest income is recognized on the accrual basis of accounting in accordance with the lending agreements over the term of the respective loan agreement.</span></div>

1200000

3500000

800000

2800000

900000

2700000

800000

2100000

Derivative InstrumentsThe consolidated funds record all derivative instruments on the condensed consolidated balance sheets at fair value. The accounting for changes in the fair value of the derivative and the effect on the financial statements depends on its hedge designation and whether the hedge is highly effective in achieving offsetting changes in the fair value of cash flows of the asset or liability hedged. If the consolidated fund elects not to apply hedge accounting treatment, any changes in the fair value of the derivative instruments is recognized immediately in consolidated funds - hospitality expenses in the condensed consolidated statements of operations. If the derivative is designated and qualifies for hedge accounting treatment, the change in fair value of the derivative is recorded in other comprehensive income (loss).

<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;text-decoration:underline">Recent Accounting Pronouncements</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, which simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. The amendments in ASU 2020-06 are effective for the Company for reporting periods beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted beginning after December 15, 2020. We are currently evaluating the impact of ASU 2020-06, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements.</span></div>

VIEsDuring the nine months ended September 30, 2023, the Company deconsolidated five hospitality funds which were contributed to the Caliber Hospitality, LP, whose sole general partner is Caliber Hospitality Trust, Inc. (the “Caliber Hospitality Trust”). During the nine months ended September 30, 2022, the Company deconsolidated two VIEs, one that sold its investment in a multi-family residential property, repaid the loan secured by the property and therefore the Company was no longer determined to be the primary beneficiary and one that was developing multi-family property and the Company was no longer determined to be the primary beneficiary upon refinancing the loan agreement. We aggregate and report the results of operations of these VIEs in consolidated fund revenues and consolidated fund expenses within the accompanying condensed consolidated statements of operations through the date of deconsolidation.<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company consolidated Caliber Hospitality, LP and the Caliber Hospitality Trust, which include activity from five previously consolidated hospitality funds and one previously unconsolidated fund during the nine months ended September 30, 2023 because the Company was determined to be the primary beneficiary as it has the power to direct the activities and the obligation to absorb their losses through its guarantee of the indebtedness secured by the hospitality assets, which is significant to Caliber Hospitality Trust and Caliber Hospitality, LP. In addition, the Company consolidated West Frontier Holdco, LLC (“West Frontier”) as the Company was determined to be the primary beneficiary as we have the power to direct the activities of West Frontier and the obligation to absorb their losses through its guarantee of their indebtedness which is significant to the fund. The consolidation of the Caliber Hospitality Trust and West Frontier consisted of the following, excluding intercompany eliminations at the time of consolidation (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:81.227%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.573%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments, net</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">87,897 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,667 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Restricted cash</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,260 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts receivable, net</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,348 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes receivable - related parties</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,411 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Due from related parties</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">40 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Investments in unconsolidated entities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">84,076 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating lease - right of use assets</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,775 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid and other assets</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,953 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total assets</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">214,427 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable, net</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">80,278 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable - related parties</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">34,786 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts payable and accrued expenses</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,858 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Due to related parties</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,302 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating lease liabilities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,441 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,158 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total liabilities</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">147,823 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Stockholders’ equity</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">66,604 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 28pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total liabilities and stockholders’ equity</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">214,427 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the nine months ended September 30, 2022, the Company consolidated Northsight Crossing AZ, LLC (“Northsight”) and Southpointe Fundco, LLC (“Southpointe”) because the Company was determined to be the primary beneficiary as we have the power to direct the activities of Northsight and Southpointe and the obligation to absorb their losses through its guarantee of their indebtedness which is significant to the fund. The consolidation of Northsight and Southpointe consisted of the following (in thousands) at the time of consolidation:</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:81.227%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.573%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments, net</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23,611 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">233 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Restricted cash</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,325 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid and other assets</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">748 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total assets</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,917 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable, net</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,824 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable - related parties</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,301 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts payable and accrued expenses</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">109 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Due to related parties</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">688 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total liabilities</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,929 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Stockholders’ equity</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,988 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 28pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total liabilities and stockholders’ equity</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,917 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management has determined that the equity holders in our consolidated entities, as a group, lack the power to direct the activities that most significantly impact the entity’s economic performance and/or have disproportionate voting rights relative to their equity. The Company was determined to be the primary beneficiary of each of these entities since it has the power to direct the activities of the entities and the right to absorb losses, generally in the form of guarantees of indebtedness that are significant to the individual entities.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Generally, the assets of the individual consolidated VIEs can be used only to settle liabilities of each respective individual consolidated VIEs and the liabilities of the individual consolidated VIEs are liabilities for which creditors or beneficial interest holders do not have recourse to the general credit of the Company. When the VIE is consolidated, we reflect the assets, liabilities, revenues, expenses and cash flows of the consolidated funds on a gross basis, and the interests in the VIEs are included in non-controlling interest in the condensed consolidated financial statements. The Company has provided financial support to certain consolidated VIEs in the form of short-term financing and guarantees of the debts of certain VIEs. In general, our maximum exposure to loss due to involvement with the consolidated VIEs is limited to the amount of capital investment in the VIE, if any, or the potential obligation to perform on the guarantee of debts.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">See Note 11 – Commitments and Contingencies for additional information related to the commitments and contingencies of these VIEs.</span></div>

5 2 5 1

The consolidation of the Caliber Hospitality Trust and West Frontier consisted of the following, excluding intercompany eliminations at the time of consolidation (in thousands):<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:81.227%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.573%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments, net</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">87,897 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,667 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Restricted cash</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,260 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts receivable, net</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,348 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes receivable - related parties</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,411 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Due from related parties</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">40 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Investments in unconsolidated entities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">84,076 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating lease - right of use assets</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,775 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid and other assets</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,953 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total assets</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">214,427 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable, net</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">80,278 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable - related parties</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">34,786 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts payable and accrued expenses</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,858 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Due to related parties</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,302 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating lease liabilities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,441 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,158 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total liabilities</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">147,823 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Stockholders’ equity</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">66,604 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 28pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total liabilities and stockholders’ equity</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">214,427 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table>During the nine months ended September 30, 2022, the The consolidation of Northsight and Southpointe consisted of the following (in thousands) at the time of consolidation:<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:81.227%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.573%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments, net</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23,611 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">233 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Restricted cash</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,325 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid and other assets</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">748 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total assets</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,917 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable, net</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,824 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable - related parties</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,301 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts payable and accrued expenses</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">109 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Due to related parties</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">688 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total liabilities</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,929 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Stockholders’ equity</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,988 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 28pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total liabilities and stockholders’ equity</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,917 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table>

87897000

3667000

9260000

4348000

10411000

40000

84076000

8775000

5953000

214427000

80278000

34786000

7858000

10302000

12441000

2158000

147823000

66604000

214427000

23611000

233000

1325000

748000

25917000

15824000

5301000

109000

7000

688000

21929000

3988000

25917000

Real Estate Investments<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Real Estate Investments of the Company</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Asset Acquisitions</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the nine months ended September 30, 2023, the Company acquired its headquarters office building for an aggregate purchase price of $19.5 million with the acquisition being accounted for as an asset acquisition under U.S. GAAP. There were no asset acquisitions by the Company during the nine months ended September 30, 2022.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preliminary allocation of the purchase price among the assets acquired at their relative fair value as of the acquisition date, consisted of the following for the nine months ended September 30, 2023 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.928%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.872%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended September 30, 2023</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments, at cost</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Land and land improvements</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,131 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Building and building improvements</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,332 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Furniture, fixtures and equipment</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">959 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible lease assets</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">398 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible lease liabilities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(348)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total purchase price of assets acquired</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,472 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Real Estate Investments of the Consolidated Funds</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Asset Acquisitions by Consolidated Funds</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the nine months ended September 30, 2023, the consolidated funds acquired one multi-family residential property for an aggregate purchase price of $6.6 million with the acquisition being accounted for as an asset acquisition under U.S. GAAP. There were no asset acquisitions by the consolidated funds during the nine months ended September 30, 2022.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The allocation of the purchase price among the assets acquired at their relative fair value as of the acquisition date, consisted of the following for the nine months ended September 30, 2023 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.928%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.872%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended September 30, 2023</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments, at cost</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Land and land improvements</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">599 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Building and building improvements</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,044 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total purchase price of assets acquired</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,643 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Dispositions by Consolidated Funds</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the nine months ended September 30, 2023, the consolidated funds did not sell any properties. During the nine months ended September 30, 2022, the consolidated funds sold its investment in one multi-family apartment building located in Phoenix, Arizona, with a cost basis of $9.1 million, resulting in a gain of $21.5 million, which is included in consolidated funds - gain on sale of real estate assets on the accompanying condensed consolidated statements of operations.</span></div>

19500000

<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preliminary allocation of the purchase price among the assets acquired at their relative fair value as of the acquisition date, consisted of the following for the nine months ended September 30, 2023 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.928%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.872%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended September 30, 2023</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments, at cost</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Land and land improvements</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,131 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Building and building improvements</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,332 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Furniture, fixtures and equipment</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">959 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible lease assets</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">398 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible lease liabilities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(348)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total purchase price of assets acquired</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,472 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The allocation of the purchase price among the assets acquired at their relative fair value as of the acquisition date, consisted of the following for the nine months ended September 30, 2023 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.928%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.872%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended September 30, 2023</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments, at cost</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Land and land improvements</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">599 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Building and building improvements</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,044 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total purchase price of assets acquired</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,643 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

9131000

9332000

959000

398000

348000 19472000 1

6600000

599000

6044000

6643000 0 1

9100000

21500000

Prepaid and Other Assets<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prepaid and Other Assets of the Company</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prepaid and other assets consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:63.124%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.141%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.093%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.142%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pursuit costs </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,228 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,495 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid expenses</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">681 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">704 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts receivable, net</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">167 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">62 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deposits</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">63 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">46 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other assets</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">490 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">554 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total prepaid and other assets</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,629 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,861 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.856%"><tr><td style="width:1.0%"></td><td style="width:2.209%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.075%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pursuit costs represent expenses incurred related to new fund formation, primarily for professional, legal, consulting, accounting and tax services. As the funds raise equity investments and operating cash flow, as applicable, these costs are reimbursed by the respective funds to the Company. The Company assesses collectability and expenses any amounts in which collectability is not reasonably assured.</span></div></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prepaid and Other Assets of the Consolidated Funds</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prepaid and other assets of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:63.124%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.141%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.093%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.142%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Derivative assets</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,845 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,646 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid expenses</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,248 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,511 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deposits</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">673 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">742 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pursuit costs</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">657 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">549 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred franchise fees, net</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">290 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">372 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangibles, net</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">419 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">361 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Inventory</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">148 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">138 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other assets </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,459 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total prepaid and other assets</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,739 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,343 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) Pursuit costs represent expenses incurred related to new fund formation, primarily for professional, legal, consulting, accounting and tax services. As the funds raise equity investments and operating cash flow, as applicable, these costs are reimbursed by the respective funds to the Company. The Company assesses collectability and expenses any amounts in which collectability is not reasonably assured.</span></div>(2) Other assets as of September 30, 2023, primarily represents incremental costs, including professional, legal, consulting, accounting and tax services, directly attributable to Caliber Hospitality Trust that are deferred and will be charged against the gross proceeds of the offering.

<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prepaid and other assets consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:63.124%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.141%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.093%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.142%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pursuit costs </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,228 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,495 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid expenses</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">681 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">704 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts receivable, net</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">167 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">62 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deposits</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">63 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">46 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other assets</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">490 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">554 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total prepaid and other assets</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,629 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,861 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.856%"><tr><td style="width:1.0%"></td><td style="width:2.209%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.075%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pursuit costs represent expenses incurred related to new fund formation, primarily for professional, legal, consulting, accounting and tax services. As the funds raise equity investments and operating cash flow, as applicable, these costs are reimbursed by the respective funds to the Company. The Company assesses collectability and expenses any amounts in which collectability is not reasonably assured.</span></div></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prepaid and Other Assets of the Consolidated Funds</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prepaid and other assets of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:63.124%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.141%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.093%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.142%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Derivative assets</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,845 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,646 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid expenses</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,248 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,511 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deposits</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">673 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">742 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pursuit costs</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">657 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">549 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred franchise fees, net</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">290 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">372 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangibles, net</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">419 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">361 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Inventory</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">148 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">138 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other assets </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,459 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total prepaid and other assets</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,739 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,343 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) Pursuit costs represent expenses incurred related to new fund formation, primarily for professional, legal, consulting, accounting and tax services. As the funds raise equity investments and operating cash flow, as applicable, these costs are reimbursed by the respective funds to the Company. The Company assesses collectability and expenses any amounts in which collectability is not reasonably assured.</span></div>(2) Other assets as of September 30, 2023, primarily represents incremental costs, including professional, legal, consulting, accounting and tax services, directly attributable to Caliber Hospitality Trust that are deferred and will be charged against the gross proceeds of the offering.

1228000 4495000

681000

704000

167000

62000

63000

46000

490000

554000

2629000

5861000

1845000

1646000

1248000

1511000

673000

742000

657000 549000 290000 372000

419000

361000

148000

138000

5459000

24000

10739000

5343000

Related Party Transactions<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Related Party Transactions of the Company</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fund Management</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company manages multiple private equity real estate funds and the Company generates the following Fund Management revenues:</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Asset Management Fees – We receive an annual asset management fee generally equal to 1.0% to 1.5% of the unreturned capital contributions in a particular fund to compensate us for the overall administration of that fund. The Company earns an asset management fee of 0.70% of the Caliber Hospitality Trust’s enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. We are also entitled to receive reimbursement for certain expenses incurred or paid on behalf of the fund, which may include an allocation of certain administrative and overhead costs. During the three and nine months ended September 30, 2023, the Company earned $1.3 million and $3.8 million, respectively, and during the three and nine months ended September 30, 2022, the Company earned $0.9 million and $3.0 million, respectively, of asset management fees from related parties, which are included in asset management fees on the accompanying condensed consolidated statements of operations.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Performance allocations – We are entitled to an allocation of the income otherwise allocable to the limited partners/members of the funds we manage, commonly referred to as carried interest. Generally we receive 15.0% to 35.0% of all cash distributions from (i) the operating cash flow of each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of preferred capital contributions; and (ii) the cash flow resulting from the sale or refinance of any real estate assets held by each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of initial preferred capital contributions. Our funds’ preferred returns typically range from 6.0% for common equity to 10.0% to 12.0% for preferred equity, which does not participate in profits. There was an $0.1 million and $2.5 million of performance allocations during the three and nine months ended September 30, 2023, respectively, and $0.1 million and $2.5 million of performance allocations during the three and nine months ended September 30, 2022, respectively, earned by the Company from related parties, which are included in performance allocations on the accompanying condensed consolidated statements of operations. </span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Transaction and Advisory Fees – We receive fees for services primarily relating to the set-up of certain funds, marketing, offering, registering, and selling of equity and debt instruments of the affiliates, loan placement and guarantee fees. During the three and nine months ended September 30, 2023, the Company earned an $0.4 million and $0.5 million, respectively, of transaction and advisory fees from related parties, which are included in transaction and advisory fees on the accompanying condensed consolidated statements of operations. During the three and nine months ended September 30, 2022, the Company earned $4.9 million and $5.9 million, respectively, of transaction and advisory fees from related parties, which are included in transaction and advisory fees on the accompanying condensed consolidated statements of operations.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2023 and December 31, 2022, amounts due to the Company from related parties for fund management services was $4.8 million and $6.8 million, respectively, which are included in due from related parties on the accompanying condensed consolidated balance sheets.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Development</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company provides development related management services to affiliates and third parties, which include ground-up development and repositioning of real estate assets, the build-out of tenant space, the renovation of hospitality, residential, and commercial real estate, and general real estate repair and maintenance services.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three and nine months ended September 30, 2023, the Company recognized $0.5 million and $1.5 million, respectively, and during the three and nine months ended September 30, 2022, the Company recognized $0.8 million and $1.8 million, respectively, of development revenue from related parties, which are included in transaction and advisory fees on the accompanying condensed consolidated statements of operati</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ons. As of September 30, 2023 and December 31, 2022, amounts due to the Company from related parties for development serv</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ices were $1.1 million and $1.0 million, respectively, which are included in due from related parties on the accompanying condensed consolidated balance sheets.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Brokerage</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company provides real estate brokerage services related to the purchase and sale of residential and commercial properties owned by the funds which we manage. During the three and nine months ended September 30, 2023, the Company recognized $0.2 million and $0.5 million, respectively and during the three and nine months ended September 30, 2022, the Company recognized $0.2 million and $0.6 million, respectively, of brokerage commission revenue from related parties, which are included in transaction and advisory fees on the accompanying condensed consolidated statements of operations. There w</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ere </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">no brokerage commissions due from related parties as of September 30, 2023 and December 31, 2022.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Notes Receivable</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company entered into unsecured promissory notes with related parties. No payments are required prior to the maturity of the notes. The notes may be prepaid in whole, or in part, without penalty. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the notes payable – related parties as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.980%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.997%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes Receivable - Related Parties</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Interest Rate </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maturity Date </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Olathe Behavioral Health</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 2024</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">DFW Behavioral Health LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Notes Receivable - Related Parties</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) As of September 30, 2023.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three and nine months ended September 30, 2023, the Company earned an immaterial amount of interest in connection with the notes, which is included in interest income on the accompanying condensed consolidated statements of operations. Interest that accrues on certain related party notes receivable can be added to the principal outstanding balance, due at the respective loan maturity date and incurs interest at the respective interest rate. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ther</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">e was an immaterial amount of interest due to the Company as of September 30, 2023.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Notes Payable</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company entered into unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the notes payable – related parties as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.980%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.997%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes Payable - Related Parties</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Interest Rate </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maturity Date </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Caliber Residential Advantage Fund, LP</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">365 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.50%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2024</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Caliber Tax Advantaged Opportunity Fund II, LLC</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline"> (2)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Notes Payable - Related Parties</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">365 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) As of September 30, 2023.</span></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) The Company entered into a $4.0 million unsecured promissory note with a related party and subsequently repaid the note during the nine months ended September 30, 2023.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During each of the three and nine months ended September 30, 2023, the Company incurred an immaterial amount of interest expense in connection with the notes payable – related parties and during each of the three and nine months ended September 30, 2022, the Company incurred an immaterial of interest expense in connection with the notes payable – related parties, which is included in interest expense on the accompanying condensed consolidated statements of operations. There was an no </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">inte</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">rest payable due to related parties as of September 30, 2023 and December 31, 2022.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Other</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the normal course of business, the Company has various amounts due from and/or due to related parties, including affiliate entities and individuals, for various expenses paid for by the Company on their behalf and other charges. These amounts are generally unsecur</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ed, interest-free, and due on demand. As of September 30, 2023 and December 31, 2022, other amounts due from related parties wer</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">e $0.5 million </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$1.9 million</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, respectively. As of September 30, 2023 and December 31, 2022, other amounts due to related parties we</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">re $0.1 million </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> $0.2 million, respectively, which are included in due to related parties on the accompanying condensed consolidated balance sheets.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Related Party Transactions of the Consolidated Funds</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Notes Receivable</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated funds entered into unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty. The notes receivable – related parties consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:30.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:1.917%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.549%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.853%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes Receivable - Related Parties</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Interest Rate</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maturity Date</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">SF Alaska, LP</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,759 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,671 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2024</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The Ketch, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,682 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,152 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Caliber Hospitality LP (Tucson East)</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,780 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2024</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">J-25 Development Group, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,662 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,794 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Caliber Diversified Opportunity Fund II, LP</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">491 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">449 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">March 2024</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Encore, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,083 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,014 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">December 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ridge II, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,318 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">845 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">December 2024</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southridge, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,321 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">July 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ironwood, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,868 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,524 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">September 2025</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Notes Receivable - Related Parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">31,184 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28,229 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) As of September 30, 2023.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) In March 2023, the asset was contributed to Caliber Hospitality, LP and the fund was consolidated because the Company was determined to be the primary beneficiary as we have the power to direct the activities and the obligation to absorb their losses through its guarantee of the indebtedness secured by the hospitality assets, which is significant to Caliber Hospitality, LP and the Caliber Hospitality Trust. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three and nine months ended September 30, 2023, the consolidated fund earned $0.9 million and $2.7 million, respectively, and during the three and nine months ended September 30, 2022, the consolidated fund earned $0.8 million and $2.1 million, respectively, of interest in connection with the notes, which is included in consolidated funds – other revenues on the accompanying condensed consolidated statements of operations. Interest that accrues on certain related party notes receivable, in which the consolidated fund and respective borrower mutually agreed, is added to the principal outstanding balance, due at the respective loan maturity date and incurs interest at the respective interest rate. No interest was due to the Company as of September 30, 2023 and December 31, 2022.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Notes Payable</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated funds entered into unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty. The notes payable – related parties consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.124%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.853%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes Payable - Related Parties</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Interest Rate</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maturity Date</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Roosevelt III HOLDCO, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,748 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2023</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">CDIF, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,725 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Caliber Tax Advantaged Opportunity Zone Fund, LP</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,690 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,500 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.50%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">June 2025</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Caliber Tax Advantaged Opportunity Zone Fund, LP</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,109 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 2024</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Caliber Tax Advantaged Opportunity Zone Fund II, LP</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">March 2024</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Notes Payable - Related Parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,799 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,973 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) As of September 30, 2023.</span></div><div style="padding-left:18pt;text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three and nine months ended September 30, 2023, the consolidated funds incurred $0.3 million and $0.8 million, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">respectively, and during the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">three and nine months ended September 30, 2022</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the consolidated funds incurred </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$0.2 million</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$0.7 million, respectively of interest expense in connection with the notes payable – related parties, which is included in consolidated funds – hospitality expenses and consolidated funds – other expenses on the accompanying condensed consolidated statements of operations. As of September 30, 2023 and December 31, 2022, there was $0.2 million and $0.1 million, respectively, of</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> i</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">nterest expense payable which is included in due to related parties on the accompanying condensed consolidated balance sheets. Management expects to extend these notes at maturity.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Other</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the normal course of business, the consolidated funds have various amounts due from and/or due to related parties, including affiliate entities and individuals, for various expenses paid by the funds on their behalf and other charges. These amounts are generally unsecured, interest-free, and due on demand. As of September 30, 2023 and December 31, 2022, there were an immaterial amount of other amounts due from related parties. As of September 30, 2023 and December 31, 2022, there were no other amounts due to related parties.</span></div>

0.010

0.015

0.0070

1300000

3800000

900000

3000000

0.150 0.350 0.060 0.100 0.120

100000

2500000

100000

2500000

400000

500000

4900000

5900000

4800000

6800000

500000

1500000

800000

1800000

1100000

1000000

200000

500000

200000

600000

<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the notes payable – related parties as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.980%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.997%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes Receivable - Related Parties</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Interest Rate </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maturity Date </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Olathe Behavioral Health</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 2024</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">DFW Behavioral Health LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Notes Receivable - Related Parties</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) As of September 30, 2023.</span></div>The notes receivable – related parties consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):<div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:30.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:1.917%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.549%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.853%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes Receivable - Related Parties</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Interest Rate</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maturity Date</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">SF Alaska, LP</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,759 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,671 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2024</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The Ketch, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,682 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,152 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Caliber Hospitality LP (Tucson East)</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,780 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2024</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">J-25 Development Group, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,662 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,794 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Caliber Diversified Opportunity Fund II, LP</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">491 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">449 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">March 2024</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Encore, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,083 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,014 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">December 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ridge II, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,318 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">845 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">December 2024</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southridge, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,321 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">July 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ironwood, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,868 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,524 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">September 2025</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Notes Receivable - Related Parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">31,184 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28,229 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) As of September 30, 2023.</span></div>(2) In March 2023, the asset was contributed to Caliber Hospitality, LP and the fund was consolidated because the Company was determined to be the primary beneficiary as we have the power to direct the activities and the obligation to absorb their losses through its guarantee of the indebtedness secured by the hospitality assets, which is significant to Caliber Hospitality, LP and the Caliber Hospitality Trust.

25000

0.1200

25000

0.1400

50000

<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the notes payable – related parties as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.980%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.997%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes Payable - Related Parties</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Interest Rate </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maturity Date </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Caliber Residential Advantage Fund, LP</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">365 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.50%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2024</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Caliber Tax Advantaged Opportunity Fund II, LLC</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline"> (2)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Notes Payable - Related Parties</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">365 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) As of September 30, 2023.</span></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) The Company entered into a $4.0 million unsecured promissory note with a related party and subsequently repaid the note during the nine months ended September 30, 2023.</span></div>The notes payable – related parties consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):<div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.124%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.853%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes Payable - Related Parties</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Interest Rate</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maturity Date</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Roosevelt III HOLDCO, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,748 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2023</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">CDIF, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,725 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Caliber Tax Advantaged Opportunity Zone Fund, LP</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,690 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,500 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.50%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">June 2025</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Caliber Tax Advantaged Opportunity Zone Fund, LP</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,109 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 2024</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Caliber Tax Advantaged Opportunity Zone Fund II, LP</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">March 2024</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Notes Payable - Related Parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,799 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,973 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) As of September 30, 2023.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notes payable consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.568%"><tr><td style="width:1.0%"></td><td style="width:24.152%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.071%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.071%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.340%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.826%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes Payable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Interest Rate </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maturity Date </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Corporate notes</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">36,879 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,279 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10.00% - 12.00%</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">December 2023 - March 2025</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Convertible corporate notes</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,324 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,374 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.25 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">April 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate loans</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline"> (2)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,279 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.30 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">November 2029</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total notes payable</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">54,482 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,653 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred financing costs, net</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(228)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total notes payable, net</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">54,254 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,653 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) As of September 30, 2023.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) On January 31, 2023, Caliber assumed a loan which is secured by Caliber’s headquarters office building (see Note 4 – Real Estate Investments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">).</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notes payable of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022, respectively (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.281%"><tr><td style="width:1.0%"></td><td style="width:27.698%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.121%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.549%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.121%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.384%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.388%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes Payable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Interest Rate </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maturity date </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 4pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real Estate Loans</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Hampton Inn & Suites Hotel</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,990 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,136 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.12%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">July 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Four Points by Sheraton Hotel </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">September 2023</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Holiday Inn Ocotillo Hotel</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,250 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,250 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11.33%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">November 2023</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Airport Hotel Portfolio</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55,317 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">56,470 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.75%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 14.5pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">DoubleTree by Hilton Tucson Convention Center</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,531 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,856 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.22%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">August 2027</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Hilton Tucson East</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,952 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.25%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">November 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">DT Mesa Holdco II, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.45%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">November 2023</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Circle Lofts, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,833 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,889 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">August 2050</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northsight Crossings AZ, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,027 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,320 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.75%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">February 2029</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southpointe Fundco, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,050 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,050 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11.99%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">December 2023</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West Frontier Holdco, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,518 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(4)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.35%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">February 2038</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 16pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Real Estate Loans</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">139,468 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">124,971 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 4pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Revolving line of credit</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,480 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,500 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.75%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">October 2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 4pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Member notes</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,600 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,025 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">June 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 4pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Economic injury disaster and other loans</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">500 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">450 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.75% - 12.05%</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">March 2024 - June 2050</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total notes payable</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">150,048 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">134,946 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 4pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred financing costs, net</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,269)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(690)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total notes payable, net</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">147,779 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">134,256 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) As of September 30, 2023.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) During the nine months ended September 30, 2023, the hotel ceased operations as the Company is converting the property into a multi-family residential assets.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3) In March 2023, the asset was contributed to Caliber Hospitality, LP and the fund was consolidated because the Company was determined to be the primary beneficiary as we have the power to direct the activities and the obligation to absorb their losses through its guarantee of the indebtedness secured by the hospitality assets, which is significant to Caliber Hospitality, LP and the Caliber Hospitality Trust. </span></div>(4) In March 2023, the fund was consolidated as the Company was determined to be the primary beneficiary as we have the power to direct the activities of West Frontier and the obligation to absorb their losses through its guarantee of their indebtedness which is significant to the fund.

365000

0.0750

0.1200

365000

4000000

500000

1900000

100000

200000

13759000

11671000

0.1200

6682000

5152000

0.1200

3780000

0.1200

4662000

3794000

0.1200

491000

449000

0.1200

1083000

1014000

0.1200

1318000

845000

0.1200

1321000

0.1300

1868000

1524000

0.1300

31184000

28229000

900000

2700000

800000

2100000

2748000

0.1200

1725000

0.1200

2690000

2500000

0.0850

5109000

0.1200

5000000

0.1200

12799000

6973000

300000

800000

200000

700000

200000

100000

Notes Payable<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Notes Payable of the Company</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notes payable consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.568%"><tr><td style="width:1.0%"></td><td style="width:24.152%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.071%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.071%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.340%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.826%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes Payable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Interest Rate </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maturity Date </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Corporate notes</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">36,879 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,279 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10.00% - 12.00%</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">December 2023 - March 2025</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Convertible corporate notes</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,324 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,374 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.25 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">April 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate loans</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline"> (2)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,279 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.30 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">November 2029</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total notes payable</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">54,482 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,653 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred financing costs, net</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(228)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total notes payable, net</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">54,254 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,653 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) As of September 30, 2023.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) On January 31, 2023, Caliber assumed a loan which is secured by Caliber’s headquarters office building (see Note 4 – Real Estate Investments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Corporate Notes and Convertible Corporate Notes</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has entered into multiple general corporate financing arrangements with third parties. The arrangements are generally evidenced in the form of a promissory note and require monthly or quarterly interest-only payments until maturity. Certain corporate notes are secured by the otherwise unencumbered assets of the Company. The loans generally have a 12-month </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">term and may be extended upon the mutual agreement of the lender and the borrower. Management believes it can come to a mutual agreement with each lender to extend the maturities of the notes for an additional 12-month term.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2023, there were 226 individual corporate notes outstanding, with an average outstanding principal balance of $0.2 million, interest rates ranging from 8.25% to 12.00%, with weighted average interest rate of 11.42%, and maturity dates ranging from December 2023 to March 2025. During the nine months ended September 30, 2023, there were no conversions of debt into common stock. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2022, there were 124 individual corporate notes outstanding, with an average outstanding principal balance of $0.1 million, interest rates ranging from 8.25% to 12.00%, with a weighted average interest rate of 10.19%, and maturity dates ranging from April 2023 to June 2024.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has issued corporate notes with a conversion feature. The conversion price is $7.57 per share of common stock. The holders of the convertible corporate notes can elect to convert all or any portion of the balance at any time. As of September 30, 2023 and December 31, 2022, the value of the conversion feature was zero. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Future Minimum Payments</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the scheduled principal repayments of our indebtedness as of September 30, 2023 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.210%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.585%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Amount</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">October 1, 2023 - December 31, 2023</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">405 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">38,043 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">391 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">304 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">317 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,022 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">54,482 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Deferred Financing Costs</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Amortization of deferred financing costs for the Company was an immaterial amount and there were no deferred financing cost write-offs during the three and nine months ended September 30, 2023. There were no deferred financing costs or related amortization as of or during the three and nine months ended September 30, 2022, respectively. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Notes Payable of the Consolidated Funds</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notes payable of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022, respectively (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.281%"><tr><td style="width:1.0%"></td><td style="width:27.698%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.121%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.549%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.121%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.384%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.388%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes Payable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Interest Rate </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maturity date </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 4pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real Estate Loans</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Hampton Inn & Suites Hotel</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,990 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,136 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.12%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">July 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Four Points by Sheraton Hotel </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">September 2023</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Holiday Inn Ocotillo Hotel</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,250 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,250 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11.33%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">November 2023</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Airport Hotel Portfolio</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55,317 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">56,470 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.75%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 14.5pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">DoubleTree by Hilton Tucson Convention Center</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,531 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,856 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.22%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">August 2027</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Hilton Tucson East</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,952 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.25%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">November 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">DT Mesa Holdco II, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.45%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">November 2023</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Circle Lofts, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,833 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,889 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">August 2050</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northsight Crossings AZ, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,027 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,320 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.75%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">February 2029</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southpointe Fundco, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,050 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,050 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11.99%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">December 2023</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West Frontier Holdco, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,518 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(4)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.35%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">February 2038</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 16pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Real Estate Loans</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">139,468 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">124,971 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 4pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Revolving line of credit</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,480 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,500 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.75%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">October 2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 4pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Member notes</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,600 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,025 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.00%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">June 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 4pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Economic injury disaster and other loans</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">500 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">450 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.75% - 12.05%</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">March 2024 - June 2050</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total notes payable</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">150,048 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">134,946 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 4pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred financing costs, net</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,269)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(690)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total notes payable, net</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">147,779 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">134,256 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) As of September 30, 2023.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) During the nine months ended September 30, 2023, the hotel ceased operations as the Company is converting the property into a multi-family residential assets.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3) In March 2023, the asset was contributed to Caliber Hospitality, LP and the fund was consolidated because the Company was determined to be the primary beneficiary as we have the power to direct the activities and the obligation to absorb their losses through its guarantee of the indebtedness secured by the hospitality assets, which is significant to Caliber Hospitality, LP and the Caliber Hospitality Trust. </span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4) In March 2023, the fund was consolidated as the Company was determined to be the primary beneficiary as we have the power to direct the activities of West Frontier and the obligation to absorb their losses through its guarantee of their indebtedness which is significant to the fund. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Real Estate Loans</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The terms of the loan agreements described below include, among other things, certain financial covenants, as defined in the respective loan agreements, including key financial ratios and liquidity requirements. Unless otherwise noted below, the consolidated funds were in compliance with the required financial covenants as of September 30, 2023.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Hampton Inn & Suites Hotel</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In July 2015, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of leases and rents of a hotel property in Scottsdale, Arizona. The terms of the note require monthly principal and interest payments, with a balloon payment due at maturity. The loan has a fixed interest rate of 6.12% in effect through the maturity date in July 2025. The terms of the loan allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity date, subject to a prepayment premium fee. The loan is guaranteed by an individual who is an affiliate of the Company. </span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Four Points by Sheraton Hotel</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2018, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of leases and rents of a hotel property in Phoenix, Arizona. The loan requires monthly interest-only payments until maturity. The loan is guaranteed by the Company and matured in September 2023. Per the terms of this agreement, the interest rate on the loan is equal to US Prime Rate plus 2.25%, with a floor rate of 9.65%, until August 31, 2023, at which time, the interest rate increases to 18% until the loan is paid in full or replaced with construction financing from the lender. The lender has not called the loan as of November 9, 2023 and the consolidated fund is current on monthly interest payments. The Company is negotiating a construction loan and expects to repay the loan upon execution of the construction loan.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Holiday Inn Ocotillo Hotel</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In July 2018, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of leases and rents of a hotel property in Chandler, Arizona. The loan requires monthly interest-only payments. The interest rate on the loan is equal to 1-month LIBOR plus 6.00%, with a floor rate of 11.00% until maturity in May 2023. In May 2023, the loan agreement was amended and restated with the lender, extending the maturity date to November 2023 and amending the interest rate to SOFR plus 600 basis points, with a floor rate of 11.00%. The loan is guaranteed by the Company. In November 2023, the loan agreement was amended with the lender, extending the maturity date to February 1, 2024.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Airport Hotel Portfolio</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In September 2018, the consolidated fund entered into a portfolio loan agreement which was secured by a deed of trust and assignment of leases and rents of the Airport Hotel Portfolio. The loan had a variable interest rate equal to one-month LIBOR plus 3.75% and the loan required interest-only payments until maturity. The loan was guaranteed by the Company and individuals who are affiliates of the Company. In January 2023, the consolidated fund paid the loan amount outstanding in full.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In January 2023, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of leases and rents of the Airport Hotel Portfolio. Per the terms of the loan agreement, the loan has a variable interest rate equal to SOFR plus 8.75% and matures in January 2025. In connection with the loan, the consolidated fund entered into an interest rate cap agreement, which sets the maximum SOFR rate for the loan at 5.00% through January 2024. The loan requires interest-only payments until maturity. The terms of the loan do not allow the prepayment of the outstanding balance in part prior to the maturity date but can be prepaid in whole subject to certain conditions, terms and fees outlined in the loan agreement. The terms of the loan agreement require an exit fee equal to 1.25% of the original principal amount of the loan and a minimum return equal to 30.0% of the original principal amount of the loan less any interest payments made at the time the loan is repaid in full. The exit fee was accrued upon entering into the loan and recorded as a deferred financing cost to be amortized over the life of the loan. The loan is guaranteed by the Company and individuals who are affiliates of the Company. </span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">DoubleTree by Hilton Tucson Convention Center</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2019, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of the DoubleTree by Hilton Tucson Convention Center located in Tucson, Arizona. The loan has a variable interest rate per annum equal to LIBOR plus 2.50%. In connection with the loan, the consolidated fund entered into an interest rate swap agreement, which sets the interest at a fixed rate of 4.22% from September 2022 through August 2027. The loan required interest-only payments until September 2022 and principal and interest payments thereafter until maturity. The terms of the loan allow for the prepayment of the outstanding balance in whole or in part at any time prior to the maturity date. The loan matures in August 2027 and is guaranteed by the Company. </span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Hilton Tucson East</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2021, the consolidated fund entered into a loan agreement which is secured by the deed of trust and assignment of rents of the Hilton Tucson East hotel located in Tucson, AZ. The loan has a fixed interest rate of 6.25% and matures in November 2025. The loan required interest-only payments until June 1, 2023 and principal and interest payments thereafter until maturity. The loan amount may be prepaid prior to maturity subject to certain conditions and terms and a prepayment fee as outlined in the agreement. </span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">DT Mesa Holdco II, LLC</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2019, the consolidated fund entered into a loan agreement which is secured by the deed of trust of a commercial building in Mesa, Arizona. The loan requires interest-only payments until maturity and the terms of the loan allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity date with no prepayment penalty. In December 2022, the terms of the loan agreement were renegotiated, extending the maturity date of the loan to November 2023 and amending the interest rate to the greater of (i) the federal home loan bank rate plus 2.75%% or (ii) 6.50%. The loan is guaranteed by the Company. As of September 30, 2023 and December 31, 2022, the consolidated fund was not in compliance with its debt service coverage ratio requirement based on the operation of the related property. Per the loan agreement, the lender is entitled to declare an event of default unless the Company agrees to partially repay the loan in an amount and on terms satisfactory to the lender. The Company has been in communication with the lender to negotiate an agreement to mitigate any event of default. There can be no assurance, the management believes we will be able to come to an agreement with the lender in order to mitigate any defaults. In November 2023, the loan agreement was amended with the lender, extending the maturity date to February 7, 2024.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Circle Lofts, LLC</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In July 2020, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of a multi-family property located in Scottsdale, Arizona. The loan bears interest at a fixed annual rate of 5.25% until August 1, 2023. On August 1, 2023 and each six months thereafter until the maturity date in August 2050, the interest rate will be adjusted to a rate which is equal to the sum of the six-month LIBOR plus 3.75%. The loan required interest-only payments until July 2021 and principal and interest payments thereafter until maturity. The loan amount may be prepaid prior to maturity subject to certain conditions and terms outlined in the agreement which defines the schedule of prepayment premiums based on the timing of the exercise of this option. The loan is guaranteed by individuals who are affiliates of the Company. In October 2023, the consolidated fund paid the loan amount outstanding in full.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2023, the consolidated fund entered into a $6.3 million loan agreement which is secured by a deed of trust and assignment of leases and rents of a multi-family property located in Scottsdale, Arizona. Per the terms of the loan agreement, the loan has a fixed interest rate of 7.42% and requires interest-only payments until maturity in November 2028. The terms of the loan allow the prepayment of the outstanding balance prior to the maturity date, subject to certain conditions, terms and fees outlined in the loan agreement. The loan is guaranteed by individuals who are affiliates of the Company. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Northsight Crossings AZ, LLC</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In January 2022, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of a commercial property in Scottsdale, Arizona. The loan bears interest at an annual rate of 3.75% for the first five years, thereafter, the interest rate is adjusted annually to a rate which is equal to the sum of the published prime rate as defined by the agreement and a margin of 0.5% with a floor of 3.75%. The loan matures in February 2029. Except for an annual maximum principal reduction of 20% of the original principal balance, the loan may be prepaid subject to a 1.0% prepayment premium on the outstanding balance at the time of prepayment during the first two years of the loan. The loan is guaranteed by the Company. </span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Southpointe Fundco, LLC</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2022, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of a residential development property in Phoenix, Arizona. The loan has a fixed rate per annum equal to 9.99%. In May 2023, an extension agreement was executed with the lender, extending the maturity date to December 2023. The terms of the loan allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity date with no prepayment penalty. The loan is guaranteed by an individual who is an affiliate of the Company. </span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">West Frontier Holdco, LLC</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2023, the consolidated fund entered into a construction loan agreement which is secured by a deed of trust and assignment of rents of a multi-family residential property in Payson, Arizona. Upon completion of the construction project, subject to conditions in the agreement, the loan converts to a term loan. The loan requires interest-only payments until March 2025 and principal and interest payments until March 2028, at a fixed interest rate of 6.35%. In April 2028, the loan requires principal and interest payments until maturity in February 2038, at a rate of the five year Treasury Constant Federal Reserve Index plus 2.50%. The terms of the loan allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity date with no prepayment penalty. The loan is guaranteed by individuals who are affiliates of the Company. </span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Revolving Line of Credit</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2019, a consolidated fund entered into a revolving line of credit (“LOC”) with a maximum borrowing amount of $4.5 million. The LOC is secured by the consolidated fund’s assets and is guaranteed by the Company. The LOC has a variable interest rate equal to the greater of (i) Wall Street Journal Prime Rate plus 0.25% per annum or (ii) 4.75%, resulting in a rate of 8.75% as of September 30, 2023. The Company is required to pay a fee of 0.20% of the unused revolving balance. In August 2023, the agreement was amended extending the maturity date of the LOC to October 2024 and removing certain restrictive covenants. The terms of the LOC include certain financial covenants and as of September 30, 2023, the consolidated fund was in compliance with all such covenants.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Member Notes</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2022 and the nine months ended September 30, 2023, the consolidated fund, Southpointe Fundco, LLC, entered into 10.0% unsecured promissory notes with individual investors. The notes mature in June 2025 and may be extended up to two additional 12-month periods by the fund manager. The notes require quarterly interest-only payments. The terms of the notes allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity date with no prepayment penalty.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Economic Injury Disaster Loans</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2020, the consolidated funds were granted Economic Injury Disaster Loans, which are secured by the assets of the respective funds and have a fixed interest rate of 3.75 % and mature in June 2050. At each of September 30, 2023 and December 31, 2022, the outstanding principal balance was $0.5 million. Fixed monthly installment payments began in December 2022 with payments applied first to accrued interest and then the balance, if any, will be applied to principal outstanding. The loans allow for prepayment of principal plus accrued interest prior to maturity. The loan agreements contain certain usual and customary restrictions and covenants relating to, among other things, insurance, and other indebtedness. In addition, the terms of the loans include a cross-default provision whereby the Small Business Administration may, in its discretion, without notice or demand require immediate payment of all amounts outstanding under the loans.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Future Debt Maturities</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2023, the future aggregate principal repayments due on the Company’s notes payable are as follows (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:79.790%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.236%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.574%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Amount</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">October 1, 2023 - December 31, 2023</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,653 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,830 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">79,328 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,043 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,561 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,633 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">150,048 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Deferred Financing Costs</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Amortization of deferred financing costs was $0.4 million and $1.1 million during the three and nine months ended September 30, 2023, respectively, and $0.1 million and $0.4 million during the three and nine months ended September 30, 2022, respectively. There were no deferred financing cost write-offs during the three and nine months ended September 30, 2023. There was $0.1 million of deferred financing cost write-offs during the three and nine months ended September 30, 2022.</span></div>

36879000

13279000

0.1000

0.1200

1324000

1374000

0.0825

16279000

0.0430

54482000

14653000

228000

54254000

14653000

226 200000

0.0825

0.1200

0.1142

124 100000

0.0825

0.1200

0.1019

7.57

<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the scheduled principal repayments of our indebtedness as of September 30, 2023 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.210%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.585%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Amount</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">October 1, 2023 - December 31, 2023</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">405 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">38,043 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">391 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">304 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">317 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,022 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">54,482 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2023, the future aggregate principal repayments due on the Company’s notes payable are as follows (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:79.790%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.236%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.574%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Amount</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">October 1, 2023 - December 31, 2023</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,653 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,830 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">79,328 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,043 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,561 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,633 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">150,048 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

405000

38043000

391000

304000

317000

15022000

54482000

5990000

6136000

0.0612

11000000

0.1800

9250000

0.1133

55317000

56470000

0.1375

18531000

18856000

0.0422

11952000

0.0625

3000000

0.0745

4833000

4889000

0.0900

14027000

14320000

0.0375

1050000

0.1199

4518000

0.0635

139468000

124971000

4480000

4500000

0.0875

5600000

5025000

0.1000

500000

450000

0.0375

0.1205

150048000

134946000

2269000

690000

147779000

134256000

0.0612

0.0225

0.0965

0.18

0.0600

0.1100

0.0600

0.1100

0.0375

0.0875

0.0500 0.0125 0.300

0.0250

0.0422

0.0625

0.0275

0.0650

0.0525

P6M

0.0375

6300000

0.0742

0.0375

P5Y

0.005

0.0375 0.20 0.010 P2Y

0.0999

0.0635

0.0250

4500000

0.0025

0.0475

0.0875

0.0020

0.100

0.0375

500000

24653000

5830000

79328000

1043000

17561000

21633000

150048000

400000

1100000

100000

400000

100000

Leases<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Lessor - Company</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Rental revenue of the Company includes the revenues generated by the rental operations of one commercial office property, which was acquired in January 2023. As of September 30, 2023, the leases have non-cancelable remaining lease terms from 1.4 years to 3.6 years. Certain leases contain options to extend the term of the lease and impose financial penalties, including paying all future payments required under the remaining term of the lease, if the tenant terminates the lease. The leases do not contain any lessee purchase options. As of September 30, 2023, the Company does not have any material related party leases as a lessor. During the three and nine months ended September 30, 2023, there was $0.5 million and $1.2 million of fixed rental revenue, respectively, which is included in other income (loss), net on the accompanying condensed consolidated statements of operations. During both of the three and nine months ended September 30, 2023, there was an immaterial amount of variable rental revenue, , which is included in other income (loss), net on the accompanying condensed consolidated statements of operations. The Company had no rental revenue for the three and nine months ended September 30, 2022. Variable rental revenue are primarily costs reimbursed related to common area maintenance.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Future minimum lease payments due to the Company under non-cancellable operating leases over the next five years and thereafter as of September 30, 2023 are as follows (in thousands): </span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:69.445%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.865%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.377%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Amount</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">October 1, 2023 - December 31, 2023</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">340 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,359 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">977 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">679 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">206 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,561 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Lessor - Consolidated Funds</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Rental revenue of the consolidated funds includes the revenues generated primarily by the rental operations of three multi-family residential properties, including GC Square Apartments, which was sold in March 2022, and two commercial properties. As of September 30, 2023, the leases have non-cancelable remaining lease terms from 0.1 years to 10.4 years. Certain leases contain options to extend the term of the lease and impose financial penalties, including paying all future payments required under the remaining term of the lease, if the tenant terminates the lease. The leases do not contain any lessee purchase options. As of September 30, 2023, the consolidated funds do not have any material related party leases as a lessor. The components of rental revenue for the three and nine months ended September 30, 2023 and 2022 (in thousands) are presented in the table below. Variable rental revenue are primarily costs reimbursed related to common area maintenance.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.670%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.667%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.411%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.667%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.411%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.667%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.411%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.380%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.416%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended September 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fixed </span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,030 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">653 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,014 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,389 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Variable </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">146 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">129 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">493 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">379 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,176 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">782 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,507 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,768 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Future minimum lease payments due to the consolidated funds under non-cancellable operating leases over the next five years and thereafter as of September 30, 2023 are as follows (in thousands): </span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:69.445%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.865%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.377%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Amount</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">October 1, 2023 - December 31, 2023</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,834 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,843 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,135 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,010 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,696 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,258 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,776 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr></table></div>

1 P1Y4M24D P3Y7M6D

500000

1200000

<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Future minimum lease payments due to the Company under non-cancellable operating leases over the next five years and thereafter as of September 30, 2023 are as follows (in thousands): </span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:69.445%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.865%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.377%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Amount</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">October 1, 2023 - December 31, 2023</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">340 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,359 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">977 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">679 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">206 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,561 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr></table></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Future minimum lease payments due to the consolidated funds under non-cancellable operating leases over the next five years and thereafter as of September 30, 2023 are as follows (in thousands): </span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:69.445%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.865%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.377%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Amount</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">October 1, 2023 - December 31, 2023</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,834 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,843 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,135 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,010 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,696 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,258 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,776 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr></table></div>

P5Y

340000

1359000

977000

679000

206000

3561000

3 2 P0Y1M6D P10Y4M24D

The components of rental revenue for the three and nine months ended September 30, 2023 and 2022 (in thousands) are presented in the table below. Variable rental revenue are primarily costs reimbursed related to common area maintenance.<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.670%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.667%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.411%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.667%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.411%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.667%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.411%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.380%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.416%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended September 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fixed </span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,030 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">653 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,014 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,389 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Variable </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">146 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">129 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">493 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">379 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,176 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">782 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,507 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,768 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table>

1030000

653000

3014000

2389000

146000

129000

493000

379000

1176000

782000

3507000

2768000

P5Y

1834000

2843000

2135000

2010000

1696000

5258000

15776000

Other Liabilities<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other Liabilities of the Company</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other liabilities consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:63.411%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.141%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.143%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Below market leases, net</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">238 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Tenant improvement allowance</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deposits </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">120 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">77 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">41 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total other liabilities</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">535 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">64 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">_________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) Includes tenant security deposits.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other Liabilities of the Consolidated Funds</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other liabilities of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:63.411%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.141%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.143%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Advance key money, net</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">844 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">900 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deposits </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">777 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">710 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Sales tax payable</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">636 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">566 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Below market leases, net</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">361 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">461 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">369 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">393 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total other liabilities</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,987 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,030 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">______________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) Includes hotel advance deposits and tenant security and pet deposits.</span></div>

<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other liabilities consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:63.411%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.141%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.143%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Below market leases, net</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">238 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Tenant improvement allowance</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deposits </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">120 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">77 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">41 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total other liabilities</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">535 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">64 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">_________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) Includes tenant security deposits.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other Liabilities of the Consolidated Funds</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other liabilities of the consolidated funds consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:63.411%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.141%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.143%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Advance key money, net</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">844 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">900 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deposits </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">777 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">710 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Sales tax payable</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">636 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">566 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Below market leases, net</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">361 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">461 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">369 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">393 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total other liabilities</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,987 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,030 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">______________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) Includes hotel advance deposits and tenant security and pet deposits.</span></div>

238000

100000 0

120000

23000

77000

41000

535000

64000

844000 900000

777000

710000

636000

566000

361000

461000

369000

393000

2987000

3030000

Supplemental Cash Flow Disclosures<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Supplemental cash flow information consisted of the following for the nine months ended September 30, 2023 and 2022 (in thousands):</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.856%"><tr><td style="width:1.0%"></td><td style="width:64.943%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.871%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.872%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended September 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Supplemental Disclosure of Cash Flow Information</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash paid for interest, none of which was capitalized for the nine months ended September 30, 2023 and 2022, respectively</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,479 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">978 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Supplemental Disclosure of Cash Flow Information of Consolidated Funds</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash paid for interest, net of capitalized interest of $31 and $10 for the nine months ended September 30, 2023 and 2022, respectively</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,493 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,245 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Supplemental Disclosures of Non-Cash Investing and Financing Activities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments moved from held for sale</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,703 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts receivable - related party eliminated in consolidation of VIEs</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,853 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Extinguishment of operating lease right-of-use assets</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,059 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Extinguishment of operating lease liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,340 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost of real estate investments included in accounts payable</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Issuance of common stock in connection with legal settlement</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,200 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Issuance of common stock in lieu of cash payment for accounts payable</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Supplemental Disclosures of Non-Cash Investing and Financing Activities of Consolidated Funds</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments moved to held for sale</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,282 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Note receivable eliminated in consolidation</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,946 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost of real estate investments included in accounts payable</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">738 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">76 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost of real estate investments included in due to related parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">185 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">181 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidation of VIEs</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments, net</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">86,402 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts receivable, net</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,348 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Due from related parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating lease - right of use assets</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,775 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid and other assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,042 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">568 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable, net</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">80,449 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable - related parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,589 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts payable and accrued expenses</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,148 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">130 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Due to related parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating lease liabilities</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,441 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,158 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">688 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Noncontrolling interests</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">33,732 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,972 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deconsolidation of VIEs</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments, net</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">74,061 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,905 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts receivable, net</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,609 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating lease - right of use assets</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,775 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid and other assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,634 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">53 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Due from related parties</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Due to related parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">791 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable, net</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">68,500 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,953 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable - related parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,777 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,615 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts payable and accrued expenses</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,038 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">298 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating lease liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,441 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,928 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Noncontrolling interests</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,957 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,882 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Supplemental cash flow information consisted of the following for the nine months ended September 30, 2023 and 2022 (in thousands):</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.856%"><tr><td style="width:1.0%"></td><td style="width:64.943%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.871%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.872%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended September 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Supplemental Disclosure of Cash Flow Information</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash paid for interest, none of which was capitalized for the nine months ended September 30, 2023 and 2022, respectively</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,479 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">978 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Supplemental Disclosure of Cash Flow Information of Consolidated Funds</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash paid for interest, net of capitalized interest of $31 and $10 for the nine months ended September 30, 2023 and 2022, respectively</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,493 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,245 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Supplemental Disclosures of Non-Cash Investing and Financing Activities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments moved from held for sale</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,703 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts receivable - related party eliminated in consolidation of VIEs</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,853 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Extinguishment of operating lease right-of-use assets</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,059 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Extinguishment of operating lease liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,340 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost of real estate investments included in accounts payable</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Issuance of common stock in connection with legal settlement</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,200 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Issuance of common stock in lieu of cash payment for accounts payable</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Supplemental Disclosures of Non-Cash Investing and Financing Activities of Consolidated Funds</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments moved to held for sale</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,282 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Note receivable eliminated in consolidation</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,946 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost of real estate investments included in accounts payable</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">738 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">76 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost of real estate investments included in due to related parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">185 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">181 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidation of VIEs</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments, net</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">86,402 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts receivable, net</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,348 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Due from related parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating lease - right of use assets</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,775 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid and other assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,042 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">568 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable, net</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">80,449 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable - related parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,589 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts payable and accrued expenses</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,148 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">130 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Due to related parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating lease liabilities</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,441 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,158 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">688 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Noncontrolling interests</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">33,732 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,972 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deconsolidation of VIEs</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real estate investments, net</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">74,061 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,905 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts receivable, net</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,609 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating lease - right of use assets</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,775 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid and other assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,634 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">53 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Due from related parties</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Due to related parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">791 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable, net</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">68,500 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,953 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable - related parties</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,777 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,615 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts payable and accrued expenses</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,038 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">298 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating lease liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,441 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,928 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Noncontrolling interests</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,957 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,882 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

3479000

978000

31000

10000

10493000

7245000

0 1703000 1853000 0 1059000 0 1340000 0

14000

0 3200000 0 100000 0 21282000 2946000 0

738000

76000

185000 181000 86402000 0 4348000 0 2000 0 8775000 0 2042000 568000 80449000 0 6589000 0 8148000 130000 28000 0 12441000 0 2158000 688000 33732000 1972000 74061000 15905000 3609000 2000 8775000 0 1634000 53000 2000 0 28000 791000 68500000 16953000 1777000 1615000 7038000 298000 12441000 0 1928000 4000 21957000 2882000

Commitments and Contingencies<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Commitments and Contingencies of the Company</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Environmental Matters</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the ownership and operation of real estate assets, the Company may potentially be liable for costs and damages related to environmental matters. The Company believes it is in material compliance with current laws and regulations and do not know of any existing environmental condition and has not been notified by any governmental authority of any non-compliance, liability or other claim, in each case, that could result in a material effect on our financial condition or results of operations.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Caliber Tax Advantaged Opportunity Fund LP</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:122%">Caliber O-Zone Fund Manager, LLC (the “CTAF Fund Manager”) is a wholly-owned subsidiary of the Company and general partner and manager of Caliber Tax Advantaged Opportunity Fund LP (“CTAF”). In the event of a dissolution, winding-up, or termination, if the aggregate amount received by the CTAF limited partners does not equal or exceed an amount equal to a 6% IRR for the limited partners, the CTAF Fund Manager shall immediately contribute to CTAF funds in order to meet this minimum requirement for payment to the CTAF limited partners. As of September 30, 2023 and December 31, 2022, the Company estimated fair value of CTAF was greater than the 6% IRR for the limited partners.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Buyback Program</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In September 2018, the Company agreed to repurchase 3,709,693 shares (“Buyback Program”) owned by one of its non-participating founders for $4.54 per share of common stock in exchange for an amendment to such non-participating founder’s shareholder voting rights and other Company protections. Due to the length of time of the liability, the Company recorded a liability of $13.6 million and a corresponding reduction to equity in treasury stock at the inception of the Buyback Program using a present value discount rate of 10.00%. As of December 31, 2022, remaining number of shares to be repurchased was 3,432,351 and the balance of the liability was $12.4 million, which is included in buyback obligation on the accompanying condensed consolidated balance sheets. During the nine months ended September 30, 2023, the Company repurchased 41,615 shares of Class A common stock pursuant to the Buyback Program and on May 19, 2023, the Company’s Class A common stock began trading on the NASDAQ Capital Market, at which point the buyback obligation was relieved and no further amounts were due under the Buyback Program. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Commitments and Contingencies of the Consolidated Funds</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Franchise Agreements and Advance Key Money</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated hospitality funds are parties to various franchise agreements where, pursuant to the respective agreements, the respective fund is required to pay monthly fees, generally consisting of royalty, service contribution, technology, program and/or marketing fees. The franchise agreements expire on various dates from June 2025 through August 2033. The consolidated funds recognized total franchise fees of $0.8 million and $3.5 million for the three and nine months ended September 30, 2023, respectively, and $0.7 million and $2.8 million for the three and nine months ended September 30, 2022, respectively.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a part of one franchise agreement, the consolidated funds received an advance of $1.5 million (“Advance Key Money”) for the consolidated funds to retain the franchisor on the hotel property for 20 years. The consolidated funds are not required to repay any part of the Advance Key Money unless the franchise agreement is cancelled before the termination date of August 2033.</span></div>

0.06 0.06

3709693

4.54

13600000 0.1000

3432351

12400000

41615

800000 3500000 700000 2800000 1500000 P20Y

Net Income (Loss) Per ShareBasic earnings per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting of stock options and warrants using the treasury stock method, and convertible debt and preferred stock using the if-converted method.<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company considered the two-class method in calculating the basic and diluted earnings per share, however, it was determined that there was no impact to the calculation of basic and diluted net income (loss) per share attributable to common stockholders as Class A and Class B common stock share in the same earnings and profits, thus, having no impact on the calculation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has calculated the basic and diluted earnings per share during the three and nine months ended September 30, 2023 and 2022 as follows (in thousands, except per share data):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:42.434%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.262%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.262%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.262%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.265%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended September 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Numerator:</span></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net (loss) income attributable to CaliberCos Inc.</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,409)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,400 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10,342)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,489 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Convertible debt interest</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(23)</span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">67 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net (loss) income attributable to common shareholders of CaliberCos Inc.</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,394)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,377 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10,326)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,556 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Denominator:</span></td><td colspan="3" style="background-color:#ccedff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Weighted average shares outstanding – basic</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,238</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,229</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,688</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,033</span></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dilutive shares – options, net</span></td><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,663</span></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,663</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dilutive shares – convertible debt, net</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">182</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">182</span></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Weighted average shares outstanding – diluted</span></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,238</span></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,074</span></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,688</span></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,878</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Basic net (loss) income per share attributable to common shareholders</span></td><td style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ccedff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.16)</span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ccedff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.24 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ccedff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.53)</span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ccedff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.25 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Diluted net (loss) income per share attributable to common shareholders</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.16)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.22 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.53)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.23 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The number of antidilutive shares </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">consisted of the potential exercise of stock options and potential conversion of convertible debt. The following table summarizes these potential exercises and conversions during the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">three and nine months ended September 30, 2023 and 2022</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, which h</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ave been excluded from the computation of diluted earnings per share attributable to common shareholders (in thousands):</span></div><div><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:39.704%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.262%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.262%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.549%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.974%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.534%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended September 30,</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Additional common shares, if stock options were exercised</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,129</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,133</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Additional common shares, if convertible debt were converted</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">175</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">175</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,304</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,308</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">______________________________</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) There were no antidilutive shares for the three and nine months ended September 30, 2022.</span></div>

<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has calculated the basic and diluted earnings per share during the three and nine months ended September 30, 2023 and 2022 as follows (in thousands, except per share data):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:42.434%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.262%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.262%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.262%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.265%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended September 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Numerator:</span></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net (loss) income attributable to CaliberCos Inc.</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,409)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,400 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10,342)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,489 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Convertible debt interest</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(23)</span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">67 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net (loss) income attributable to common shareholders of CaliberCos Inc.</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,394)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,377 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10,326)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,556 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Denominator:</span></td><td colspan="3" style="background-color:#ccedff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Weighted average shares outstanding – basic</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,238</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,229</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,688</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,033</span></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dilutive shares – options, net</span></td><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,663</span></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,663</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dilutive shares – convertible debt, net</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">182</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">182</span></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Weighted average shares outstanding – diluted</span></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,238</span></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,074</span></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,688</span></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,878</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Basic net (loss) income per share attributable to common shareholders</span></td><td style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ccedff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.16)</span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ccedff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.24 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ccedff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.53)</span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ccedff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.25 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Diluted net (loss) income per share attributable to common shareholders</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.16)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.22 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.53)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.23 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

-3409000

4400000

-10342000

4489000

15000 -23000 16000 67000

-3394000

4377000

-10326000

4556000

21238000

18229000

19688000

18033000

1663000

182000

21238000

20074000

19688000

19878000

-0.16

0.24

-0.53

0.25

-0.16

0.22

-0.53

0.23

The following table summarizes these potential exercises and conversions during the <span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">three and nine months ended September 30, 2023 and 2022</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, which h</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ave been excluded from the computation of diluted earnings per share attributable to common shareholders (in thousands):</span><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:39.704%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.262%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.262%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.549%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.974%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.534%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended September 30,</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Additional common shares, if stock options were exercised</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,129</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,133</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Additional common shares, if convertible debt were converted</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">175</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">175</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,304</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,308</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">______________________________</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) There were no antidilutive shares for the three and nine months ended September 30, 2022.</span></div>

2129000

2133000

175000

2304000

2308000

Fair Value of Financial Instruments<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fair Value of Financial Instruments of the Company</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fair values of financial instruments held by the Company are estimated using available market information and established valuation methodologies. Accordingly, the estimates presented are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair value amounts.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that approximate fair value due to the short-term nature of the instruments consist of cash, restricted cash, accounts receivable, and accounts payable. The fair values of debt have been estimated based on current rates available for similar instruments with similar terms, maturities, and collateral. The fair value of the Company’s fixed rate debt were measured with</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Level 2 inputs. The estimated fair value of the Company’s real estate loan was determined by management based on a discounted future cash-flow model. As of September 30, 2023 the Company’s real estate loan had a carrying value of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$16.3 million and a fair value of $9.3 million.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fair Value of Financial Instruments of the Consolidated Funds</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fair values of financial instruments held by consolidated funds are estimated using available market information and established valuation methodologies. Accordingly, the estimates presented are not necessarily indicative of the amounts the consolidated funds could realize on disposition of the financial instruments. The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair value amounts.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that approximate fair value due to the short-term nature of the instruments consist of cash, restricted cash, accounts receivable, and accounts payable. The fair values of debt, advance key money, and interest rate caps have been estimated based on current rates available for similar instruments with similar terms, maturities, and collateral. The carrying values of the consolidated funds’ variable rate debt and advance key money as of September 30, 2023 and December 31, 2022 approximated fair value. The fair value of the consolidated funds’ fixed rate debt were measured with Level 2 inputs. The estimated fair values for the instruments below were determined by management based on a discounted future cash-flow model (in thousands).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:37.405%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.267%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.267%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.267%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.274%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note Payable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Carrying<br/>Value</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Carrying<br/>Value</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Hampton Inn & Suites Hotel</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,990 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,694 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,136 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,594 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northsight Crossing AZ, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,027 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,960 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,319 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,302 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southpointe Fundco, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,050 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,050 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,050 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,004 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Circle Lofts, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,833 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,757 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,889 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,915 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Tucson East, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,952 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,015 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West Frontier, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,518 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,788 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

16300000

9300000

The estimated fair values for the instruments below were determined by management based on a discounted future cash-flow model (in thousands).<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:37.405%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.267%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.267%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.267%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.274%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note Payable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Carrying<br/>Value</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Carrying<br/>Value</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Hampton Inn & Suites Hotel</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,990 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,694 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,136 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,594 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northsight Crossing AZ, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,027 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,960 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,319 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,302 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southpointe Fundco, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,050 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,050 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,050 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,004 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Circle Lofts, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,833 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,757 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,889 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,915 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Tucson East, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,952 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,015 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West Frontier, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,518 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,788 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table>

5990000

4694000

6136000

4594000

14027000

9960000

14319000

9302000

1050000

1004000

4833000

1757000

4889000

1915000

11952000

11015000

4518000

3788000

Derivative Instruments<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Risk Management Objective of Using Derivatives</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated funds utilize derivative instruments, including interest rate caps and swaps, to reduce interest rate risk associated with its borrowings. Our consolidated funds do not intend to utilize derivatives for purposes other than interest rate risk management.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Designated as Hedging Instruments</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2023 and December 31, 2022, the Company did not have any derivatives designated as hedging instruments.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Not Designated as Hedging Instruments</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated funds have entered into interest rate caps and swaps. The following table summarizes the consolidated funds non-designated derivatives as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands):</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.856%"><tr><td style="width:1.0%"></td><td style="width:40.770%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.958%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.417%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.569%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.382%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.417%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.573%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Type of Derivative</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Number of Instruments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notional Amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Number of Instruments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notional Amount</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest rate swap </span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,531 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,856 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest rate cap</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">73,531 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,856 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the fair value of the consolidated funds’ non-designated derivatives, as well as their classification on the condensed consolidated balance sheets, as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.856%"><tr><td style="width:1.0%"></td><td style="width:15.734%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.958%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:40.914%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.958%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.029%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.375%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.032%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Type of Derivative</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Balance Sheet Location</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest rate swap </span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidated funds - Prepaid and other assets</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,776 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,646 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest rate cap</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidated funds - Prepaid and other assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">69 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,845 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,646 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the gain or loss recognized in consolidated funds - hospitality expenses in the condensed consolidated statements of operations for three and nine months ended September 30, 2023 and 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:15.710%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.486%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.543%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.543%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.543%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.550%"></td><td style="width:0.1%"></td></tr><tr style="height:23pt"><td colspan="3" rowspan="2" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Type of Derivative</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Statement of Operations Location</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended September 30,</span></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest rate swap </span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidated funds - hospitality expenses</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">148 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">130 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest rate cap</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidated funds - hospitality expenses</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(64)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(16)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">84 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">114 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

The consolidated funds have entered into interest rate caps and swaps. The following table summarizes the consolidated funds non-designated derivatives as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands):<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.856%"><tr><td style="width:1.0%"></td><td style="width:40.770%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.958%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.417%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.569%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.382%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.417%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.573%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Type of Derivative</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Number of Instruments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notional Amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Number of Instruments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notional Amount</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest rate swap </span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,531 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,856 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest rate cap</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">73,531 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,856 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table>

18531000

18856000

55000000

73531000

18856000

<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the fair value of the consolidated funds’ non-designated derivatives, as well as their classification on the condensed consolidated balance sheets, as of September 30, 2023 and December 31, 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.856%"><tr><td style="width:1.0%"></td><td style="width:15.734%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.958%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:40.914%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.958%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.029%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.375%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.032%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Type of Derivative</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Balance Sheet Location</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest rate swap </span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidated funds - Prepaid and other assets</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,776 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,646 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest rate cap</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidated funds - Prepaid and other assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">69 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,845 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,646 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

1776000

1646000

69000

1845000

1646000

<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the gain or loss recognized in consolidated funds - hospitality expenses in the condensed consolidated statements of operations for three and nine months ended September 30, 2023 and 2022 (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:15.710%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.486%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.543%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.543%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.543%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.550%"></td><td style="width:0.1%"></td></tr><tr style="height:23pt"><td colspan="3" rowspan="2" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Type of Derivative</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Statement of Operations Location</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended September 30,</span></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest rate swap </span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidated funds - hospitality expenses</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">148 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">130 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest rate cap</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidated funds - hospitality expenses</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(64)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(16)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">84 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">114 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

148000

130000

-64000

-16000

84000

114000

Segment Reporting<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s operations are organized into three operating segments which constitute three reportable segments for management and financial reporting purposes: Fund Management, Development and Brokerage. Each segment is described below:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fund Management</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund Management segment represents our fund management activities along with back office and corporate support functions including accounting and human resources. It includes the activities of Caliber Services, LLC and its subsidiaries, (“Caliber Services”), which acts as an external manager of our funds that have diversified investment objectives. It also includes the activities associated with Caliber Securities, LLC (“Caliber Securities”), a wholly-owned Arizona registered issuer-dealer, which generates fees from fund formation. Revenues generated by this segment include asset management fees, performance allocations and transaction and advisory fees.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Development</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Development segment represents our activities associated with providing real estate development services as their principal developer. These services include managing and supervising third-party developers and general contractors with respect to the development of the properties owned by our funds. Revenues generated by this segment are generally based on 4.0% of the total expected costs of the development or 4.0% of the total expected costs of the construction project. Caliber Development, LLC (“Caliber Development”), a wholly-owned subsidiary of Caliber Services and an Arizona licensed general contractor, acts as either the developer, development manager, and/or construction manager on our funds’ projects.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Brokerage</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This segment includes our real estate brokerage operations. The Company generates commission revenue by acting as a broker for residential and commercial real estate owners and investors seeking to buy, sell and/or lease properties, including investment properties, as well as primary residences. The Company provides brokerage services to affiliated entities as well as third parties.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The information below includes the operating results and measures of profitability for all operating entities which the Company and our chief executive officer, who is our chief operating decision maker, analyze on a regular basis, for the purposes of allocating resources and assessing performance. The results of each segment are presented on a gross basis, prior to any necessary adjustments to (i) eliminate inter-segment transactions, if any, (ii) eliminate the results of entities that are not included in our accompanying condensed consolidated financial statements, (iii) eliminate revenue activity presented gross when U.S. GAAP requires net, and (iv) reclassify items to reflect U.S. GAAP consolidated presentation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables present the revenues and net income (loss) of each of our reportable segments for the three and nine months ended September 30, 2023 and 2022 (in thousands). Consolidated fund revenues and consolidated fund net income (loss) are presented in order to meet the U.S. GAAP requirement to reconcile the total segment revenues to total revenues on the condensed consolidated statement of operations which includes consolidated fund revenues. Interest income, interest expense, depreciation and amortization expense, and other income (expenses), net are excluded from our segment presentation as these amounts are immaterial.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.009%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.400%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="39" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended September 30, 2023</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Real Estate Services</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Controlling Interests - Consolidated<br/>Funds</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intercompany<br/>Eliminations & Equity in Income</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr style="height:27pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fund<br/>Management</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Development</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brokerage</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Segment<br/>Total</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CaliberCos Inc.<br/>& Subsidiaries</span></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Revenues</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Asset management fees</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,428 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,428 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,155)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,273 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Performance allocations</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">36 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transaction and advisory fees</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">560 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">516 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,276 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(233)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,043 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – hospitality revenue</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,526 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,526 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – other revenue</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,147 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,147 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenues</span></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,012 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">516 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,728 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,673 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,376)</span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17,025 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net (loss) income</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,395)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,366)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,854)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,002)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12,222)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) For segment reporting purposes, revenues and expenses are presented on a basis that deconsolidates our consolidated funds. As a result, segment revenues are different than those presented on a consolidated basis in accordance with U.S. GAAP basis because these fees are eliminated in consolidation when they are derived from a consolidated fund.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.009%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.400%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="39" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Nine Months Ended September 30, 2023</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Real Estate Services</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Controlling Interests - Consolidated<br/>Funds</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intercompany<br/>Eliminations & Equity in Income</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr style="height:27pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fund<br/>Management</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Development</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brokerage</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Segment<br/>Total</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CaliberCos Inc.<br/>& Subsidiaries</span></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Revenues</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Asset management fees</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,093 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,093 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,309)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,784 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Performance allocations</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,474 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,474 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,474 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transaction and advisory fees</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,123 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,128 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">633 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,884 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,422)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,462 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – hospitality revenue</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52,008 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52,008 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – other revenue</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,264 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,264 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenues</span></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,690 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,128 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">633 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,451 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58,272 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,731)</span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66,992 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net (loss) income</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10,292)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">614 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(162)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,840)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,161)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,506)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(23,507)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) For segment reporting purposes, revenues and expenses are presented on a basis that deconsolidates our consolidated funds. As a result, segment revenues are different than those presented on a consolidated basis in accordance with U.S. GAAP basis because these fees are eliminated in consolidation when they are derived from a consolidated fund.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.009%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.400%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="39" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended September 30, 2022</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Real Estate Services</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Controlling Interests - Consolidated<br/>Funds</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intercompany<br/>Eliminations & Equity in Income</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr style="height:27pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fund<br/>Management</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Development</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brokerage</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Segment<br/>Total</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CaliberCos Inc.<br/>& Subsidiaries</span></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Revenues</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Asset management fees</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,927 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,927 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(945)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">982 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Performance allocations</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">103 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">103 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">103 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transaction and advisory fees</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,008 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,182 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">179 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,369 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(479)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,890 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – hospitality revenue</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,988 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,988 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – other revenue</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,543 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,543 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenues</span></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,038 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,182 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">179 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,399 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,531 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,424)</span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,506 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net (loss) income</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,099 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">817 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">138 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,054 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,106)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,615)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(667)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) For segment reporting purposes, revenues and expenses are presented on a basis that deconsolidates our consolidated funds. As a result, segment revenues are different than those presented on a consolidated basis in accordance with U.S. GAAP basis because these fees are eliminated in consolidation when they are derived from a consolidated fund.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.009%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.400%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="39" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Nine Months Ended September 30, 2022</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Real Estate Services</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Controlling Interests - Consolidated<br/>Funds</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intercompany<br/>Eliminations & Equity in Income</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr style="height:27pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fund<br/>Management</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Development</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brokerage</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Segment<br/>Total</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CaliberCos Inc.<br/>& Subsidiaries</span></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Revenues</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Asset management fees</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,095 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,095 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,047)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,048 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Performance allocations</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,508 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,508 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,508 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transaction and advisory fees</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,276 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,596 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,221 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,093 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,832)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,261 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – hospitality revenue</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">43,801 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">43,801 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – other revenue</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,871 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,871 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenues</span></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,879 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,596 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,221 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18,696 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48,672 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,879)</span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62,489 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net (loss) income</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,242 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,576 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">840 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,658 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,270 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,878)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,050 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) For segment reporting purposes, revenues and expenses are presented on a basis that deconsolidates our consolidated funds. As a result, segment revenues are different than those presented on a consolidated basis in accordance with U.S. GAAP basis because these fees are eliminated in consolidation when they are derived from a consolidated fund.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.</span></div>

0.040 0.040

<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables present the revenues and net income (loss) of each of our reportable segments for the three and nine months ended September 30, 2023 and 2022 (in thousands). Consolidated fund revenues and consolidated fund net income (loss) are presented in order to meet the U.S. GAAP requirement to reconcile the total segment revenues to total revenues on the condensed consolidated statement of operations which includes consolidated fund revenues. Interest income, interest expense, depreciation and amortization expense, and other income (expenses), net are excluded from our segment presentation as these amounts are immaterial.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.009%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.400%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="39" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended September 30, 2023</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Real Estate Services</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Controlling Interests - Consolidated<br/>Funds</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intercompany<br/>Eliminations & Equity in Income</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr style="height:27pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fund<br/>Management</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Development</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brokerage</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Segment<br/>Total</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CaliberCos Inc.<br/>& Subsidiaries</span></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Revenues</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Asset management fees</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,428 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,428 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,155)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,273 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Performance allocations</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">36 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transaction and advisory fees</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">560 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">516 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,276 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(233)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,043 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – hospitality revenue</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,526 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,526 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – other revenue</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,147 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,147 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenues</span></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,012 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">516 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,728 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,673 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,376)</span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17,025 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net (loss) income</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,395)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,366)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,854)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,002)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12,222)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) For segment reporting purposes, revenues and expenses are presented on a basis that deconsolidates our consolidated funds. As a result, segment revenues are different than those presented on a consolidated basis in accordance with U.S. GAAP basis because these fees are eliminated in consolidation when they are derived from a consolidated fund.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.009%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.400%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="39" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Nine Months Ended September 30, 2023</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Real Estate Services</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Controlling Interests - Consolidated<br/>Funds</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intercompany<br/>Eliminations & Equity in Income</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr style="height:27pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fund<br/>Management</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Development</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brokerage</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Segment<br/>Total</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CaliberCos Inc.<br/>& Subsidiaries</span></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Revenues</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Asset management fees</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,093 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,093 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,309)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,784 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Performance allocations</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,474 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,474 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,474 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transaction and advisory fees</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,123 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,128 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">633 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,884 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,422)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,462 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – hospitality revenue</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52,008 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52,008 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – other revenue</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,264 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,264 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenues</span></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,690 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,128 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">633 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,451 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58,272 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,731)</span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66,992 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net (loss) income</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10,292)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">614 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(162)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,840)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,161)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,506)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(23,507)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) For segment reporting purposes, revenues and expenses are presented on a basis that deconsolidates our consolidated funds. As a result, segment revenues are different than those presented on a consolidated basis in accordance with U.S. GAAP basis because these fees are eliminated in consolidation when they are derived from a consolidated fund.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.009%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.400%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="39" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended September 30, 2022</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Real Estate Services</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Controlling Interests - Consolidated<br/>Funds</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intercompany<br/>Eliminations & Equity in Income</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr style="height:27pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fund<br/>Management</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Development</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brokerage</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Segment<br/>Total</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CaliberCos Inc.<br/>& Subsidiaries</span></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Revenues</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Asset management fees</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,927 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,927 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(945)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">982 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Performance allocations</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">103 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">103 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">103 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transaction and advisory fees</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,008 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,182 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">179 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,369 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(479)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,890 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – hospitality revenue</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,988 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,988 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – other revenue</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,543 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,543 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenues</span></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,038 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,182 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">179 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,399 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,531 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,424)</span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,506 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net (loss) income</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,099 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">817 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">138 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,054 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,106)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,615)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(667)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) For segment reporting purposes, revenues and expenses are presented on a basis that deconsolidates our consolidated funds. As a result, segment revenues are different than those presented on a consolidated basis in accordance with U.S. GAAP basis because these fees are eliminated in consolidation when they are derived from a consolidated fund.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.009%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.400%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="39" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Nine Months Ended September 30, 2022</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Real Estate Services</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Controlling Interests - Consolidated<br/>Funds</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intercompany<br/>Eliminations & Equity in Income</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr style="height:27pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fund<br/>Management</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Development</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brokerage</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Segment<br/>Total</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CaliberCos Inc.<br/>& Subsidiaries</span></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Revenues</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccedff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Asset management fees</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,095 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,095 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,047)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,048 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Performance allocations</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,508 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,508 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,508 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transaction and advisory fees</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,276 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,596 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,221 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,093 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,832)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,261 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – hospitality revenue</span></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">43,801 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">43,801 </span></td><td style="background-color:#ccedff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated funds – other revenue</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,871 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,871 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccedff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenues</span></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,879 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,596 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,221 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18,696 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48,672 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,879)</span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccedff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62,489 </span></td><td style="background-color:#ccedff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net (loss) income</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,242 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,576 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">840 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,658 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,270 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,878)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,050 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">__________________________________</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) For segment reporting purposes, revenues and expenses are presented on a basis that deconsolidates our consolidated funds. As a result, segment revenues are different than those presented on a consolidated basis in accordance with U.S. GAAP basis because these fees are eliminated in consolidation when they are derived from a consolidated fund.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) This amount eliminates the intercompany fees and expenses of CaliberCos Inc. and its wholly-owned subsidiaries and our consolidated funds.</span></div>

2428000

-1155000

1273000

24000

12000

36000

560000

516000

200000

1276000

-233000

1043000

12526000

2147000

3012000

516000

200000

3728000

14673000

-1376000

17025000

-3395000

44000

-15000

-3366000

-6854000

-2002000

-12222000

7093000

-3309000

3784000

2474000

1123000

2128000

633000

3884000

-1422000

2462000

52008000

6264000

10690000

2128000

633000

13451000

58272000

-4731000

66992000

-10292000

614000

-162000

-9840000

-8161000

-5506000

-23507000

1927000

-945000

982000

103000

5008000

1182000

179000

6369000

-479000

5890000

10988000

1543000

7038000

1182000

179000

8399000

12531000

-1424000

19506000

4099000

817000

138000

5054000

-4106000

-1615000

-667000

6095000

-3047000

3048000

2508000

6276000

2596000

1221000

10093000

-1832000

8261000

43801000

4871000

14879000

2596000

1221000

18696000

48672000

-4879000

62489000

2242000

1576000

840000

4658000

19270000

-4878000

19050000

Subsequent Events<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management has evaluated events and transactions that occurred after September 30, 2023 through November 9, 2023, the date these condensed consolidated financial statement were available to be issued. In addition to those matters discussed in Note 6 – Notes Payable, the following is a summary of the significant events and transactions that took place during this period:</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="padding-left:36pt;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On October 13, 2023, Northsight Crossing AZ, LLC, a Caliber co-sponsored single asset syndication, sold Northsight Crossing for $27.4 million, resulting in cash proceeds of approximately $12.2 million, net of loan repayment, closing costs and fees, a gain on the sale of real estate of approximately $5.0 million, and a loss on the extinguishment of debt of approximately $0.2 million. The property was purchased in January 2022 for $21.1 million.</span></div>

27400000

12200000

5000000

-200000

21100000

EXCEL 77 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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
$@ "M-R[=I4V,@.P7$@M"ZO&6(*SDV?3&7 M "QOT:IB$%F2$Z30+"0%/,L:]EL"Z#'Y3IB@+/2L0KL.0[H _D-N5AIX"284 M!/:\#K?0%;A^C8.8J5A61FTXYD1A, 1LH;%GRJY!8]X7OF8*HGR-GZ'MM>(@ MD9I@1(==$@AR$>,AR>@O.!)SQ.2S5%^R^T1NS"!&GN$#C<((*T1N%GEUN8 X M$()1T"L)*ES[N!: 6HMX%\WZ+2\#+XNA+S,-I,-H^_"LX[GX6H!Q"LD =&Q/ M-Y?7I.,[,A@8U#9=C\-QO09:MS'4L2#L,'T(GW'-=91 ":8ZGD>6F!@$FJ02 MX G,&*=5 F8 X!9H$=NJ@*3;++.I_J/2"6Z_S=]0UU#\DJ7(CB;+@@;,TA]L@V.$-"E] MLUREFJ(;FW=2;OBD:UU;P5IX%R "0;7H!\!]-UGMS)E+L6 SS%V&XU7P7);H&?E["!<$ZH[0D!AL:<[-YV@J,D1EY MX?2P14X D>KL-QMU2W\Z^+C4$.;.E?*8H#T;P)N=^1D6F!J;X!+F,.%&.*X$UC^VQ#9K) [: O6P@\#17R[$>8%B0['7*JV,Z"/2KW5F M#AI3U*(_#7%FO2R93-GA%&5P6J(&!1-)9[>$>?JR&3JQ;S= MDHAXKBH*DJ%L8]_K+6_GX:!3IBXA,)2$ F5[!4P(2OD->B9B"VEE0R9EU-4- MB+>?$=L8)=P5BGJF_Q^I9R<+:)*JXAL4C7OL)_.13?5_/'O[^0O+_+B5JVW+ M/,2&&$VU-1G)_B1OK4*>-5^"#EC#::XE1Q7,#0)%2>/S65@#>WCA H:V-P'2 MVX$T<7SIM6^O']I??#YU*X3(;B8-:AB9XYV+W=-.T<);)-VY^OLNN(ZHV<@, MPZUID[.VG=Q;TE?U")TRC\1_L] C(5OH;H$./'*]DH6F2+J]F;7TYIG:E%^. MUYWM\A4GN;=GPA7O=DT-"#"$ O!(H,8 FR>*9YF?OAILVQ>R_(WXO7E<03VD8=]XE HU63^I]9[A@"')ZN4)B%K FL_53C?[! M=/LQ+ELC(Y8KGW;F(QTELP;?T(D)T#J7%K.*SZ9D=DT$+HW$/9-CMQ4M6R_R14>:Q2(VVL5"P MZJP9<- +>_<N1$?4*R:?$<5&YH@.2 M6;82=L/JU10JSHN$4S!RZSD29V#LJ0X:@2NKN:F>*W]!]P'Q][24]TOL@V;7 M:?)H^E=:P9;INQ_1:1X3;=JUZ0)].\W@BC):&0AG+96>)^R'(\0OCV[US/5. MLUF@ MCJ.B+NWX]_YYJ?XF&&B=V-U;N"@]$WFA\3>*E@_M;.V8>:>@S9I^T9TS]D,*F M31&]MFFOCC,&3>.'I M6DT6F'?[Q!=R42ETFISSH=7UTMC$OF M-.%.9X3#"3E-%;JZ3/G8*U%Q*BU^O;)B:"]D@#P3>&RA*AR3$F54G$OEJ6LI M,YV)QLK0"7=F9M95&T M)!4M&9BJ2WYPN[$X5W-DHPC0$"R[+G"; BO)FQ6QU[B%:4I(%9$15TIR=6RV M7A?K\QRVK+#TMJBRQ)B_,I5SY%(YFX4@3::RW_M; .W:H7R=I?0<\]:#*K8$ M2A:F$PXB9N431;)+(_+6K4QZY([R/F=K/W&2&.N4][I^.\\J('B<=M\^ :WK[ M9!P.7$GU]SQN>)@^/R1MMP66'V&9O7_O8U_XMH;>)X]U@KSG"?$CY:X>169W ME@"VT\%;$=%W]AL>E-^KK&&;M\C6'07G]EWP/=<%-)QC$.= M91]_"=,+LO>BUQD[?M=/,O>&Y P;':6EL! Z M:#O&!AZN8T'/J-C: M7\-FA&Y,KBGW?G# N^:\#S1>ZS0)_!"D(V4X&+$.U;?*)MX::@KWF]5'+JU2 M>$M$X8E9[<'$5RP)PJITO-U28A'IJHFY:Z?W_ITIX3]337 SX M:"\&G/#%@/63'WFW_A7;+AD\PRL,_=[+CY]/Z%/T\KESU\[-\BU=JE^JC_>> M#,.1@^^\9!B@(^FY05A]9=S>/[X[E^\&W^]PO"-G]RM>+;PH"WP]RD]Y52 > M6*]ZZU$XWK@9E[L;(E*A.T]H8SCL:239GK]OK$H99G3M"X 0"87F@NG MZT+D#ATD >!Z[5VEV=:4=[-L5SJS(Y6)&VNJ>.'39:_%\$4T>\&C/AK#T?>_ MZ;%!1[ -4K-V)4S%7$[BI/]ZU[ M$GS DETWVD&F=9X8IU;$3LXM%OYDKH[@KC<1;"G*-O\4ZUO?=3KCNT[OW%TG MOH'@8>-M&49;G7])]BBY8T!W$MSQWH7V"Q:\VP<\">ZD?;'"%N^,49+P3_0\ M41CU0G%<*?J M1G(%VDNE%P577+@2CB8"9AUE6%5':GJ.8A$TR4H[#IK1FGQO4?Y;+)JSZ[98 M-AW)_F]0LI$I]'.+S845O(%%61)K\"I3693$[WU""%0;4)=1;&PAG:"0F>%.6, P76F*EJXQC6 E]V*) MAO5M933=]#E.L!P(W[A$F!C,#]+%YTC: ([@J7&O81/0'."I$MZ&5DO_?2=Z MN03(02ZWV0>^Q\50>H&G62E[!C=.C1 M>283K^7U^IP\YWU$P&?38RA]-@T%_PG?T M(W=O_TA$1\%H'/D7]?M1,!X,ZHOZ[O;EM]_4MT9@6*=H<2.?1,UK,!Y^V[Y] M@YSEVG_!AOMA^,U3;=RJ__K7OU* ^=@L;CO3'V/>?MCU$K-#[]5R2U5HWUSXYC]02P,$% @ <91I5Z[QZA(B M#0 OC@ !D !X;"]W;W)K&ULU5L+;]LX$OXK M1*Z[: '5L>5'G#X"I,EFF[UV&Z2]6^ .AP,MT3912?22E-WE5PNE/YNI$)9]R;/"O#Z86CM[<7AHDJG(N6FIF2C@ MSECIG%OXJ2>'9J8%3VE2GAW&[?;@,.>R.#AY1=>N],DK5=I,%N)*,U/F.=%D:I@6HQ?'YQV M7KSIX7@:\$\I%J;VG:$D(Z4^XX_+]/5!&QD2F4@L4N#P9R[.1)8A(6#C3T_S M("R)$^O?*^H7)#O(,N)&G*GL#YG:Z>N#X0%+Q9B7F;U6B[?"R]-'>HG*#'VR MA1O;A<%)::S*_63@()>%^\N_>#W4)@S;6R;$?D),?+N%B,MS;OG)*ZT63.-H MH(9?2%2:#W(M,FY%RJZXMC?LD^:%X:0O\^K0 GT<=9AX M6F\Q/O)/A1S%JLVXY8W(Z[.^AU M@[!=HM>]M[#LWZ'T CF&$GHN#DY__UAFT M7^Y@NA>8[NVB?L\=^EI:;,\N&$799&R][P GP7OM.Q3[5Y. MEPW+P2GD+!-LIN4&D,= SC0*Q.?2(*H>&VH:MCE0%L MR&*RL:H6#E^S4& "QVI + 53P;J?SDOTA8$HB )@2?A7 ME, )IRGYHH"RULJ0O06<)GTL+(!,Q? MRU'IU"9A&38#=9%( I("JJ$*2@,2:B*GYK0HXREXN41;)-2BQ;BE MR:T550NN"T.R- D!\]JMHW;@]HQGZL,\2IIDP%?2#]'+PV#F4+#=AG! MYCPK!>V,-* UF8]*;4!.Y#41V@+6@Q3&HHQ)J37< E9'8LJS\:T+MG KN(;_ M,Z-P56DS08JI]B>LZ*2I+2J^H.9$?5T-*I8-ZZ/"(K:8RF0*NKG!&5F9NLT' MFTJ">BO:=<7/G?2X)U.(=$[8%CLO-9HBDK=3+=R@ GR,Y0[X! (? ]BR(D?A M*^R*5DP<=PZ&/>FTN@#I64;1"2@]Z;:&U84(M&!F@F)6=A/1_?0KEX^;EV^W MCM>7;V];'O349&9@OEKE,-9A!QF[,)7:<9.]VE/RAD8*L#IRQY/$\8^X(8 6B3<3%F*5AM@AW;DJ7SF M4,7I"%6*(\< ICA5<-@>YR%\#,N"%#>T(UZX:D,)LF0Q![:4$PT-"+:J!("G M$6@X94$N"-BA-+KY+$CH$-*!O!;5(D!F.:01.U_2C*?22['D'12$D07D(3'Q MIN&P*0 #0%$6M/&>S7JL(=,S;"JRE(UNOK_\@#16 GNWZ*'%/I0NLH M2G#DF59CB8 (\0B\:<$I#@&@=%8!)6[UPP7<]"W.^;6XUFT"R6_.1;S.A<=7 M,+,ZZMX'*+>QN%>HK*5X).II.I=&Z9NM:9/#>S 7S'!E C_ XJ&2DX1IF8,9 M[T#@;<_+63V\DA%'@(;ZL\"1&%/ Z.B;%A. ,/\#>8&J+4-J"%7.<"G^B9$% M]0#8E4$RTL=X+#.).6/$,@66.,L@&2=7PVF3DH.H5C@)]AW%G>'W5DVNO32Y MADAJUS3/*\W?.Z+NIK07<_E:;6U).GKK24=_>>&OKJI3NK)I-[3>.7B1N]JI M],-S52*9M Q9Q2ZT(-^CB%1+H8(O(@B#=H>KVAULSRB;U82\-"Y^#PV->$;0 M15T)-"$HU3(UVR@6(8S,90JTT]J :MTF&3%A"K[N*T>I-[:^2O4G&O2;(@[5 M%_"Q6!F)V^919C-7<.8[*F66/E4*AY2!RGRU*'E VR M%1CE':9A(!8ZP:A?6\W=\R7G"AN8+TA-M[&Y1HNC4KTR]H9C .]J4LC_B57< MZQ(5ED8KK.PU81!YZNF0RV!'P@6V#?#A;H>T$28 P5,ST"#G765 M;BWTOATJO-'J,R@)$M9&3*B[PB@,#5!0,>+U,RMU,N7&&:"K",9U%USW0%@& M=LB)L*AE:[YJ(R6$VNV17"V^8\[P>)ZVP<%@AZY^L2 MAI^%:F3=;#=J?B]_;;'?%8:C:TJ3J46PTJ:CLI[*>P65HA%)B3_! )$1%+N@ MZ0MII^N<(.FJ-#6D1XWIL)LOL7'HK#_G4 EBENP38J+HNH6..#; 1MB,%52I MPB8LIBJ#X ,TL-Z Y2+B "/=#")-9F_<_&4#UI)H[O &#,@L5T(6Z695-#Q, MH5#WHPVHTL!M\^S%IGZ?KW2K<84&VIMT+WV'A5TCJ#SM/&/O*\6=5U<^ %V0 MZXV8\CEH&*#B+0 1;,T3%O?A@T2,7U+Q#-7S;[R ZN(&Z??8^<4?#1/?O3O# MJ6%BCR:^YS2ISSXIK/KO(.(3UF_7&/COK?^1/-MBSR.401(L XLX1%N*8*[1 MX75.+>.B\(=Q9.W!@$+B9E: HC;7=>/V 0W!"*BM#K1TZ5"G*E3KQELYIUYN M3,*QTPR@E=:B#V@2NR,9 _^!I8L46?,!+R*@X=8GC!6JNDHU>&Y*F2=UFP @ MS%+VS8GA%AZ3.*QCH0FS>Q,:,HIMOEG!VI7W[?UAV@8L_951J5+/(T)2=9)R M74MG3M,YE"(8T2ZHB_GNJ@8-3UAWT&='K?X29WJ!RB?^93D[91]F,Z5M6>"* M=,1V>1D19#V-GP6"NT"OCE_;E;'.W(/1"]G;:I(<*^&0XFZW4&>@?,WE*84L M1P9"+5"EYA;99V59]5SL+G@9H):ZSCY$/P1RP^'7K?[NS\MV@N_M?K),/[]: M@OA.$NR;]=OB2K7&/G-.!\.0=.(JC):IN/3H^]!T\P,>2@%R>#WHG$X-\+R4 MTO32P'88LZIPJ(W8'! 2X&NEO*3\%]8YQ!*RD;W(JPYU$IHO[@"M,@X)\0Z* MMI)G,!J+T6JE<%Q+_H-WUIKB3O%25V>W=.A*XD$UIR<^6F!9YWG&''AY/N\= MFXDT"IOZ? QF674G:&M3 65<>O\RW#&RH:WU[5M0^&UJG2P[G:OEU#Y8:; C M.BQL./^HU7EWK_8;Z#^@UK_+PR6UZ1=4A3>652O+N&K]NVM'G7Z\,;3IH1%8X^FG,C%@?K]P8Y^M9":P]+"]0>:WYU!8U;O.OVI5 MSMSRO6@PB''><6_K\N?@'MK(L=R:(%VQWG&']7K'2QH:/(FH_ +5BA9NM4[4 M'G;QLQ-6"TJGP=OWGP1S"]J<8987C<669G79>=E9DO M+2^U*A9*I=7@X6 (GWT@Y(*^I2@83&?8PZ)X&,7Q\7[R.0AI08T^Y7&/ MC&!0#>?BKNQJL!3:ENIQ,CHG\?-JN"027AJQ$H-P4"K ['-9.-HC455U^)PJ M_"S$6"82OW."62CQ_1"%Z ]34@GN;ST^ KHN@R,]A3'*Y,0=$V!V.@)0&OG MERECJ&H!"YU I@+POCRO# ^CX,FG2#&LLPK>?"2MG3F$@XN0]!@Y*<"*$^Z> M;+A-9SL>V7I@LV #M;<_A!2WCA[QQ&$7(\-U1CH[NJ$/Z6LTQ+ J8KA 7SW; M^$-T/"(7"E&.9@VZ [70GA@IKC8BCH]YP M+1/HLK/SRPLW-D37Z"CN;\T8=G15_J6*6I/3 =4>8UXXB(Z/NM^]8=W@BZ$- M >C?72^:'N=17'8G9C8.YK;$Q&_5,=D1L>H)2*CWW6GK+5$NC/XN#]_8T*YI MTO?.T,_6-5XIM5%W^Z^F:Z\X( >)I2=CQ!*&UL[5AM;]LV$/XKA!<4 M+:#8>O%KFAA(TF4O:+>BR3H,PS[0TBDB*I$J2<7QO]\=*ZXA9?]>W( MU!IXYI2J";P7L#8[8T9( M5DI]H)-D+AM#%65:TR>E )Z9_\ MOHW#CL(\?$(A;A5BY[??R'GYBEN^/-5JS31)HS4:.*A.&YT3DI)R;36N"M2S MR]> D,SIR*(MFAFEK=Z%UXN?T%NP-TK:PK!O90;90_T1^M [$G>.7,0'#5Y# M/61)&+ XC),#]I(>6.+L)0>!L=_/5\9JS/T?^S!Z$^/])J@?3DS-4S@;8,$; MT']6B?0W&*,V.V:6J:BXW[!U(RTOL MGCN0#3"5,UM ORID6C89ZM%D*V/8+4C0W$+&5IMVQ1E!(L!I;"5#=I0$EJJJ M IT*6LQSD0*K-4G93<#6A4@+MN8&&^]C(S2:$Y+]R&6#O>^2/&3GSA)FWD*U M MVG/W#;EAY3P>^ 226/4RY3*/FJ)(^(;X2\]4+,@JX,R[6J6#0>E6U1X3"<&]!9FYKLM<%R^_ <454M<)A+B1Z0J"1 M&7EI!9B@#25Y5/,-/7A9LKRQC0::01JS!MUN(]%@T^@VMAV2O^R)1O/6&]S0 M.@'>5:K ]^P&6Z"VKLMX5MWRT>>D-HX=(2$L;EK&UPBK6"18OMX5N*>8M"1 M'/-)';.W#QTV7,Q5B=]-ACT7E"+5&-0W+T[8;VB,G?M*^#FUBG2C5O68O8*T M-=?-';%D'-)PC&+)9$'#"5O,9C28LNG,S=#;E!+9N??LFWDD3CVOL#*M8ZA M_7GTB**_NV37'QN*\#G1E\OU[HF%KKI^><.1-ET-!CYO:[5[YFV-?YVC+!Q& MVZ,L"KN#[?^S[+/.LCVEUQK_DD/MQEG$X,F. O\)CDN<(!7:HT9O*0X_\Z3U M'.YLN\I9T8WJJY+CC<.P^Z'_R/6?"-J!=0?-P=J.KMR!?80T%"8A/J<3QTY! M&(WQ&0?)?+'%%(VG+(H7;+Q(6((Q3,D['G]SB8CQ//[W$0)1//\#$&./0<'P73Q0.6GP3Q9+Z-[22887#W M77%&.Q=-9,%;=YTF D)'_9VSG^UO[.?^HKH5]]=]Y-9;@6150HZJX7 V&3#M MK]#^Q:K:75OQ$PHOP6Y8 ,?TD "NYTK9[H4VZ/_'6/X)4$L#!!0 ( '&4 M:5?E(U1Z,@, "$( 9 >&PO=V]R:W-H965THS1<2="XF@?G\=E%YOR]PV>.&[,W M!Y?)4JE;MWA;SH/(!80""^L8&#WN\!*%<$04QG\]9S"\T@'WYSOV-SYWRF7) M#%XJ\867MIH'DP!*7+%6V ]J\S?V^8P<7Z&$\2-L.M\L"J!HC55U#Z8(:BZ[ M)[OOZ[ 'F#P%2'I XN/N7N2CO&*6+69:;4 [;V)S$Y^J1U-P7#I1;JRF74XX MNWAO*]3P#V=++KCE:&:A)5JW&18]Q45'D3Q!,85W2MK*P%^RQ/(A/J1PAIB2 M74P7R5'"&VQ.(8U.((F2] A?.N28>K[T=W.$*VX*H4RK$?X]7QJKZ>/X>BCS MCC@[3.P.S)EI6('S@$Z$07V'P>+%LSB/7A\).QO"SHZQ_YXT?T@!CRUJ!62# M2U4W3&Y[!['G4"@Z@L9BN7-=*4%GF0;??O7GN=_*0K0E(6T7FL&BU=QNJ6UT$9P>TT,:)7C)7.'?M%2P M ]+TOL6^[\K[_L^BG9=WONRWN(5:2=SN))MD&8U34N.!"F.J_#B.X(8)5RYV M#PW;LJ5 R-,<1GG^]&>0YC%D]-]5)\VGD$[3(QHF)]/)F)[I291&OQ#RH8J5 MLBB ]:GM-/1E^UE@9VLHN$'H0_T@W&O;->JUOYR<=*VT707YCNDUEX8*LR)H=#H>!:"["ZE;6-7X2V"I+%TI?EK1'8[:.=#^2E%R_<*] M8/A5L/@.4$L#!!0 ( '&4:5=;L1EE] 0 +4. 9 >&PO=V]R:W-H M965T:LZ)N'-4NF66ACJUV?PF;.UF3P35+)0Z@L.KNM3+T!"3+#*(@*%GSMV MP81 (*#QSP;3&Y=$Q^GS%OW*:0;)/,(U5OK&HWSL"@Y7+XI?>;.$P2]K%G]U'\&_$:2T9;D>700\)9U M;TD<^"0*HO@ 7CR*CAU>_#S1UW(H6)2HL$RIK?(C(+UR" ME^H-S)A?C\E'])X6W"YOY_F$[:,,)+:["-QL1WGMJ')I&8BV/I%*.J]UPZN& MK*D![1T'5/XOJW].E@\=SG3,]2CQ0%Z3V$_R$G[+O'@^<7P!<5>"UQ1#?]5# MK/;+@=X/'E,-VY<4EE16.SA"26P[FGQCX@Q'(!?)HCI@&.-YA2K1J2LXKQ.[H BR,8"!>^CFK[0)C@T(#=!!_J>HCO)N"?K]\; M0"O2>,1^?X^D>VX:)(-&<)AJZI0(!F<)T7AH'*GE40\#:@RSB!&DY3,P!*<+ M+H8PA'ZY.6'7W#; :06+@1 [I'4$B7WX4#@()3CKAT)T=?K@W#%AWW ;DP>( M+U5!N_?,X;JR:D]51:$?%1&L#VZ3DCI40I%?)MG+I"Z/"Y)GS\*H>X9JIA7O MZJE(X2^<1&9:[7N",W24(O.3(!H%[=AA@UT")5N,9I? P^W6KYD\(OW^5?T? M#;L(64UV4>'G>3KZW&CF&A]F7T$#TUNSR ^2B*19X7(UAG C 3I5\K@5GUA\ MU1Z08N:G1?FMX*T#K@VITCVXL'OXJC8,:8:@/HP#IWQ'!J)BK_ G&S\"JN&C MJ=,X-8C\,"U(5J!0"95G-9S#B+5M]8;$L9_'$?20,H_()=O=X0[F/$_\( M) MF/IED.Y/>>QG00D9?=%,AGX6)P2Z[P^4T/Y8YV6XJQ*RPD^AUX297\(*WRL$ M.%/R' F%Z0^60>X'L&>CLOA_28;4@89D?XJA+Y5I#L500'?:]3$ZFUPE6J97 M[L($WS>H8;A5C+/CG>QLN(H\F@\7N@]4K[@TH&,)KL';//6&_&X'5G7N8K)0 M%JXY[K&!>R73: #OEPKBO!G@ N--=?X?4$L#!!0 ( '&4:5>!$^XSM@< M .T2 9 >&PO=V]R:W-H965T;LSP9MK9W;Q( M) 9]/WVZ.9=K'^[CBBBIQ\JZ>-5;I52_' YCL:)*QX&OR>')PH=*)WP-RV&L M ^E2A"H[G(Q&%\-*&]>[OI2S]^'ZTC?)&D?O@XI-5>FP>4W6KZ]ZXUYW\,$L M5XD/AM>7M5[21TK_J-\'?!MNM92F(A>-=RK0XJHW&[]\?<;WY<(_#:WCWF?% MDM( M-][^RY1I==5[WE,E+71CTP>__C.U\9RSOL+;*'_5.M\]G_14T<3DJU88'E3& MY?_ZLAEK7=!5#YT2*3Q0[_J'[\87HU??".%L M&\+9M[3__I+]'^K4MY_ZA4HKXDNU=AL4_<$$[_BVMNJ=3HE"5&^<*KQS;1NN M35J)D%\[/%V96O2"98*6"] )=K&*8M*)E(Z14NP?V*GT1M4^P8S1UF[4G)0U M>FY)@:5@++;.EKH"L43HLU!5JN05';A891<'ZM.>]CE90P\0,TD9_'5\C0), M0755PY(K*,=1-"% D[)ZG2T&6C96XF@]\,KYI.X=2HS 6#T]FL@I/'(%*2I- M)BK(K704P3F1XP]F8>#_?",:EOZ!0B>GF[3RP:1-I]]Y]W3G9U\R8ZQ<",HC MC[V&FQ0 D55Z@):F$F^T-7,8_J0?U:Q\T/!\B7A^KFL?4N/8N;L&8;]]O[WZ\]-_>T?Y M^)UVN!_ZZNW;&_4C(^&'[YY/)J-7-Y]F=P=7Y'S\ZD]<.*W6*P]X/&6DE1@[ M\VA*@\ES#%M..! -=ZVJ=4CX)&=5ULG7?T< /^[YUKDSX"9@D\ 5X,*54J6) MT=N&,]0'FI!$MWS:U'U.(U(.KM?YFZN42Z)*6J'P#+8$*PD036$@XG QK MT*XX:^.(0"!E*-'G!O%!.3T6A!O:=8KR$S2'5A??JS.M(*M4*TIFHJQ/2Y M,8$8V^)$K3?R&9>_&N) S01P&!6)*JY2-R^DBK=(4SX=R^GDD$M ,Z82=EAH M$]2#M@U)Q=G4&FV(K',+<'_D&OZ/' W4ZV8SU\6]>A_\,NB*:[_S;3(:/S_T M0,-")J= =1,*]#ZI:?_9Z$7_XL643*KB*Q M 7E\U09[-G[V*F;EZ$0N^H.7*X%WIGY6()DU^;:RM0Z M3IQ#,ZZO("+5@9UEUS\'*C!$M$&JS\K?9Q]O9WS$W M:I-WH7!/J<_0R>FMO7$91B0LIQ3GGP9Y!.B5S=E1K0L>6P),TVZFP M!K]U>=LKU)UP]%U M4#+I&;,33L%,OI0Q[_2AA=]_.7%Z:#4*Q\E9 979GRF M%F&(C-<''8QOP$!;(WIG9(T0L8L<%XQ;E.3WV][E_O$C-L>X;8>(4"H&2$87 M9M*""$+MI,\S*K:[&"^=?J,M4PGOZZ:@W0B3K@ MK9RW?HD;]0XW0_!B)<45 MZH.%O$R>C(X>:\,\Z[9)X)QQ*GRE_M*@$0"])EI&V,\S.".V-!L\/6._)='"^/>C&&(P29;#]IH[R9_@/V9D)"U2):QL)>.;LQ^@?3M MH.T".6% 1GC2)E- YQJOW?EDA>%F&3V8N=P>GMW?5"# M 77^*="E@K5_V9R-LP2^2J?QR*U2L(2U3-$$=RB7:+=]"D#9P#X63_V&'>Z] M@J@H+.5%2U0RZ?+;B.WI]EW.++_"V%W/+X+ E4N#WT^6%A %J,Y[>6'HOB1? MRPN-N4_)5_)Q11HLR!?P?.&1Y_8+&]B^X;K^%5!+ P04 " !QE&E7)9=/ M!U<% ",#P &0 'AL+W=O:&$C2#BNP%D'3K1^&8:"E_>]^)%RNIONH"TZ8JK*?1-&H7S$N@MF%.[M5LPM9FY(+O%6@ZZIBZND:2[FZ#.*@/?C$ M[PMC#_JSBR6[QSLTORUO%>WZ'4K.*Q2:2P$*%Y?!57Q^/;#TCN!WCBN]L09K MR5S*KW;S/K\,(JL0EI@9B\#HWP/>8%E:(%+C[P8SZ$1:QLUUB_ZSLYULF3.- M-[+\PG-37 :3 ')9+)"./E5:GT*MZC@KF *+_J&!%BR?M: 77NPY #8%#Y(80H-[T2. M^39_GQ3KM$M:[:Z3HX!WN.Q!&H601$EZ!"_MK$T=7GH [QU3@HM[O382_KB: M:Z,H.?[<9Z^'&^R'LP5SKIL!@]OI5/(K>'%%VT"D[.(;^TM!\ M-]@UTSP#;%VSI'.BJZADM/,0UY"Q,JM+9C"'^1/D_('G1 N"0'D#6CI09HSB M\]JP>8E@Y!90(4OM%^C['8J>M8J*NIJ3-+G8I^NRK+5CRZV&U'& 5Y0BQI*SLH2E M-"@,9^6:8,OPD+;4\K2Q8%:$D=E7D$O;PS20$%@QI9@P&FK=>L50/]:U>FJH M*S2%S$-'36BDMN'6SASGQAU2MBY0*7*/9U@C\<59PT&7'J<'G^GB1I(9XLEK M1^ZA:R=Y)<^RDFG=$)-_.^^WF'.78%9N?C!J(11RA20W!&[(1$W*&E34\9P@ M9BP2!=?>"-GZE )G!70"R8ODLN?RGB?J.ET.98)U3)L))/3&&7GE8/WZ>HNT M33[A--*,1'56>I?+!3<47E/4]%NP!Y>1G2E2[)JR[?>";:7UM_IULW9,H1 = M/1$A5+Y7H^W50)W6H$OKMMTZ0EHDUOJ%+&E\:SAQ]LE:TR59@8\9\6U*HQET M>DZ*6TF;PV!'P$>KP)%[IX 3OEY]K"NJ/R/5.=ANU@3R0#W?L)(3V(W4MNWU MX"9>K=+IP*N0CL>M5LG('PV'(WB+0E(=>,N_[';-/2WH]:M)$L=OFOQ( MXC!))Q!/PB290CP-1Q.WB]+4=U';@AJ4EK-I-Z$K''>8O($X'(W2G=TA@-VN MLX,T2;;6+S&J3?7&K"0*H_&@,VL:3L83\!--/(O2?Q?]9KPH%%$O=H&(>LG M[X=ILQ]V(^C'RDEVY*2N"ZQ'#G5^GN]XO9D8I L1N"G9#1E\1)5QC?M'R9K. M!TPW'70W?+X5^2;@NHFSQW_(\W_0#3R]3ZS>F$':B?T!_2B$5<&S @J;+S!' M%+81E;7E6RA9^49*?9/\WLZ$(QWR6V*TU??^KP9WE>?#M[*S ML'4RN26,J;;;DJ)=NB[4HZC/O@X<\/H+(!X/UY6ZL4["-!IL[2;=[B0^A;^. M_CF2SWZ>VQ^:@OO2FIZ<+\^3I+?OT[N_\4*B*7+OWH&V<&IA_&.I.^V>FE?^ MA;4F]^_4#TS=V_-I:'7FUL6]%Q&90GH?B&I M3)J-%= ]P&?_ E!+ P04 " !QE&E7$%*#93T% 6$ &0 'AL+W=O M%<]:K?MVD!);<]78'"DUR;DCMIUZ?!(-AM?!#+PM%&?W92\27<@/NE MNC:XZK#5^=#DO<"GP2L;>>=$9.%UK>T>)N=!A$Y!!)2 M1P@<'RN8@Y0$A&[\L<4,6I.DV'W?H5]X[LAEP2W,M?PL,E>GT)6SXCPDNUM/Z3K1O99!RPM+9.EUME]* 4JGGRNVT<.@J3Z(!"O%6(O=^- M(>_E:^[X[,3H-3,DC6CTXJEZ;71.*$K*C3-X*E#/S2ZX,.P3ES4PG;,+H;A* M!9?LK;+.U!A]9T_Z#@V1>#_=@IXWH/$!T"E[IY4K+'NC,L@>ZO?1P=;+>.?E M>?PDX U4/99$(8NC.'D"+VE9)QXO^6O6KX5-I;:U 5[9BJ=P&F!W6# K"&8OG@W&T?$3#@];AX=/H?_=-#T)NM_E;[#$OD4& M#UP!;*[+BJM-H[(B%7^4MSJBHU. S-AB\T"1&V!@G< &A(S55J@EXRLN)%]( MP$XPMSBYA&K&D^]SE9$"'@MLB\P;;4Y*<(7.M-1+ ;;'SM)4FPSQY";T)G=F M+//A4&20S"OMF((4K.5&R U:RT3*:9KL6/)2UT2@ZWBJ:V2#@U**+RBH6"9L MI:WPKFSU]H:AQS[B46T]>B;R' QN[ZARB_.S(A!+5/O:'&*(&AM6IW$=I/D"HY>5)71=UZWJYKAG],>VA;:N)=HM62* M.VRO'>=1L<$R2#ZW!!(@5)3WT*6X/*KZAW29J M^<,RRV#AFA L %2'+@WRC**0UL9'U_B\WQ<6UA.SHL25>>#Q6KBB/2!V-J3@ MU@;S"K9Q#6>RI'AS^=BI1UWQXMDD'AP=6ZR#.W2'?&A<7F/*,9FD[8((*T?<%VI":*[;F%HT1!1P+ONU*KO![F'C>QX=3V?I( MDY7:)Y(R\S+'KW-6Z@R0Y)D/-@YI!^4"3#NIO\V1@F,V$=28#35WR^+Y8-Q+ M\#M/REU;\T<\GT_O!7K?-Y64U5)D/G87M_W_W)S:P^'_D?7O M&%DHGJV0![!;P+;4"C8-@L!VPF Q]:%^7$,+N@LUL#]D M K.?!#6'KBU&QO[SK^/U7B/!ZZ84V7R7QNS!XN1%@=LBCP80EX=%D\I7XOA_^_)YK M3-IV00;:?P7,_@102P,$% @ <91I5QDR1227! &@T !D !X;"]W M;W)K&ULE5=M3^,X$/XKH^QJQ4JE3=(7NM!6*G"G M13I>!.S=A]-]<)-IXR.QL[9#X7[]C9TTI)!VX4L3.^/GF9G'8T\G:ZD>=()H MX"E+A9YZB3'Y<:^GHP0SIKLR1T%?EE)ES-!0K7HZ5\ABMRA+>Z'OCWH9X\*; M3=SNH%WF;BEJ\28R=ZLTG.5GB'YD=^HVC4 MJU%BGJ'07 I0N)QZ\^#X=&#MG<&?'->Z\0XVDH64#W9P$4\]WSJ$*4;&(C!Z M/.(9IJD%(C=^5IA>36D7-M\WZ+^[V"F6!=-X)M._>&R2J3?V(,8E*U)S*]?? ML8IG:/$BF6KW"^O2=D3&4:&-S*K%Y$'&1?ED3U4>&@O&_HX%8;4@='Z71,[+ MF@G=16U+'.6813CTI&HWI$;_;E4S#R3_:$-*A#&NQ#_X!V>W':O=R1KUNN M'^"2"2I8.P'7BW_1%1;()?S0-HTO*S7<)PB1%%JF/&8&8U@6(M90&)[R_Y#* MIR;A+R0=&D1I$5LP+@R23P84+8>(Y:5D>DUO'3"2#H:XB/"5G;)>,JUEQ!WK MFIL$.+F_D(J23,"Z"]>%:O,MEB"D<8!$1 QOG=5 IR'DA8, /D,P[@S[ MP>9U/!R],HR&1IX2)NE\>1')WL4:EC95K3W6R?!$*844H%S)<\8N[ZEF(#'E-+0*NW:!8L M98*. 7<1EF@?$OV5RBT"GE8,=ZY5^D-6;KUK/[0(=O9V#Q_"C<*<4>%:)\M# MA5) \5@Y.D='(_<<#=J$_1C>Z-L;X8/.>#"L"7XI^XKZ/:!#D"Y)36=P)%>" MZM-6>%MY'D(B=.N]GOO**\LB[M^>Y<]KLOYN6_ADNFZ";2D.*2EOK=HZ%'UZ[KQ,N!D;GK M?A?24"_M7A/Z\X+*&M#WI91F,[ $]=^AV?]02P,$% @ <91I5R1\ OJ+ M"@ ]R4 !D !X;"]W;W)K&UL[5IK;]M&%OTK M W6WL %&YDL4E8RQLI2 MFRIK,#2W%W9M9%;PH:J\"'T_N:@R54\N7_+]?38))/_%1W:X:FKBX?+G.;N4GV?RZ_F PNABH%*J2M56Z%D8N7TVN@N>O M8]K/&_ZIY+T=O0O2Y$;KSS3XJ7@U\4D@6%B(O+6-KKJ#D."2M7NF7WI[# ZD/HG#H3=@9#E=HQ8RA^R)KM\:?2],+0; MU.B%5>73$$[5Y)1/C<&JPKGF\I.\A8D;\5&NM6E4??ORH@%96KS(.Q*O'8GP M!(F%>*?K9F7%F[J0Q>[Y"X@SR!3V,KT.'R3X2:ZG(O(]$?IA] "]:- Q8GK1 M8W44_[ZZL8U!1/SGF+J.6GR<&F7)<[O.7WWP6)_^(!6>-! MUO@AZH_SQY\D(7Y927&MJW56;[[_+@V#^0LKD-8FH\2P(C-2(*VS6GV5A5!U MHT6S,E+V>T#!.II6W*]4OA(YCC6J:1O9[33,*[LIY78K$ .16B.U69RL+L12 MU5F=JZSL#A#I=6O6VDK[7+QML>7=<,(3/\@[H,9Z./[:Z,^0Z%9.Q9L,8G2L MA+)(1)L;=0/Y;PAH#HBQ#?;G^O,0ACQ)0NO6B"5M&TM.R*$:)6&J4D/D>]6L M@ 7Y9Z&72Y5+%B[7T /F@@7:-2E'=')G857G95N0MEF>Z[9FQ>G0J@4?\+?@ MFTL[%3\UW68P:R#RB+=>BNNLA(Y&?$+4@:_UQ,\_7S,A!=EM>V-5H3*C:.6, M7!WZ+_;/\'3PXMSK? D.T O_:R&_--+4$Y3WA#+WB D3M:(578G10$@-58M M%8?+G;0-VTG?_"899)T>66GU264R:S4"H0$%MN96RKPUO,7I=JA%O[[5(X,F MNBPWS_1]#7I71GW5=0:KWBH+A4A(:UMIGA4R*Z7I%;^5-84WA%E*^F-TY5SO M2AT<-T4.W00DROIC I2YWW20=& M@*#:9EUYPC@K[I359L-'ISOA3^$['I\(W0[9-F2J)8N=WTJ3$9$VZ'SK#&\!!PBF@,=*;\FAL@@XR/")_ 7OLZ#G@ M2;WU45>)>AO 9P.\(\0.$\P%^#AV;X;]VV(V'1>[48KGNJJ JZ5Y-"@>*!T MH8B%CATUKEJ(/E6 -14J!^U5)4U7M[;\R=I=(#L4I/"U4G[FJ-?BIMUX&)=E M;Y-2(LA&D>N-"L,(1\<;(-H]4["4C-0W]])QN1@KZQ(L*J'I#05=5=--]V!Y (3;"S1 4=6^/*%21:*G0%X(O< M)\LBU4;G!CD<(#PZB(4$ MB1*JO]HYTNR)V!N>:SK)6.LAT2B:NV*2.V^0QLCGPN$$ M9;8N5<&AM.WH."=88N:^P[Y/N:X\;48F<=:X7\E:_#K]-!4_7EU]P/[?6T5! M5,N&$044[\XQG9?P@5INT._(BDV#2QS=\$:'=^3K&'7EG#RU!%+J>TY1ZE=M MOZ6S458DTUT)<59"2G/!^]V?=&IKI=K /?%3 ;]N:C<%4G2%0E0O(;X M!,K]+8U515>.KVYBV,9(P]6MMUJW9%%9R9AD M/OFE2PWN$LGWO1'& =8U3L!XL&HI&NBLJH"ATB!'* I*L;WY6/!$&*S!M7 M9(:R_5[7SZZI-"-^*7I["UCQ;#=(>*'+7'?E&3>.VR+;WQ.[!N%:6QS-1ZW3 M67 NKHYUM>)O(O3B,,63JWCX8N?M<.TL\(+9[!QO@1?.(_'A1%,*7AYIF,4M\,0L2V-%G7LEP^BR,HG/,^7%TF%36;0M>B)6V:]0LKE@] M;.W+M/\,0F\6)OO#!YBX>'LL^= +XOG>Z)?=?(L\'];I%8^\.1P0Q%X"6\/V MT3R!YG//#V?B/=S9X4(7[W!/Y$4+=D\X\DC M:!J&>/WO'_[C8'JKS?CBLO<#@+>+;'T6'BNA7#Q=\2KD"":Z?N# \%/$,==^ MJH#>(8 1BT(MET@H+@098[ ]X+M#V0FA:JZ3IN!@YLO+%DS=EAN99ZV5'31P MF#*F].61,7E+F@*;ZR'V;YQH0(^['GRR0_VF[ ]NFAWP;&F[5DV-(<$),+;P M]I8P@$#_F\+QBX7J*)RR]GLJ>?\'*(>4640G4.YPC1+&7U!B( '3^#3*>?'\ M"- ],/LPY@%<84[@ I(^B2)P3],M)>1_3#D*2DGXK9%O1GB0[@^_&?(E7IC$ M>Z,]Y M\+UGX(^V#R(MG@9BE0'^T4[$WC^#A)/$6B_ X^H%$N&! 2P*'?XF# MMX67QCZ_I5Z0!/PV\V9^,@!@&&$X?P+ )P#CT&&Z ?N 7S!? A2A9;W(OGP.*9EP(=OG6_ MYWN+--T??C/4"[Q9'.V-]E /Q2<:JYZB@5MPXQD%#O'1K@4+PJJCF!>C>"WP M3 -R8!!1NPYSSAC^8B_P7=\7> GU@AW8)'\]=J^?'Z0.MWFS4'FV;NM.S#T->PE=:[%PD=+T- P(?ZD-'W5X:(4+0 M_23!M\:]&)VE'^P/OQGNQ5XZ#_9&^]T>S2YV#9"B 4Q$C(?K]U+"_03M;KHX MBGVXL\8AEZ\9; D,C'U&Q&1&* C0#.>^@\%TGO;@AVE_YC^AWQ/ZC:U][(./ MB]''.)4TM_S)$?V8"7'==SG#[/!5TY7[F&>[W7T2]2XSMPHH4LHECOK3^6PB MC/O,R T:O>9/>VYTT^B*7U&UL ME55M;]LX#/XKA#?L4RY.G+;K2Q*@S>UP&]:M6.\%N,-]8"PZ%B9+GB@GS;\_ M2D[2'I %NR^V))(/'Y(B-=TX_Y5KH@!/C;$\R^H0VNL\Y[*F!GGH6K(BJ9QO M,,C6KW)N/:%*1HW)B]'H(F]0VVP^364'%*4;LJR=!4_5++L=7]^=1?VD\(>F#;]8 M0XQDZ=S7N'FO9MDH$B)#98@(*+\U+',GUJ%>I9=9J"HPLZ$+V[S*^WB.8]XI3.V=#S?#.*E+_M<^%SH%3 ML>=T5YP$?*1V")/1 (I1,3F!-SG$.$EXDQ^-$?Z^77+PC2]&-R>XGAVXGIU"_[%Z_$\(N$=>M:OCDUKWD MJA<,1$*@Q$5<,$'IY&I8%BQ9L3-:)?>5MFA+C08XR$$BN"%/@&O4!I=&[!TL M"31S1VH([Z6-E=*IGT42:B?@TIK"CT%IEH:)3K052N+\ MZ\NBS&XYNT97C M;03MZ57.R$32=B7H@/NI!*Y*4M8KJRM=HE ZF:4@ P=:(_++/TB?GI6_BW("%=\S1^O:O 7S\N!@(I04:'0U* M]Q.W,6^Q&%%)\H(2: #>6B4<(YT!2%[544@9W?"Z>#L\DP%B3-*5BRMC*P5O MH42NH?6N)%(<$X"M[)ZT));,%EZ/BV'Q;&K%K^@8AW$JM[B-91M :5QR5CK> MY:HBXAC&2IX&B 6+:47A+M;R?AB@5/4C#L^'HV=_$0K%'?,>A)XB\TYSG6Z, MV"M:AB,XHV?>0_A-+$4JA0E;V$@;M)TOI1WZ^_(!;1?++X4I=@D;#\<'ZV.= MG;^8N@WY57I;6!+0V= /X,/IX?FZ[:?VLWK_]MVC7VFY488J,1T-WYYGX/OW MI-\$UZ89OG1!7H2TK.4))A\51%XYN>"[371P>-3G_P)02P,$% @ <91I M5R_$N@'F* \I@ !D !X;"]W;W)K&UL[3UI M<]M&EG\%YG#N[O<5K>>?DO?O6Z>?EMW;6DK M\[K)7+?;Y5>V;^KK'XP9L__;:IK[,&GX;9\ \Z*HV&S=D*;^6R;>!7"^/:IY=\ M&UF]SB[MIK)KN\JK-CM?K>JN:FVUR5[7I5U9X[+;^M>=;^^VL#1.<'N;0!O_F?HP#S?_>'YD)B^6^H&\G!EMJ)/30%3&:"@ M=IMM3&6:O"P/^(O9XU+1@'UC8=%]";=L>?JW%8'G$C=!TY_O '*K/+O]U_]X MO%BPS*VP#K#"K&Q@B M?\-*;5.7)>X];-(BTAC7$KLC^!N J(%M9E>PCWQ9FO#,KBY,B9->U7(5\0\, M(_-;9]L#;;X"00,GKW<&QY2U@\MNV\8NNY;FA>U6=17O2R>DD\;0P$.Z;7T- MWR*F +3@LJU'EAMO99F7A"[$/ &VT=W ]8/<:PB3!>KIKZMM7FT8^,"B5^^V M=5F8QB%JG#UZ(@>>9^>E0%-VHVLZFA)X2^5RDDZ.+VEI# "[M,#H:8LP_2JF MJOF-!)V]8@3Z8#0$(8@2,@-2R?+B5Y X]/U,D HH<(;;0+RL][8BKH+$!]<$ M0K&$\:NN:1#,L.4.Z)9O&<[H4*Z W@#/KG/;9/N882"$8 Q$ M:N\2:-I5[K;9&A0)1_/B15N!!SQHZ\(% (W, ANLZM9OT!+*%$#GJ!S@PSBI MC@5D7 +VOM\#@!!^LN:Z U@=3-X0=COS,?">"=T3P.J6:!KVU.EUSF YY@N. M:(0W5%BW EH!\.*% 7(ULIV\JI G?L"RA,/;NBL+/!,J<()=OW85*TC$-HD; M"6;=C#P*$00&<"00[=GW -G=$IC%O3,2SHOYA+Q[X.7=@TFA\XNRG9?*79X+ M^QL28)\Z5_8/@+2!+X'\ +, R2MFL\1/AYB?9\(J)'YY^5S%0^">SERA* (J M6+5UDZ# ]=809VT#EQ16 C>&:VZ:NMO/LC)?O:.'@/&@1@(H[EJ[8CEX QN? MX[GR*B\/_\3_$>&OC) YX@#LF5 ].?JU(;S$)4%6DHJX!(D*ZB$P7^1L@$+[ MNB&6'V#DIRB$=D;&XPJVI:.Z&_=/TAUW.85)#STF/9R^?992'X1'GS93^*/= MYFU6U,1P?@,RM>L#7BK!&X$;J2C. 3L2FDXX/@[H2]9CK'OUW 6M!*R5#+^9 MX25&-!RC,UVPZ 4?@#T?]*3X<.TU-6:L%VV J([!;.[[9VSUM% M29Z#;?-KW> >^Z<6R2XGJ)L9SP^R$ME3/!OS.OBA)*[$2P\M(=R5IQ39[;)W M=O7N! S8K$&+#J\1:'"SU0T-K!CI*+CT;0N'!RWF)(:7 \(U0MNH^NAP11#\ MB=2;%NPOE$7X %#+/J=5>2_,QJM:X(ARQ[)@,^^!(3#&71.3%ZEFY#NCZ\B> MHH-/D=4C3U:/)HGAK2-9%5E1SX$_[5"7'J*L3YZ,U$FV#!(]XN,4;WP('1J( M R3UO&ZOTM5E'?'$7?X.P.171^@#K7:[/4.=8)NOUZA L>* /!%-C1WI\\2> M@;#QYDJ0';847&Q )%2=S(@*!NQ=;KT]R'Q2.&N"!!Q )F13(,RINDBT M61BYRPO6R,Q57G8T+UEK\.^F1LBR-=4Y)C7V\EBRN.!D\ LJ=[ H\JBK' @* MQ1^PI&N#ZJ(CD5AW2M6_,JH1#T$)X MC"'<_;@97E79WW+0T4#FG3UB;\4LMM0\UUG6>5/@3;-I!GI"EN_W38T@A/O* M 7<+Q%^$IT7H&& /:R9Q&(4V50/()[=79X:Q,L_.3N!63\[F#Q\O3N\]OD^H MUP#@R&[)W![0!R>XP&V#6 =+95>+53.3;Y\EWQ(^71HRP9XA,<+]H#Y*/[+! M-[3&-: +;XJ1L ^6>78!1\J!.D%A0 9)&KVGI& ?=7LF;CBD&B_MR)I!T2+V M2SO?(S;Q)YF:J+I@3HJ62&Z+$PO<.]_;%CY[6F8!-,)J/(-!8(HJAP+*Y&!% MB: !26* )MD3QNKR3WD#OZNN/,O^UH'^)7ZMQ4Q O6])I6;WD?XXA>]?>WS_ M>A);+\"@&L+QFT=E](_X,!Q;9G!UR[QZY[T9C OJDB@,F7CR++%=58RW(-Q. M2$-"H$6*!=!VVQ$_4?;F9R$%"A (&()!8_Y $'YA"IKQ>WX,M#-@H&3EZS94 M9WKQ_\0F(#/KGR+!Z>ST]!3X$R":W2&?'B)@.I:W[W?Y M 2TYW!JNQ-,ACRN!;:$V$7MKEF ^@6%GW3OBSH)O $ZC:QA+['^,['S=#%GVF>T+(6\=J%^Z;0.Q6N%/% M0 0MJ< Y*QOYIC',M@GK2N3**'H=Z=\X4<"YLLY1=03-#4,DHBF23CG//F9K M+4_@T'.&MQ'@K3XNB1A$SA[*0?0&\?C7_@%:V9&CQ"1?A\D>>GJ'K^8N+0= M*-:;?,,;S2LR)H&[F&U>KA6?![:V)E/KH((9 #D S!O\_>&/#'"!5C4>J-W M"N&CT-K9)+J^3/TL;ZMD?U.>AR\R=$Q0P M8B3! -L98% %TP@ :$]*5TW3]+Q):AZK:7*(+@Q!S)9",L@%5YG8V&*DLB\# M%]GE5;[AC9!S,0D*3"PY4T<6.I\[B8>H"7R;G/#(]@!+$NRY$YG',S!82N32 M^!7OON\"8.X<&^_>=0!6%)!<0P&/=@M'Y8WL%>;^I"S"!N;(RQ(0#Q<_6I8T MX!W,3S^+.TE_%G\N_X_NC%7>.8JZP+#@7# 4PXA"OX5964<2@8Q'<;O4#:C1 MJ*X#2C3.C+A.EFA( JS8Y-MSL,P0TOXT/IB"Y)?L22,28YY2,E08DN(?'(7,S_VO>E%2[]M@V:\@% O= M5K!5\D:"_0G7C?I%2S* _6D 5!@OO@ *%$4AD;XRS 96L(34>9?L+FS!CP,] MJ8*M,JLHK./(("MY>/%^7II-']9((@F?L36(T8BX(2&CG(AH\[8Z8>[,*$99 M?W@<<2QN."E$%D&(+"9Y/5@RYP)ZT@8K '-@;$9>)81*"4J<23C"K#M0^>S:HQOY MW6:1UY[,^:E+#LDG9Y/9(D]?[E 14R7EQ[K:G/QHT?-S3KZ^P>O]K!E!&4.W M/*%N))9+?*ZDY\3+R+R!]#)\K$/L1^C22'\?LXPD)%!+M^O$?=G'KSS"KT2F MKO*F(?IBPR@!=R^H1(Q2_(FHB#?H4)RCHH/^U)8X0>)4[+G!1Y;+CPY.EAZN MEBY%Z@3YA%$%IZ"-@MA2+%V>9.FR%$6D4>3K+RT:E&*=GAP8O'7*\9$9K3O" M]"C\S3Y2BL.HPMVY/J9R)#D)HF#X<(.^UI?KP1VQ<10U(@ZX/-3XNP*RW;?;&NG>#(N;3I\LN MU9#A^'99ZGGZFF*(A/F(>!O[$Y>Y?/LO/&_K.NX(^+NJR;O*C9]/_9O,_)DY@%ORR86W9#L32Y"55T MR)6W/'R3D0?YX1-053'X8-=TPP-6\<#6\E6#F+)#3-^7RA':P]XD&2+;VI%K MARQ1#,.@N9*#>8$J36E.UOG.EO 3S>,_D<9NRO6):^&,&Z..#[!%GGS)36], MO6GR/2AJ#&JZBK!Y#MXA"8!=\TZCEF!*G.AG;PKA^D,+ E;()7Z)C>NG5K9& MN:"U%=T=1B!S4R[.'B&,<=)"SJ>&>NX " B4*P.>X( I0@W93F?3*4I_3S,@ M7\;.CHN8$Y&<>\X'?1UE0 Q2\^^\)IK\'/\6-I^#;CQ=%*V1CT@'_:0$S[^/+2[^WL0$UM](WP#Q>>3/2=(] M)X[-[A5)FYW.F873V\AL[J7>#OE-$_AZQQS/@UP$]9RZ8L=1FIHSG'(I:Z3I M/H%%]#8H@0L4"IA&Y#JT %OO!O!K4*Y105Z2=NST/L-7,(&TD9"*W$=*'^]- M@E6HG0T=(O; !Y-07"Q')Q9-L[3PLR@1-?KUO%F:E[&"9)KRP!Z;/B,C1_Z0 MM\][T([SJMAUAZFN2?+/>[/J5'3'"^%>8E^M*)^D8G).1HG9HZ+BZ)$D=;
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how.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 79 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 80 FilingSummary.xml IDEA: XBRL DOCUMENT 3.23.3 html 499 355 1 false 99 0 false 13 false false R1.htm 0000001 - Document - Cover Sheet http://caliberco.com/role/Cover Cover Cover 1 false false R2.htm 0000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) Sheet http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) Statements 2 false false R3.htm 0000003 - Statement - CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) Sheet http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) Statements 3 false false R4.htm 0000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Sheet http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Statements 4 false false R5.htm 0000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) Sheet http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) Statements 5 false false R6.htm 0000006 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Sheet http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Statements 6 false false R7.htm 0000007 - Disclosure - Organization and Liquidity Sheet http://caliberco.com/role/OrganizationandLiquidity Organization and Liquidity Notes 7 false false R8.htm 0000008 - Disclosure - Summary of Significant Accounting Policies Sheet http://caliberco.com/role/SummaryofSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 8 false false R9.htm 0000009 - Disclosure - VIEs Sheet http://caliberco.com/role/VIEs VIEs Notes 9 false false R10.htm 0000010 - Disclosure - Real Estate Investments Sheet http://caliberco.com/role/RealEstateInvestments Real Estate Investments Notes 10 false false R11.htm 0000011 - Disclosure - Prepaid and Other Assets Sheet http://caliberco.com/role/PrepaidandOtherAssets Prepaid and Other Assets Notes 11 false false R12.htm 0000012 - Disclosure - Notes Payable Notes http://caliberco.com/role/NotesPayable Notes Payable Notes 12 false false R13.htm 0000013 - Disclosure - Related Party Transactions Sheet http://caliberco.com/role/RelatedPartyTransactions Related Party Transactions Notes 13 false false R14.htm 0000014 - Disclosure - Leases Sheet http://caliberco.com/role/Leases Leases Notes 14 false false R15.htm 0000015 - Disclosure - Other Liabilities Sheet http://caliberco.com/role/OtherLiabilities Other Liabilities Notes 15 false false R16.htm 0000016 - Disclosure - Supplemental Cash Flow Disclosures Sheet http://caliberco.com/role/SupplementalCashFlowDisclosures Supplemental Cash Flow Disclosures Notes 16 false false R17.htm 0000017 - Disclosure - Commitments and Contingencies Sheet http://caliberco.com/role/CommitmentsandContingencies Commitments and Contingencies Notes 17 false false R18.htm 0000018 - Disclosure - Net Income (Loss) Per Share Sheet http://caliberco.com/role/NetIncomeLossPerShare Net Income (Loss) Per Share Notes 18 false false R19.htm 0000019 - Disclosure - Fair Value of Financial Instruments Sheet http://caliberco.com/role/FairValueofFinancialInstruments Fair Value of Financial Instruments Notes 19 false false R20.htm 0000020 - Disclosure - Derivative Instruments Sheet http://caliberco.com/role/DerivativeInstruments Derivative Instruments Notes 20 false false R21.htm 0000021 - Disclosure - Segment Reporting Sheet http://caliberco.com/role/SegmentReporting Segment Reporting Notes 21 false false R22.htm 0000022 - Disclosure - Subsequent Events Sheet http://caliberco.com/role/SubsequentEvents Subsequent Events Notes 22 false false R23.htm 9954471 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://caliberco.com/role/SummaryofSignificantAccountingPolicies 23 false false R24.htm 9954472 - Disclosure - Summary of Significant Accounting Policies (Tables) Sheet http://caliberco.com/role/SummaryofSignificantAccountingPoliciesTables Summary of Significant Accounting Policies (Tables) Tables http://caliberco.com/role/SummaryofSignificantAccountingPolicies 24 false false R25.htm 9954473 - Disclosure - VIEs (Tables) Sheet http://caliberco.com/role/VIEsTables VIEs (Tables) Tables http://caliberco.com/role/VIEs 25 false false R26.htm 9954474 - Disclosure - Real Estate Investments (Tables) Sheet http://caliberco.com/role/RealEstateInvestmentsTables Real Estate Investments (Tables) Tables http://caliberco.com/role/RealEstateInvestments 26 false false R27.htm 9954475 - Disclosure - Prepaid and Other Assets (Tables) Sheet http://caliberco.com/role/PrepaidandOtherAssetsTables Prepaid and Other Assets (Tables) Tables http://caliberco.com/role/PrepaidandOtherAssets 27 false false R28.htm 9954476 - Disclosure - Notes Payable (Tables) Notes http://caliberco.com/role/NotesPayableTables Notes Payable (Tables) Tables http://caliberco.com/role/NotesPayable 28 false false R29.htm 9954477 - Disclosure - Related Party Transactions (Tables) Sheet http://caliberco.com/role/RelatedPartyTransactionsTables Related Party Transactions (Tables) Tables http://caliberco.com/role/RelatedPartyTransactions 29 false false R30.htm 9954478 - Disclosure - Leases (Tables) Sheet http://caliberco.com/role/LeasesTables Leases (Tables) Tables http://caliberco.com/role/Leases 30 false false R31.htm 9954479 - Disclosure - Other Liabilities (Tables) Sheet http://caliberco.com/role/OtherLiabilitiesTables Other Liabilities (Tables) Tables http://caliberco.com/role/OtherLiabilities 31 false false R32.htm 9954480 - Disclosure - Supplemental Cash Flow Disclosures (Tables) Sheet http://caliberco.com/role/SupplementalCashFlowDisclosuresTables Supplemental Cash Flow Disclosures (Tables) Tables http://caliberco.com/role/SupplementalCashFlowDisclosures 32 false false R33.htm 9954481 - Disclosure - Net Income (Loss) Per Share (Tables) Sheet http://caliberco.com/role/NetIncomeLossPerShareTables Net Income (Loss) Per Share (Tables) Tables http://caliberco.com/role/NetIncomeLossPerShare 33 false false R34.htm 9954482 - Disclosure - Fair Value of Financial Instruments (Tables) Sheet http://caliberco.com/role/FairValueofFinancialInstrumentsTables Fair Value of Financial Instruments (Tables) Tables http://caliberco.com/role/FairValueofFinancialInstruments 34 false false R35.htm 9954483 - Disclosure - Derivative Instruments (Tables) Sheet http://caliberco.com/role/DerivativeInstrumentsTables Derivative Instruments (Tables) Tables http://caliberco.com/role/DerivativeInstruments 35 false false R36.htm 9954484 - Disclosure - Segment Reporting (Tables) Sheet http://caliberco.com/role/SegmentReportingTables Segment Reporting (Tables) Tables http://caliberco.com/role/SegmentReporting 36 false false R37.htm 9954485 - Disclosure - Organization and Liquidity (Details) Sheet http://caliberco.com/role/OrganizationandLiquidityDetails Organization and Liquidity (Details) Details http://caliberco.com/role/OrganizationandLiquidity 37 false false R38.htm 9954486 - Disclosure - Summary of Significant Accounting Policies - Narrative (Details) Sheet http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails Summary of Significant Accounting Policies - Narrative (Details) Details 38 false false R39.htm 9954487 - Disclosure - Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Real Estate Assets (Details) Sheet http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Real Estate Assets (Details) Details 39 false false R40.htm 9954488 - Disclosure - VIEs - Narrative (Details) Sheet http://caliberco.com/role/VIEsNarrativeDetails VIEs - Narrative (Details) Details 40 false false R41.htm 9954489 - Disclosure - VIEs - Schedule of Variable Interest Entities (Details) Sheet http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails VIEs - Schedule of Variable Interest Entities (Details) Details 41 false false R42.htm 9954490 - Disclosure - Real Estate Investments - Narrative (Details) Sheet http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails Real Estate Investments - Narrative (Details) Details 42 false false R43.htm 9954491 - Disclosure - Real Estate Investments - Schedule of Asset Acquisition (Details) Sheet http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails Real Estate Investments - Schedule of Asset Acquisition (Details) Details 43 false false R44.htm 9954492 - Disclosure - Prepaid and Other Assets - Summary of Prepaid and Other Assets (Details) Sheet http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails Prepaid and Other Assets - Summary of Prepaid and Other Assets (Details) Details 44 false false R45.htm 9954493 - Disclosure - Notes Payable - Summary of Notes Payable (Details) Notes http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails Notes Payable - Summary of Notes Payable (Details) Details 45 false false R46.htm 9954494 - Disclosure - Notes Payable - Narrative (Details) Notes http://caliberco.com/role/NotesPayableNarrativeDetails Notes Payable - Narrative (Details) Details 46 false false R47.htm 9954495 - Disclosure - Notes Payable - Summary of Principal Repayments (Details) Notes http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails Notes Payable - Summary of Principal Repayments (Details) Details 47 false false R48.htm 9954496 - Disclosure - Related Party Transactions - Narrative (Details) Sheet http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails Related Party Transactions - Narrative (Details) Details 48 false false R49.htm 9954497 - Disclosure - Related Party Transactions - Schedule of Notes Receivable (Details) Notes http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails Related Party Transactions - Schedule of Notes Receivable (Details) Details 49 false false R50.htm 9954498 - Disclosure - Related Party Transactions - Schedule of Notes Payable (Details) Notes http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails Related Party Transactions - Schedule of Notes Payable (Details) Details 50 false false R51.htm 9954499 - Disclosure - Leases - Narrative (Details) Sheet http://caliberco.com/role/LeasesNarrativeDetails Leases - Narrative (Details) Details 51 false false R52.htm 9954500 - Disclosure - Leases - Future Minimum Lease Payments (Details) Sheet http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails Leases - Future Minimum Lease Payments (Details) Details 52 false false R53.htm 9954501 - Disclosure - Leases - Rental Revenue (Details) Sheet http://caliberco.com/role/LeasesRentalRevenueDetails Leases - Rental Revenue (Details) Details 53 false false R54.htm 9954502 - Disclosure - Other Liabilities (Details) Sheet http://caliberco.com/role/OtherLiabilitiesDetails Other Liabilities (Details) Details http://caliberco.com/role/OtherLiabilitiesTables 54 false false R55.htm 9954503 - Disclosure - Supplemental Cash Flow Disclosures (Details) Sheet http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails Supplemental Cash Flow Disclosures (Details) Details http://caliberco.com/role/SupplementalCashFlowDisclosuresTables 55 false false R56.htm 9954504 - Disclosure - Commitments and Contingencies (Details) Sheet http://caliberco.com/role/CommitmentsandContingenciesDetails Commitments and Contingencies (Details) Details http://caliberco.com/role/CommitmentsandContingencies 56 false false R57.htm 9954505 - Disclosure - Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) Sheet http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) Details http://caliberco.com/role/NetIncomeLossPerShareTables 57 false false R58.htm 9954506 - Disclosure - Net Income (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) Sheet http://caliberco.com/role/NetIncomeLossPerShareScheduleofAntidilutiveSecuritiesExcludedfromComputationofEarningsPerShareDetails Net Income (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) Details http://caliberco.com/role/NetIncomeLossPerShareTables 58 false false R59.htm 9954507 - Disclosure - Fair Value of Financial Instrument (Details) Sheet http://caliberco.com/role/FairValueofFinancialInstrumentDetails Fair Value of Financial Instrument (Details) Details http://caliberco.com/role/FairValueofFinancialInstrumentsTables 59 false false R60.htm 9954508 - Disclosure - Derivative Instruments - Notional Amounts (Details) Sheet http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails Derivative Instruments - Notional Amounts (Details) Details 60 false false R61.htm 9954509 - Disclosure - Derivative Instruments - Fair Values by Balance Sheet Location (Details) Sheet http://caliberco.com/role/DerivativeInstrumentsFairValuesbyBalanceSheetLocationDetails Derivative Instruments - Fair Values by Balance Sheet Location (Details) Details 61 false false R62.htm 9954510 - Disclosure - Derivative Instruments - Gain (Loss) (Details) Sheet http://caliberco.com/role/DerivativeInstrumentsGainLossDetails Derivative Instruments - Gain (Loss) (Details) Details 62 false false R63.htm 9954511 - Disclosure - Segment Reporting - Narrative (Details) Sheet http://caliberco.com/role/SegmentReportingNarrativeDetails Segment Reporting - Narrative (Details) Details 63 false false R64.htm 9954512 - Disclosure - Segment Reporting - Schedule of Segment Reporting (Details) Sheet http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails Segment Reporting - Schedule of Segment Reporting (Details) Details 64 false false R65.htm 9954513 - Disclosure - Subsequent Events (Details) Sheet http://caliberco.com/role/SubsequentEventsDetails Subsequent Events (Details) Details http://caliberco.com/role/SubsequentEvents 65 false false All Reports Book All Reports cwd-20230930.htm cwd-20230930.xsd cwd-20230930_cal.xml cwd-20230930_def.xml cwd-20230930_lab.xml cwd-20230930_pre.xml http://fasb.org/us-gaap/2023 http://xbrl.sec.gov/dei/2023 true true JSON 83 MetaLinks.json IDEA: XBRL DOCUMENT { "version": "2.2", "instance": { "cwd-20230930.htm": { "nsprefix": "cwd", "nsuri": "http://caliberco.com/20230930", "dts": { "inline": { "local": [ "cwd-20230930.htm" ] }, "schema": { "local": [ "cwd-20230930.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/reference-2009-12-16.xsd", "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd", "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd", "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd", "https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd", "https://xbrl.fasb.org/srt/2023/elts/srt-roles-2023.xsd", "https://xbrl.fasb.org/srt/2023/elts/srt-types-2023.xsd", "https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd", "https://xbrl.fasb.org/us-gaap/2023/elts/us-roles-2023.xsd", "https://xbrl.fasb.org/us-gaap/2023/elts/us-types-2023.xsd", "https://xbrl.sec.gov/country/2023/country-2023.xsd", "https://xbrl.sec.gov/dei/2023/dei-2023.xsd" ] }, "calculationLink": { "local": [ "cwd-20230930_cal.xml" ] }, "definitionLink": { "local": [ "cwd-20230930_def.xml" ] }, "labelLink": { "local": [ "cwd-20230930_lab.xml" ] }, "presentationLink": { "local": [ "cwd-20230930_pre.xml" ] } }, "keyStandard": 265, "keyCustom": 90, "axisStandard": 26, "axisCustom": 0, "memberStandard": 38, "memberCustom": 60, "hidden": { "total": 7, "http://xbrl.sec.gov/dei/2023": 5, "http://fasb.org/us-gaap/2023": 2 }, "contextCount": 499, "entityCount": 1, "segmentCount": 99, "elementCount": 578, "unitCount": 13, "baseTaxonomies": { "http://fasb.org/us-gaap/2023": 1231, "http://xbrl.sec.gov/dei/2023": 32 }, "report": { "R1": { "role": "http://caliberco.com/role/Cover", "longName": "0000001 - Document - Cover", "shortName": "Cover", "isDefault": "true", "groupType": "document", "subGroupType": "", "menuCat": "Cover", "order": "1", "firstAnchor": { "contextRef": "c-1", "name": "dei:DocumentType", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "dei:DocumentType", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R2": { "role": "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "longName": "0000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)", "shortName": "CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)", "isDefault": "false", "groupType": "statement", "subGroupType": "", "menuCat": "Statements", "order": "2", "firstAnchor": { "contextRef": "c-8", "name": "us-gaap:Assets", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-8", "name": "us-gaap:CommitmentsAndContingencies", "unitRef": "usd", "xsiNil": "true", "lang": "en-US", "decimals": null, "ancestors": [ "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R3": { "role": "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical", "longName": "0000003 - Statement - CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical)", "shortName": "CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical)", "isDefault": "false", "groupType": "statement", "subGroupType": "parenthetical", "menuCat": "Statements", "order": "3", "firstAnchor": { "contextRef": "c-8", "name": "us-gaap:PreferredStockParOrStatedValuePerShare", "unitRef": "usdPerShare", "xsiNil": "false", "lang": "en-US", "decimals": "INF", "ancestors": [ "span", "div", "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-8", "name": "us-gaap:PreferredStockParOrStatedValuePerShare", "unitRef": "usdPerShare", "xsiNil": "false", "lang": "en-US", "decimals": "INF", "ancestors": [ "span", "div", "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R4": { "role": "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "longName": "0000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)", "shortName": "CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)", "isDefault": "false", "groupType": "statement", "subGroupType": "", "menuCat": "Statements", "order": "4", "firstAnchor": { "contextRef": "c-42", "name": "us-gaap:RevenueNotFromContractWithCustomer", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-42", "name": "us-gaap:OperatingExpenses", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R5": { "role": "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED", "longName": "0000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)", "shortName": "CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)", "isDefault": "false", "groupType": "statement", "subGroupType": "", "menuCat": "Statements", "order": "5", "firstAnchor": { "contextRef": "c-95", "name": "us-gaap:PreferredStockSharesOutstanding", "unitRef": "shares", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-103", "name": "us-gaap:StockIssuedDuringPeriodSharesNewIssues", "unitRef": "shares", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R6": { "role": "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "longName": "0000006 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)", "shortName": "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)", "isDefault": "false", "groupType": "statement", "subGroupType": "", "menuCat": "Statements", "order": "6", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:ProfitLoss", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:NetCashProvidedByUsedInOperatingActivities", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R7": { "role": "http://caliberco.com/role/OrganizationandLiquidity", "longName": "0000007 - Disclosure - Organization and Liquidity", "shortName": "Organization and Liquidity", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "7", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R8": { "role": "http://caliberco.com/role/SummaryofSignificantAccountingPolicies", "longName": "0000008 - Disclosure - Summary of Significant Accounting Policies", "shortName": "Summary of Significant Accounting Policies", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "8", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:SignificantAccountingPoliciesTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:SignificantAccountingPoliciesTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R9": { "role": "http://caliberco.com/role/VIEs", "longName": "0000009 - Disclosure - VIEs", "shortName": "VIEs", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "9", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:VariableInterestEntityDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:VariableInterestEntityDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R10": { "role": "http://caliberco.com/role/RealEstateInvestments", "longName": "0000010 - Disclosure - Real Estate Investments", "shortName": "Real Estate Investments", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "10", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:RealEstateDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:RealEstateDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R11": { "role": "http://caliberco.com/role/PrepaidandOtherAssets", "longName": "0000011 - Disclosure - Prepaid and Other Assets", "shortName": "Prepaid and Other Assets", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "11", "firstAnchor": { "contextRef": "c-1", "name": "cwd:PrepaidExpensesAndOtherAssetsDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "cwd:PrepaidExpensesAndOtherAssetsDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R12": { "role": "http://caliberco.com/role/NotesPayable", "longName": "0000012 - Disclosure - Notes Payable", "shortName": "Notes Payable", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "12", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:DebtDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:DebtDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R13": { "role": "http://caliberco.com/role/RelatedPartyTransactions", "longName": "0000013 - Disclosure - Related Party Transactions", "shortName": "Related Party Transactions", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "13", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:RelatedPartyTransactionsDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:RelatedPartyTransactionsDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R14": { "role": "http://caliberco.com/role/Leases", "longName": "0000014 - Disclosure - Leases", "shortName": "Leases", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "14", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:OperatingLeasesOfLessorDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:OperatingLeasesOfLessorDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R15": { "role": "http://caliberco.com/role/OtherLiabilities", "longName": "0000015 - Disclosure - Other Liabilities", "shortName": "Other Liabilities", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "15", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:OtherLiabilitiesDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:OtherLiabilitiesDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R16": { "role": "http://caliberco.com/role/SupplementalCashFlowDisclosures", "longName": "0000016 - Disclosure - Supplemental Cash Flow Disclosures", "shortName": "Supplemental Cash Flow Disclosures", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "16", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:CashFlowSupplementalDisclosuresTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:CashFlowSupplementalDisclosuresTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R17": { "role": "http://caliberco.com/role/CommitmentsandContingencies", "longName": "0000017 - Disclosure - Commitments and Contingencies", "shortName": "Commitments and Contingencies", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "17", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:CommitmentsAndContingenciesDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:CommitmentsAndContingenciesDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R18": { "role": "http://caliberco.com/role/NetIncomeLossPerShare", "longName": "0000018 - Disclosure - Net Income (Loss) Per Share", "shortName": "Net Income (Loss) Per Share", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "18", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:EarningsPerShareTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:EarningsPerShareTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R19": { "role": "http://caliberco.com/role/FairValueofFinancialInstruments", "longName": "0000019 - Disclosure - Fair Value of Financial Instruments", "shortName": "Fair Value of Financial Instruments", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "19", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:FairValueDisclosuresTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:FairValueDisclosuresTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R20": { "role": "http://caliberco.com/role/DerivativeInstruments", "longName": "0000020 - Disclosure - Derivative Instruments", "shortName": "Derivative Instruments", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "20", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R21": { "role": "http://caliberco.com/role/SegmentReporting", "longName": "0000021 - Disclosure - Segment Reporting", "shortName": "Segment Reporting", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "21", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:SegmentReportingDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:SegmentReportingDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R22": { "role": "http://caliberco.com/role/SubsequentEvents", "longName": "0000022 - Disclosure - Subsequent Events", "shortName": "Subsequent Events", "isDefault": "false", "groupType": "disclosure", "subGroupType": "", "menuCat": "Notes", "order": "22", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:SubsequentEventsTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:SubsequentEventsTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R23": { "role": "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies", "longName": "9954471 - Disclosure - Summary of Significant Accounting Policies (Policies)", "shortName": "Summary of Significant Accounting Policies (Policies)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "policies", "menuCat": "Policies", "order": "23", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:BasisOfAccountingPolicyPolicyTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:BasisOfAccountingPolicyPolicyTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R24": { "role": "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesTables", "longName": "9954472 - Disclosure - Summary of Significant Accounting Policies (Tables)", "shortName": "Summary of Significant Accounting Policies (Tables)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "tables", "menuCat": "Tables", "order": "24", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:PropertyPlantAndEquipmentTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:PropertyPlantAndEquipmentTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R25": { "role": "http://caliberco.com/role/VIEsTables", "longName": "9954473 - Disclosure - VIEs (Tables)", "shortName": "VIEs (Tables)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "tables", "menuCat": "Tables", "order": "25", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfVariableInterestEntitiesTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfVariableInterestEntitiesTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R26": { "role": "http://caliberco.com/role/RealEstateInvestmentsTables", "longName": "9954474 - Disclosure - Real Estate Investments (Tables)", "shortName": "Real Estate Investments (Tables)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "tables", "menuCat": "Tables", "order": "26", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:AssetAcquisitionTableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:AssetAcquisitionTableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R27": { "role": "http://caliberco.com/role/PrepaidandOtherAssetsTables", "longName": "9954475 - Disclosure - Prepaid and Other Assets (Tables)", "shortName": "Prepaid and Other Assets (Tables)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "tables", "menuCat": "Tables", "order": "27", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R28": { "role": "http://caliberco.com/role/NotesPayableTables", "longName": "9954476 - Disclosure - Notes Payable (Tables)", "shortName": "Notes Payable (Tables)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "tables", "menuCat": "Tables", "order": "28", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfDebtInstrumentsTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R29": { "role": "http://caliberco.com/role/RelatedPartyTransactionsTables", "longName": "9954477 - Disclosure - Related Party Transactions (Tables)", "shortName": "Related Party Transactions (Tables)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "tables", "menuCat": "Tables", "order": "29", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfDebtInstrumentsTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R30": { "role": "http://caliberco.com/role/LeasesTables", "longName": "9954478 - Disclosure - Leases (Tables)", "shortName": "Leases (Tables)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "tables", "menuCat": "Tables", "order": "30", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R31": { "role": "http://caliberco.com/role/OtherLiabilitiesTables", "longName": "9954479 - Disclosure - Other Liabilities (Tables)", "shortName": "Other Liabilities (Tables)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "tables", "menuCat": "Tables", "order": "31", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:OtherLiabilitiesTableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:OtherLiabilitiesTableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R32": { "role": "http://caliberco.com/role/SupplementalCashFlowDisclosuresTables", "longName": "9954480 - Disclosure - Supplemental Cash Flow Disclosures (Tables)", "shortName": "Supplemental Cash Flow Disclosures (Tables)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "tables", "menuCat": "Tables", "order": "32", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R33": { "role": "http://caliberco.com/role/NetIncomeLossPerShareTables", "longName": "9954481 - Disclosure - Net Income (Loss) Per Share (Tables)", "shortName": "Net Income (Loss) Per Share (Tables)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "tables", "menuCat": "Tables", "order": "33", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R34": { "role": "http://caliberco.com/role/FairValueofFinancialInstrumentsTables", "longName": "9954482 - Disclosure - Fair Value of Financial Instruments (Tables)", "shortName": "Fair Value of Financial Instruments (Tables)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "tables", "menuCat": "Tables", "order": "34", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R35": { "role": "http://caliberco.com/role/DerivativeInstrumentsTables", "longName": "9954483 - Disclosure - Derivative Instruments (Tables)", "shortName": "Derivative Instruments (Tables)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "tables", "menuCat": "Tables", "order": "35", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R36": { "role": "http://caliberco.com/role/SegmentReportingTables", "longName": "9954484 - Disclosure - Segment Reporting (Tables)", "shortName": "Segment Reporting (Tables)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "tables", "menuCat": "Tables", "order": "36", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R37": { "role": "http://caliberco.com/role/OrganizationandLiquidityDetails", "longName": "9954485 - Disclosure - Organization and Liquidity (Details)", "shortName": "Organization and Liquidity (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "37", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:NumberOfReportableSegments", "unitRef": "segment", "xsiNil": "false", "lang": "en-US", "decimals": "INF", "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-6", "name": "cwd:DebtInstrumentNumberOfShortTermLoans", "unitRef": "loan", "xsiNil": "false", "lang": "en-US", "decimals": "INF", "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R38": { "role": "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "longName": "9954486 - Disclosure - Summary of Significant Accounting Policies - Narrative (Details)", "shortName": "Summary of Significant Accounting Policies - Narrative (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "38", "firstAnchor": { "contextRef": "c-42", "name": "us-gaap:InvestmentIncomeInterest", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-45", "name": "us-gaap:EquityMethodInvestmentOtherThanTemporaryImpairment", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "INF", "ancestors": [ "us-gaap:EquityMethodInvestmentOtherThanTemporaryImpairment", "us-gaap:EquityMethodInvestmentOtherThanTemporaryImpairment", "us-gaap:EquityMethodInvestmentOtherThanTemporaryImpairment", "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R39": { "role": "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails", "longName": "9954487 - Disclosure - Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Real Estate Assets (Details)", "shortName": "Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Real Estate Assets (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "39", "firstAnchor": { "contextRef": "c-155", "name": "us-gaap:PropertyPlantAndEquipmentUsefulLife", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "td", "tr", "table", "ix:continuation", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-155", "name": "us-gaap:PropertyPlantAndEquipmentUsefulLife", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "td", "tr", "table", "ix:continuation", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R40": { "role": "http://caliberco.com/role/VIEsNarrativeDetails", "longName": "9954488 - Disclosure - VIEs - Narrative (Details)", "shortName": "VIEs - Narrative (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "40", "firstAnchor": { "contextRef": "c-1", "name": "cwd:VariableInterestEntityNumberOfEntitiesDeconsolidatedDuringPeriod", "unitRef": "entity", "xsiNil": "false", "lang": "en-US", "decimals": "INF", "ancestors": [ "ix:continuation", "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "cwd:VariableInterestEntityNumberOfEntitiesDeconsolidatedDuringPeriod", "unitRef": "entity", "xsiNil": "false", "lang": "en-US", "decimals": "INF", "ancestors": [ "ix:continuation", "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R41": { "role": "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails", "longName": "9954489 - Disclosure - VIEs - Schedule of Variable Interest Entities (Details)", "shortName": "VIEs - Schedule of Variable Interest Entities (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "41", "firstAnchor": { "contextRef": "c-8", "name": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-162", "name": "us-gaap:RealEstateInvestmentPropertyNet", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "ix:continuation", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R42": { "role": "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails", "longName": "9954490 - Disclosure - Real Estate Investments - Narrative (Details)", "shortName": "Real Estate Investments - Narrative (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "42", "firstAnchor": { "contextRef": "c-41", "name": "cwd:AssetAcquisitionsNumberOfAcquisitions", "unitRef": "acquisition", "xsiNil": "false", "lang": "en-US", "decimals": "INF", "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-41", "name": "cwd:AssetAcquisitionsNumberOfAcquisitions", "unitRef": "acquisition", "xsiNil": "false", "lang": "en-US", "decimals": "INF", "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R43": { "role": "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails", "longName": "9954491 - Disclosure - Real Estate Investments - Schedule of Asset Acquisition (Details)", "shortName": "Real Estate Investments - Schedule of Asset Acquisition (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "43", "firstAnchor": { "contextRef": "c-168", "name": "us-gaap:FinitelivedIntangibleAssetsAcquired1", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:AssetAcquisitionTableTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-168", "name": "us-gaap:FinitelivedIntangibleAssetsAcquired1", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:AssetAcquisitionTableTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R44": { "role": "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails", "longName": "9954492 - Disclosure - Prepaid and Other Assets - Summary of Prepaid and Other Assets (Details)", "shortName": "Prepaid and Other Assets - Summary of Prepaid and Other Assets (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "44", "firstAnchor": { "contextRef": "c-4", "name": "cwd:PursuitCosts", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-4", "name": "cwd:PursuitCosts", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R45": { "role": "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails", "longName": "9954493 - Disclosure - Notes Payable - Summary of Notes Payable (Details)", "shortName": "Notes Payable - Summary of Notes Payable (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "45", "firstAnchor": { "contextRef": "c-4", "name": "us-gaap:DebtInstrumentCarryingAmount", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-256", "name": "us-gaap:DebtInstrumentCarryingAmount", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "ix:continuation", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R46": { "role": "http://caliberco.com/role/NotesPayableNarrativeDetails", "longName": "9954494 - Disclosure - Notes Payable - Narrative (Details)", "shortName": "Notes Payable - Narrative (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "46", "firstAnchor": { "contextRef": "c-8", "name": "cwd:DebtInstrumentNumberOfExtensions", "unitRef": "extension", "xsiNil": "false", "lang": "en-US", "decimals": "INF", "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-45", "name": "us-gaap:WriteOffOfDeferredDebtIssuanceCost", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "0", "ancestors": [ "us-gaap:WriteOffOfDeferredDebtIssuanceCost", "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R47": { "role": "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails", "longName": "9954495 - Disclosure - Notes Payable - Summary of Principal Repayments (Details)", "shortName": "Notes Payable - Summary of Principal Repayments (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "47", "firstAnchor": { "contextRef": "c-4", "name": "us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-4", "name": "us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R48": { "role": "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "longName": "9954496 - Disclosure - Related Party Transactions - Narrative (Details)", "shortName": "Related Party Transactions - Narrative (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "48", "firstAnchor": { "contextRef": "c-42", "name": "us-gaap:InterestExpense", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-206", "name": "us-gaap:InterestIncomeFinancingReceivableBeforeAllowanceForCreditLoss", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "0", "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R49": { "role": "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails", "longName": "9954497 - Disclosure - Related Party Transactions - Schedule of Notes Receivable (Details)", "shortName": "Related Party Transactions - Schedule of Notes Receivable (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "49", "firstAnchor": { "contextRef": "c-6", "name": "us-gaap:NotesReceivableNet", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-200", "name": "us-gaap:NotesReceivableNet", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R50": { "role": "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails", "longName": "9954498 - Disclosure - Related Party Transactions - Schedule of Notes Payable (Details)", "shortName": "Related Party Transactions - Schedule of Notes Payable (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "50", "firstAnchor": { "contextRef": "c-40", "name": "us-gaap:RepaymentsOfNotesPayable", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-207", "name": "us-gaap:NotesPayable", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:ScheduleOfDebtInstrumentsTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R51": { "role": "http://caliberco.com/role/LeasesNarrativeDetails", "longName": "9954499 - Disclosure - Leases - Narrative (Details)", "shortName": "Leases - Narrative (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "51", "firstAnchor": { "contextRef": "c-1", "name": "cwd:LessorOperatingLeasePaymentToBeReceivedTerm", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "ix:continuation", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "cwd:LessorOperatingLeasePaymentToBeReceivedTerm", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "ix:continuation", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R52": { "role": "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails", "longName": "9954500 - Disclosure - Leases - Future Minimum Lease Payments (Details)", "shortName": "Leases - Future Minimum Lease Payments (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "52", "firstAnchor": { "contextRef": "c-4", "name": "us-gaap:LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-4", "name": "us-gaap:LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R53": { "role": "http://caliberco.com/role/LeasesRentalRevenueDetails", "longName": "9954501 - Disclosure - Leases - Rental Revenue (Details)", "shortName": "Leases - Rental Revenue (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "53", "firstAnchor": { "contextRef": "c-38", "name": "us-gaap:OperatingLeaseLeaseIncomeLeasePayments", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "ix:continuation", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": null }, "R54": { "role": "http://caliberco.com/role/OtherLiabilitiesDetails", "longName": "9954502 - Disclosure - Other Liabilities (Details)", "shortName": "Other Liabilities (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "54", "firstAnchor": { "contextRef": "c-4", "name": "us-gaap:BelowMarketLeaseNet", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:OtherLiabilitiesTableTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-4", "name": "us-gaap:BelowMarketLeaseNet", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:OtherLiabilitiesTableTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R55": { "role": "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails", "longName": "9954503 - Disclosure - Supplemental Cash Flow Disclosures (Details)", "shortName": "Supplemental Cash Flow Disclosures (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "55", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:InterestPaidCapitalized", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "INF", "ancestors": [ "span", "div", "td", "tr", "table", "div", "us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:InterestPaidCapitalized", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "INF", "ancestors": [ "span", "div", "td", "tr", "table", "div", "us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R56": { "role": "http://caliberco.com/role/CommitmentsandContingenciesDetails", "longName": "9954504 - Disclosure - Commitments and Contingencies (Details)", "shortName": "Commitments and Contingencies (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "56", "firstAnchor": { "contextRef": "c-342", "name": "cwd:LimitedLiabilityCompanyOrLimitedPartnershipInternalRateOfReturnThreshold", "unitRef": "number", "xsiNil": "false", "lang": "en-US", "decimals": "2", "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-342", "name": "cwd:LimitedLiabilityCompanyOrLimitedPartnershipInternalRateOfReturnThreshold", "unitRef": "number", "xsiNil": "false", "lang": "en-US", "decimals": "2", "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R57": { "role": "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails", "longName": "9954505 - Disclosure - Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details)", "shortName": "Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "57", "firstAnchor": { "contextRef": "c-42", "name": "us-gaap:NetIncomeLoss", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-42", "name": "cwd:InterestOnConvertibleDebtNetOfTaxAndAdjustments", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R58": { "role": "http://caliberco.com/role/NetIncomeLossPerShareScheduleofAntidilutiveSecuritiesExcludedfromComputationofEarningsPerShareDetails", "longName": "9954506 - Disclosure - Net Income (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details)", "shortName": "Net Income (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "58", "firstAnchor": { "contextRef": "c-42", "name": "us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount", "unitRef": "shares", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "ix:continuation", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-42", "name": "us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount", "unitRef": "shares", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "ix:continuation", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R59": { "role": "http://caliberco.com/role/FairValueofFinancialInstrumentDetails", "longName": "9954507 - Disclosure - Fair Value of Financial Instrument (Details)", "shortName": "Fair Value of Financial Instrument (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "59", "firstAnchor": { "contextRef": "c-4", "name": "us-gaap:LongTermDebt", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "ix:continuation", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-262", "name": "us-gaap:LongTermDebtFairValue", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-5", "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R60": { "role": "http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails", "longName": "9954508 - Disclosure - Derivative Instruments - Notional Amounts (Details)", "shortName": "Derivative Instruments - Notional Amounts (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "60", "firstAnchor": { "contextRef": "c-383", "name": "us-gaap:DerivativeNotionalAmount", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "ix:continuation", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-279", "name": "us-gaap:DerivativeNumberOfInstrumentsHeld", "unitRef": "derivative", "xsiNil": "false", "lang": "en-US", "decimals": "INF", "ancestors": [ "span", "td", "tr", "table", "ix:continuation", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R61": { "role": "http://caliberco.com/role/DerivativeInstrumentsFairValuesbyBalanceSheetLocationDetails", "longName": "9954509 - Disclosure - Derivative Instruments - Fair Values by Balance Sheet Location (Details)", "shortName": "Derivative Instruments - Fair Values by Balance Sheet Location (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "61", "firstAnchor": { "contextRef": "c-6", "name": "us-gaap:DerivativeAssets", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-383", "name": "us-gaap:DerivativeAssets", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R62": { "role": "http://caliberco.com/role/DerivativeInstrumentsGainLossDetails", "longName": "9954510 - Disclosure - Derivative Instruments - Gain (Loss) (Details)", "shortName": "Derivative Instruments - Gain (Loss) (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "62", "firstAnchor": { "contextRef": "c-38", "name": "us-gaap:DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-38", "name": "us-gaap:DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R63": { "role": "http://caliberco.com/role/SegmentReportingNarrativeDetails", "longName": "9954511 - Disclosure - Segment Reporting - Narrative (Details)", "shortName": "Segment Reporting - Narrative (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "63", "firstAnchor": { "contextRef": "c-1", "name": "us-gaap:NumberOfOperatingSegments", "unitRef": "segment", "xsiNil": "false", "lang": "en-US", "decimals": "INF", "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "us-gaap:NumberOfOperatingSegments", "unitRef": "segment", "xsiNil": "false", "lang": "en-US", "decimals": "INF", "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true, "unique": true } }, "R64": { "role": "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails", "longName": "9954512 - Disclosure - Segment Reporting - Schedule of Segment Reporting (Details)", "shortName": "Segment Reporting - Schedule of Segment Reporting (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "64", "firstAnchor": { "contextRef": "c-42", "name": "us-gaap:RevenueNotFromContractWithCustomer", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-419", "name": "us-gaap:Revenues", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } }, "R65": { "role": "http://caliberco.com/role/SubsequentEventsDetails", "longName": "9954513 - Disclosure - Subsequent Events (Details)", "shortName": "Subsequent Events (Details)", "isDefault": "false", "groupType": "disclosure", "subGroupType": "details", "menuCat": "Details", "order": "65", "firstAnchor": { "contextRef": "c-42", "name": "us-gaap:GainsLossesOnExtinguishmentOfDebt", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-3", "ancestors": [ "span", "td", "tr", "table", "div", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "first": true }, "uniqueAnchor": { "contextRef": "c-499", "name": "us-gaap:PaymentsToAcquirePropertyPlantAndEquipment", "unitRef": "usd", "xsiNil": "false", "lang": "en-US", "decimals": "-5", "ancestors": [ "span", "div", "ix:continuation", "body", "html" ], "reportCount": 1, "baseRef": "cwd-20230930.htm", "unique": true } } }, "tag": { "us-gaap_NonrelatedPartyMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NonrelatedPartyMember", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Nonrelated party", "label": "Nonrelated Party [Member]", "documentation": "Party not related to reporting entity." } } }, "auth_ref": [ "r731", "r732" ] }, "us-gaap_StatementBusinessSegmentsAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StatementBusinessSegmentsAxis", "presentation": [ "http://caliberco.com/role/SegmentReportingNarrativeDetails", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Segments [Axis]", "label": "Segments [Axis]", "documentation": "Information by business segments." } } }, "auth_ref": [ "r196", "r275", "r278", "r279", "r280", "r281", "r282", "r283", "r284", "r285", "r286", "r287", "r288", "r289", "r291", "r292", "r293", "r294", "r295", "r296", "r297", "r298", "r299", "r301", "r306", "r321", "r322", "r323", "r324", "r325", "r326", "r327", "r328", "r329", "r331", "r332", "r333", "r510", "r511", "r512", "r513", "r514", "r515", "r516", "r517", "r518", "r519", "r520", "r673", "r713", "r786" ] }, "us-gaap_AdditionalPaidInCapitalMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AdditionalPaidInCapitalMember", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Paid in Capital", "label": "Additional Paid-in Capital [Member]", "documentation": "Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders." } } }, "auth_ref": [ "r408", "r409", "r410", "r546", "r734", "r735", "r736", "r764", "r793" ] }, "srt_RangeAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "RangeAxis", "presentation": [ "http://caliberco.com/role/LeasesNarrativeDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Statistical Measurement [Axis]", "label": "Statistical Measurement [Axis]" } } }, "auth_ref": [ "r336", "r337", "r338", "r339", "r400", "r402", "r405", "r406", "r407", "r473", "r477", "r527", "r567", "r568", "r631", "r632", "r633", "r634", "r645", "r655", "r656", "r672", "r679", "r681", "r687", "r690", "r744", "r753", "r772", "r773", "r774", "r775", "r776" ] }, "us-gaap_LineOfCreditMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LineOfCreditMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Revolving line of credit", "label": "Line of Credit [Member]", "documentation": "A contractual arrangement with a lender under which borrowings can be made up to a specific amount at any point in time, and under which borrowings outstanding may be either short-term or long-term, depending upon the particulars." } } }, "auth_ref": [] }, "us-gaap_DerivativeNumberOfInstrumentsHeld": { "xbrltype": "integerItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DerivativeNumberOfInstrumentsHeld", "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Number of Instruments", "label": "Derivative, Number of Instruments Held", "documentation": "The number of derivative instruments of a particular group held by the entity." } } }, "auth_ref": [ "r82", "r83", "r567", "r635", "r636", "r638", "r690" ] }, "cwd_NoncashOrPartNoncashDeconsolidationOperatingLeaseLiabilities": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashDeconsolidationOperatingLeaseLiabilities", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Operating lease liabilities", "label": "Noncash Or Part Noncash Deconsolidation, Operating Lease Liabilities", "documentation": "Noncash Or Part Noncash Deconsolidation, Operating Lease Liabilities" } } }, "auth_ref": [] }, "us-gaap_DebtInstrumentInterestRateStatedPercentage": { "xbrltype": "percentItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DebtInstrumentInterestRateStatedPercentage", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Interest rate", "label": "Debt Instrument, Interest Rate, Stated Percentage", "documentation": "Contractual interest rate for funds borrowed, under the debt agreement." } } }, "auth_ref": [ "r22", "r355" ] }, "cwd_DebtInstrumentInterestRateFloorPercentage": { "xbrltype": "percentItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DebtInstrumentInterestRateFloorPercentage", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Interest rate floor", "label": "Debt Instrument, Interest Rate Floor, Percentage", "documentation": "Debt Instrument, Interest Rate Floor, Percentage" } } }, "auth_ref": [] }, "us-gaap_Liabilities": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "Liabilities", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_LiabilitiesAndStockholdersEquity", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "totalLabel": "Total liabilities", "label": "Liabilities", "documentation": "Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future." } } }, "auth_ref": [ "r20", "r227", "r314", "r340", "r341", "r343", "r344", "r345", "r347", "r349", "r351", "r352", "r417", "r420", "r421", "r438", "r575", "r670", "r700", "r749", "r769", "r770" ] }, "us-gaap_OtherLiabilitiesDisclosureTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OtherLiabilitiesDisclosureTextBlock", "presentation": [ "http://caliberco.com/role/OtherLiabilities" ], "lang": { "en-us": { "role": { "terseLabel": "Other Liabilities", "label": "Other Liabilities Disclosure [Text Block]", "documentation": "The entire disclosure for other liabilities." } } }, "auth_ref": [ "r21" ] }, "srt_MaximumMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "MaximumMember", "presentation": [ "http://caliberco.com/role/LeasesNarrativeDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Maximum", "label": "Maximum [Member]" } } }, "auth_ref": [ "r336", "r337", "r338", "r339", "r402", "r477", "r527", "r567", "r568", "r631", "r632", "r633", "r634", "r645", "r655", "r656", "r672", "r679", "r681", "r687", "r753", "r771", "r772", "r773", "r774", "r775", "r776" ] }, "us-gaap_PropertyManagementFeePercentFee": { "xbrltype": "percentItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PropertyManagementFeePercentFee", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Fund management fees, percentage", "label": "Property Management Fee, Percent Fee", "documentation": "The percentage charged for managing real estate properties." } } }, "auth_ref": [] }, "srt_RangeMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "RangeMember", "presentation": [ "http://caliberco.com/role/LeasesNarrativeDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Statistical Measurement [Domain]", "label": "Statistical Measurement [Domain]" } } }, "auth_ref": [ "r336", "r337", "r338", "r339", "r400", "r402", "r405", "r406", "r407", "r473", "r477", "r527", "r567", "r568", "r631", "r632", "r633", "r634", "r645", "r655", "r656", "r672", "r679", "r681", "r687", "r690", "r744", "r753", "r772", "r773", "r774", "r775", "r776" ] }, "us-gaap_RepaymentsOfNotesPayable": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RepaymentsOfNotesPayable", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": -1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Repayments of notes payable", "terseLabel": "Repayments of notes payable", "label": "Repayments of Notes Payable", "documentation": "The cash outflow for a borrowing supported by a written promise to pay an obligation." } } }, "auth_ref": [ "r37" ] }, "us-gaap_StatementEquityComponentsAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StatementEquityComponentsAxis", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Equity Components [Axis]", "label": "Equity Components [Axis]", "documentation": "Information by component of equity." } } }, "auth_ref": [ "r11", "r26", "r194", "r212", "r213", "r214", "r234", "r235", "r236", "r238", "r244", "r246", "r271", "r315", "r316", "r389", "r408", "r409", "r410", "r412", "r413", "r424", "r425", "r426", "r427", "r428", "r429", "r431", "r439", "r440", "r441", "r442", "r443", "r444", "r460", "r528", "r529", "r530", "r546", "r625" ] }, "us-gaap_RelatedPartyDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RelatedPartyDomain", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Related Party, Type [Domain]", "label": "Related Party, Type [Domain]", "documentation": "Related parties include affiliates; other entities for which investments are accounted for by the equity method by the entity; trusts for benefit of employees; and principal owners, management, and members of immediate families. It also may include other parties with which the entity may control or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests." } } }, "auth_ref": [ "r401", "r464", "r465", "r570", "r571", "r572", "r573", "r574", "r598", "r600", "r630" ] }, "us-gaap_DerivativeNotionalAmount": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DerivativeNotionalAmount", "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Notional Amount", "label": "Derivative, Notional Amount", "documentation": "Nominal or face amount used to calculate payment on derivative." } } }, "auth_ref": [ "r762", "r763" ] }, "us-gaap_CommonClassAMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CommonClassAMember", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED", "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical", "http://caliberco.com/role/CommitmentsandContingenciesDetails", "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Class A", "label": "Common Class A [Member]", "documentation": "Classification of common stock representing ownership interest in a corporation." } } }, "auth_ref": [ "r793" ] }, "srt_MinimumMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "MinimumMember", "presentation": [ "http://caliberco.com/role/LeasesNarrativeDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Minimum", "label": "Minimum [Member]" } } }, "auth_ref": [ "r336", "r337", "r338", "r339", "r402", "r477", "r527", "r567", "r568", "r631", "r632", "r633", "r634", "r645", "r655", "r656", "r672", "r679", "r681", "r687", "r753", "r771", "r772", "r773", "r774", "r775", "r776" ] }, "us-gaap_LiabilitiesAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LiabilitiesAbstract", "presentation": [ "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Liabilities", "label": "Liabilities [Abstract]" } } }, "auth_ref": [] }, "us-gaap_RetainedEarningsMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RetainedEarningsMember", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Accumulated Deficit", "label": "Retained Earnings [Member]", "documentation": "Accumulated undistributed earnings (deficit)." } } }, "auth_ref": [ "r194", "r234", "r235", "r236", "r238", "r244", "r246", "r315", "r316", "r408", "r409", "r410", "r412", "r413", "r424", "r426", "r427", "r429", "r431", "r528", "r530", "r546", "r793" ] }, "us-gaap_NoncontrollingInterestMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NoncontrollingInterestMember", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Noncontrolling Interests", "label": "Noncontrolling Interest [Member]", "documentation": "This element represents that portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to the parent. A noncontrolling interest is sometimes called a minority interest." } } }, "auth_ref": [ "r66", "r389", "r734", "r735", "r736", "r793" ] }, "us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfAccountsNotesLoansAndFinancingReceivableTable", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Accounts, Notes, Loans and Financing Receivable [Table]", "label": "Schedule of Accounts, Notes, Loans and Financing Receivable [Table]", "documentation": "Schedule itemizing specific types of trade accounts and notes receivable, and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables." } } }, "auth_ref": [ "r27" ] }, "us-gaap_Depreciation": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "Depreciation", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Depreciation", "label": "Depreciation", "documentation": "The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation." } } }, "auth_ref": [ "r6", "r55" ] }, "dei_CoverAbstract": { "xbrltype": "stringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CoverAbstract", "lang": { "en-us": { "role": { "label": "Cover [Abstract]", "documentation": "Cover page." } } }, "auth_ref": [] }, "us-gaap_DebtInstrumentNameDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DebtInstrumentNameDomain", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Debt Instrument, Name [Domain]", "label": "Debt Instrument, Name [Domain]", "documentation": "The name for the particular debt instrument or borrowing that distinguishes it from other debt instruments or borrowings, including draws against credit facilities." } } }, "auth_ref": [ "r23", "r233", "r354", "r355", "r356", "r357", "r358", "r360", "r365", "r366", "r367", "r368", "r370", "r371", "r372", "r373", "r374", "r375", "r448", "r674", "r675", "r676", "r677", "r678", "r729" ] }, "us-gaap_SegmentDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "SegmentDomain", "presentation": [ "http://caliberco.com/role/SegmentReportingNarrativeDetails", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Segments [Domain]", "label": "Segments [Domain]", "documentation": "Components of an entity that engage in business activities from which they may earn revenue and incur expenses, including transactions with other components of the same entity." } } }, "auth_ref": [ "r275", "r278", "r279", "r280", "r281", "r282", "r283", "r284", "r285", "r286", "r287", "r288", "r289", "r291", "r292", "r293", "r294", "r295", "r296", "r297", "r298", "r299", "r301", "r306", "r321", "r322", "r323", "r324", "r325", "r326", "r327", "r328", "r329", "r332", "r333", "r510", "r511", "r512", "r513", "r514", "r515", "r516", "r517", "r518", "r519", "r520", "r673", "r713", "r786" ] }, "us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_LiabilitiesAndStockholdersEquity", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "totalLabel": "Total stockholders\u2019 equity", "periodStartLabel": "Balance, beginning of period", "periodEndLabel": "Balance, end of period", "terseLabel": "Stockholders\u2019 equity", "label": "Equity, Including Portion Attributable to Noncontrolling Interest", "documentation": "Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity." } } }, "auth_ref": [ "r66", "r67", "r78", "r194", "r195", "r213", "r234", "r235", "r236", "r238", "r244", "r315", "r316", "r389", "r408", "r409", "r410", "r412", "r413", "r424", "r425", "r426", "r427", "r428", "r429", "r431", "r439", "r440", "r444", "r460", "r529", "r530", "r544", "r579", "r599", "r626", "r627", "r651", "r699", "r730", "r743", "r766", "r793" ] }, "us-gaap_DeferredFinanceCostsNet": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DeferredFinanceCostsNet", "crdr": "debit", "calculation": { "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails": { "parentTag": "us-gaap_LongTermDebt", "weight": -1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Deferred financing costs, net", "terseLabel": "Deferred financing costs, net", "label": "Debt Issuance Costs, Net", "documentation": "Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs." } } }, "auth_ref": [ "r102", "r754" ] }, "us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsTables" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Notes Receivable", "label": "Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]", "documentation": "Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables." } } }, "auth_ref": [ "r27" ] }, "us-gaap_TreasuryStockAcquiredAverageCostPerShare": { "xbrltype": "perShareItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "TreasuryStockAcquiredAverageCostPerShare", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Shares acquired, cost per share (in dollars per share)", "label": "Shares Acquired, Average Cost Per Share", "documentation": "Total cost of shares repurchased divided by the total number of shares repurchased." } } }, "auth_ref": [ "r62" ] }, "us-gaap_LiabilitiesAndStockholdersEquity": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LiabilitiesAndStockholdersEquity", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": null, "weight": null, "order": null, "root": true } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "totalLabel": "Total liabilities and stockholders\u2019 equity", "label": "Liabilities and Equity", "documentation": "Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any." } } }, "auth_ref": [ "r125", "r164", "r503", "r685", "r730", "r743", "r766" ] }, "srt_RepurchaseAgreementCounterpartyNameDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "RepurchaseAgreementCounterpartyNameDomain", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Counterparty Name [Domain]", "label": "Counterparty Name [Domain]" } } }, "auth_ref": [ "r230", "r231", "r357", "r385", "r467", "r663", "r664" ] }, "us-gaap_DerivativeInstrumentRiskAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DerivativeInstrumentRiskAxis", "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsFairValuesbyBalanceSheetLocationDetails", "http://caliberco.com/role/DerivativeInstrumentsGainLossDetails", "http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Derivative Instrument [Axis]", "label": "Derivative Instrument [Axis]", "documentation": "Information by type of derivative contract." } } }, "auth_ref": [ "r86", "r88", "r89", "r91", "r566", "r568", "r582", "r583", "r584", "r588", "r589", "r590", "r591", "r594", "r595", "r596", "r597", "r613", "r614", "r615", "r616", "r619", "r620", "r621", "r622", "r635", "r637", "r641", "r643", "r664", "r688", "r690" ] }, "us-gaap_LiabilitiesAndStockholdersEquityAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LiabilitiesAndStockholdersEquityAbstract", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Liabilities and Stockholders\u2019 Equity", "label": "Liabilities and Equity [Abstract]" } } }, "auth_ref": [] }, "us-gaap_EquityComponentDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "EquityComponentDomain", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Equity Component [Domain]", "label": "Equity Component [Domain]", "documentation": "Components of equity are the parts of the total Equity balance including that which is allocated to common, preferred, treasury stock, retained earnings, etc." } } }, "auth_ref": [ "r11", "r194", "r212", "r213", "r214", "r234", "r235", "r236", "r238", "r244", "r246", "r271", "r315", "r316", "r389", "r408", "r409", "r410", "r412", "r413", "r424", "r425", "r426", "r427", "r428", "r429", "r431", "r439", "r440", "r441", "r442", "r443", "r444", "r460", "r528", "r529", "r530", "r546", "r625" ] }, "us-gaap_RealEstateInvestmentPropertyAtCost": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RealEstateInvestmentPropertyAtCost", "crdr": "debit", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Real estate investment property, at cost", "label": "Real Estate Investment Property, at Cost", "documentation": "Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments." } } }, "auth_ref": [ "r494" ] }, "us-gaap_ScheduleOfDebtInstrumentsTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfDebtInstrumentsTextBlock", "presentation": [ "http://caliberco.com/role/NotesPayableTables", "http://caliberco.com/role/RelatedPartyTransactionsTables" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Notes Payable", "label": "Schedule of Long-Term Debt Instruments [Table Text Block]", "documentation": "Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer." } } }, "auth_ref": [ "r23", "r59", "r60", "r100", "r101", "r103", "r112", "r150", "r151", "r675", "r677", "r733" ] }, "cwd_EncoreLLCMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "EncoreLLCMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Encore, LLC", "label": "Encore, LLC [Member]", "documentation": "Encore, LLC" } } }, "auth_ref": [] }, "us-gaap_RealEstateInvestmentPropertyNet": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RealEstateInvestmentPropertyNet", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_Assets", "weight": 1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Real estate investments, net", "label": "Real Estate Investment Property, Net", "documentation": "Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments." } } }, "auth_ref": [ "r779" ] }, "us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Adjustments to reconcile net (loss) income to net cash from operating activities:", "label": "Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]" } } }, "auth_ref": [] }, "us-gaap_StockRepurchasedDuringPeriodShares": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StockRepurchasedDuringPeriodShares", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Repurchases of common stock (in shares)", "label": "Stock Repurchased During Period, Shares", "documentation": "Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock." } } }, "auth_ref": [ "r11", "r119", "r120", "r152", "r539", "r625", "r649" ] }, "us-gaap_EquityMethodInvestmentsPolicy": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "EquityMethodInvestmentsPolicy", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Investments in Unconsolidated Entities", "label": "Equity Method Investments [Policy Text Block]", "documentation": "Disclosure of accounting policy for equity method of accounting for investments and other interests. Investment includes, but is not limited to, unconsolidated subsidiary, corporate joint venture, noncontrolling interest in real estate venture, limited partnership, and limited liability company. Information includes, but is not limited to, ownership percentage, reason equity method is or is not considered appropriate, and accounting policy election for distribution received." } } }, "auth_ref": [ "r4", "r99", "r313" ] }, "us-gaap_UnsecuredDebtMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "UnsecuredDebtMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Member notes", "label": "Unsecured Debt [Member]", "documentation": "Debt obligation not collateralized by pledge of, mortgage of or other lien on the entity's assets." } } }, "auth_ref": [] }, "us-gaap_AmortizationOfFinancingCosts": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AmortizationOfFinancingCosts", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0, "order": 6.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Amortization of deferred financing costs", "label": "Amortization of Debt Issuance Costs", "documentation": "Amount of amortization expense attributable to debt issuance costs." } } }, "auth_ref": [ "r128", "r375", "r447", "r725" ] }, "us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NetIncomeLossAvailableToCommonStockholdersDiluted", "crdr": "credit", "calculation": { "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails": { "parentTag": null, "weight": null, "order": null, "root": true } }, "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails" ], "lang": { "en-us": { "role": { "totalLabel": "Net (loss) income attributable to common shareholders of CaliberCos Inc.", "label": "Net Income (Loss) Available to Common Stockholders, Diluted", "documentation": "Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders." } } }, "auth_ref": [ "r218", "r249", "r255", "r256", "r257", "r258", "r262", "r265" ] }, "cwd_FranchiseAgreementFees": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "FranchiseAgreementFees", "crdr": "debit", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Total franchise fees", "label": "Franchise Agreement, Fees", "documentation": "Franchise Agreement, Fees" } } }, "auth_ref": [] }, "us-gaap_DebtInstrumentBasisSpreadOnVariableRate1": { "xbrltype": "percentItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DebtInstrumentBasisSpreadOnVariableRate1", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Basis spread on variable rate", "label": "Debt Instrument, Basis Spread on Variable Rate", "documentation": "Percentage points added to the reference rate to compute the variable rate on the debt instrument." } } }, "auth_ref": [] }, "us-gaap_DerivativeAssets": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DerivativeAssets", "crdr": "debit", "calculation": { "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails_1": { "parentTag": "us-gaap_PrepaidExpenseAndOtherAssets", "weight": 1.0, "order": 4.0 } }, "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsFairValuesbyBalanceSheetLocationDetails", "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Derivative assets", "label": "Derivative Asset", "documentation": "Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset." } } }, "auth_ref": [ "r208", "r209", "r437", "r559", "r560", "r561", "r562", "r563", "r564", "r565", "r566", "r567", "r568", "r583", "r584", "r635", "r639", "r641", "r642", "r643", "r644", "r664", "r690", "r788" ] }, "dei_DocumentInformationTable": { "xbrltype": "stringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentInformationTable", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Document Information [Table]", "label": "Document Information [Table]", "documentation": "Container to support the formal attachment of each official or unofficial, public or private document as part of a submission package." } } }, "auth_ref": [] }, "us-gaap_DebtInstrumentLineItems": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DebtInstrumentLineItems", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails", "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Debt Instrument [Line Items]", "label": "Debt Instrument [Line Items]", "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table." } } }, "auth_ref": [ "r233", "r354", "r355", "r356", "r357", "r358", "r360", "r365", "r366", "r367", "r368", "r370", "r371", "r372", "r373", "r374", "r375", "r378", "r448", "r674", "r675", "r676", "r677", "r678", "r729" ] }, "us-gaap_DebtInstrumentAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DebtInstrumentAxis", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Debt Instrument [Axis]", "label": "Debt Instrument [Axis]", "documentation": "Information by type of debt instrument, including, but not limited to, draws against credit facilities." } } }, "auth_ref": [ "r16", "r116", "r117", "r160", "r162", "r233", "r354", "r355", "r356", "r357", "r358", "r360", "r365", "r366", "r367", "r368", "r370", "r371", "r372", "r373", "r374", "r375", "r448", "r674", "r675", "r676", "r677", "r678", "r729" ] }, "us-gaap_DebtInstrumentTable": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DebtInstrumentTable", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails", "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Long-Term Debt Instruments [Table]", "label": "Schedule of Long-Term Debt Instruments [Table]", "documentation": "A table or schedule providing information pertaining to long-term debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the company, if longer." } } }, "auth_ref": [ "r23", "r59", "r60", "r100", "r101", "r103", "r112", "r150", "r151", "r233", "r354", "r355", "r356", "r357", "r358", "r360", "r365", "r366", "r367", "r368", "r370", "r371", "r372", "r373", "r374", "r375", "r378", "r448", "r674", "r675", "r676", "r677", "r678", "r729" ] }, "cwd_NoncashOrPartNoncashConsolidationNoncontrollingInterests": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashConsolidationNoncontrollingInterests", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Noncontrolling interests", "label": "Noncash Or Part Noncash Consolidation, Noncontrolling Interests", "documentation": "Noncash Or Part Noncash Consolidation, Noncontrolling Interests" } } }, "auth_ref": [] }, "srt_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/CommitmentsandContingenciesDetails", "http://caliberco.com/role/FairValueofFinancialInstrumentDetails", "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails", "http://caliberco.com/role/LeasesNarrativeDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails", "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails", "http://caliberco.com/role/OrganizationandLiquidityDetails", "http://caliberco.com/role/OtherLiabilitiesDetails", "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails", "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails", "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Excluding consolidated VIE", "label": "Consolidated Entity, Excluding Consolidated VIE [Member]" } } }, "auth_ref": [] }, "us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NetIncomeLossAvailableToCommonStockholdersDilutedAbstract", "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Numerator:", "label": "Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]" } } }, "auth_ref": [] }, "us-gaap_CapitalExpendituresIncurredButNotYetPaid": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CapitalExpendituresIncurredButNotYetPaid", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Cost of real estate investments included in accounts payable", "label": "Capital Expenditures Incurred but Not yet Paid", "documentation": "Future cash outflow to pay for purchases of fixed assets that have occurred." } } }, "auth_ref": [ "r41", "r42", "r43" ] }, "dei_DocumentInformationLineItems": { "xbrltype": "stringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentInformationLineItems", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Document Information [Line Items]", "label": "Document Information [Line Items]", "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table." } } }, "auth_ref": [] }, "us-gaap_GeneralAndAdministrativeExpense": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "GeneralAndAdministrativeExpense", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_OperatingExpenses", "weight": 1.0, "order": 6.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "General and administrative", "label": "General and Administrative Expense", "documentation": "The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line." } } }, "auth_ref": [ "r130", "r604" ] }, "cwd_NoncashOrPartNoncashConsolidationNotesPayableNet": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashConsolidationNotesPayableNet", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Notes payable, net", "label": "Noncash Or Part Noncash Consolidation, Notes Payable, Net", "documentation": "Noncash Or Part Noncash Consolidation, Notes Payable, Net" } } }, "auth_ref": [] }, "us-gaap_RelatedPartyTransactionDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RelatedPartyTransactionDomain", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Related Party Transaction [Domain]", "label": "Related Party Transaction [Domain]", "documentation": "Transaction between related party." } } }, "auth_ref": [] }, "cwd_NoncashOrPartNoncashConslidationAbstract": { "xbrltype": "stringItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashConslidationAbstract", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Consolidation of VIEs", "label": "Noncash Or Part Noncash Conslidation [Abstract]", "documentation": "Noncash Or Part Noncash Conslidation" } } }, "auth_ref": [] }, "cwd_RealEstateInvestmentPreferredReturnCommonEquity": { "xbrltype": "percentItemType", "nsuri": "http://caliberco.com/20230930", "localname": "RealEstateInvestmentPreferredReturnCommonEquity", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Preferred return, common equity", "label": "Real Estate Investment, Preferred Return, Common Equity", "documentation": "Real Estate Investment, Preferred Return, Common Equity" } } }, "auth_ref": [] }, "dei_DocumentType": { "xbrltype": "submissionTypeItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentType", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Document Type", "label": "Document Type", "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'." } } }, "auth_ref": [] }, "us-gaap_GainsLossesOnExtinguishmentOfDebt": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "GainsLossesOnExtinguishmentOfDebt", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest", "weight": 1.0, "order": 5.0 }, "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0, "order": 13.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/SubsequentEventsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Gain on extinguishment of debt", "negatedTerseLabel": "Loss (gain) on extinguishment of debt", "verboseLabel": "Loss on extinguishment of debt", "label": "Gain (Loss) on Extinguishment of Debt", "documentation": "Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity." } } }, "auth_ref": [ "r6", "r57", "r58" ] }, "cwd_IssuanceOfCommonStockInConnectionWithLegalSettlement": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "IssuanceOfCommonStockInConnectionWithLegalSettlement", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Issuance of common stock in connection with legal settlement", "label": "Issuance Of Common Stock In Connection With Legal Settlement", "documentation": "Issuance Of Common Stock In Connection With Legal Settlement" } } }, "auth_ref": [] }, "cwd_SecuredOvernightFinancingRateSOFRMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "SecuredOvernightFinancingRateSOFRMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Secured Overnight Financing Rate (SOFR)", "label": "Secured Overnight Financing Rate (SOFR) [Member]", "documentation": "Secured Overnight Financing Rate (SOFR)" } } }, "auth_ref": [] }, "cwd_RealEstateInvestmentResidualCashFlowPercentage": { "xbrltype": "percentItemType", "nsuri": "http://caliberco.com/20230930", "localname": "RealEstateInvestmentResidualCashFlowPercentage", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Percentage of residual cash flow", "label": "Real Estate Investment, Residual Cash Flow, Percentage", "documentation": "Real Estate Investment, Residual Cash Flow, Percentage" } } }, "auth_ref": [] }, "cwd_DebtInstrumentNumberOfShortTermLoans": { "xbrltype": "integerItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DebtInstrumentNumberOfShortTermLoans", "presentation": [ "http://caliberco.com/role/OrganizationandLiquidityDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Number of short-term loans outstanding", "label": "Debt Instrument, Number Of Short-Term Loans", "documentation": "Debt Instrument, Number Of Short-Term Loans" } } }, "auth_ref": [] }, "us-gaap_LesseeLeasesPolicyTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LesseeLeasesPolicyTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Leases, Lessee", "label": "Lessee, Leases [Policy Text Block]", "documentation": "Disclosure of accounting policy for leasing arrangement entered into by lessee." } } }, "auth_ref": [ "r451" ] }, "cwd_LessorOperatingLeasePaymentToBeReceivedTerm": { "xbrltype": "durationItemType", "nsuri": "http://caliberco.com/20230930", "localname": "LessorOperatingLeasePaymentToBeReceivedTerm", "presentation": [ "http://caliberco.com/role/LeasesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Future minimum lease payments due, term (in years)", "label": "Lessor, Operating Lease, Payment to be Received, Term", "documentation": "Lessor, Operating Lease, Payment to be Received, Term" } } }, "auth_ref": [] }, "cwd_DebtInstrumentNumberOfCorporateNotes": { "xbrltype": "integerItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DebtInstrumentNumberOfCorporateNotes", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Number of corporate notes", "label": "Debt Instrument, Number Of Corporate Notes", "documentation": "Debt Instrument, Number Of Corporate Notes" } } }, "auth_ref": [] }, "us-gaap_MeasurementInputTypeAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "MeasurementInputTypeAxis", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Measurement Input Type [Axis]", "label": "Measurement Input Type [Axis]", "documentation": "Information by type of measurement input used to determine value of asset and liability." } } }, "auth_ref": [ "r435" ] }, "us-gaap_AccountingPoliciesAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AccountingPoliciesAbstract", "lang": { "en-us": { "role": { "label": "Accounting Policies [Abstract]" } } }, "auth_ref": [] }, "us-gaap_PaymentsOfDebtIssuanceCosts": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PaymentsOfDebtIssuanceCosts", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": -1.0, "order": 6.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Payment of deferred financing costs", "label": "Payments of Debt Issuance Costs", "documentation": "The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt." } } }, "auth_ref": [ "r38" ] }, "cwd_DebtInstrumentAnnualMaximumPrincipalReductionPercentage": { "xbrltype": "percentItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DebtInstrumentAnnualMaximumPrincipalReductionPercentage", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Annual maximum principal reduction percentage", "label": "Debt Instrument, Annual Maximum Principal Reduction, Percentage", "documentation": "Debt Instrument, Annual Maximum Principal Reduction, Percentage" } } }, "auth_ref": [] }, "dei_DocumentQuarterlyReport": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentQuarterlyReport", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Document Quarterly Report", "label": "Document Quarterly Report", "documentation": "Boolean flag that is true only for a form used as an quarterly report." } } }, "auth_ref": [ "r704" ] }, "us-gaap_RevenueRecognitionPolicyTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RevenueRecognitionPolicyTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Consolidated Fund Revenues", "label": "Revenue [Policy Text Block]", "documentation": "Disclosure of accounting policy for revenue. Includes revenue from contract with customer and from other sources." } } }, "auth_ref": [ "r603", "r657", "r668" ] }, "cwd_NoncashOrPartNoncashDeconsolidationOtherLiabilities": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashDeconsolidationOtherLiabilities", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Other liabilities", "label": "Noncash Or Part Noncash Deconsolidation, Other Liabilities", "documentation": "Noncash Or Part Noncash Deconsolidation, Other Liabilities" } } }, "auth_ref": [] }, "cwd_VariableInterestEntityNumberOfEntitiesDeconsolidatedDuringPeriod": { "xbrltype": "integerItemType", "nsuri": "http://caliberco.com/20230930", "localname": "VariableInterestEntityNumberOfEntitiesDeconsolidatedDuringPeriod", "presentation": [ "http://caliberco.com/role/VIEsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Number of entities deconsolidated, sold", "label": "Variable Interest Entity, Number Of Entities Deconsolidated During Period", "documentation": "Variable Interest Entity, Number Of Entities Deconsolidated During Period" } } }, "auth_ref": [] }, "cwd_TransactionAndAdvisoryFeesMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "TransactionAndAdvisoryFeesMember", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Transaction and advisory fees", "label": "Transaction And Advisory Fees [Member]", "documentation": "Transaction And Advisory Fees" } } }, "auth_ref": [] }, "cwd_NorthsightCrossingAZLLCMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NorthsightCrossingAZLLCMember", "presentation": [ "http://caliberco.com/role/SubsequentEventsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Northsight", "label": "Northsight Crossing AZ, LLC [Member]", "documentation": "Northsight Crossing AZ, LLC" } } }, "auth_ref": [] }, "cwd_NotesPayableHiltonTucsonEastMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NotesPayableHiltonTucsonEastMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Hilton Tucson East, Notes Payable", "label": "Notes Payable, Hilton Tucson East [Member]", "documentation": "Notes Payable, Hilton Tucson East" } } }, "auth_ref": [] }, "cwd_SixMonthLIBORMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "SixMonthLIBORMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Six-Month LIBOR", "label": "Six-Month LIBOR [Member]", "documentation": "Six-Month LIBOR" } } }, "auth_ref": [] }, "cwd_TheKetchLLCMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "TheKetchLLCMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "The Ketch, LLC", "label": "The Ketch, LLC [Member]", "documentation": "The Ketch, LLC" } } }, "auth_ref": [] }, "cwd_FiveYearTreasuryConstantFederalReserveIndexMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "FiveYearTreasuryConstantFederalReserveIndexMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Five Year Treasury Constant Federal Reserve Index", "label": "Five Year Treasury Constant Federal Reserve Index [Member]", "documentation": "Five Year Treasury Constant Federal Reserve Index" } } }, "auth_ref": [] }, "dei_DocumentTransitionReport": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentTransitionReport", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Document Transition Report", "label": "Document Transition Report", "documentation": "Boolean flag that is true only for a form used as a transition report." } } }, "auth_ref": [ "r705" ] }, "cwd_DevelopmentRelatedManagementServicesMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DevelopmentRelatedManagementServicesMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Development related management services", "label": "Development Related Management Services [Member]", "documentation": "Development Related Management Services" } } }, "auth_ref": [] }, "cwd_CaliberHospitalityTrustMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "CaliberHospitalityTrustMember", "presentation": [ "http://caliberco.com/role/VIEsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Caliber Hospitality Trust", "label": "Caliber Hospitality Trust [Member]", "documentation": "Caliber Hospitality Trust" } } }, "auth_ref": [] }, "cwd_FranchiseAgreementTerm": { "xbrltype": "durationItemType", "nsuri": "http://caliberco.com/20230930", "localname": "FranchiseAgreementTerm", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Franchise agreement, term", "label": "Franchise Agreement, Term", "documentation": "Franchise Agreement, Term" } } }, "auth_ref": [] }, "cwd_NoncontrollingInterestIncreaseFromConsolidation": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncontrollingInterestIncreaseFromConsolidation", "crdr": "credit", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Consolidation of VIEs, increase", "label": "Noncontrolling Interest, Increase From Consolidation", "documentation": "Noncontrolling Interest, Increase From Consolidation" } } }, "auth_ref": [] }, "us-gaap_LessorLeasesPolicyTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LessorLeasesPolicyTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Leases, Lessor", "label": "Lessor, Leases [Policy Text Block]", "documentation": "Disclosure of accounting policy for leasing arrangements entered into by lessor." } } }, "auth_ref": [ "r187", "r188", "r189", "r454" ] }, "us-gaap_InvestmentPerformanceMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "InvestmentPerformanceMember", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Performance allocations", "label": "Investment Performance [Member]", "documentation": "Result achieved from investment. Excludes non-performance related result from asset under management." } } }, "auth_ref": [ "r756" ] }, "cwd_FundManagementSegmentMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "FundManagementSegmentMember", "presentation": [ "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Fund Management", "label": "Fund Management Segment [Member]", "documentation": "Fund Management Segment" } } }, "auth_ref": [] }, "cwd_ScheduleOfOtherLiabilitiesTable": { "xbrltype": "stringItemType", "nsuri": "http://caliberco.com/20230930", "localname": "ScheduleOfOtherLiabilitiesTable", "presentation": [ "http://caliberco.com/role/OtherLiabilitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule Of Other Liabilities [Table]", "label": "Schedule Of Other Liabilities [Table]", "documentation": "Schedule Of Other Liabilities" } } }, "auth_ref": [] }, "us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "IncreaseDecreaseInAccountsPayableAndAccruedLiabilities", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0, "order": 9.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Accounts payable and accrued expenses", "label": "Increase (Decrease) in Accounts Payable and Accrued Liabilities", "documentation": "The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid." } } }, "auth_ref": [ "r5" ] }, "cwd_NumberOfRealEstatePropertiesAcquired": { "xbrltype": "integerItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NumberOfRealEstatePropertiesAcquired", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Number of real estate properties acquired", "label": "Number Of Real Estate Properties Acquired", "documentation": "Number Of Real Estate Properties Acquired" } } }, "auth_ref": [] }, "cwd_DeferredFranchiseFeesNet": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DeferredFranchiseFeesNet", "crdr": "debit", "calculation": { "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails_1": { "parentTag": "us-gaap_PrepaidExpenseAndOtherAssets", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Deferred franchise fees, net", "label": "Deferred Franchise Fees, Net", "documentation": "Deferred Franchise Fees, Net" } } }, "auth_ref": [] }, "cwd_DebtInstrumentExitFeePercentage": { "xbrltype": "percentItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DebtInstrumentExitFeePercentage", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Exit fee percentage", "label": "Debt Instrument, Exit Fee, Percentage", "documentation": "Debt Instrument, Exit Fee, Percentage" } } }, "auth_ref": [] }, "us-gaap_IncreaseDecreaseInAccountsReceivable": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "IncreaseDecreaseInAccountsReceivable", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0, "order": 17.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Accounts receivable, net", "label": "Increase (Decrease) in Accounts Receivable", "documentation": "The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services." } } }, "auth_ref": [ "r5" ] }, "us-gaap_LongtermDebtTypeDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LongtermDebtTypeDomain", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Long-Term Debt, Type [Domain]", "label": "Long-Term Debt, Type [Domain]", "documentation": "Type of long-term debt arrangement, such as notes, line of credit, commercial paper, asset-based financing, project financing, letter of credit financing. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the company, if longer." } } }, "auth_ref": [ "r23", "r56" ] }, "cwd_CaliberNoteFundIIDueJanuary2024Member": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "CaliberNoteFundIIDueJanuary2024Member", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Caliber Note, Fund II, Due January 2024", "label": "Caliber Note, Fund II, Due January 2024 [Member]", "documentation": "Caliber Note, Fund II, Due January 2024" } } }, "auth_ref": [] }, "cwd_LongTermDebtMaturityAfterYearFour": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "LongTermDebtMaturityAfterYearFour", "crdr": "credit", "calculation": { "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails": { "parentTag": "us-gaap_DebtInstrumentCarryingAmount", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Thereafter", "label": "Long-Term Debt, Maturity, After Year Four", "documentation": "Long-Term Debt, Maturity, After Year Four" } } }, "auth_ref": [] }, "us-gaap_ProceedsFromSaleAndCollectionOfNotesReceivable": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ProceedsFromSaleAndCollectionOfNotesReceivable", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": 1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Payment received on notes receivable - related party", "label": "Proceeds from Sale and Collection of Notes Receivable", "documentation": "The cash inflow associated with the proceeds from sale of notes receivable, as well as principal collections from a borrowing supported by a written promise to pay an obligation (note receivable)." } } }, "auth_ref": [ "r30" ] }, "cwd_NonCashPerformanceAllocations": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NonCashPerformanceAllocations", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0, "order": 4.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Non-cash performance allocations", "label": "Non-Cash Performance Allocations", "documentation": "Non-Cash Performance Allocations" } } }, "auth_ref": [] }, "us-gaap_InterestIncomeFinancingReceivableBeforeAllowanceForCreditLoss": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "InterestIncomeFinancingReceivableBeforeAllowanceForCreditLoss", "crdr": "credit", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Notes receivable, interest income", "label": "Interest Income, Financing Receivable, before Allowance for Credit Loss", "documentation": "Amount of interest income from financing receivable before allowance for credit loss." } } }, "auth_ref": [ "r192", "r193" ] }, "dei_EntityInteractiveDataCurrent": { "xbrltype": "yesNoItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityInteractiveDataCurrent", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Interactive Data Current", "label": "Entity Interactive Data Current", "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)." } } }, "auth_ref": [ "r706" ] }, "us-gaap_EarningsPerShareDiluted": { "xbrltype": "perShareItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "EarningsPerShareDiluted", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Diluted net (loss) income per share attributable to common stockholders (in dollars per share)", "label": "Earnings Per Share, Diluted", "documentation": "The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period." } } }, "auth_ref": [ "r217", "r239", "r240", "r241", "r242", "r243", "r250", "r263", "r264", "r265", "r269", "r432", "r433", "r491", "r508", "r669" ] }, "cwd_OtherRelatedPartyTransactionsMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "OtherRelatedPartyTransactionsMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Other", "label": "Other Related Party Transactions [Member]", "documentation": "Other Related Party Transactions" } } }, "auth_ref": [] }, "cwd_IntercompanyAccountsReceivableEliminatedInConsolidation": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "IntercompanyAccountsReceivableEliminatedInConsolidation", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Accounts receivable - related party eliminated in consolidation of VIEs", "label": "Intercompany Accounts Receivable Eliminated In Consolidation", "documentation": "Intercompany Accounts Receivable Eliminated In Consolidation" } } }, "auth_ref": [] }, "us-gaap_RelatedPartyTransactionsAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RelatedPartyTransactionsAbstract", "lang": { "en-us": { "role": { "label": "Related Party Transactions [Abstract]" } } }, "auth_ref": [] }, "cwd_SummaryOfSignificantAccountingPoliciesLineItems": { "xbrltype": "stringItemType", "nsuri": "http://caliberco.com/20230930", "localname": "SummaryOfSignificantAccountingPoliciesLineItems", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Summary Of Significant Accounting Policies [Line Items]", "label": "Summary Of Significant Accounting Policies [Line Items]", "documentation": "Summary Of Significant Accounting Policies [Line Items]" } } }, "auth_ref": [] }, "cwd_NoncashOrPartNoncashDeconsolidationNotesPayableNet": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashDeconsolidationNotesPayableNet", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Notes payable, net", "label": "Noncash Or Part Noncash Deconsolidation, Notes Payable, Net", "documentation": "Noncash Or Part Noncash Deconsolidation, Notes Payable, Net" } } }, "auth_ref": [] }, "cwd_FundFormationFeesLoanPlacementAndGuaranteeFeesMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "FundFormationFeesLoanPlacementAndGuaranteeFeesMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Fund Formation Fees, loan placement and guarantee fees", "label": "Fund Formation Fees, Loan Placement And Guarantee Fees [Member]", "documentation": "Fund Formation Fees, Loan Placement And Guarantee Fees" } } }, "auth_ref": [] }, "cwd_NotesPayableTucsonEastLLCMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NotesPayableTucsonEastLLCMember", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Tucson East, LLC", "label": "Notes Payable, Tucson East, LLC [Member]", "documentation": "Notes Payable, Tucson East, LLC" } } }, "auth_ref": [] }, "cwd_NoncashOrPartNoncashConsolidationOperatingLeaseRightOfUseAssets": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashConsolidationOperatingLeaseRightOfUseAssets", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Operating lease - right of use assets", "label": "Noncash Or Part Noncash Consolidation, Operating Lease, Right Of Use Assets", "documentation": "Noncash Or Part Noncash Consolidation, Operating Lease, Right Of Use Assets" } } }, "auth_ref": [] }, "cwd_NotesPayableDTMesaHoldcoIILLCMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NotesPayableDTMesaHoldcoIILLCMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "DT Mesa Holdco II, LLC, Notes Payable", "label": "Notes, Payable, DT Mesa Holdco II, LLC [Member]", "documentation": "Notes, Payable, DT Mesa Holdco II, LLC" } } }, "auth_ref": [] }, "cwd_AssetAcquisitionAssetsAcquiredAndLiabilitiesAssumedNet": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "AssetAcquisitionAssetsAcquiredAndLiabilitiesAssumedNet", "crdr": "debit", "calculation": { "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails": { "parentTag": null, "weight": null, "order": null, "root": true } }, "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails" ], "lang": { "en-us": { "role": { "totalLabel": "Total purchase price of assets acquired", "label": "Asset Acquisition, Assets Acquired and Liabilities Assumed, Net", "documentation": "Asset Acquisition, Assets Acquired and Liabilities Assumed, Net" } } }, "auth_ref": [] }, "cwd_ScheduleOfOtherLiabilitiesLineItems": { "xbrltype": "stringItemType", "nsuri": "http://caliberco.com/20230930", "localname": "ScheduleOfOtherLiabilitiesLineItems", "presentation": [ "http://caliberco.com/role/OtherLiabilitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule Of Other Liabilities [Line Items]", "label": "Schedule Of Other Liabilities [Line Items]", "documentation": "Schedule Of Other Liabilities [Line Items]" } } }, "auth_ref": [] }, "cwd_BusinessCombinationsAndAssetAcquisitionsPolicyPolicyTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://caliberco.com/20230930", "localname": "BusinessCombinationsAndAssetAcquisitionsPolicyPolicyTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Accounting for Real Estate Investments", "label": "Business Combinations And Asset Acquisitions, Policy [Policy Text Block]", "documentation": "Business Combinations And Asset Acquisitions, Policy" } } }, "auth_ref": [] }, "cwd_NotesPayableWestFrontierHoldcoLLCMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NotesPayableWestFrontierHoldcoLLCMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "West Frontier Holdco, LLC", "label": "Notes Payable, West Frontier Holdco, LLC [Member]", "documentation": "Notes Payable, West Frontier Holdco, LLC" } } }, "auth_ref": [] }, "cwd_NotesPayableFourPointsBySheratonHotelMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NotesPayableFourPointsBySheratonHotelMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Four Points by Sheraton Hotel, Notes Payable", "label": "Notes Payable, Four Points by Sheraton Hotel [Member]", "documentation": "Notes Payable, Four Points by Sheraton Hotel" } } }, "auth_ref": [] }, "cwd_OrganizationAndLiquidityTable": { "xbrltype": "stringItemType", "nsuri": "http://caliberco.com/20230930", "localname": "OrganizationAndLiquidityTable", "presentation": [ "http://caliberco.com/role/OrganizationandLiquidityDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Organization And Liquidity [Table]", "label": "Organization And Liquidity [Table]", "documentation": "Organization And Liquidity" } } }, "auth_ref": [] }, "cwd_NoncashOrPartNoncashDeconsolidationAbstract": { "xbrltype": "stringItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashDeconsolidationAbstract", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Deconsolidation of VIEs", "label": "Noncash Or Part Noncash Deconsolidation [Abstract]", "documentation": "Noncash Or Part Noncash Deconsolidation" } } }, "auth_ref": [] }, "cwd_BuybackProgramMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "BuybackProgramMember", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Buyback Program", "label": "Buyback Program [Member]", "documentation": "Buyback Program" } } }, "auth_ref": [] }, "cwd_IronwoodLLCMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "IronwoodLLCMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Ironwood, LLC", "label": "Ironwood, LLC [Member]", "documentation": "Ironwood, LLC" } } }, "auth_ref": [] }, "cwd_CaliberNoteDueMay2024Member": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "CaliberNoteDueMay2024Member", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Caliber Note, Due May 2024", "label": "Caliber Note, Due May 2024 [Member]", "documentation": "Caliber Note, Due May 2024" } } }, "auth_ref": [] }, "cwd_RooseveltNoteDueMay2023Member": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "RooseveltNoteDueMay2023Member", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Roosevelt Note, Due May 2024", "label": "Roosevelt Note, Due May 2023 [Member]", "documentation": "Roosevelt Note, Due May 2023" } } }, "auth_ref": [] }, "us-gaap_SegmentReportingAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "SegmentReportingAbstract", "lang": { "en-us": { "role": { "label": "Segment Reporting [Abstract]" } } }, "auth_ref": [] }, "cwd_StockholdersEquityEliminationOfBuybackObligation": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "StockholdersEquityEliminationOfBuybackObligation", "crdr": "credit", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Elimination of buyback obligation", "label": "Stockholder's Equity, Elimination Of Buyback Obligation", "documentation": "Stockholder's Equity, Elimination Of Buyback Obligation" } } }, "auth_ref": [] }, "us-gaap_RelatedPartyTransactionAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RelatedPartyTransactionAxis", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Related Party Transaction [Axis]", "label": "Related Party Transaction [Axis]", "documentation": "Information by type of related party transaction." } } }, "auth_ref": [ "r464", "r465", "r768" ] }, "cwd_RidgeIILLCMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "RidgeIILLCMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Ridge II, LLC", "label": "Ridge II, LLC [Member]", "documentation": "Ridge II, LLC" } } }, "auth_ref": [] }, "us-gaap_MarketingAndAdvertisingExpense": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "MarketingAndAdvertisingExpense", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_OperatingExpenses", "weight": 1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Marketing and advertising", "label": "Marketing and Advertising Expense", "documentation": "The total expense recognized in the period for promotion, public relations, and brand or product advertising." } } }, "auth_ref": [ "r130" ] }, "cwd_NotesPayableWestFrontierLLCMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NotesPayableWestFrontierLLCMember", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails" ], "lang": { "en-us": { "role": { "terseLabel": "West Frontier, LLC", "label": "Notes Payable, West Frontier, LLC [Member]", "documentation": "Notes Payable, West Frontier, LLC" } } }, "auth_ref": [] }, "cwd_NoncashOrPartNoncashDeconsolidationPrepaidAndOtherAssets": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashDeconsolidationPrepaidAndOtherAssets", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Prepaid and other assets", "label": "Noncash Or Part Noncash Deconsolidation, Prepaid And Other Assets", "documentation": "Noncash Or Part Noncash Deconsolidation, Prepaid And Other Assets" } } }, "auth_ref": [] }, "cwd_WallStreetJournalPrimeRateMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "WallStreetJournalPrimeRateMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Wall Street Journal Prime Rate", "label": "Wall Street Journal Prime Rate [Member]", "documentation": "Wall Street Journal Prime Rate" } } }, "auth_ref": [] }, "cwd_LessorOperatingLeaseNumberOfProperties": { "xbrltype": "integerItemType", "nsuri": "http://caliberco.com/20230930", "localname": "LessorOperatingLeaseNumberOfProperties", "presentation": [ "http://caliberco.com/role/LeasesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Rental revenue, number of revenue-generating properties", "label": "Lessor, Operating Lease, Number Of Properties", "documentation": "Lessor, Operating Lease, Number Of Properties" } } }, "auth_ref": [] }, "cwd_IntangibleLeaseLiabilitiesAcquired": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "IntangibleLeaseLiabilitiesAcquired", "crdr": "credit", "calculation": { "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails": { "parentTag": "cwd_AssetAcquisitionAssetsAcquiredAndLiabilitiesAssumedNet", "weight": -1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Intangible lease liabilities", "label": "Intangible Lease Liabilities Acquired", "documentation": "Intangible Lease Liabilities Acquired" } } }, "auth_ref": [] }, "cwd_DebtIssuanceCostsAmortizationAndWriteoffs": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DebtIssuanceCostsAmortizationAndWriteoffs", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0, "order": 20.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Amortization of deferred financing costs", "label": "Debt Issuance Costs, Amortization And Writeoffs", "documentation": "Debt Issuance Costs, Amortization And Writeoffs" } } }, "auth_ref": [] }, "cwd_NotesPayableHolidayInnOcotilloHotelMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NotesPayableHolidayInnOcotilloHotelMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Holiday Inn Ocotillo Hotel, Notes Payable", "label": "Notes Payable, Holiday Inn Ocotillo Hotel [Member]", "documentation": "Notes Payable, Holiday Inn Ocotillo Hotel" } } }, "auth_ref": [] }, "cwd_DFWBehavioralHealthLLCMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DFWBehavioralHealthLLCMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "DFW Behavioral Health LLC", "label": "DFW Behavioral Health LLC [Member]", "documentation": "DFW Behavioral Health LLC" } } }, "auth_ref": [] }, "cwd_IntercompanyNoteReceivableEliminatedInConsolidation": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "IntercompanyNoteReceivableEliminatedInConsolidation", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Note receivable eliminated in consolidation", "label": "Intercompany Note Receivable Eliminated In Consolidation", "documentation": "Intercompany Note Receivable Eliminated In Consolidation" } } }, "auth_ref": [] }, "cwd_IssuanceOfCommonStockInLieuOfCashPaymentForAccountsPayable": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "IssuanceOfCommonStockInLieuOfCashPaymentForAccountsPayable", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Issuance of common stock in lieu of cash payment for accounts payable", "label": "Issuance Of Common Stock In Lieu Of Cash Payment For Accounts Payable", "documentation": "Issuance Of Common Stock In Lieu Of Cash Payment For Accounts Payable" } } }, "auth_ref": [] }, "cwd_NotesPayableHamptonInnSuitesHotelMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NotesPayableHamptonInnSuitesHotelMember", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Hampton Inn & Suites Hotel", "label": "Notes Payable, Hampton Inn & Suites Hotel [Member]", "documentation": "Notes Payable, Hampton Inn & Suites Hotel" } } }, "auth_ref": [] }, "cwd_IncreaseDecreaseInPrepaidExpensesRightOfUseAssetsAndOtherAssets": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "IncreaseDecreaseInPrepaidExpensesRightOfUseAssetsAndOtherAssets", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0, "order": 8.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedLabel": "Prepaid expenses, right-of-use assets and other assets", "label": "Increase (Decrease) In Prepaid Expenses, Right-Of-Use Assets And Other Assets", "documentation": "Increase (Decrease) In Prepaid Expenses, Right-Of-Use Assets And Other Assets" } } }, "auth_ref": [] }, "cwd_LessorOperatingLeaseRemainingLeaseTerm": { "xbrltype": "durationItemType", "nsuri": "http://caliberco.com/20230930", "localname": "LessorOperatingLeaseRemainingLeaseTerm", "presentation": [ "http://caliberco.com/role/LeasesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Lessor, operating lease, remaining lease term", "label": "Lessor, Operating Lease, Remaining Lease Term", "documentation": "Lessor, Operating Lease, Remaining Lease Term" } } }, "auth_ref": [] }, "cwd_LimitedLiabilityCompanyOrLimitedPartnershipInternalRateOfReturnThreshold": { "xbrltype": "pureItemType", "nsuri": "http://caliberco.com/20230930", "localname": "LimitedLiabilityCompanyOrLimitedPartnershipInternalRateOfReturnThreshold", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Internal rate of return, threshold", "label": "Limited Liability Company Or Limited Partnership, Internal Rate Of Return Threshold", "documentation": "Limited Liability Company Or Limited Partnership, Internal Rate Of Return Threshold" } } }, "auth_ref": [] }, "cwd_NoncashOrPartNoncashConsolidationOtherLiabilities": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashConsolidationOtherLiabilities", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Other liabilities", "label": "Noncash Or Part Noncash Consolidation, Other Liabilities", "documentation": "Noncash Or Part Noncash Consolidation, Other Liabilities" } } }, "auth_ref": [] }, "cwd_AdvanceKeyMoney": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "AdvanceKeyMoney", "crdr": "credit", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Advance key money", "label": "Advance Key Money", "documentation": "Advance Key Money" } } }, "auth_ref": [] }, "cwd_ProceedsFromConsolidationOfVariableInterestEntities": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "ProceedsFromConsolidationOfVariableInterestEntities", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": 1.0, "order": 6.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Consolidation of VIEs", "label": "Proceeds From Consolidation Of Variable Interest Entities", "documentation": "Proceeds From Consolidation Of Variable Interest Entities" } } }, "auth_ref": [] }, "us-gaap_VariableRateDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "VariableRateDomain", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Variable Rate [Domain]", "label": "Variable Rate [Domain]", "documentation": "Interest rate that fluctuates over time as a result of an underlying benchmark interest rate or index." } } }, "auth_ref": [] }, "cwd_NumberOfRealEstatePropertiesSold": { "xbrltype": "integerItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NumberOfRealEstatePropertiesSold", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Number of real estate properties disposed", "label": "Number Of Real Estate Properties Sold", "documentation": "Number Of Real Estate Properties Sold" } } }, "auth_ref": [] }, "us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock", "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsTables" ], "lang": { "en-us": { "role": { "terseLabel": "Derivative Assets by Balance Sheet Location", "label": "Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]", "documentation": "Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position." } } }, "auth_ref": [ "r85" ] }, "cwd_OlatheBehavioralHealthMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "OlatheBehavioralHealthMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Olathe Behavioral Health", "label": "Olathe Behavioral Health [Member]", "documentation": "Olathe Behavioral Health" } } }, "auth_ref": [] }, "us-gaap_StatementOfFinancialPositionAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StatementOfFinancialPositionAbstract", "lang": { "en-us": { "role": { "label": "Statement of Financial Position [Abstract]" } } }, "auth_ref": [] }, "cwd_BuybackObligationMeasurementInput": { "xbrltype": "decimalItemType", "nsuri": "http://caliberco.com/20230930", "localname": "BuybackObligationMeasurementInput", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Discount rate", "label": "Buyback Obligation, Measurement Input", "documentation": "Buyback Obligation, Measurement Input" } } }, "auth_ref": [] }, "cwd_TreasuryStockCommonForwardRepurchaseShares": { "xbrltype": "sharesItemType", "nsuri": "http://caliberco.com/20230930", "localname": "TreasuryStockCommonForwardRepurchaseShares", "presentation": [ "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical" ], "lang": { "en-us": { "role": { "terseLabel": "Treasury stock, forward shares repurchased (in shares)", "label": "Treasury Stock, Common, Forward Repurchase Shares", "documentation": "Treasury Stock, Common, Forward Repurchase Shares" } } }, "auth_ref": [] }, "us-gaap_VariableRateAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "VariableRateAxis", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Variable Rate [Axis]", "label": "Variable Rate [Axis]", "documentation": "Information by type of variable rate." } } }, "auth_ref": [] }, "us-gaap_MeasurementInputDiscountRateMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "MeasurementInputDiscountRateMember", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Measurement Input, Discount Rate", "label": "Measurement Input, Discount Rate [Member]", "documentation": "Measurement input using interest rate to determine present value of future cash flows." } } }, "auth_ref": [ "r765" ] }, "cwd_DebtInstrumentInitialInterestRatePeriod": { "xbrltype": "durationItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DebtInstrumentInitialInterestRatePeriod", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Debt instrument, initial interest rate period", "label": "Debt Instrument, Initial Interest Rate Period", "documentation": "Debt Instrument, Initial Interest Rate Period" } } }, "auth_ref": [] }, "us-gaap_SubsequentEventsAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "SubsequentEventsAbstract", "lang": { "en-us": { "role": { "label": "Subsequent Events [Abstract]" } } }, "auth_ref": [] }, "cwd_NoncashOrPartNoncashConsolidationAccountsReceivableNet": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashConsolidationAccountsReceivableNet", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Accounts receivable, net", "label": "Noncash Or Part Noncash Consolidation, Accounts Receivable, Net", "documentation": "Noncash Or Part Noncash Consolidation, Accounts Receivable, Net" } } }, "auth_ref": [] }, "cwd_OrganizationAndLiquidityLineItems": { "xbrltype": "stringItemType", "nsuri": "http://caliberco.com/20230930", "localname": "OrganizationAndLiquidityLineItems", "presentation": [ "http://caliberco.com/role/OrganizationandLiquidityDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Organization And Liquidity [Line Items]", "label": "Organization And Liquidity [Line Items]", "documentation": "Organization And Liquidity" } } }, "auth_ref": [] }, "us-gaap_EquityMethodInvestments": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "EquityMethodInvestments", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_Assets", "weight": 1.0, "order": 7.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Investments in unconsolidated entities", "label": "Equity Method Investments", "documentation": "This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized." } } }, "auth_ref": [ "r288", "r312", "r717", "r742" ] }, "us-gaap_RelatedPartyTransactionRate": { "xbrltype": "percentItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RelatedPartyTransactionRate", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Related party transaction, rate", "label": "Related Party Transaction, Rate", "documentation": "Identify the stated interest rate per the agreement, for example, leasing and debt arrangements between related parties." } } }, "auth_ref": [] }, "dei_EntityAddressPostalZipCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressPostalZipCode", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Address, Postal Zip Code", "label": "Entity Address, Postal Zip Code", "documentation": "Code for the postal or zip code" } } }, "auth_ref": [] }, "cwd_ExtinguishmentOfOperatingLeaseRightOfUseAssets": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "ExtinguishmentOfOperatingLeaseRightOfUseAssets", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Extinguishment of operating lease right-of-use assets", "label": "Extinguishment Of Operating Lease Right-Of-Use Assets", "documentation": "Extinguishment Of Operating Lease Right-Of-Use Assets" } } }, "auth_ref": [] }, "us-gaap_LongtermDebtTypeAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LongtermDebtTypeAxis", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Long-Term Debt, Type [Axis]", "label": "Long-Term Debt, Type [Axis]", "documentation": "Information by type of long-term debt." } } }, "auth_ref": [ "r23" ] }, "us-gaap_NetCashProvidedByUsedInFinancingActivities": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NetCashProvidedByUsedInFinancingActivities", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect", "weight": 1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "totalLabel": "Net cash provided by financing activities", "label": "Net Cash Provided by (Used in) Financing Activities", "documentation": "Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit." } } }, "auth_ref": [ "r221" ] }, "cwd_BrokerageSegmentMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "BrokerageSegmentMember", "presentation": [ "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Brokerage", "label": "Brokerage Segment [Member]", "documentation": "Brokerage Segment" } } }, "auth_ref": [] }, "us-gaap_LessorLeaseDescriptionLineItems": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LessorLeaseDescriptionLineItems", "presentation": [ "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails", "http://caliberco.com/role/LeasesNarrativeDetails", "http://caliberco.com/role/LeasesRentalRevenueDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Lessor, Lease, Description [Line Items]", "label": "Lessor, Lease, Description [Line Items]", "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table." } } }, "auth_ref": [ "r456" ] }, "cwd_NoncontrollingInterestDecreaseFromConsolidation": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncontrollingInterestDecreaseFromConsolidation", "crdr": "debit", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Consolidation of VIEs, decrease", "label": "Noncontrolling Interest, Decrease From Consolidation", "documentation": "Noncontrolling Interest, Decrease From Consolidation" } } }, "auth_ref": [] }, "us-gaap_RelatedPartyTransactionsDisclosureTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RelatedPartyTransactionsDisclosureTextBlock", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactions" ], "lang": { "en-us": { "role": { "terseLabel": "Related Party Transactions", "label": "Related Party Transactions Disclosure [Text Block]", "documentation": "The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates." } } }, "auth_ref": [ "r461", "r462", "r463", "r465", "r468", "r541", "r542", "r543", "r607", "r608", "r609", "r628", "r629" ] }, "us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NetCashProvidedByUsedInOperatingActivitiesAbstract", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Cash Flows From Operating Activities", "label": "Net Cash Provided by (Used in) Operating Activities [Abstract]" } } }, "auth_ref": [] }, "us-gaap_ShareRepurchaseProgramDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ShareRepurchaseProgramDomain", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Share Repurchase Program [Domain]", "label": "Share Repurchase Program [Domain]", "documentation": "Name of the share repurchase program." } } }, "auth_ref": [] }, "us-gaap_CommonStockSharesIssued": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CommonStockSharesIssued", "presentation": [ "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical" ], "lang": { "en-us": { "role": { "terseLabel": "Common stock, issued (in shares)", "label": "Common Stock, Shares, Issued", "documentation": "Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury." } } }, "auth_ref": [ "r120" ] }, "dei_EntityCentralIndexKey": { "xbrltype": "centralIndexKeyItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityCentralIndexKey", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Central Index Key", "label": "Entity Central Index Key", "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK." } } }, "auth_ref": [ "r702" ] }, "cwd_AmortizationOfAdvancedKeyMoney": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "AmortizationOfAdvancedKeyMoney", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0, "order": 15.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Amortization of advanced key money", "label": "Amortization of Advanced Key Money", "documentation": "Amortization of Advanced Key Money" } } }, "auth_ref": [] }, "us-gaap_ShareRepurchaseProgramAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ShareRepurchaseProgramAxis", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Share Repurchase Program [Axis]", "label": "Share Repurchase Program [Axis]", "documentation": "Information by share repurchase program." } } }, "auth_ref": [] }, "srt_ConsolidationEliminationsMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "ConsolidationEliminationsMember", "presentation": [ "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Intercompany Eliminations & Equity in Income", "label": "Consolidation, Eliminations [Member]" } } }, "auth_ref": [] }, "us-gaap_AdditionalPaidInCapital": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AdditionalPaidInCapital", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_StockholdersEquity", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Paid-in capital", "label": "Additional Paid in Capital", "documentation": "Amount of excess of issue price over par or stated value of stock and from other transaction involving stock or stockholder. Includes, but is not limited to, additional paid-in capital (APIC) for common and preferred stock." } } }, "auth_ref": [ "r121", "r685", "r790" ] }, "us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NetCashProvidedByUsedInInvestingActivitiesAbstract", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Cash Flows From Investing Activities", "label": "Net Cash Provided by (Used in) Investing Activities [Abstract]" } } }, "auth_ref": [] }, "us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NetCashProvidedByUsedInFinancingActivitiesAbstract", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Cash Flows From Financing Activities", "label": "Net Cash Provided by (Used in) Financing Activities [Abstract]" } } }, "auth_ref": [] }, "us-gaap_PaymentsForRepurchaseOfCommonStock": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PaymentsForRepurchaseOfCommonStock", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": -1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Payments of treasury stock - buyback obligation", "label": "Payments for Repurchase of Common Stock", "documentation": "The cash outflow to reacquire common stock during the period." } } }, "auth_ref": [ "r36" ] }, "cwd_PaymentsForDeconsolidationOfVariableInterestEntities": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "PaymentsForDeconsolidationOfVariableInterestEntities", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": -1.0, "order": 5.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Deconsolidation of VIEs", "label": "Payments For Deconsolidation Of Variable Interest Entities", "documentation": "Payments For Deconsolidation Of Variable Interest Entities" } } }, "auth_ref": [] }, "us-gaap_IncreaseDecreaseInDueToRelatedParties": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "IncreaseDecreaseInDueToRelatedParties", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0, "order": 10.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Due to related parties", "label": "Increase (Decrease) in Due to Related Parties", "documentation": "The increase (decrease) during the reporting period in the aggregate amount of obligations to be paid to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management; an entity and its principal owners, management, or member of their immediate families; affiliates; or other parties with the ability to exert significant influence." } } }, "auth_ref": [ "r5" ] }, "us-gaap_NetCashProvidedByUsedInInvestingActivities": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NetCashProvidedByUsedInInvestingActivities", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "totalLabel": "Net cash used in investing activities", "label": "Net Cash Provided by (Used in) Investing Activities", "documentation": "Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets." } } }, "auth_ref": [ "r221" ] }, "us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfRelatedPartyTransactionsByRelatedPartyTable", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Related Party Transactions, by Related Party [Table]", "label": "Schedule of Related Party Transactions, by Related Party [Table]", "documentation": "Schedule of quantitative and qualitative information pertaining to related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates." } } }, "auth_ref": [ "r104", "r105", "r605", "r606", "r609" ] }, "us-gaap_NetCashProvidedByUsedInOperatingActivities": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NetCashProvidedByUsedInOperatingActivities", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "totalLabel": "Net cash used in operating activities", "label": "Net Cash Provided by (Used in) Operating Activities", "documentation": "Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities." } } }, "auth_ref": [ "r138", "r139", "r140" ] }, "dei_EntityFileNumber": { "xbrltype": "fileNumberItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityFileNumber", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity File Number", "label": "Entity File Number", "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen." } } }, "auth_ref": [] }, "us-gaap_CommonStockValue": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CommonStockValue", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_StockholdersEquity", "weight": 1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Common stock", "label": "Common Stock, Value, Issued", "documentation": "Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity." } } }, "auth_ref": [ "r120", "r500", "r685" ] }, "us-gaap_Assets": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "Assets", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": null, "weight": null, "order": null, "root": true } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "totalLabel": "Assets", "label": "Assets", "documentation": "Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events." } } }, "auth_ref": [ "r159", "r200", "r227", "r278", "r293", "r299", "r314", "r340", "r341", "r343", "r344", "r345", "r347", "r349", "r351", "r352", "r416", "r420", "r438", "r496", "r593", "r685", "r700", "r749", "r750", "r769" ] }, "cwd_InterestOnConvertibleDebtNetOfTaxAndAdjustments": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "InterestOnConvertibleDebtNetOfTaxAndAdjustments", "crdr": "credit", "calculation": { "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails": { "parentTag": "us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Convertible debt interest", "label": "Interest On Convertible Debt, Net Of Tax And Adjustments", "documentation": "Interest On Convertible Debt, Net Of Tax And Adjustments" } } }, "auth_ref": [] }, "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": null, "weight": null, "order": null, "root": true } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "totalLabel": "Net Change in Cash and Restricted Cash", "label": "Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect", "documentation": "Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates." } } }, "auth_ref": [ "r2", "r138" ] }, "us-gaap_RelatedPartyTransactionLineItems": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RelatedPartyTransactionLineItems", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Related Party Transaction [Line Items]", "label": "Related Party Transaction [Line Items]", "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table." } } }, "auth_ref": [ "r605", "r606", "r609" ] }, "us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfMaturitiesOfLongTermDebtTableTextBlock", "presentation": [ "http://caliberco.com/role/NotesPayableTables" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Maturities of Long-Term Debt", "label": "Schedule of Maturities of Long-Term Debt [Table Text Block]", "documentation": "Tabular disclosure of maturity and sinking fund requirement for long-term debt." } } }, "auth_ref": [ "r8" ] }, "us-gaap_CommonStockSharesAuthorized": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CommonStockSharesAuthorized", "presentation": [ "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical" ], "lang": { "en-us": { "role": { "terseLabel": "Common stock, authorized (in shares)", "label": "Common Stock, Shares Authorized", "documentation": "The maximum number of common shares permitted to be issued by an entity's charter and bylaws." } } }, "auth_ref": [ "r120", "r577" ] }, "cwd_CaliberTaxAdvantageOpportunityFundLPMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "CaliberTaxAdvantageOpportunityFundLPMember", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Caliber Tax Advantage Opportunity Fund LP", "label": "Caliber Tax Advantage Opportunity Fund LP [Member]", "documentation": "Caliber Tax Advantage Opportunity Fund LP" } } }, "auth_ref": [] }, "us-gaap_CommonStockSharesOutstanding": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CommonStockSharesOutstanding", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED", "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical" ], "lang": { "en-us": { "role": { "terseLabel": "Common stock, outstanding (in shares)", "periodStartLabel": "Balance, beginning of period (in shares)", "periodEndLabel": "Balance, end of period (in shares)", "label": "Common Stock, Shares, Outstanding", "documentation": "Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation." } } }, "auth_ref": [ "r11", "r120", "r577", "r599", "r793", "r794" ] }, "us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock", "presentation": [ "http://caliberco.com/role/PrepaidandOtherAssetsTables" ], "lang": { "en-us": { "role": { "terseLabel": "Prepaid Expenses and Other Assets", "label": "Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]", "documentation": "Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs." } } }, "auth_ref": [] }, "us-gaap_PreferredStockSharesIssued": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PreferredStockSharesIssued", "presentation": [ "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical" ], "lang": { "en-us": { "role": { "terseLabel": "Preferred stock, issued (in shares)", "label": "Preferred Stock, Shares Issued", "documentation": "Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt." } } }, "auth_ref": [ "r119", "r383" ] }, "cwd_ExtinguishmentOfOperatingLeaseLiabilities": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "ExtinguishmentOfOperatingLeaseLiabilities", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Extinguishment of operating lease liabilities", "label": "Extinguishment Of Operating Lease Liabilities", "documentation": "Extinguishment Of Operating Lease Liabilities" } } }, "auth_ref": [] }, "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": null, "weight": null, "order": null, "root": true } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "periodStartLabel": "Cash and Restricted Cash at Beginning of Period", "periodEndLabel": "Cash and Restricted Cash at End of Period", "label": "Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents", "documentation": "Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates." } } }, "auth_ref": [ "r39", "r138", "r224" ] }, "cwd_DebtInstrumentAverageOutstandingPrincipalBalancePerLoan": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DebtInstrumentAverageOutstandingPrincipalBalancePerLoan", "crdr": "credit", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Average outstanding principal balance per loan", "label": "Debt Instrument, Average Outstanding Principal Balance Per Loan", "documentation": "Debt Instrument, Average Outstanding Principal Balance Per Loan" } } }, "auth_ref": [] }, "cwd_NorthsightAndSouthpointeMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NorthsightAndSouthpointeMember", "presentation": [ "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Northsight And Southpointe", "label": "Northsight And Southpointe [Member]", "documentation": "Northsight And Southpointe" } } }, "auth_ref": [] }, "us-gaap_PrepaidExpenseAndOtherAssets": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PrepaidExpenseAndOtherAssets", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_Assets", "weight": 1.0, "order": 2.0 }, "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails": { "parentTag": null, "weight": null, "order": null, "root": true }, "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails_1": { "parentTag": null, "weight": null, "order": null, "root": true } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Prepaid and other assets", "totalLabel": "Prepaid and other assets", "label": "Prepaid Expense and Other Assets", "documentation": "Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets." } } }, "auth_ref": [] }, "us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths", "crdr": "credit", "calculation": { "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails": { "parentTag": "us-gaap_DebtInstrumentCarryingAmount", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "2024", "label": "Long-Term Debt, Maturity, Year One", "documentation": "Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach)." } } }, "auth_ref": [ "r8", "r233", "r371" ] }, "dei_CityAreaCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CityAreaCode", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "City Area Code", "label": "City Area Code", "documentation": "Area code of city" } } }, "auth_ref": [] }, "cwd_CaliberNoteDueJune2025Member": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "CaliberNoteDueJune2025Member", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Caliber Note, Due June 2025", "label": "Caliber Note, Due June 2025 [Member]", "documentation": "Caliber Note, Due June 2025" } } }, "auth_ref": [] }, "us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour", "crdr": "credit", "calculation": { "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails": { "parentTag": "us-gaap_DebtInstrumentCarryingAmount", "weight": 1.0, "order": 4.0 } }, "presentation": [ "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "2027", "label": "Long-Term Debt, Maturity, Year Four", "documentation": "Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach)." } } }, "auth_ref": [ "r8", "r233", "r371" ] }, "us-gaap_StatementOfStockholdersEquityAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StatementOfStockholdersEquityAbstract", "lang": { "en-us": { "role": { "label": "Statement of Stockholders' Equity [Abstract]" } } }, "auth_ref": [] }, "us-gaap_LessorLeaseDescriptionTable": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LessorLeaseDescriptionTable", "presentation": [ "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails", "http://caliberco.com/role/LeasesNarrativeDetails", "http://caliberco.com/role/LeasesRentalRevenueDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Lessor, Lease, Description [Table]", "label": "Lessor, Lease, Description [Table]", "documentation": "Disclosure of information about lessor's leases." } } }, "auth_ref": [ "r456" ] }, "us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree", "crdr": "credit", "calculation": { "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails": { "parentTag": "us-gaap_DebtInstrumentCarryingAmount", "weight": 1.0, "order": 6.0 } }, "presentation": [ "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "2026", "label": "Long-Term Debt, Maturity, Year Three", "documentation": "Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach)." } } }, "auth_ref": [ "r8", "r233", "r371" ] }, "dei_LocalPhoneNumber": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "LocalPhoneNumber", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Local Phone Number", "label": "Local Phone Number", "documentation": "Local phone number for entity." } } }, "auth_ref": [] }, "us-gaap_ClassOfStockDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ClassOfStockDomain", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED", "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical", "http://caliberco.com/role/CommitmentsandContingenciesDetails", "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Class of Stock [Domain]", "label": "Class of Stock [Domain]", "documentation": "Share of stock differentiated by the voting rights the holder receives. Examples include, but are not limited to, common stock, redeemable preferred stock, nonredeemable preferred stock, and convertible stock." } } }, "auth_ref": [ "r192", "r201", "r202", "r203", "r227", "r250", "r254", "r263", "r265", "r272", "r273", "r314", "r340", "r343", "r344", "r345", "r351", "r352", "r383", "r384", "r386", "r387", "r388", "r438", "r536", "r537", "r538", "r539", "r546", "r547", "r548", "r549", "r550", "r551", "r552", "r553", "r554", "r555", "r556", "r558", "r577", "r602", "r625", "r646", "r647", "r648", "r649", "r650", "r708", "r728", "r737" ] }, "us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo", "crdr": "credit", "calculation": { "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails": { "parentTag": "us-gaap_DebtInstrumentCarryingAmount", "weight": 1.0, "order": 5.0 } }, "presentation": [ "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "2025", "label": "Long-Term Debt, Maturity, Year Two", "documentation": "Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach)." } } }, "auth_ref": [ "r8", "r233", "r371" ] }, "dei_EntityTaxIdentificationNumber": { "xbrltype": "employerIdItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityTaxIdentificationNumber", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Tax Identification Number", "label": "Entity Tax Identification Number", "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS." } } }, "auth_ref": [ "r702" ] }, "cwd_NotesPayableDoubleTreeByHiltonTucsonConventionCenterMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NotesPayableDoubleTreeByHiltonTucsonConventionCenterMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "DoubleTree by Hilton Tucson Convention Center, Notes Payable", "label": "Notes Payable, DoubleTree by Hilton Tucson Convention Center [Member]", "documentation": "Notes Payable, DoubleTree by Hilton Tucson Convention Center" } } }, "auth_ref": [] }, "us-gaap_StatementOfCashFlowsAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StatementOfCashFlowsAbstract", "lang": { "en-us": { "role": { "label": "Statement of Cash Flows [Abstract]" } } }, "auth_ref": [] }, "us-gaap_GainsLossesOnSalesOfInvestmentRealEstate": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "GainsLossesOnSalesOfInvestmentRealEstate", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest", "weight": 1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Gains on sale of real estate investments", "label": "Gains (Losses) on Sales of Investment Real Estate", "documentation": "The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes." } } }, "auth_ref": [ "r178", "r179", "r181", "r721", "r722", "r725", "r778", "r792" ] }, "cwd_NoncashOrPartNoncashDeconsolidationDueFromRelatedParties": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashDeconsolidationDueFromRelatedParties", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Due from related parties", "label": "Noncash Or Part Noncash Deconsolidation, Due From Related Parties", "documentation": "Noncash Or Part Noncash Deconsolidation, Due From Related Parties" } } }, "auth_ref": [] }, "us-gaap_PreferredStockSharesAuthorized": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PreferredStockSharesAuthorized", "presentation": [ "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical" ], "lang": { "en-us": { "role": { "terseLabel": "Preferred stock, authorized (in shares)", "label": "Preferred Stock, Shares Authorized", "documentation": "The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws." } } }, "auth_ref": [ "r119", "r577" ] }, "us-gaap_PaymentsToMinorityShareholders": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PaymentsToMinorityShareholders", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": -1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Distributions to noncontrolling interest holders", "label": "Payments to Noncontrolling Interests", "documentation": "Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest." } } }, "auth_ref": [ "r35" ] }, "cwd_RealEstateBrokerageServicesMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "RealEstateBrokerageServicesMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Real estate brokerage services", "label": "Real Estate Brokerage Services [Member]", "documentation": "Real Estate Brokerage Services" } } }, "auth_ref": [] }, "us-gaap_PreferredStockSharesOutstanding": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PreferredStockSharesOutstanding", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED", "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical" ], "lang": { "en-us": { "role": { "terseLabel": "Preferred stock, outstanding (in shares)", "periodStartLabel": "Balance, beginning of period (in shares)", "periodEndLabel": "Balance, end of period (in shares)", "label": "Preferred Stock, Shares Outstanding", "documentation": "Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased." } } }, "auth_ref": [ "r119", "r577", "r599", "r793", "r794" ] }, "us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "EquityMethodInvestmentOtherThanTemporaryImpairment", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Impairment loss, investments", "label": "Equity Method Investment, Other than Temporary Impairment", "documentation": "This item represents an other than temporary decline in value that has been recognized against an investment accounted for under the equity method of accounting. The excess of the carrying amount over the fair value of the investment represents the amount of the write down which is or was reflected in earnings. The written down value is a new cost basis with the adjusted value of the investment becoming its new carrying value subject to the equity accounting method. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment." } } }, "auth_ref": [ "r741" ] }, "us-gaap_SecuredDebtMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "SecuredDebtMember", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Real estate notes", "label": "Secured Debt [Member]", "documentation": "Collateralized debt obligation backed by, for example, but not limited to, pledge, mortgage or other lien on the entity's assets." } } }, "auth_ref": [] }, "cwd_NotesPayableCircleLoftsLLCMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NotesPayableCircleLoftsLLCMember", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Circle Lofts, LLC", "label": "Notes Payable, Circle Lofts, LLC [Member]", "documentation": "Notes Payable, Circle Lofts, LLC" } } }, "auth_ref": [] }, "cwd_VariableInterestEntityNumberOfEntitiesDeconsolidatedDuringPeriodNoLongerSignificant": { "xbrltype": "integerItemType", "nsuri": "http://caliberco.com/20230930", "localname": "VariableInterestEntityNumberOfEntitiesDeconsolidatedDuringPeriodNoLongerSignificant", "presentation": [ "http://caliberco.com/role/VIEsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Number of entities deconsolidated, no longer significant", "label": "Variable Interest Entity, Number Of Entities Deconsolidated During Period, No Longer Significant", "documentation": "Variable Interest Entity, Number Of Entities Deconsolidated During Period, No Longer Significant" } } }, "auth_ref": [] }, "us-gaap_ScheduleOfVariableInterestEntitiesTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfVariableInterestEntitiesTextBlock", "presentation": [ "http://caliberco.com/role/VIEsTables" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Variable Interest Entities", "label": "Schedule of Variable Interest Entities [Table Text Block]", "documentation": "Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide." } } }, "auth_ref": [ "r71", "r72", "r74", "r76", "r77" ] }, "us-gaap_OtherNonoperatingIncomeExpense": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OtherNonoperatingIncomeExpense", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest", "weight": 1.0, "order": 4.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Other income (loss), net", "label": "Other Nonoperating Income (Expense)", "documentation": "Amount of income (expense) related to nonoperating activities, classified as other." } } }, "auth_ref": [ "r134" ] }, "cwd_NotesPayableNorthsightCrossingAZLLCMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NotesPayableNorthsightCrossingAZLLCMember", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Northsight Crossing AZ, LLC", "label": "Notes Payable,, Northsight Crossing AZ, LLC [Member]", "documentation": "Notes Payable,, Northsight Crossing AZ, LLC" } } }, "auth_ref": [] }, "us-gaap_IncreaseDecreaseInDueFromRelatedParties": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "IncreaseDecreaseInDueFromRelatedParties", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0, "order": 7.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Due from related parties", "label": "Increase (Decrease) in Due from Related Parties", "documentation": "The increase (decrease) during the reporting period in receivables to be collected from other entities that could exert significant influence over the reporting entity." } } }, "auth_ref": [ "r5" ] }, "cwd_CaliberHospitalityLPTucsonEastMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "CaliberHospitalityLPTucsonEastMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Caliber Hospitality LP (Tucson East)", "label": "Caliber Hospitality LP (Tucson East) [Member]", "documentation": "Caliber Hospitality LP (Tucson East)" } } }, "auth_ref": [] }, "cwd_TenantImprovementAllowanceLiability": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "TenantImprovementAllowanceLiability", "crdr": "credit", "calculation": { "http://caliberco.com/role/OtherLiabilitiesDetails": { "parentTag": "us-gaap_OtherLiabilities", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/OtherLiabilitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Tenant improvement allowance", "label": "Tenant Improvement Allowance Liability", "documentation": "Tenant Improvement Allowance Liability" } } }, "auth_ref": [] }, "cwd_CaliberHospitalityTrustAndWestFrontierMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "CaliberHospitalityTrustAndWestFrontierMember", "presentation": [ "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Caliber Hospitality Trust And West Frontier", "label": "Caliber Hospitality Trust And West Frontier [Member]", "documentation": "Caliber Hospitality Trust And West Frontier" } } }, "auth_ref": [] }, "dei_EntityIncorporationStateCountryCode": { "xbrltype": "edgarStateCountryItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityIncorporationStateCountryCode", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Incorporation, State or Country Code", "label": "Entity Incorporation, State or Country Code", "documentation": "Two-character EDGAR code representing the state or country of incorporation." } } }, "auth_ref": [] }, "cwd_J25DevelopmentGroupLLCMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "J25DevelopmentGroupLLCMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "J-25 Development Group, LLC", "label": "J-25 Development Group, LLC [Member]", "documentation": "J-25 Development Group, LLC" } } }, "auth_ref": [] }, "dei_CurrentFiscalYearEndDate": { "xbrltype": "gMonthDayItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CurrentFiscalYearEndDate", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Current Fiscal Year End Date", "label": "Current Fiscal Year End Date", "documentation": "End date of current fiscal year in the format --MM-DD." } } }, "auth_ref": [] }, "us-gaap_PropertyPlantAndEquipmentTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PropertyPlantAndEquipmentTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesTables" ], "lang": { "en-us": { "role": { "terseLabel": "Estimated Useful Lives of Real Estate Assets", "label": "Property, Plant and Equipment [Table Text Block]", "documentation": "Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation." } } }, "auth_ref": [ "r7" ] }, "us-gaap_VariableInterestEntityLineItems": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "VariableInterestEntityLineItems", "presentation": [ "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails", "http://caliberco.com/role/VIEsNarrativeDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Variable Interest Entity [Line Items]", "label": "Variable Interest Entity [Line Items]", "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table." } } }, "auth_ref": [ "r416", "r417", "r420", "r421", "r474", "r475", "r476" ] }, "cwd_MultiFamilyResidentialPropertyAcquisitionMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "MultiFamilyResidentialPropertyAcquisitionMember", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails", "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Multi-family residential property acquisition", "label": "Multi-Family Residential Property Acquisition [Member]", "documentation": "Multi-Family Residential Property Acquisition" } } }, "auth_ref": [] }, "cwd_NotesPayableSouthpointeFundcoLLCMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NotesPayableSouthpointeFundcoLLCMember", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Southpointe Fundco, LLC", "label": "Notes Payable, Southpointe Fundco, LLC [Member]", "documentation": "Notes Payable, Southpointe Fundco, LLC" } } }, "auth_ref": [] }, "cwd_CorporateNotesAndConvertibleCorporateNotesMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "CorporateNotesAndConvertibleCorporateNotesMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Corporate Notes And Convertible Corporate Notes", "label": "Corporate Notes And Convertible Corporate Notes [Member]", "documentation": "Corporate Notes And Convertible Corporate Notes" } } }, "auth_ref": [] }, "us-gaap_PreferredStockParOrStatedValuePerShare": { "xbrltype": "perShareItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PreferredStockParOrStatedValuePerShare", "presentation": [ "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical" ], "lang": { "en-us": { "role": { "terseLabel": "Preferred stock, par value (in dollars per share)", "label": "Preferred Stock, Par or Stated Value Per Share", "documentation": "Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer." } } }, "auth_ref": [ "r119", "r383" ] }, "us-gaap_AllowanceForDoubtfulAccountsReceivable": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AllowanceForDoubtfulAccountsReceivable", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Allowance for doubtful accounts", "label": "Accounts Receivable, Allowance for Credit Loss", "documentation": "Amount of allowance for credit loss on accounts receivable." } } }, "auth_ref": [ "r205", "r310", "r317", "r318", "r319", "r785" ] }, "us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PaymentsForRepurchaseOfRedeemableNoncontrollingInterest", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": -1.0, "order": 4.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Redemptions of noncontrolling interests", "label": "Payments for Repurchase of Redeemable Noncontrolling Interest", "documentation": "The cash outflow during the period for redemption of redeemable noncontrolling interests." } } }, "auth_ref": [ "r723" ] }, "us-gaap_ScheduleOfVariableInterestEntitiesTable": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfVariableInterestEntitiesTable", "presentation": [ "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails", "http://caliberco.com/role/VIEsNarrativeDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Variable Interest Entities [Table]", "label": "Schedule of Variable Interest Entities [Table]", "documentation": "Tabular disclosure of qualitative and quantitative information related to variable interests the entity holds, whether or not such variable interest entity (VIE) is included in the reporting entity's consolidated financial statements. Includes, but is not limited to, description of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a tabular comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide." } } }, "auth_ref": [ "r71", "r72", "r74", "r76", "r77", "r416", "r417", "r420", "r421", "r474", "r475", "r476" ] }, "cwd_RelatedPartiesPolicyPolicyTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://caliberco.com/20230930", "localname": "RelatedPartiesPolicyPolicyTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Related Parties", "label": "Related Parties, Policy [Policy Text Block]", "documentation": "Related Parties, Policy" } } }, "auth_ref": [] }, "us-gaap_IntangibleAssetsNetExcludingGoodwill": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "IntangibleAssetsNetExcludingGoodwill", "crdr": "debit", "calculation": { "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails_1": { "parentTag": "us-gaap_PrepaidExpenseAndOtherAssets", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Intangibles, net", "label": "Intangible Assets, Net (Excluding Goodwill)", "documentation": "Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges." } } }, "auth_ref": [ "r52", "r53" ] }, "us-gaap_VariableInterestEntityPrimaryBeneficiaryMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "VariableInterestEntityPrimaryBeneficiaryMember", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/CommitmentsandContingenciesDetails", "http://caliberco.com/role/DerivativeInstrumentsFairValuesbyBalanceSheetLocationDetails", "http://caliberco.com/role/DerivativeInstrumentsGainLossDetails", "http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails", "http://caliberco.com/role/FairValueofFinancialInstrumentDetails", "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails", "http://caliberco.com/role/LeasesNarrativeDetails", "http://caliberco.com/role/LeasesRentalRevenueDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails", "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails", "http://caliberco.com/role/OrganizationandLiquidityDetails", "http://caliberco.com/role/OtherLiabilitiesDetails", "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails", "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails", "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails", "http://caliberco.com/role/SubsequentEventsDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails", "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "VIE, primary beneficiary", "label": "Variable Interest Entity, Primary Beneficiary [Member]", "documentation": "Variable Interest Entities (VIE) in which the entity has a controlling financial interest (as defined) and of which it is therefore the primary beneficiary. A controlling financial interest is determined based on both: (a) the entity's power to direct activities of the VIE that most significantly impact the VIE's economic performance and (b) the entity's obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. VIEs of which the entity is the primary beneficiary are included in the consolidated financial statements of the entity." } } }, "auth_ref": [ "r71", "r416", "r417", "r420", "r421" ] }, "us-gaap_OtherReceivables": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OtherReceivables", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_Assets", "weight": 1.0, "order": 4.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Due from related parties", "label": "Other Receivables", "documentation": "Amount due from parties in nontrade transactions, classified as other." } } }, "auth_ref": [ "r204", "r586" ] }, "dei_EntityShellCompany": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityShellCompany", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Shell Company", "label": "Entity Shell Company", "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act." } } }, "auth_ref": [ "r702" ] }, "us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock", "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsTables" ], "lang": { "en-us": { "role": { "terseLabel": "Derivative Instruments, Gain (Loss)", "label": "Derivative Instruments, Gain (Loss) [Table Text Block]", "documentation": "Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments." } } }, "auth_ref": [ "r86", "r89", "r422" ] }, "us-gaap_CashFlowSupplementalDisclosuresTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CashFlowSupplementalDisclosuresTextBlock", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosures" ], "lang": { "en-us": { "role": { "terseLabel": "Supplemental Cash Flow Disclosures", "label": "Cash Flow, Supplemental Disclosures [Text Block]", "documentation": "The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. \"Part noncash\" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period." } } }, "auth_ref": [ "r135" ] }, "cwd_NoncashOrPartNoncashDeconsolidationAccountsPayableAndAccruedExpenses": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashDeconsolidationAccountsPayableAndAccruedExpenses", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Accounts payable and accrued expenses", "label": "Noncash Or Part Noncash Deconsolidation, Accounts Payable And Accrued Expenses", "documentation": "Noncash Or Part Noncash Deconsolidation, Accounts Payable And Accrued Expenses" } } }, "auth_ref": [] }, "dei_Security12bTitle": { "xbrltype": "securityTitleItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "Security12bTitle", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Title of 12(b) Security", "label": "Title of 12(b) Security", "documentation": "Title of a 12(b) registered security." } } }, "auth_ref": [ "r701" ] }, "cwd_CDIFNoteDueMay2024Member": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "CDIFNoteDueMay2024Member", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "CDIF Note, Due May 2023", "label": "CDIF Note, Due May 2024 [Member]", "documentation": "CDIF Note, Due May 2024" } } }, "auth_ref": [] }, "us-gaap_VariableInterestEntityDisclosureTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "VariableInterestEntityDisclosureTextBlock", "presentation": [ "http://caliberco.com/role/VIEs" ], "lang": { "en-us": { "role": { "terseLabel": "VIEs", "label": "Variable Interest Entity Disclosure [Text Block]", "documentation": "The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss." } } }, "auth_ref": [ "r153" ] }, "us-gaap_LongTermDebt": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LongTermDebt", "crdr": "credit", "calculation": { "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails": { "parentTag": null, "weight": null, "order": null, "root": true } }, "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "totalLabel": "Total", "terseLabel": "Long-term debt", "label": "Long-Term Debt", "documentation": "Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation." } } }, "auth_ref": [ "r16", "r162", "r366", "r381", "r675", "r676", "r783" ] }, "cwd_NoncashOrPartNoncashConsolidationNotesPayableRelatedParties": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashConsolidationNotesPayableRelatedParties", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Notes payable - related parties", "label": "Noncash Or Part Noncash Consolidation, Notes Payable, Related Parties", "documentation": "Noncash Or Part Noncash Consolidation, Notes Payable, Related Parties" } } }, "auth_ref": [] }, "us-gaap_UseOfEstimates": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "UseOfEstimates", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Use of Accounting Estimates", "label": "Use of Estimates, Policy [Policy Text Block]", "documentation": "Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles." } } }, "auth_ref": [ "r45", "r46", "r47", "r182", "r183", "r185", "r186" ] }, "us-gaap_SubsequentEventMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "SubsequentEventMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/SubsequentEventsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Subsequent Event", "label": "Subsequent Event [Member]", "documentation": "Identifies event that occurred after the balance sheet date but before financial statements are issued or available to be issued." } } }, "auth_ref": [ "r445", "r471" ] }, "cwd_CommercialPropertiesMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "CommercialPropertiesMember", "presentation": [ "http://caliberco.com/role/LeasesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Commercial Properties", "label": "Commercial Properties [Member]", "documentation": "Commercial Properties" } } }, "auth_ref": [] }, "us-gaap_DepreciationDepletionAndAmortizationPolicyTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DepreciationDepletionAndAmortizationPolicyTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Depreciation and Amortization Expense", "label": "Depreciation, Depletion, and Amortization [Policy Text Block]", "documentation": "Disclosure of accounting policy for depreciation, depletion, and amortization of property and equipment costs, including methods used and estimated useful lives and how impairment of such assets is assessed and recognized." } } }, "auth_ref": [ "r667" ] }, "dei_EntityFilerCategory": { "xbrltype": "filerCategoryItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityFilerCategory", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Filer Category", "label": "Entity Filer Category", "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure." } } }, "auth_ref": [ "r702" ] }, "us-gaap_IncrementalCommonSharesAttributableToConversionOfDebtSecurities": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "IncrementalCommonSharesAttributableToConversionOfDebtSecurities", "calculation": { "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails": { "parentTag": "us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Dilutive shares \u2013 convertible debt, net (in shares)", "label": "Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities", "documentation": "Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of convertible debt securities using the if-converted method." } } }, "auth_ref": [ "r259", "r260", "r265" ] }, "us-gaap_MinorityInterestDecreaseFromRedemptions": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "MinorityInterestDecreaseFromRedemptions", "crdr": "debit", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Redemptions of noncontrolling interest holders", "label": "Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests", "documentation": "Decrease in noncontrolling interest (for example, but not limited to, redeeming or purchasing the interests of noncontrolling shareholders, issuance of shares (interests) by the non-wholly owned subsidiary to the parent entity for other than cash, and a buyback of shares (interest) by the non-wholly owned subsidiary from the noncontrolling interests)." } } }, "auth_ref": [ "r68", "r152", "r154" ] }, "cwd_RealEstateInvestmentsTransferredFromHeldForSale": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "RealEstateInvestmentsTransferredFromHeldForSale", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Real estate investments moved from held for sale", "label": "Real Estate Investments, Transferred From Held For Sale", "documentation": "Real Estate Investments, Transferred From Held For Sale" } } }, "auth_ref": [] }, "dei_TradingSymbol": { "xbrltype": "tradingSymbolItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "TradingSymbol", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Trading Symbol", "label": "Trading Symbol", "documentation": "Trading symbol of an instrument as listed on an exchange." } } }, "auth_ref": [] }, "cwd_VariableInterestEntityNumberOfConsolidatedFunds": { "xbrltype": "integerItemType", "nsuri": "http://caliberco.com/20230930", "localname": "VariableInterestEntityNumberOfConsolidatedFunds", "presentation": [ "http://caliberco.com/role/VIEsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Variable interest entities, number of consolidated funds", "label": "Variable Interest Entity, Number Of Consolidated Funds", "documentation": "Variable Interest Entity, Number Of Consolidated Funds" } } }, "auth_ref": [] }, "us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "IncrementalCommonSharesAttributableToShareBasedPaymentArrangements", "calculation": { "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails": { "parentTag": "us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Dilutive shares \u2013 options, net (in shares)", "label": "Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements", "documentation": "Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method." } } }, "auth_ref": [ "r251", "r252", "r253", "r265", "r404" ] }, "dei_EntitySmallBusiness": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntitySmallBusiness", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Small Business", "label": "Entity Small Business", "documentation": "Indicates that the company is a Smaller Reporting Company (SRC)." } } }, "auth_ref": [ "r702" ] }, "cwd_EconomicInjuryDisasterLoansMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "EconomicInjuryDisasterLoansMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "verboseLabel": "Economic injury disaster and other loans", "terseLabel": "Economic Injury Disaster Loans", "label": "Economic Injury Disaster Loans [Member]", "documentation": "Economic Injury Disaster Loans" } } }, "auth_ref": [] }, "us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_Liabilities", "weight": 1.0, "order": 4.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Accounts payable and accrued expenses", "label": "Accounts Payable and Accrued Liabilities", "documentation": "Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations." } } }, "auth_ref": [ "r108" ] }, "dei_SecurityExchangeName": { "xbrltype": "edgarExchangeCodeItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "SecurityExchangeName", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Security Exchange Name", "label": "Security Exchange Name", "documentation": "Name of the Exchange on which a security is registered." } } }, "auth_ref": [ "r703" ] }, "cwd_CaliberNoteFundIDueJanuary2024Member": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "CaliberNoteFundIDueJanuary2024Member", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Caliber Note, Fund I, Due January 2024", "label": "Caliber Note, Fund I, Due January 2024 [Member]", "documentation": "Caliber Note, Fund I, Due January 2024" } } }, "auth_ref": [] }, "cwd_NoncashOrPartNoncashConsolidationDueToRelatedParties": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashConsolidationDueToRelatedParties", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Due to related parties", "label": "Noncash Or Part Noncash Consolidation, Due To Related Parties", "documentation": "Noncash Or Part Noncash Consolidation, Due To Related Parties" } } }, "auth_ref": [] }, "us-gaap_ProceedsFromRealEstateAndRealEstateJointVentures": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ProceedsFromRealEstateAndRealEstateJointVentures", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Proceeds from the sale of real estate assets", "label": "Proceeds from Real Estate and Real Estate Joint Ventures", "documentation": "The cash inflow from the sale of real estate held-for-investment and real estate joint ventures." } } }, "auth_ref": [ "r709" ] }, "cwd_RevenuePercentOfExpectedCosts": { "xbrltype": "percentItemType", "nsuri": "http://caliberco.com/20230930", "localname": "RevenuePercentOfExpectedCosts", "presentation": [ "http://caliberco.com/role/SegmentReportingNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Revenue, percent of expected costs", "label": "Revenue, Percent of Expected Costs", "documentation": "Revenue, Percent of Expected Costs" } } }, "auth_ref": [] }, "cwd_OneMonthLIBORMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "OneMonthLIBORMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "One-Month LIBOR", "label": "One-Month LIBOR [Member]", "documentation": "One-Month LIBOR" } } }, "auth_ref": [] }, "dei_EntityEmergingGrowthCompany": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityEmergingGrowthCompany", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Emerging Growth Company", "label": "Entity Emerging Growth Company", "documentation": "Indicate if registrant meets the emerging growth company criteria." } } }, "auth_ref": [ "r702" ] }, "us-gaap_DerivativeContractTypeDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DerivativeContractTypeDomain", "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsFairValuesbyBalanceSheetLocationDetails", "http://caliberco.com/role/DerivativeInstrumentsGainLossDetails", "http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Derivative Contract [Domain]", "label": "Derivative Contract [Domain]", "documentation": "Financial instrument or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset." } } }, "auth_ref": [ "r566", "r568", "r582", "r583", "r584", "r588", "r589", "r590", "r591", "r594", "r595", "r596", "r597", "r613", "r614", "r615", "r616", "r619", "r620", "r621", "r622", "r635", "r637", "r641", "r643", "r688", "r690" ] }, "us-gaap_RealEstateDisclosureTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RealEstateDisclosureTextBlock", "presentation": [ "http://caliberco.com/role/RealEstateInvestments" ], "lang": { "en-us": { "role": { "terseLabel": "Real Estate Investments", "label": "Real Estate Disclosure [Text Block]", "documentation": "The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures." } } }, "auth_ref": [ "r168", "r169", "r170", "r171", "r172" ] }, "us-gaap_NetIncomeLoss": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NetIncomeLoss", "crdr": "credit", "calculation": { "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails": { "parentTag": "us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted", "weight": 1.0, "order": 1.0 }, "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": null, "weight": null, "order": null, "root": true } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails" ], "lang": { "en-us": { "role": { "totalLabel": "Net (loss) income attributable to CaliberCos Inc.", "terseLabel": "Net (loss) income attributable to CaliberCos Inc.", "label": "Net Income (Loss)", "documentation": "The portion of profit or loss for the period, net of income taxes, which is attributable to the parent." } } }, "auth_ref": [ "r127", "r140", "r166", "r197", "r210", "r211", "r214", "r227", "r237", "r239", "r240", "r241", "r242", "r245", "r246", "r261", "r278", "r292", "r298", "r301", "r314", "r340", "r341", "r343", "r344", "r345", "r347", "r349", "r351", "r352", "r433", "r438", "r507", "r601", "r623", "r624", "r671", "r698", "r749" ] }, "cwd_NoncashOrPartNoncashConsolidationRealEstateInvestmentsNet": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashConsolidationRealEstateInvestmentsNet", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Real estate investments, net", "label": "Noncash Or Part Noncash Consolidation, Real Estate Investments, Net", "documentation": "Noncash Or Part Noncash Consolidation, Real Estate Investments, Net" } } }, "auth_ref": [] }, "cwd_SummaryOfSignificantAccountingPoliciesTable": { "xbrltype": "stringItemType", "nsuri": "http://caliberco.com/20230930", "localname": "SummaryOfSignificantAccountingPoliciesTable", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Significant Accounting Policies [Table]", "label": "Summary Of Significant Accounting Policies [Table]", "documentation": "Summary Of Significant Accounting Policies" } } }, "auth_ref": [] }, "us-gaap_OtherSignificantNoncashTransactionsLineItems": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OtherSignificantNoncashTransactionsLineItems", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Other Significant Noncash Transactions [Line Items]", "label": "Other Significant Noncash Transactions [Line Items]", "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table." } } }, "auth_ref": [] }, "us-gaap_OtherSignificantNoncashTransactionsTable": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OtherSignificantNoncashTransactionsTable", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Other Significant Noncash Transactions [Table]", "label": "Other Significant Noncash Transactions [Table]", "documentation": "This table may contain information related to other significant noncash investing and financing activities that occurred during the accounting period and are not otherwise listed in the existing taxonomy. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. \"Part noncash\" refers to that portion of a transaction not resulting in cash receipts or cash payments in the period." } } }, "auth_ref": [ "r41", "r42", "r43" ] }, "us-gaap_StockholdersEquityNoteStockSplitConversionRatio1": { "xbrltype": "pureItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StockholdersEquityNoteStockSplitConversionRatio1", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Stockholders' equity, reverse stock split", "label": "Stockholders' Equity Note, Stock Split, Conversion Ratio", "documentation": "Ratio applied to the conversion of stock split, for example but not limited to, one share converted to two or two shares converted to one." } } }, "auth_ref": [ "r17" ] }, "us-gaap_BelowMarketLeaseNet": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "BelowMarketLeaseNet", "crdr": "credit", "calculation": { "http://caliberco.com/role/OtherLiabilitiesDetails": { "parentTag": "us-gaap_OtherLiabilities", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/OtherLiabilitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Below market leases, net", "label": "Below Market Lease, Net", "documentation": "Amount after amortization of leases acquired as part of a real property acquisition at below market lease rate with a finite life." } } }, "auth_ref": [] }, "us-gaap_InterestReceivable": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "InterestReceivable", "crdr": "debit", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Interest receivable", "label": "Interest Receivable", "documentation": "Carrying amount as of the balance sheet date of interest earned but not received. Also called accrued interest or accrued interest receivable." } } }, "auth_ref": [ "r719", "r795" ] }, "us-gaap_ProceedsFromIssuanceOfCommonStock": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ProceedsFromIssuanceOfCommonStock", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": 1.0, "order": 8.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Proceeds from the issuance of common stock, net of issuance costs", "label": "Proceeds from Issuance of Common Stock", "documentation": "The cash inflow from the additional capital contribution to the entity." } } }, "auth_ref": [ "r3" ] }, "us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RevenueFromContractWithCustomerExcludingAssessedTax", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_Revenues", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Revenue", "label": "Revenue from Contract with Customer, Excluding Assessed Tax", "documentation": "Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise." } } }, "auth_ref": [ "r279", "r280", "r291", "r296", "r297", "r303", "r305", "r306", "r398", "r399", "r478" ] }, "us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RevenueFromContractWithCustomerIncludingAssessedTax", "crdr": "credit", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Revenue", "label": "Revenue from Contract with Customer, Including Assessed Tax", "documentation": "Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise." } } }, "auth_ref": [ "r279", "r280", "r291", "r296", "r297", "r303", "r305", "r306", "r398", "r399", "r478" ] }, "us-gaap_ProfitLoss": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ProfitLoss", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0, "order": 1.0 }, "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_NetIncomeLoss", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "totalLabel": "Net (loss) income", "terseLabel": "Net (loss) income", "label": "Net Income (Loss), Including Portion Attributable to Noncontrolling Interest", "documentation": "The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest." } } }, "auth_ref": [ "r197", "r210", "r211", "r220", "r227", "r237", "r245", "r246", "r278", "r292", "r298", "r301", "r314", "r340", "r341", "r343", "r344", "r345", "r347", "r349", "r351", "r352", "r415", "r418", "r419", "r433", "r438", "r492", "r505", "r545", "r601", "r623", "r624", "r671", "r683", "r684", "r699", "r720", "r749" ] }, "us-gaap_InventoryNet": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "InventoryNet", "crdr": "debit", "calculation": { "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails_1": { "parentTag": "us-gaap_PrepaidExpenseAndOtherAssets", "weight": 1.0, "order": 6.0 } }, "presentation": [ "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Inventory", "label": "Inventory, Net", "documentation": "Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer." } } }, "auth_ref": [ "r206", "r661", "r685" ] }, "us-gaap_EarningsPerShareTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "EarningsPerShareTextBlock", "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShare" ], "lang": { "en-us": { "role": { "terseLabel": "Net Income (Loss) Per Share", "label": "Earnings Per Share [Text Block]", "documentation": "The entire disclosure for earnings per share." } } }, "auth_ref": [ "r247", "r266", "r267", "r268" ] }, "us-gaap_CommonStockParOrStatedValuePerShare": { "xbrltype": "perShareItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CommonStockParOrStatedValuePerShare", "presentation": [ "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical" ], "lang": { "en-us": { "role": { "terseLabel": "Common stock, par value (in dollars per share)", "label": "Common Stock, Par or Stated Value Per Share", "documentation": "Face amount or stated value per share of common stock." } } }, "auth_ref": [ "r120" ] }, "us-gaap_InterestRateSwapMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "InterestRateSwapMember", "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsFairValuesbyBalanceSheetLocationDetails", "http://caliberco.com/role/DerivativeInstrumentsGainLossDetails", "http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Interest rate swap", "label": "Interest Rate Swap [Member]", "documentation": "Forward based contracts in which two parties agree to swap periodic payments that are fixed at the outset of the swap contract with variable payments based on a market interest rate (index rate) over a specified period." } } }, "auth_ref": [ "r658", "r695", "r696" ] }, "us-gaap_AccountsReceivableNet": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AccountsReceivableNet", "crdr": "debit", "calculation": { "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails": { "parentTag": "us-gaap_PrepaidExpenseAndOtherAssets", "weight": 1.0, "order": 1.0 }, "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_Assets", "weight": 1.0, "order": 5.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Accounts receivable, net", "label": "Accounts Receivable, after Allowance for Credit Loss", "documentation": "Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business." } } }, "auth_ref": [ "r587", "r652", "r691", "r785" ] }, "us-gaap_DebtInstrumentConvertibleConversionPrice1": { "xbrltype": "perShareItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DebtInstrumentConvertibleConversionPrice1", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Convertible conversion price (in dollars per share)", "label": "Debt Instrument, Convertible, Conversion Price", "documentation": "The price per share of the conversion feature embedded in the debt instrument." } } }, "auth_ref": [ "r149", "r356" ] }, "us-gaap_MinorityInterest": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "MinorityInterest", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Stockholders\u2019 equity attributable to noncontrolling interests", "label": "Equity, Attributable to Noncontrolling Interest", "documentation": "Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity." } } }, "auth_ref": [ "r29", "r163", "r227", "r314", "r340", "r343", "r344", "r345", "r351", "r352", "r438", "r502", "r579" ] }, "us-gaap_ProceedsFromMinorityShareholders": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ProceedsFromMinorityShareholders", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": 1.0, "order": 7.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Contributions from noncontrolling interest holders", "label": "Proceeds from Noncontrolling Interests", "documentation": "Amount of cash inflow from a noncontrolling interest. Includes, but is not limited to, purchase of additional shares or other increase in noncontrolling interest ownership." } } }, "auth_ref": [ "r33" ] }, "us-gaap_StatementClassOfStockAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StatementClassOfStockAxis", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED", "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical", "http://caliberco.com/role/CommitmentsandContingenciesDetails", "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Class of Stock [Axis]", "label": "Class of Stock [Axis]", "documentation": "Information by the different classes of stock of the entity." } } }, "auth_ref": [ "r192", "r201", "r202", "r203", "r227", "r250", "r254", "r263", "r265", "r272", "r273", "r314", "r340", "r343", "r344", "r345", "r351", "r352", "r383", "r384", "r386", "r387", "r388", "r438", "r536", "r537", "r538", "r539", "r546", "r547", "r548", "r549", "r550", "r551", "r552", "r553", "r554", "r555", "r556", "r558", "r577", "r602", "r625", "r646", "r647", "r648", "r649", "r650", "r708", "r728", "r737" ] }, "dei_EntityCurrentReportingStatus": { "xbrltype": "yesNoItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityCurrentReportingStatus", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Current Reporting Status", "label": "Entity Current Reporting Status", "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure." } } }, "auth_ref": [] }, "us-gaap_IncreaseDecreaseInOperatingLeaseLiability": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "IncreaseDecreaseInOperatingLeaseLiability", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0, "order": 11.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Lease liabilities and other liabilities", "label": "Increase (Decrease) in Operating Lease Liability", "documentation": "Amount of increase (decrease) in obligation for operating lease." } } }, "auth_ref": [ "r711", "r724" ] }, "us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts", "crdr": "debit", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Equity issuance costs", "label": "Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs", "documentation": "Amount of decrease in additional paid in capital (APIC) resulting from direct costs associated with issuing stock. Includes, but is not limited to, legal and accounting fees and direct costs associated with stock issues under a shelf registration." } } }, "auth_ref": [ "r11", "r152" ] }, "us-gaap_AssetAcquisitionTableTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AssetAcquisitionTableTextBlock", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsTables" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Asset Acquisition", "label": "Asset Acquisition [Table Text Block]", "documentation": "Tabular disclosure of asset acquisition." } } }, "auth_ref": [ "r758" ] }, "us-gaap_WeightedAverageNumberOfSharesOutstandingBasicAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "WeightedAverageNumberOfSharesOutstandingBasicAbstract", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Weighted average common shares outstanding:", "label": "Weighted Average Number of Shares Outstanding, Basic [Abstract]" } } }, "auth_ref": [] }, "us-gaap_OtherLiabilities": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OtherLiabilities", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_Liabilities", "weight": 1.0, "order": 1.0 }, "http://caliberco.com/role/OtherLiabilitiesDetails": { "parentTag": null, "weight": null, "order": null, "root": true } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/OtherLiabilitiesDetails", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Other liabilities", "totalLabel": "Other liabilities", "label": "Other Liabilities", "documentation": "Amount of liabilities classified as other." } } }, "auth_ref": [ "r110", "r493", "r571", "r572", "r700", "r789" ] }, "us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders", "crdr": "debit", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Distributions to noncontrolling interest holders", "label": "Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders", "documentation": "Decrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders." } } }, "auth_ref": [ "r152" ] }, "us-gaap_FairValueByMeasurementBasisAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "FairValueByMeasurementBasisAxis", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Measurement Basis [Axis]", "label": "Measurement Basis [Axis]", "documentation": "Information by measurement basis." } } }, "auth_ref": [ "r14", "r96", "r367", "r675", "r676" ] }, "us-gaap_NetIncomeLossAttributableToNoncontrollingInterest": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NetIncomeLossAttributableToNoncontrollingInterest", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_NetIncomeLoss", "weight": -1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Net (loss) income attributable to noncontrolling interests", "label": "Net Income (Loss) Attributable to Noncontrolling Interest", "documentation": "Amount of Net Income (Loss) attributable to noncontrolling interest." } } }, "auth_ref": [ "r79", "r155", "r210", "r211", "r245", "r246", "r506", "r720" ] }, "us-gaap_ConsolidationVariableInterestEntityPolicy": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ConsolidationVariableInterestEntityPolicy", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Variable Interest Entities", "label": "Consolidation, Variable Interest Entity, Policy [Policy Text Block]", "documentation": "Disclosure of accounting policy for consolidation to describe the significant judgments and assumptions made in determining whether a variable interest held by the entity requires the variable interest entity to be consolidated and (or) disclose information about its involvement with the variable interest entity; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; and the significant factors considered and judgments made in determining that the power to direct the activities that significantly impact the economic performance of the variable interest entity are shared (as defined)." } } }, "auth_ref": [ "r70", "r73", "r75" ] }, "us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "WeightedAverageNumberOfSharesOutstandingAbstract", "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Denominator:", "label": "Weighted Average Number of Shares Outstanding, Diluted [Abstract]" } } }, "auth_ref": [] }, "us-gaap_CostsAndExpensesAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CostsAndExpensesAbstract", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Expenses", "label": "Costs and Expenses [Abstract]" } } }, "auth_ref": [] }, "us-gaap_ImpairmentOfLongLivedAssetsHeldForUse": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ImpairmentOfLongLivedAssetsHeldForUse", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Impairment loss, long-lived assets", "label": "Impairment, Long-Lived Asset, Held-for-Use", "documentation": "The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale)." } } }, "auth_ref": [ "r6", "r54", "r144" ] }, "us-gaap_DeferredChargesPolicyTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DeferredChargesPolicyTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Cost Capitalization and Depreciation", "label": "Deferred Charges, Policy [Policy Text Block]", "documentation": "Disclosure of accounting policy for deferral and amortization of significant deferred charges." } } }, "auth_ref": [ "r199" ] }, "us-gaap_AssetAcquisitionTable": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AssetAcquisitionTable", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails", "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Asset Acquisition [Table]", "label": "Asset Acquisition [Table]", "documentation": "Disclosure of information about asset acquisition." } } }, "auth_ref": [ "r758" ] }, "us-gaap_AssetAcquisitionDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AssetAcquisitionDomain", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails", "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Asset Acquisition [Domain]", "label": "Asset Acquisition [Domain]", "documentation": "Asset acquisition." } } }, "auth_ref": [ "r758" ] }, "us-gaap_ConsolidationSubsidiariesOrOtherInvestmentsConsolidatedEntitiesPolicy": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ConsolidationSubsidiariesOrOtherInvestmentsConsolidatedEntitiesPolicy", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Noncontrolling Interests in Consolidated Real Estate Partnerships", "label": "Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]", "documentation": "Disclosure of accounting policy for subsidiaries or other investments that are consolidated, including the accounting treatment for intercompany accounts or transactions and any noncontrolling interest." } } }, "auth_ref": [ "r180" ] }, "us-gaap_AssetAcquisitionAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AssetAcquisitionAxis", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails", "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Asset Acquisition [Axis]", "label": "Asset Acquisition [Axis]", "documentation": "Information by asset acquisition." } } }, "auth_ref": [ "r758" ] }, "us-gaap_IncreaseDecreaseInOperatingCapitalAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "IncreaseDecreaseInOperatingCapitalAbstract", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Changes in operating assets and liabilities:", "label": "Increase (Decrease) in Operating Capital [Abstract]" } } }, "auth_ref": [] }, "us-gaap_InterestPaidCapitalized": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "InterestPaidCapitalized", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Capitalized interest", "label": "Interest Paid, Capitalized, Investing Activities", "documentation": "Amount of cash paid for interest capitalized, classified as investing activity." } } }, "auth_ref": [ "r665", "r726" ] }, "us-gaap_TreasuryStockCommonMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "TreasuryStockCommonMember", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Treasury Stock", "label": "Treasury Stock, Common [Member]", "documentation": "Previously issued common shares repurchased by the issuing entity and held in treasury." } } }, "auth_ref": [ "r62" ] }, "us-gaap_TreasuryStockCommonShares": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "TreasuryStockCommonShares", "presentation": [ "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical" ], "lang": { "en-us": { "role": { "terseLabel": "Treasury stock, shares repurchased (in shares)", "label": "Treasury Stock, Common, Shares", "documentation": "Number of previously issued common shares repurchased by the issuing entity and held in treasury." } } }, "auth_ref": [ "r62" ] }, "us-gaap_PropertyPlantAndEquipmentByTypeAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PropertyPlantAndEquipmentByTypeAxis", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Long-Lived Tangible Asset [Axis]", "label": "Long-Lived Tangible Asset [Axis]", "documentation": "Information by type of long-lived, physical assets used to produce goods and services and not intended for resale." } } }, "auth_ref": [ "r7" ] }, "us-gaap_RelatedPartyTransactionsByRelatedPartyAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RelatedPartyTransactionsByRelatedPartyAxis", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Related Party, Type [Axis]", "label": "Related Party, Type [Axis]", "documentation": "Information by type of related party. Related parties include, but not limited to, affiliates; other entities for which investments are accounted for by the equity method by the entity; trusts for benefit of employees; and principal owners, management, and members of immediate families. It also may include other parties with which the entity may control or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests." } } }, "auth_ref": [ "r401", "r464", "r465", "r479", "r480", "r481", "r482", "r483", "r484", "r485", "r486", "r487", "r488", "r489", "r490", "r570", "r571", "r572", "r573", "r574", "r598", "r600", "r630", "r768" ] }, "us-gaap_ProceedsFromNotesPayable": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ProceedsFromNotesPayable", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": 1.0, "order": 5.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Proceeds from notes payable", "label": "Proceeds from Notes Payable", "documentation": "The cash inflow from a borrowing supported by a written promise to pay an obligation." } } }, "auth_ref": [ "r34" ] }, "us-gaap_TreasuryStockCommonValue": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "TreasuryStockCommonValue", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_StockholdersEquity", "weight": -1.0, "order": 4.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Less treasury stock, at cost", "label": "Treasury Stock, Common, Value", "documentation": "Amount allocated to previously issued common shares repurchased by the issuing entity and held in treasury." } } }, "auth_ref": [ "r28", "r62", "r63" ] }, "us-gaap_NotesPayable": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NotesPayable", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_Liabilities", "weight": 1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Notes payable", "label": "Notes Payable", "documentation": "Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer." } } }, "auth_ref": [ "r16", "r162", "r783" ] }, "us-gaap_InvestmentIncomeInterest": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "InvestmentIncomeInterest", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest", "weight": 1.0, "order": 6.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Interest income", "label": "Investment Income, Interest", "documentation": "Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities." } } }, "auth_ref": [ "r132", "r281" ] }, "us-gaap_NotesReceivableNet": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NotesReceivableNet", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_Assets", "weight": 1.0, "order": 9.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Notes receivable\u00a0- related parties", "label": "Financing Receivable, after Allowance for Credit Loss", "documentation": "Amortized cost, after allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease." } } }, "auth_ref": [ "r307", "r320", "r587" ] }, "us-gaap_AccountsNotesAndLoansReceivableLineItems": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AccountsNotesAndLoansReceivableLineItems", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Accounts, Notes, Loans and Financing Receivable [Line Items]", "label": "Accounts, Notes, Loans and Financing Receivable [Line Items]", "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table." } } }, "auth_ref": [] }, "us-gaap_OtherLiabilitiesTableTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OtherLiabilitiesTableTextBlock", "presentation": [ "http://caliberco.com/role/OtherLiabilitiesTables" ], "lang": { "en-us": { "role": { "terseLabel": "Other Liabilities", "label": "Other Liabilities [Table Text Block]", "documentation": "Tabular disclosure of other liabilities." } } }, "auth_ref": [] }, "us-gaap_CommitmentsAndContingenciesDisclosureTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CommitmentsAndContingenciesDisclosureTextBlock", "presentation": [ "http://caliberco.com/role/CommitmentsandContingencies" ], "lang": { "en-us": { "role": { "terseLabel": "Commitments and Contingencies", "label": "Commitments and Contingencies Disclosure [Text Block]", "documentation": "The entire disclosure for commitments and contingencies." } } }, "auth_ref": [ "r146", "r334", "r335", "r653", "r745" ] }, "us-gaap_LandAndLandImprovementsMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LandAndLandImprovementsMember", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Land and land improvements", "label": "Land and Land Improvements [Member]", "documentation": "Real estate held and assets that are an addition or improvement to real estate held." } } }, "auth_ref": [] }, "us-gaap_BuildingAndBuildingImprovementsMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "BuildingAndBuildingImprovementsMember", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Building and building improvements", "label": "Building and Building Improvements [Member]", "documentation": "Facility held for productive use including, but not limited to, office, production, storage and distribution facilities and any addition, improvement, or renovation to the structure, for example, but not limited to, interior masonry, interior flooring, electrical, and plumbing." } } }, "auth_ref": [] }, "us-gaap_OperatingLeaseLiability": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OperatingLeaseLiability", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_Liabilities", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Operating lease liabilities", "label": "Operating Lease, Liability", "documentation": "Present value of lessee's discounted obligation for lease payments from operating lease." } } }, "auth_ref": [ "r450" ] }, "dei_DocumentPeriodEndDate": { "xbrltype": "dateItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentPeriodEndDate", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Document Period End Date", "label": "Document Period End Date", "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD." } } }, "auth_ref": [] }, "us-gaap_OtherGeneralExpense": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OtherGeneralExpense", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_OperatingExpenses", "weight": 1.0, "order": 5.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Other expenses", "label": "Other General Expense", "documentation": "Amount of general expenses not normally included in Other Operating Costs and Expenses." } } }, "auth_ref": [ "r131" ] }, "us-gaap_PropertyPlantAndEquipmentDisposals": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PropertyPlantAndEquipmentDisposals", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SubsequentEventsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Property, disposal", "label": "Property, Plant and Equipment, Disposals", "documentation": "Amount of divestiture of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment." } } }, "auth_ref": [] }, "us-gaap_AssetManagement1Member": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AssetManagement1Member", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Asset management fees", "label": "Asset Management [Member]", "documentation": "Management of investment fund portfolio. Excludes investment advisory, distribution and servicing, and performance fee." } } }, "auth_ref": [ "r756" ] }, "us-gaap_FinitelivedIntangibleAssetsAcquired1": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "FinitelivedIntangibleAssetsAcquired1", "crdr": "debit", "calculation": { "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails": { "parentTag": "cwd_AssetAcquisitionAssetsAcquiredAndLiabilitiesAssumedNet", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Intangible lease assets", "label": "Finite-Lived Intangible Assets Acquired", "documentation": "Amount of increase in assets, excluding financial assets, lacking physical substance with a definite life, from an acquisition." } } }, "auth_ref": [ "r330" ] }, "us-gaap_LeasesAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LeasesAbstract", "lang": { "en-us": { "role": { "label": "Leases [Abstract]" } } }, "auth_ref": [] }, "us-gaap_CorporateNonSegmentMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CorporateNonSegmentMember", "presentation": [ "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Non-controlling Interests - Consolidated Funds", "label": "Corporate, Non-Segment [Member]", "documentation": "Corporate headquarters or functional department that may not earn revenues or may earn revenues that are only incidental to the activities of the entity and is not considered an operating segment." } } }, "auth_ref": [ "r13", "r292", "r293", "r294", "r295", "r301", "r740" ] }, "us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract", "lang": { "en-us": { "role": { "label": "Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]" } } }, "auth_ref": [] }, "us-gaap_RevenueNotFromContractWithCustomer": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RevenueNotFromContractWithCustomer", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_Revenues", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Other revenue", "label": "Revenue Not from Contract with Customer", "documentation": "Amount of revenue that is not accounted for under Topic 606." } } }, "auth_ref": [ "r714" ] }, "srt_ConsolidationItemsDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "ConsolidationItemsDomain", "presentation": [ "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Consolidation Items [Domain]", "label": "Consolidation Items [Domain]" } } }, "auth_ref": [ "r233", "r280", "r291", "r292", "r293", "r294", "r295", "r297", "r301", "r340", "r341", "r342", "r343", "r345", "r346", "r348", "r350", "r351", "r749", "r750" ] }, "us-gaap_CommitmentsAndContingencies": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CommitmentsAndContingencies", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_LiabilitiesAndStockholdersEquity", "weight": 1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Commitments and Contingencies", "label": "Commitments and Contingencies", "documentation": "Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur." } } }, "auth_ref": [ "r24", "r111", "r497", "r576" ] }, "srt_ConsolidationItemsAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "ConsolidationItemsAxis", "presentation": [ "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Consolidation Items [Axis]", "label": "Consolidation Items [Axis]" } } }, "auth_ref": [ "r233", "r280", "r291", "r292", "r293", "r294", "r295", "r297", "r301", "r340", "r341", "r342", "r343", "r345", "r346", "r348", "r350", "r351", "r749", "r750" ] }, "us-gaap_InterestRateCapMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "InterestRateCapMember", "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsFairValuesbyBalanceSheetLocationDetails", "http://caliberco.com/role/DerivativeInstrumentsGainLossDetails", "http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Interest rate cap", "label": "Interest Rate Cap [Member]", "documentation": "Contract in which the cap writer, in return for a premium, agrees to limit, or cap, the cap holder's risk associated with an increase in interest rates. If rates go above a specified interest-rate-level (the strike price or the cap rate), the cap holder is entitled to receive cash payments equal to the excess of the market rate over the strike price multiplied by the notional principal amount." } } }, "auth_ref": [ "r658" ] }, "us-gaap_Cash": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "Cash", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_Assets", "weight": 1.0, "order": 8.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Cash", "label": "Cash", "documentation": "Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation." } } }, "auth_ref": [ "r177", "r498", "r557", "r585", "r685", "r700", "r716" ] }, "dei_EntityRegistrantName": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityRegistrantName", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Registrant Name", "label": "Entity Registrant Name", "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC." } } }, "auth_ref": [ "r702" ] }, "us-gaap_GainLossOnSaleOfPropertyPlantEquipment": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "GainLossOnSaleOfPropertyPlantEquipment", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0, "order": 18.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/SubsequentEventsDetails" ], "lang": { "en-us": { "role": { "negatedLabel": "Loss on disposal of furniture, fixtures and equipment", "terseLabel": "Gain on disposal of property", "label": "Gain (Loss) on Disposition of Property Plant Equipment", "documentation": "Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property." } } }, "auth_ref": [ "r6" ] }, "us-gaap_TreasuryStockRetiredCostMethodAmount": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "TreasuryStockRetiredCostMethodAmount", "crdr": "debit", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Retirement of treasury stock", "label": "Treasury Stock, Retired, Cost Method, Amount", "documentation": "Amount of decrease of par value, additional paid in capital (APIC) and retained earnings of common and preferred stock retired from treasury when treasury stock is accounted for under the cost method." } } }, "auth_ref": [ "r11", "r61", "r120" ] }, "us-gaap_RestrictedCashAndCashEquivalents": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RestrictedCashAndCashEquivalents", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "periodStartLabel": "Restricted cash at beginning of period", "periodEndLabel": "Restricted cash at end of period", "terseLabel": "Restricted cash", "label": "Restricted Cash and Cash Equivalents", "documentation": "Amount of cash and cash equivalents restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates." } } }, "auth_ref": [ "r39", "r157", "r198", "r224", "r498" ] }, "dei_LegalEntityAxis": { "xbrltype": "stringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "LegalEntityAxis", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails", "http://caliberco.com/role/SubsequentEventsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Legal Entity [Axis]", "label": "Legal Entity [Axis]", "documentation": "The set of legal entities associated with a report." } } }, "auth_ref": [] }, "dei_EntityDomain": { "xbrltype": "domainItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityDomain", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails", "http://caliberco.com/role/SubsequentEventsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Entity [Domain]", "label": "Entity [Domain]", "documentation": "All the names of the entities being reported upon in a document. Any legal structure used to conduct activities or to hold assets. Some examples of such structures are corporations, partnerships, limited liability companies, grantor trusts, and other trusts. This item does not include business and geographical segments which are included in the geographical or business segments domains." } } }, "auth_ref": [] }, "us-gaap_CommonClassBMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CommonClassBMember", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED", "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical", "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Class B", "label": "Common Class B [Member]", "documentation": "Classification of common stock that has different rights than Common Class A, representing ownership interest in a corporation." } } }, "auth_ref": [ "r793" ] }, "us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract", "lang": { "en-us": { "role": { "label": "Organization, Consolidation and Presentation of Financial Statements [Abstract]" } } }, "auth_ref": [] }, "us-gaap_RelatedPartyMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RelatedPartyMember", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Related party", "label": "Related Party [Member]", "documentation": "Party related to reporting entity. Includes, but is not limited to, affiliate, entity for which investment is accounted for by equity method, trust for benefit of employees, and principal owner, management, and members of immediate family." } } }, "auth_ref": [ "r228", "r229", "r464", "r465", "r466", "r467", "r570", "r571", "r572", "r573", "r574", "r598", "r600", "r630" ] }, "cwd_NoncashOrPartNoncashDeconsolidationNoncontrollingInterests": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashDeconsolidationNoncontrollingInterests", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Noncontrolling interests", "label": "Noncash Or Part Noncash Deconsolidation, Noncontrolling Interests", "documentation": "Noncash Or Part Noncash Deconsolidation, Noncontrolling Interests" } } }, "auth_ref": [] }, "us-gaap_DebtDisclosureTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DebtDisclosureTextBlock", "presentation": [ "http://caliberco.com/role/NotesPayable" ], "lang": { "en-us": { "role": { "terseLabel": "Notes Payable", "label": "Debt Disclosure [Text Block]", "documentation": "The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants." } } }, "auth_ref": [ "r147", "r226", "r353", "r359", "r360", "r361", "r362", "r363", "r364", "r369", "r376", "r377", "r379" ] }, "cwd_AssetAcquisitionsNumberOfAcquisitions": { "xbrltype": "integerItemType", "nsuri": "http://caliberco.com/20230930", "localname": "AssetAcquisitionsNumberOfAcquisitions", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Number of assets acquisitions", "label": "Asset Acquisitions, Number Of Acquisitions", "documentation": "Asset Acquisitions, Number Of Acquisitions" } } }, "auth_ref": [] }, "cwd_NonCashLeaseExpenseAndGainLossOnLeaseExtinguishment": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NonCashLeaseExpenseAndGainLossOnLeaseExtinguishment", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Non-cash lease expense and gain on lease extinguishment", "label": "Non-Cash Lease Expense And Gain (Loss) On Lease Extinguishment", "documentation": "Non-Cash Lease Expense And Gain (Loss) On Lease Extinguishment" } } }, "auth_ref": [] }, "us-gaap_OperatingSegmentsMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OperatingSegmentsMember", "presentation": [ "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Real Estate Services", "label": "Operating Segments [Member]", "documentation": "Identifies components of an entity that engage in business activities from which they may earn revenue and incur expenses, including transactions with other components of the same entity." } } }, "auth_ref": [ "r291", "r292", "r293", "r294", "r295", "r301" ] }, "cwd_AdvanceKeyMoneyNet": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "AdvanceKeyMoneyNet", "crdr": "credit", "calculation": { "http://caliberco.com/role/OtherLiabilitiesDetails": { "parentTag": "us-gaap_OtherLiabilities", "weight": 1.0, "order": 4.0 } }, "presentation": [ "http://caliberco.com/role/OtherLiabilitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Advance key money, net", "label": "Advance Key Money, Net", "documentation": "Advance Key Money, Net" } } }, "auth_ref": [] }, "us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage": { "xbrltype": "percentItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Line of credit facility, unused capacity, commitment fee percentage", "label": "Line of Credit Facility, Unused Capacity, Commitment Fee Percentage", "documentation": "The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility." } } }, "auth_ref": [] }, "us-gaap_OperatingLeasesOfLessorDisclosureTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OperatingLeasesOfLessorDisclosureTextBlock", "presentation": [ "http://caliberco.com/role/Leases" ], "lang": { "en-us": { "role": { "terseLabel": "Leases", "label": "Lessor, Operating Leases [Text Block]", "documentation": "The entire disclosure for lessor's operating leases." } } }, "auth_ref": [ "r452" ] }, "us-gaap_OperatingLeaseLeaseIncomeLeasePayments": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OperatingLeaseLeaseIncomeLeasePayments", "crdr": "credit", "calculation": { "http://caliberco.com/role/LeasesRentalRevenueDetails": { "parentTag": "us-gaap_OperatingLeaseLeaseIncome", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/LeasesNarrativeDetails", "http://caliberco.com/role/LeasesRentalRevenueDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Fixed", "label": "Operating Lease, Lease Income, Lease Payments", "documentation": "Amount of operating lease income from lease payments paid and payable to lessor. Excludes variable lease payments not included in measurement of lease receivable." } } }, "auth_ref": [ "r270", "r458" ] }, "us-gaap_SegmentReportingDisclosureTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "SegmentReportingDisclosureTextBlock", "presentation": [ "http://caliberco.com/role/SegmentReporting" ], "lang": { "en-us": { "role": { "terseLabel": "Segment Reporting", "label": "Segment Reporting Disclosure [Text Block]", "documentation": "The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments." } } }, "auth_ref": [ "r274", "r275", "r276", "r277", "r278", "r290", "r295", "r299", "r300", "r301", "r302", "r303", "r304", "r306" ] }, "us-gaap_AssetAcquisitionLineItems": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AssetAcquisitionLineItems", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails", "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Asset Acquisition [Line Items]", "label": "Asset Acquisition [Line Items]", "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table." } } }, "auth_ref": [ "r758" ] }, "cwd_CapitalExpendituresIncurredDueToRelatedParties": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "CapitalExpendituresIncurredDueToRelatedParties", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Cost of real estate investments included in due to related parties", "label": "Capital Expenditures Incurred, Due To Related Parties", "documentation": "Capital Expenditures Incurred, Due To Related Parties" } } }, "auth_ref": [] }, "cwd_NoncontrollingInterestIncreaseFromContributionsFromNoncontrollingInterestHolders": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncontrollingInterestIncreaseFromContributionsFromNoncontrollingInterestHolders", "crdr": "credit", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Contributions from noncontrolling interest holders", "label": "Noncontrolling Interest, Increase From Contributions From Noncontrolling Interest Holders", "documentation": "Noncontrolling Interest, Increase From Contributions From Noncontrolling Interest Holders" } } }, "auth_ref": [] }, "us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock", "presentation": [ "http://caliberco.com/role/DerivativeInstruments" ], "lang": { "en-us": { "role": { "terseLabel": "Derivative Instruments", "label": "Derivative Instruments and Hedging Activities Disclosure [Text Block]", "documentation": "The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts." } } }, "auth_ref": [ "r156", "r423", "r430" ] }, "us-gaap_Revenues": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "Revenues", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "totalLabel": "Total revenues", "label": "Revenues", "documentation": "Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss)." } } }, "auth_ref": [ "r216", "r227", "r279", "r280", "r291", "r296", "r297", "r303", "r305", "r306", "r314", "r340", "r341", "r343", "r344", "r345", "r347", "r349", "r351", "r352", "r438", "r492", "r749" ] }, "cwd_NoncashOrPartNoncashConsolidationOperatingLeaseLiabilities": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashConsolidationOperatingLeaseLiabilities", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Operating lease liabilities", "label": "Noncash Or Part Noncash Consolidation, Operating Lease Liabilities", "documentation": "Noncash Or Part Noncash Consolidation, Operating Lease Liabilities" } } }, "auth_ref": [] }, "us-gaap_PreferredStockValue": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PreferredStockValue", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_StockholdersEquity", "weight": 1.0, "order": 5.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Preferred stock", "label": "Preferred Stock, Value, Issued", "documentation": "Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity." } } }, "auth_ref": [ "r119", "r499", "r685" ] }, "cwd_FurnitureAndEquipmentMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "FurnitureAndEquipmentMember", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Furniture And Equipment", "label": "Furniture And Equipment [Member]", "documentation": "Furniture And Equipment" } } }, "auth_ref": [] }, "us-gaap_AssetAcquisitionConsiderationTransferred": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AssetAcquisitionConsiderationTransferred", "crdr": "credit", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Asset acquisition, purchase price", "label": "Asset Acquisition, Consideration Transferred", "documentation": "Amount of consideration transferred in asset acquisition. Includes, but is not limited to, cash, liability incurred by acquirer, and equity interest issued by acquirer." } } }, "auth_ref": [ "r682", "r759", "r760", "r761" ] }, "cwd_NoncashOrPartNoncashConsolidationDueFromRelatedParties": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashConsolidationDueFromRelatedParties", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Due from related parties", "label": "Noncash Or Part Noncash Consolidation, Due From Related Parties", "documentation": "Noncash Or Part Noncash Consolidation, Due From Related Parties" } } }, "auth_ref": [] }, "us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfSegmentReportingInformationBySegmentTextBlock", "presentation": [ "http://caliberco.com/role/SegmentReportingTables" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Segment Reporting", "label": "Schedule of Segment Reporting Information, by Segment [Table Text Block]", "documentation": "Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss." } } }, "auth_ref": [ "r48", "r49", "r50", "r51" ] }, "cwd_FundManagementServicesMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "FundManagementServicesMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Fund management services", "label": "Fund Management Services [Member]", "documentation": "Fund Management Services" } } }, "auth_ref": [] }, "us-gaap_SegmentReportingInformationLineItems": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "SegmentReportingInformationLineItems", "presentation": [ "http://caliberco.com/role/SegmentReportingNarrativeDetails", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Segment Reporting Information [Line Items]", "label": "Segment Reporting Information [Line Items]", "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table." } } }, "auth_ref": [] }, "us-gaap_SubsequentEventLineItems": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "SubsequentEventLineItems", "presentation": [ "http://caliberco.com/role/SubsequentEventsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Subsequent Event [Line Items]", "label": "Subsequent Event [Line Items]", "documentation": "Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event." } } }, "auth_ref": [ "r445", "r471" ] }, "us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet", "crdr": "credit", "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsGainLossDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Gain (loss) on derivatives", "label": "Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net", "documentation": "Amount of realized and unrealized gain (loss) of derivative instruments not designated or qualifying as hedging instruments." } } }, "auth_ref": [ "r90", "r712" ] }, "us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfSegmentReportingInformationBySegmentTable", "presentation": [ "http://caliberco.com/role/SegmentReportingNarrativeDetails", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Segment Reporting Information, by Segment [Table]", "label": "Schedule of Segment Reporting Information, by Segment [Table]", "documentation": "A table disclosing the profit or loss and total assets for each reportable segment of the entity. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss." } } }, "auth_ref": [ "r48", "r49", "r50", "r51" ] }, "us-gaap_OtherCommitmentsTable": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OtherCommitmentsTable", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Other Commitments [Table]", "label": "Other Commitments [Table]", "documentation": "Disclosure of information about obligations resulting from other commitments." } } }, "auth_ref": [] }, "us-gaap_TradeAndOtherAccountsReceivablePolicy": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "TradeAndOtherAccountsReceivablePolicy", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Accounts Receivable", "label": "Accounts Receivable [Policy Text Block]", "documentation": "Disclosure of accounting policy for accounts receivable." } } }, "auth_ref": [ "r173", "r174", "r175", "r308", "r309", "r311" ] }, "us-gaap_ShortTermBorrowings": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ShortTermBorrowings", "crdr": "credit", "presentation": [ "http://caliberco.com/role/OrganizationandLiquidityDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Short-term debt", "label": "Short-Term Debt", "documentation": "Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer." } } }, "auth_ref": [ "r115", "r160", "r685", "r782" ] }, "us-gaap_SubsequentEventTable": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "SubsequentEventTable", "presentation": [ "http://caliberco.com/role/SubsequentEventsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Subsequent Event [Table]", "label": "Subsequent Event [Table]", "documentation": "Discloses pertinent information about one or more significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued." } } }, "auth_ref": [ "r445", "r471" ] }, "cwd_PrepaidExpensesAndOtherAssetsDisclosureTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://caliberco.com/20230930", "localname": "PrepaidExpensesAndOtherAssetsDisclosureTextBlock", "presentation": [ "http://caliberco.com/role/PrepaidandOtherAssets" ], "lang": { "en-us": { "role": { "terseLabel": "Prepaid and Other Assets", "label": "Prepaid Expenses And Other Assets Disclosure [Text Block]", "documentation": "Prepaid Expenses And Other Assets Disclosure" } } }, "auth_ref": [] }, "us-gaap_SubsequentEventTypeAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "SubsequentEventTypeAxis", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/SubsequentEventsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Subsequent Event Type [Axis]", "label": "Subsequent Event Type [Axis]", "documentation": "Information by event that occurred after the balance sheet date but before financial statements are issued or available to be issued." } } }, "auth_ref": [ "r445", "r471" ] }, "us-gaap_InterestPaidNet": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "InterestPaidNet", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Cash paid for interest, net of capitalized interest", "label": "Interest Paid, Excluding Capitalized Interest, Operating Activities", "documentation": "Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount." } } }, "auth_ref": [ "r219", "r222", "r223" ] }, "cwd_FurnitureFixturesAndEquipmentMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "FurnitureFixturesAndEquipmentMember", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Furniture, fixtures and equipment", "label": "Furniture, Fixtures And Equipment [Member]", "documentation": "Furniture, Fixtures And Equipment" } } }, "auth_ref": [] }, "us-gaap_PaymentsForProceedsFromRealEstateHeldforinvestment": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PaymentsForProceedsFromRealEstateHeldforinvestment", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": -1.0, "order": 4.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Investments in real estate assets", "label": "Payment for (Proceeds from) Real Estate, Held-for-Investment", "documentation": "The net amount paid or received by the reporting entity associated with the purchase (sale) of real estate held for investment, as opposed to operating, purposes." } } }, "auth_ref": [] }, "cwd_NoncashOrPartNoncashConsolidationAccountsPayableAndAccruedExpenses": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashConsolidationAccountsPayableAndAccruedExpenses", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Accounts payable and accrued expenses", "label": "Noncash Or Part Noncash Consolidation, Accounts Payable And Accrued Expenses", "documentation": "Noncash Or Part Noncash Consolidation, Accounts Payable And Accrued Expenses" } } }, "auth_ref": [] }, "us-gaap_CommonStockMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CommonStockMember", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Common Stock", "label": "Common Stock [Member]", "documentation": "Stock that is subordinate to all other stock of the issuer." } } }, "auth_ref": [ "r688", "r689", "r690", "r692", "r693", "r694", "r697", "r734", "r735", "r764", "r787", "r793" ] }, "cwd_DevelopmentSegmentMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DevelopmentSegmentMember", "presentation": [ "http://caliberco.com/role/SegmentReportingNarrativeDetails", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Development", "label": "Development Segment [Member]", "documentation": "Development Segment" } } }, "auth_ref": [] }, "us-gaap_NondesignatedMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NondesignatedMember", "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsFairValuesbyBalanceSheetLocationDetails", "http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Not Designated as Hedging Instrument", "label": "Not Designated as Hedging Instrument [Member]", "documentation": "Derivative instrument not designated as hedging instrument under Generally Accepted Accounting Principles (GAAP)." } } }, "auth_ref": [ "r12" ] }, "us-gaap_MeasurementInputTypeDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "MeasurementInputTypeDomain", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Measurement Input Type [Domain]", "label": "Measurement Input Type [Domain]", "documentation": "Measurement input used to determine value of asset and liability." } } }, "auth_ref": [] }, "cwd_NoncashOrPartNoncashDeconsolidationNotesPayableRelatedParties": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashDeconsolidationNotesPayableRelatedParties", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Notes payable - related parties", "label": "Noncash Or Part Noncash Deconsolidation, Notes Payable, Related Parties", "documentation": "Noncash Or Part Noncash Deconsolidation, Notes Payable, Related Parties" } } }, "auth_ref": [] }, "us-gaap_SupplementalCashFlowInformationAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "SupplementalCashFlowInformationAbstract", "lang": { "en-us": { "role": { "label": "Supplemental Cash Flow Information [Abstract]" } } }, "auth_ref": [] }, "us-gaap_DerivativeLineItems": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DerivativeLineItems", "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsFairValuesbyBalanceSheetLocationDetails", "http://caliberco.com/role/DerivativeInstrumentsGainLossDetails", "http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Derivative [Line Items]", "label": "Derivative [Line Items]", "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table." } } }, "auth_ref": [ "r430" ] }, "cwd_NoncashOrPartNoncashDeconsolidationAccountsReceivableNet": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashDeconsolidationAccountsReceivableNet", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Accounts receivable, net", "label": "Noncash Or Part Noncash Deconsolidation, Accounts Receivable, Net", "documentation": "Noncash Or Part Noncash Deconsolidation, Accounts Receivable, Net" } } }, "auth_ref": [] }, "cwd_FederalHomeLoanBankRateMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "FederalHomeLoanBankRateMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Federal Home Loan Bank Rate", "label": "Federal Home Loan Bank Rate [Member]", "documentation": "Federal Home Loan Bank Rate" } } }, "auth_ref": [] }, "us-gaap_SubsequentEventTypeDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "SubsequentEventTypeDomain", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/SubsequentEventsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Subsequent Event Type [Domain]", "label": "Subsequent Event Type [Domain]", "documentation": "Event that occurred after the balance sheet date but before financial statements are issued or available to be issued." } } }, "auth_ref": [ "r445", "r471" ] }, "us-gaap_RevenuesAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RevenuesAbstract", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Revenues [Abstract]", "label": "Revenues [Abstract]" } } }, "auth_ref": [] }, "us-gaap_DerivativeTable": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DerivativeTable", "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsFairValuesbyBalanceSheetLocationDetails", "http://caliberco.com/role/DerivativeInstrumentsGainLossDetails", "http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Derivative [Table]", "label": "Derivative [Table]", "documentation": "Schedule that describes and identifies a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item." } } }, "auth_ref": [ "r12", "r80", "r81", "r83", "r84", "r87", "r89", "r92", "r94", "r95", "r430" ] }, "dei_EntityAddressAddressLine1": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressAddressLine1", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Address, Address Line One", "label": "Entity Address, Address Line One", "documentation": "Address Line 1 such as Attn, Building Name, Street Name" } } }, "auth_ref": [] }, "us-gaap_DebtWeightedAverageInterestRate": { "xbrltype": "percentItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DebtWeightedAverageInterestRate", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Weighted average interest rate", "label": "Debt, Weighted Average Interest Rate", "documentation": "Weighted average interest rate of debt outstanding." } } }, "auth_ref": [] }, "cwd_DebtInstrumentNumberOfExtensions": { "xbrltype": "integerItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DebtInstrumentNumberOfExtensions", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Number of extensions", "label": "Debt Instrument, Number of Extensions", "documentation": "Debt Instrument, Number of Extensions" } } }, "auth_ref": [] }, "us-gaap_ConsolidationPolicyTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ConsolidationPolicyTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Voting Interest Entities", "label": "Consolidation, Policy [Policy Text Block]", "documentation": "Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary." } } }, "auth_ref": [ "r69", "r666" ] }, "dei_EntityAddressAddressLine2": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressAddressLine2", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Address, Address Line Two", "label": "Entity Address, Address Line Two", "documentation": "Address Line 2 such as Street or Suite number" } } }, "auth_ref": [] }, "us-gaap_IncomeTaxExpenseBenefit": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "IncomeTaxExpenseBenefit", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_ProfitLoss", "weight": -1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Provision for income taxes", "label": "Income Tax Expense (Benefit)", "documentation": "Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations." } } }, "auth_ref": [ "r176", "r190", "r245", "r246", "r286", "r411", "r414", "r509" ] }, "us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths", "crdr": "debit", "calculation": { "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails": { "parentTag": "us-gaap_LessorOperatingLeasePaymentsToBeReceived", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "2024", "label": "Lessor, Operating Lease, Payment to be Received, Year One", "documentation": "Amount of lease payment to be received by lessor for operating lease in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach)." } } }, "auth_ref": [ "r455" ] }, "cwd_CaliberHospitalityLPMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "CaliberHospitalityLPMember", "presentation": [ "http://caliberco.com/role/VIEsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Caliber Hospitality, LP", "label": "Caliber Hospitality, LP [Member]", "documentation": "Caliber Hospitality, LP" } } }, "auth_ref": [] }, "us-gaap_OperatingLeaseLeaseIncome": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OperatingLeaseLeaseIncome", "crdr": "credit", "calculation": { "http://caliberco.com/role/LeasesRentalRevenueDetails": { "parentTag": null, "weight": null, "order": null, "root": true } }, "presentation": [ "http://caliberco.com/role/LeasesRentalRevenueDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Total", "totalLabel": "Total", "label": "Operating Lease, Lease Income", "documentation": "Amount of operating lease income from lease payments and variable lease payments paid and payable to lessor. Includes, but is not limited to, variable lease payments not included in measurement of lease receivable." } } }, "auth_ref": [ "r270", "r453", "r457" ] }, "us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock", "presentation": [ "http://caliberco.com/role/OrganizationandLiquidity" ], "lang": { "en-us": { "role": { "terseLabel": "Organization and Liquidity", "label": "Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]", "documentation": "The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure." } } }, "auth_ref": [ "r114", "r153", "r533", "r534" ] }, "us-gaap_LessorOperatingLeasePaymentsToBeReceived": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LessorOperatingLeasePaymentsToBeReceived", "crdr": "debit", "calculation": { "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails": { "parentTag": null, "weight": null, "order": null, "root": true } }, "presentation": [ "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails" ], "lang": { "en-us": { "role": { "totalLabel": "Total", "label": "Lessor, Operating Lease, Payment to be Received", "documentation": "Amount of lease payments to be received by lessor for operating lease." } } }, "auth_ref": [ "r455" ] }, "us-gaap_SignificantAccountingPoliciesTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "SignificantAccountingPoliciesTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Summary of Significant Accounting Policies", "label": "Significant Accounting Policies [Text Block]", "documentation": "The entire disclosure for all significant accounting policies of the reporting entity." } } }, "auth_ref": [ "r141", "r225" ] }, "cwd_CaliberDiversifiedOpportunityFundIILPMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "CaliberDiversifiedOpportunityFundIILPMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Caliber Diversified Opportunity Fund II, LP", "label": "Caliber Diversified Opportunity Fund II, LP [Member]", "documentation": "Caliber Diversified Opportunity Fund II, LP" } } }, "auth_ref": [] }, "cwd_PursuitCosts": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "PursuitCosts", "crdr": "debit", "calculation": { "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails": { "parentTag": "us-gaap_PrepaidExpenseAndOtherAssets", "weight": 1.0, "order": 5.0 }, "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails_1": { "parentTag": "us-gaap_PrepaidExpenseAndOtherAssets", "weight": 1.0, "order": 7.0 } }, "presentation": [ "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Pursuit costs", "label": "Pursuit Costs", "documentation": "Pursuit Costs" } } }, "auth_ref": [] }, "us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LessorOperatingLeasePaymentsToBeReceivedFourYears", "crdr": "debit", "calculation": { "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails": { "parentTag": "us-gaap_LessorOperatingLeasePaymentsToBeReceived", "weight": 1.0, "order": 5.0 } }, "presentation": [ "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "2027", "label": "Lessor, Operating Lease, Payment to be Received, Year Four", "documentation": "Amount of lease payment to be received by lessor for operating lease in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach)." } } }, "auth_ref": [ "r455" ] }, "cwd_DebtInstrumentExitFeeMinimumReturnPercentage": { "xbrltype": "percentItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DebtInstrumentExitFeeMinimumReturnPercentage", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Minimum return percentage", "label": "Debt Instrument, Exit Fee, Minimum Return, Percentage", "documentation": "Debt Instrument, Exit Fee, Minimum Return, Percentage" } } }, "auth_ref": [] }, "us-gaap_OperatingLeaseLeaseIncomeTableTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OperatingLeaseLeaseIncomeTableTextBlock", "presentation": [ "http://caliberco.com/role/LeasesTables" ], "lang": { "en-us": { "role": { "terseLabel": "Operating Lease, Lease Income", "label": "Operating Lease, Lease Income [Table Text Block]", "documentation": "Tabular disclosure of components of income from operating lease." } } }, "auth_ref": [ "r270", "r457" ] }, "cwd_RealEstateInvestmentsTransferredToHeldForSale": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "RealEstateInvestmentsTransferredToHeldForSale", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Real estate investments moved to held for sale", "label": "Real Estate Investments, Transferred To Held For Sale", "documentation": "Real Estate Investments, Transferred To Held For Sale" } } }, "auth_ref": [] }, "dei_EntityAddressCityOrTown": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressCityOrTown", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Address, City or Town", "label": "Entity Address, City or Town", "documentation": "Name of the City or Town" } } }, "auth_ref": [] }, "us-gaap_OtherCommitmentsLineItems": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OtherCommitmentsLineItems", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Other Commitments [Line Items]", "label": "Other Commitments [Line Items]", "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table." } } }, "auth_ref": [] }, "us-gaap_DerivativesPolicyTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DerivativesPolicyTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Derivative Instruments", "label": "Derivatives, Policy [Policy Text Block]", "documentation": "Disclosure of accounting policy for its derivative instruments and hedging activities." } } }, "auth_ref": [ "r12", "r80", "r81", "r84", "r93", "r232" ] }, "cwd_NoncashOrPartNoncashDeconsolidationDueToRelatedParties": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashDeconsolidationDueToRelatedParties", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Due to related parties", "label": "Noncash Or Part Noncash Deconsolidation, Due To Related Parties", "documentation": "Noncash Or Part Noncash Deconsolidation, Due To Related Parties" } } }, "auth_ref": [] }, "us-gaap_PropertyPlantAndEquipmentAdditions": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PropertyPlantAndEquipmentAdditions", "crdr": "debit", "calculation": { "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails": { "parentTag": "cwd_AssetAcquisitionAssetsAcquiredAndLiabilitiesAssumedNet", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Real estate investments, at cost", "label": "Property, Plant and Equipment, Additions", "documentation": "Amount of acquisition of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment." } } }, "auth_ref": [] }, "us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ProceedsFromSaleOfPropertyPlantAndEquipment", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SubsequentEventsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Proceeds from sale of property", "label": "Proceeds from Sale of Property, Plant, and Equipment", "documentation": "The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale." } } }, "auth_ref": [ "r136" ] }, "us-gaap_AssetsAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AssetsAbstract", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Assets", "label": "Assets [Abstract]" } } }, "auth_ref": [] }, "cwd_DebtInstrumentVariableRate": { "xbrltype": "percentItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DebtInstrumentVariableRate", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Debt instrument, variable rate", "label": "Debt Instrument, Variable Rate", "documentation": "Debt Instrument, Variable Rate" } } }, "auth_ref": [] }, "us-gaap_BasisOfAccountingPolicyPolicyTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "BasisOfAccountingPolicyPolicyTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Basis of Presentation and Consolidation, Interim Unaudited Financial Data", "label": "Basis of Accounting, Policy [Policy Text Block]", "documentation": "Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS)." } } }, "auth_ref": [] }, "dei_EntityAddressStateOrProvince": { "xbrltype": "stateOrProvinceItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressStateOrProvince", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Address, State or Province", "label": "Entity Address, State or Province", "documentation": "Name of the state or province." } } }, "auth_ref": [] }, "us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LessorOperatingLeasePaymentsToBeReceivedThreeYears", "crdr": "debit", "calculation": { "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails": { "parentTag": "us-gaap_LessorOperatingLeasePaymentsToBeReceived", "weight": 1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "2026", "label": "Lessor, Operating Lease, Payment to be Received, Year Three", "documentation": "Amount of lease payment to be received by lessor for operating lease in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach)." } } }, "auth_ref": [ "r455" ] }, "us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LessorOperatingLeasePaymentsToBeReceivedTwoYears", "crdr": "debit", "calculation": { "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails": { "parentTag": "us-gaap_LessorOperatingLeasePaymentsToBeReceived", "weight": 1.0, "order": 6.0 } }, "presentation": [ "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "2025", "label": "Lessor, Operating Lease, Payment to be Received, Year Two", "documentation": "Amount of lease payment to be received by lessor for operating lease in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach)." } } }, "auth_ref": [ "r455" ] }, "cwd_NotesPayableAirportHotelPortfolioMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NotesPayableAirportHotelPortfolioMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Airport Hotel Portfolio, Notes Payable", "label": "Notes Payable, Airport Hotel Portfolio [Member]", "documentation": "Notes Payable, Airport Hotel Portfolio" } } }, "auth_ref": [] }, "us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear", "crdr": "debit", "calculation": { "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails": { "parentTag": "us-gaap_LessorOperatingLeasePaymentsToBeReceived", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "October 1, 2023 - December 31, 2023", "label": "Lessor, Operating Lease, Payment to be Received, Remainder of Fiscal Year", "documentation": "Amount of lease payment to be received by lessor for operating lease in remainder of current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach)." } } }, "auth_ref": [ "r767" ] }, "us-gaap_OtherSundryLiabilities": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OtherSundryLiabilities", "crdr": "credit", "calculation": { "http://caliberco.com/role/OtherLiabilitiesDetails": { "parentTag": "us-gaap_OtherLiabilities", "weight": 1.0, "order": 6.0 } }, "presentation": [ "http://caliberco.com/role/OtherLiabilitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Other", "label": "Other Sundry Liabilities", "documentation": "The aggregate carrying amount, as of the balance sheets date, of obligations not otherwise itemized or categorized in the footnotes to the financial statements." } } }, "auth_ref": [ "r117", "r118", "r161" ] }, "cwd_NoncontrollingInterestIncreaseFromDeconsolidation": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncontrollingInterestIncreaseFromDeconsolidation", "crdr": "credit", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Deconsolidation of VIEs, increase", "label": "Noncontrolling Interest, Increase From Deconsolidation", "documentation": "Noncontrolling Interest, Increase From Deconsolidation" } } }, "auth_ref": [] }, "us-gaap_OperatingLeaseVariableLeaseIncome": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OperatingLeaseVariableLeaseIncome", "crdr": "credit", "calculation": { "http://caliberco.com/role/LeasesRentalRevenueDetails": { "parentTag": "us-gaap_OperatingLeaseLeaseIncome", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/LeasesNarrativeDetails", "http://caliberco.com/role/LeasesRentalRevenueDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Variable", "label": "Operating Lease, Variable Lease Income", "documentation": "Amount of operating lease income from variable lease payments paid and payable to lessor, excluding amount included in measurement of lease receivable." } } }, "auth_ref": [ "r270", "r459" ] }, "cwd_DebtInstrumentPrepaymentPremiumPercentage": { "xbrltype": "percentItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DebtInstrumentPrepaymentPremiumPercentage", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Debt instrument prepayment premium, percentage", "label": "Debt Instrument, Prepayment Premium, Percentage", "documentation": "Debt Instrument, Prepayment Premium, Percentage" } } }, "auth_ref": [] }, "us-gaap_OperatingLeaseRightOfUseAsset": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OperatingLeaseRightOfUseAsset", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_Assets", "weight": 1.0, "order": 6.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Operating lease - right of use assets", "label": "Operating Lease, Right-of-Use Asset", "documentation": "Amount of lessee's right to use underlying asset under operating lease." } } }, "auth_ref": [ "r449" ] }, "us-gaap_PropertyPlantAndEquipmentTypeDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PropertyPlantAndEquipmentTypeDomain", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Long-Lived Tangible Asset [Domain]", "label": "Long-Lived Tangible Asset [Domain]", "documentation": "Listing of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software." } } }, "auth_ref": [ "r143" ] }, "us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock", "presentation": [ "http://caliberco.com/role/LeasesTables" ], "lang": { "en-us": { "role": { "terseLabel": "Lessor, Operating Lease, Payment to be Received, Maturity", "label": "Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block]", "documentation": "Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease." } } }, "auth_ref": [ "r767" ] }, "cwd_BuybackObligation": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "BuybackObligation", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_Liabilities", "weight": 1.0, "order": 5.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Buyback obligation", "label": "Buyback Obligation", "documentation": "Buyback Obligation" } } }, "auth_ref": [] }, "us-gaap_StatementLineItems": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StatementLineItems", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical" ], "lang": { "en-us": { "role": { "terseLabel": "Statement [Line Items]", "label": "Statement [Line Items]", "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table." } } }, "auth_ref": [ "r234", "r235", "r236", "r271", "r478", "r535", "r558", "r569", "r570", "r571", "r572", "r573", "r574", "r577", "r580", "r581", "r582", "r583", "r584", "r588", "r589", "r590", "r591", "r594", "r595", "r596", "r597", "r598", "r600", "r603", "r604", "r611", "r612", "r613", "r614", "r615", "r616", "r617", "r618", "r619", "r620", "r621", "r622", "r625", "r691" ] }, "us-gaap_FairValueMeasurementPolicyPolicyTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "FairValueMeasurementPolicyPolicyTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Fair Value Measurements", "label": "Fair Value Measurement, Policy [Policy Text Block]", "documentation": "Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities." } } }, "auth_ref": [] }, "us-gaap_UnrealizedGainLossOnDerivatives": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "UnrealizedGainLossOnDerivatives", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0, "order": 14.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Gain on derivative instruments", "label": "Unrealized Gain (Loss) on Derivatives", "documentation": "The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period." } } }, "auth_ref": [ "r6", "r619", "r620", "r621", "r622", "r640" ] }, "us-gaap_CommitmentsAndContingenciesDisclosureAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CommitmentsAndContingenciesDisclosureAbstract", "lang": { "en-us": { "role": { "label": "Commitments and Contingencies Disclosure [Abstract]" } } }, "auth_ref": [] }, "us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Impairment of Long-Lived Assets", "label": "Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]", "documentation": "Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets." } } }, "auth_ref": [ "r0", "r145" ] }, "us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NewAccountingPronouncementsPolicyPolicyTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Recent Accounting Pronouncements", "label": "New Accounting Pronouncements, Policy [Policy Text Block]", "documentation": "Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact." } } }, "auth_ref": [] }, "us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock", "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsTables" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Notional Amounts of Derivatives", "label": "Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]", "documentation": "Tabular disclosure of the notional amounts of outstanding derivative positions." } } }, "auth_ref": [ "r82" ] }, "us-gaap_LoansPayableMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LoansPayableMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Corporate notes", "label": "Loans Payable [Member]", "documentation": "Borrowing supported by a written promise to pay an obligation." } } }, "auth_ref": [] }, "dei_EntityCommonStockSharesOutstanding": { "xbrltype": "sharesItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityCommonStockSharesOutstanding", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Common Stock, Shares Outstanding", "label": "Entity Common Stock, Shares Outstanding", "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument." } } }, "auth_ref": [] }, "us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis", "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShareScheduleofAntidilutiveSecuritiesExcludedfromComputationofEarningsPerShareDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Antidilutive Securities [Axis]", "label": "Antidilutive Securities [Axis]", "documentation": "Information by type of antidilutive security." } } }, "auth_ref": [ "r44" ] }, "us-gaap_OperatingCostsAndExpenses": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OperatingCostsAndExpenses", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_OperatingExpenses", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Operating costs", "label": "Operating Costs and Expenses", "documentation": "Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense." } } }, "auth_ref": [] }, "us-gaap_LongTermDebtFairValue": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LongTermDebtFairValue", "crdr": "credit", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Long-term debt, fair value", "label": "Long-Term Debt, Fair Value", "documentation": "The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission." } } }, "auth_ref": [] }, "us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems", "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShareScheduleofAntidilutiveSecuritiesExcludedfromComputationofEarningsPerShareDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]", "label": "Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]", "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table." } } }, "auth_ref": [] }, "us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount", "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShareScheduleofAntidilutiveSecuritiesExcludedfromComputationofEarningsPerShareDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Antidilutive securities excluded from computation (in shares)", "label": "Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount", "documentation": "Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented." } } }, "auth_ref": [ "r266" ] }, "us-gaap_DepositAssets": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DepositAssets", "crdr": "debit", "calculation": { "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails": { "parentTag": "us-gaap_PrepaidExpenseAndOtherAssets", "weight": 1.0, "order": 3.0 }, "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails_1": { "parentTag": "us-gaap_PrepaidExpenseAndOtherAssets", "weight": 1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Deposits", "label": "Deposit Assets", "documentation": "The carrying amount of the asset transferred to a third party to serve as a deposit, which typically serves as security against failure by the transferor to perform under terms of an agreement." } } }, "auth_ref": [ "r718" ] }, "us-gaap_EarningsPerShareAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "EarningsPerShareAbstract", "lang": { "en-us": { "role": { "label": "Earnings Per Share [Abstract]" } } }, "auth_ref": [] }, "us-gaap_PriorPeriodReclassificationAdjustmentDescription": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PriorPeriodReclassificationAdjustmentDescription", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Reclassification", "label": "Reclassification, Comparability Adjustment [Policy Text Block]", "documentation": "Disclosure of accounting policy for reclassification affecting comparability of financial statement. Excludes amendment to accounting standards, other change in accounting principle, and correction of error." } } }, "auth_ref": [ "r715" ] }, "us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentsTables" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Carrying Values and Estimated Fair Values of Debt Instruments", "label": "Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]", "documentation": "Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements." } } }, "auth_ref": [] }, "us-gaap_WriteOffOfDeferredDebtIssuanceCost": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "WriteOffOfDeferredDebtIssuanceCost", "crdr": "debit", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Deferred financing cost write-offs", "label": "Deferred Debt Issuance Cost, Writeoff", "documentation": "Write-off of amounts previously capitalized as debt issuance cost in an extinguishment of debt." } } }, "auth_ref": [ "r133" ] }, "us-gaap_PaymentsToAcquirePropertyPlantAndEquipment": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PaymentsToAcquirePropertyPlantAndEquipment", "crdr": "credit", "presentation": [ "http://caliberco.com/role/SubsequentEventsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Payments to acquire property", "label": "Payments to Acquire Property, Plant, and Equipment", "documentation": "The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets." } } }, "auth_ref": [ "r137" ] }, "cwd_NoncashOrPartNoncashDeconsolidationOperatingLeaseRightOfUseAssets": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashDeconsolidationOperatingLeaseRightOfUseAssets", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Operating lease - right of use assets", "label": "Noncash Or Part Noncash Deconsolidation, Operating Lease, Right Of Use Assets", "documentation": "Noncash Or Part Noncash Deconsolidation, Operating Lease, Right Of Use Assets" } } }, "auth_ref": [] }, "us-gaap_SubsequentEventsTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "SubsequentEventsTextBlock", "presentation": [ "http://caliberco.com/role/SubsequentEvents" ], "lang": { "en-us": { "role": { "terseLabel": "Subsequent Events", "label": "Subsequent Events [Text Block]", "documentation": "The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business." } } }, "auth_ref": [ "r470", "r472" ] }, "us-gaap_StockholdersEquity": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StockholdersEquity", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED" ], "lang": { "en-us": { "role": { "totalLabel": "Stockholders\u2019 equity (deficit) attributable to CaliberCos Inc.", "label": "Equity, Attributable to Parent", "documentation": "Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest." } } }, "auth_ref": [ "r120", "r123", "r124", "r142", "r579", "r599", "r626", "r627", "r685", "r700", "r730", "r743", "r766", "r793" ] }, "us-gaap_CostOfGoodsAndServicesSold": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CostOfGoodsAndServicesSold", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_OperatingExpenses", "weight": 1.0, "order": 4.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Hospitality expenses", "label": "Cost of Goods and Services Sold", "documentation": "The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities." } } }, "auth_ref": [ "r129", "r478" ] }, "us-gaap_NoncontrollingInterestDecreaseFromDeconsolidation": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NoncontrollingInterestDecreaseFromDeconsolidation", "crdr": "debit", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Deconsolidation of VIEs, decrease", "label": "Noncontrolling Interest, Decrease from Deconsolidation", "documentation": "The amount of the reduction or elimination during the period of a noncontrolling interest resulting from the parent's loss of control and deconsolidation of the entity in which one or more outside parties had a noncontrolling interest." } } }, "auth_ref": [ "r10", "r61" ] }, "us-gaap_DebtDisclosureAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DebtDisclosureAbstract", "lang": { "en-us": { "role": { "label": "Debt Disclosure [Abstract]" } } }, "auth_ref": [] }, "us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract", "lang": { "en-us": { "role": { "label": "Derivative Instruments and Hedging Activities Disclosure [Abstract]" } } }, "auth_ref": [] }, "us-gaap_PaymentsToAcquireNotesReceivable": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PaymentsToAcquireNotesReceivable", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": -1.0, "order": 8.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Funding of notes receivable - related party", "label": "Payments to Acquire Notes Receivable", "documentation": "The cash outflow to acquire an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics." } } }, "auth_ref": [ "r31" ] }, "us-gaap_InterestPayableCurrentAndNoncurrent": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "InterestPayableCurrentAndNoncurrent", "crdr": "credit", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Interest payable", "label": "Interest Payable", "documentation": "Amount of interest payable on debt, including, but not limited to, trade payables." } } }, "auth_ref": [ "r109", "r781" ] }, "us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresTables" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Cash Flow, Supplemental Disclosures", "label": "Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]", "documentation": "Tabular disclosure of supplemental cash flow information for the periods presented." } } }, "auth_ref": [] }, "us-gaap_FairValueDisclosuresAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "FairValueDisclosuresAbstract", "lang": { "en-us": { "role": { "label": "Fair Value Disclosures [Abstract]" } } }, "auth_ref": [] }, "us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LineOfCreditFacilityMaximumBorrowingCapacity", "crdr": "credit", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Line of credit maximum borrowing capacity", "label": "Line of Credit Facility, Maximum Borrowing Capacity", "documentation": "Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility." } } }, "auth_ref": [ "r18" ] }, "us-gaap_ConcentrationRiskCreditRisk": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ConcentrationRiskCreditRisk", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Concentration of Credit Risk", "label": "Concentration Risk, Credit Risk, Policy [Policy Text Block]", "documentation": "Disclosure of accounting policy for credit risk." } } }, "auth_ref": [ "r113", "r184" ] }, "us-gaap_DerivativeFixedInterestRate": { "xbrltype": "percentItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DerivativeFixedInterestRate", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Derivative, fixed interest rate", "label": "Derivative, Fixed Interest Rate", "documentation": "Fixed interest rate related to the interest rate derivative." } } }, "auth_ref": [] }, "us-gaap_CreditFacilityAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CreditFacilityAxis", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Credit Facility [Axis]", "label": "Credit Facility [Axis]", "documentation": "Information by type of credit facility. Credit facilities provide capital to borrowers without the need to structure a loan for each borrowing." } } }, "auth_ref": [] }, "us-gaap_IncomeStatementAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "IncomeStatementAbstract", "lang": { "en-us": { "role": { "label": "Income Statement [Abstract]" } } }, "auth_ref": [] }, "us-gaap_NumberOfReportableSegments": { "xbrltype": "integerItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NumberOfReportableSegments", "presentation": [ "http://caliberco.com/role/OrganizationandLiquidityDetails", "http://caliberco.com/role/SegmentReportingNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Number of reportable segments", "label": "Number of Reportable Segments", "documentation": "Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements." } } }, "auth_ref": [ "r739" ] }, "us-gaap_SalesAndExciseTaxPayableCurrentAndNoncurrent": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "SalesAndExciseTaxPayableCurrentAndNoncurrent", "crdr": "credit", "calculation": { "http://caliberco.com/role/OtherLiabilitiesDetails": { "parentTag": "us-gaap_OtherLiabilities", "weight": 1.0, "order": 5.0 } }, "presentation": [ "http://caliberco.com/role/OtherLiabilitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Sales tax payable", "label": "Sales and Excise Tax Payable", "documentation": "Carrying value as of the balance sheet date of liabilities incurred through that date and payable for statutory sales and use taxes, including value added tax." } } }, "auth_ref": [ "r109" ] }, "dei_AmendmentFlag": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "AmendmentFlag", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Amendment Flag", "label": "Amendment Flag", "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission." } } }, "auth_ref": [] }, "us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock", "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShareTables" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share", "label": "Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]", "documentation": "Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities." } } }, "auth_ref": [ "r44" ] }, "us-gaap_PropertyPlantAndEquipmentUsefulLife": { "xbrltype": "durationItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PropertyPlantAndEquipmentUsefulLife", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Estimated useful life", "label": "Property, Plant and Equipment, Useful Life", "documentation": "Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment." } } }, "auth_ref": [] }, "us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable", "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShareScheduleofAntidilutiveSecuritiesExcludedfromComputationofEarningsPerShareDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table]", "label": "Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table]", "documentation": "Schedule for securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by Antidilutive Securities." } } }, "auth_ref": [ "r44" ] }, "us-gaap_RetainedEarningsAccumulatedDeficit": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RetainedEarningsAccumulatedDeficit", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_StockholdersEquity", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Accumulated deficit", "label": "Retained Earnings (Accumulated Deficit)", "documentation": "Amount of accumulated undistributed earnings (deficit)." } } }, "auth_ref": [ "r122", "r152", "r501", "r531", "r532", "r540", "r578", "r685" ] }, "us-gaap_RevolvingCreditFacilityMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RevolvingCreditFacilityMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Revolving Credit Facility", "label": "Revolving Credit Facility [Member]", "documentation": "Arrangement in which loan proceeds can continuously be obtained following repayments, but the total amount borrowed cannot exceed a specified maximum amount." } } }, "auth_ref": [] }, "us-gaap_HedgingDesignationAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "HedgingDesignationAxis", "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsFairValuesbyBalanceSheetLocationDetails", "http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Hedging Designation [Axis]", "label": "Hedging Designation [Axis]", "documentation": "Information by designation of purpose of derivative instrument." } } }, "auth_ref": [ "r12", "r422" ] }, "us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "WeightedAverageNumberOfDilutedSharesOutstanding", "calculation": { "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails": { "parentTag": null, "weight": null, "order": null, "root": true } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Diluted (in shares)", "totalLabel": "Weighted average shares outstanding - diluted (in shares)", "label": "Weighted Average Number of Shares Outstanding, Diluted", "documentation": "The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period." } } }, "auth_ref": [ "r249", "r265" ] }, "us-gaap_StockIssuedDuringPeriodValueNewIssues": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StockIssuedDuringPeriodValueNewIssues", "crdr": "credit", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Issuance of common stock", "label": "Stock Issued During Period, Value, New Issues", "documentation": "Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering." } } }, "auth_ref": [ "r11", "r119", "r120", "r152", "r546", "r625", "r647", "r699" ] }, "us-gaap_Deposits": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "Deposits", "crdr": "credit", "calculation": { "http://caliberco.com/role/OtherLiabilitiesDetails": { "parentTag": "us-gaap_OtherLiabilities", "weight": 1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/OtherLiabilitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Deposits", "label": "Deposits", "documentation": "The aggregate of all deposit liabilities held by the entity, including foreign and domestic, interest and noninterest bearing; may include demand deposits, saving deposits, Negotiable Order of Withdrawal (NOW) and time deposits among others." } } }, "auth_ref": [ "r107" ] }, "us-gaap_PaymentsToAcquireRealEstate": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PaymentsToAcquireRealEstate", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": -1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Acquisition of real estate assets", "label": "Payments to Acquire Real Estate", "documentation": "The cash outflow from the acquisition of a piece of land, anything permanently fixed to it, including buildings, structures on it and so forth; includes real estate intended to generate income for the owner; excludes real estate acquired for use by the owner." } } }, "auth_ref": [ "r137" ] }, "cwd_SFAlaskaLPMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "SFAlaskaLPMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "SF Alaska, LP", "label": "SF Alaska, LP [Member]", "documentation": "SF Alaska, LP" } } }, "auth_ref": [] }, "us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear", "crdr": "credit", "calculation": { "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails": { "parentTag": "us-gaap_DebtInstrumentCarryingAmount", "weight": 1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "October 1, 2023 - December 31, 2023", "label": "Long-Term Debt, Maturity, Remainder of Fiscal Year", "documentation": "Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in remainder of current fiscal year." } } }, "auth_ref": [ "r733" ] }, "us-gaap_DepreciationDepletionAndAmortization": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DepreciationDepletionAndAmortization", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Depreciation and amortization", "label": "Depreciation, Depletion and Amortization", "documentation": "The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets." } } }, "auth_ref": [ "r6", "r283" ] }, "us-gaap_WeightedAverageNumberOfSharesOutstandingBasic": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "WeightedAverageNumberOfSharesOutstandingBasic", "calculation": { "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails": { "parentTag": "us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding", "weight": 1.0, "order": 3.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Basic (in shares)", "verboseLabel": "Weighted average shares outstanding \u2013 basic (in shares)", "label": "Weighted Average Number of Shares Outstanding, Basic", "documentation": "Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period." } } }, "auth_ref": [ "r248", "r265" ] }, "dei_DocumentFiscalYearFocus": { "xbrltype": "gYearItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentFiscalYearFocus", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Document Fiscal Year Focus", "label": "Document Fiscal Year Focus", "documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006." } } }, "auth_ref": [] }, "us-gaap_NumberOfOperatingSegments": { "xbrltype": "integerItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NumberOfOperatingSegments", "presentation": [ "http://caliberco.com/role/SegmentReportingNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Number of operating segments", "label": "Number of Operating Segments", "documentation": "Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues." } } }, "auth_ref": [ "r739" ] }, "us-gaap_CreditFacilityDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CreditFacilityDomain", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Credit Facility [Domain]", "label": "Credit Facility [Domain]", "documentation": "Type of credit facility. Credit facilities provide capital to borrowers without the need to structure a loan for each borrowing." } } }, "auth_ref": [] }, "us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StockIssuedDuringPeriodValueConversionOfConvertibleSecurities", "crdr": "credit", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Conversions of preferred stock", "label": "Stock Issued During Period, Value, Conversion of Convertible Securities", "documentation": "The gross value of stock issued during the period upon the conversion of convertible securities." } } }, "auth_ref": [ "r11", "r26", "r152" ] }, "dei_DocumentFiscalPeriodFocus": { "xbrltype": "fiscalPeriodItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentFiscalPeriodFocus", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Document Fiscal Period Focus", "label": "Document Fiscal Period Focus", "documentation": "Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY." } } }, "auth_ref": [] }, "dei_EntityExTransitionPeriod": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityExTransitionPeriod", "presentation": [ "http://caliberco.com/role/Cover" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Ex Transition Period", "label": "Entity Ex Transition Period", "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards." } } }, "auth_ref": [ "r707" ] }, "srt_HotelMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "HotelMember", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Hospitality revenue", "label": "Hotel [Member]" } } }, "auth_ref": [ "r478", "r756", "r796", "r797" ] }, "us-gaap_ConvertibleDebtMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ConvertibleDebtMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Convertible corporate notes", "label": "Convertible Debt [Member]", "documentation": "Borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock." } } }, "auth_ref": [ "r148", "r354", "r355", "r365", "r366", "r367", "r371", "r372", "r373", "r374", "r375", "r674", "r675", "r676", "r677", "r678" ] }, "us-gaap_PrepaidExpenseCurrentAndNoncurrent": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PrepaidExpenseCurrentAndNoncurrent", "crdr": "debit", "calculation": { "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails": { "parentTag": "us-gaap_PrepaidExpenseAndOtherAssets", "weight": 1.0, "order": 4.0 }, "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails_1": { "parentTag": "us-gaap_PrepaidExpenseAndOtherAssets", "weight": 1.0, "order": 5.0 } }, "presentation": [ "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Prepaid expenses", "label": "Prepaid Expense", "documentation": "Carrying amount as of the balance sheet date of expenditures made in advance of when the economic benefit of the cost will be realized, and which will be expensed in future periods with the passage of time or when a triggering event occurs." } } }, "auth_ref": [ "r106", "r207", "r592", "r780" ] }, "us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StockIssuedDuringPeriodSharesShareBasedCompensation", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Equity based compensation (in shares)", "label": "Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture", "documentation": "Number, after forfeiture, of shares or units issued under share-based payment arrangement. Excludes shares or units issued under employee stock ownership plan (ESOP)." } } }, "auth_ref": [ "r11", "r119", "r120", "r152" ] }, "srt_OwnershipAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "OwnershipAxis", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails", "http://caliberco.com/role/VIEsNarrativeDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Ownership [Axis]", "label": "Ownership [Axis]" } } }, "auth_ref": [] }, "us-gaap_DebtInstrumentCarryingAmount": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DebtInstrumentCarryingAmount", "crdr": "credit", "calculation": { "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails": { "parentTag": "us-gaap_LongTermDebt", "weight": 1.0, "order": 1.0 }, "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails": { "parentTag": null, "weight": null, "order": null, "root": true } }, "presentation": [ "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails", "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Notes payable", "totalLabel": "Total", "label": "Long-Term Debt, Gross", "documentation": "Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt." } } }, "auth_ref": [ "r16", "r162", "r380" ] }, "srt_ProductOrServiceAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "ProductOrServiceAxis", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Product and Service [Axis]", "label": "Product and Service [Axis]" } } }, "auth_ref": [ "r303", "r478", "r521", "r522", "r523", "r524", "r525", "r526", "r659", "r680", "r686", "r713", "r746", "r747", "r755", "r786" ] }, "us-gaap_StatementTable": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StatementTable", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/CONSOLIDATEDBALANCESHEETSUNAUDITEDParenthetical" ], "lang": { "en-us": { "role": { "terseLabel": "Statement [Table]", "label": "Statement [Table]", "documentation": "Schedule reflecting a Statement of Income, Statement of Cash Flows, Statement of Financial Position, Statement of Shareholders' Equity and Other Comprehensive Income, or other statement as needed." } } }, "auth_ref": [ "r234", "r235", "r236", "r271", "r478", "r535", "r558", "r569", "r570", "r571", "r572", "r573", "r574", "r577", "r580", "r581", "r582", "r583", "r584", "r588", "r589", "r590", "r591", "r594", "r595", "r596", "r597", "r598", "r600", "r603", "r604", "r611", "r612", "r613", "r614", "r615", "r616", "r617", "r618", "r619", "r620", "r621", "r622", "r625", "r691" ] }, "us-gaap_RevenueFromContractWithCustomerPolicyTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RevenueFromContractWithCustomerPolicyTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Revenue Recognition", "label": "Revenue from Contract with Customer [Policy Text Block]", "documentation": "Disclosure of accounting policy for revenue from contract with customer." } } }, "auth_ref": [ "r191", "r390", "r391", "r392", "r393", "r394", "r395", "r396", "r397", "r657" ] }, "us-gaap_StockIssuedDuringPeriodSharesNewIssues": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StockIssuedDuringPeriodSharesNewIssues", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Issuance of common stock (in shares)", "label": "Stock Issued During Period, Shares, New Issues", "documentation": "Number of new stock issued during the period." } } }, "auth_ref": [ "r11", "r119", "r120", "r152", "r536", "r625", "r647" ] }, "us-gaap_FairValueOfFinancialInstrumentsPolicy": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "FairValueOfFinancialInstrumentsPolicy", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Fair Value of Financial Instruments", "label": "Fair Value of Financial Instruments, Policy [Policy Text Block]", "documentation": "Disclosure of accounting policy for determining the fair value of financial instruments." } } }, "auth_ref": [ "r9", "r15" ] }, "us-gaap_RealEstateAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RealEstateAbstract", "lang": { "en-us": { "role": { "label": "Real Estate [Abstract]" } } }, "auth_ref": [] }, "us-gaap_AmortizationOfAboveAndBelowMarketLeases": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AmortizationOfAboveAndBelowMarketLeases", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0, "order": 16.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Amortization of above-market/below market leases and straight-line rent, net", "label": "Amortization of above and below Market Leases", "documentation": "Amount of non-cash amortization of intangible asset (liability) for above and below market leases." } } }, "auth_ref": [ "r725" ] }, "us-gaap_PrimeRateMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PrimeRateMember", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Prime Rate", "label": "Prime Rate [Member]", "documentation": "Interest rate charged by financial institutions to their most creditworthy borrowers." } } }, "auth_ref": [] }, "srt_OwnershipDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "OwnershipDomain", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails", "http://caliberco.com/role/VIEsNarrativeDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Ownership [Domain]", "label": "Ownership [Domain]" } } }, "auth_ref": [] }, "us-gaap_AntidilutiveSecuritiesNameDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AntidilutiveSecuritiesNameDomain", "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShareScheduleofAntidilutiveSecuritiesExcludedfromComputationofEarningsPerShareDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Antidilutive Securities, Name [Domain]", "label": "Antidilutive Securities, Name [Domain]", "documentation": "Incremental common shares attributable to securities that were not included in diluted earnings per share (EPS) because to do so would increase EPS amounts or decrease loss per share amounts for the period presented." } } }, "auth_ref": [ "r44" ] }, "cwd_HeadquartersOfficeBuildingAcquisitionMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "HeadquartersOfficeBuildingAcquisitionMember", "presentation": [ "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails", "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Headquarters office building acquisition", "label": "Headquarters Office Building Acquisition [Member]", "documentation": "Headquarters Office Building Acquisition" } } }, "auth_ref": [] }, "cwd_DebtInstrumentPrepaymentPremiumPeriod": { "xbrltype": "durationItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DebtInstrumentPrepaymentPremiumPeriod", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Debt instrument, prepayment premium, period", "label": "Debt Instrument, Prepayment Premium, Period", "documentation": "Debt Instrument, Prepayment Premium, Period" } } }, "auth_ref": [] }, "cwd_SouthridgeLLCMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "SouthridgeLLCMember", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Southridge, LLC", "label": "Southridge, LLC [Member]", "documentation": "Southridge, LLC" } } }, "auth_ref": [] }, "us-gaap_ConvertibleDebtSecuritiesMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ConvertibleDebtSecuritiesMember", "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShareScheduleofAntidilutiveSecuritiesExcludedfromComputationofEarningsPerShareDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Additional common shares, if convertible debt were converted", "label": "Convertible Debt Securities [Member]", "documentation": "Debt securities that can be exchanged for equity of the debt issuer at the option of the issuer or the holder." } } }, "auth_ref": [ "r757" ] }, "srt_ProductsAndServicesDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "ProductsAndServicesDomain", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Product and Service [Domain]", "label": "Product and Service [Domain]" } } }, "auth_ref": [ "r303", "r478", "r521", "r522", "r523", "r524", "r525", "r526", "r659", "r680", "r686", "r713", "r746", "r747", "r755", "r786" ] }, "us-gaap_GainLossOnDispositionOfRealEstateDiscontinuedOperations": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "GainLossOnDispositionOfRealEstateDiscontinuedOperations", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0, "order": 12.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Gain on the disposition of real estate", "label": "Gain (Loss) on Disposition of Real Estate, Discontinued Operations", "documentation": "Amount of difference between the carrying amount and the sales price of real estate properties sold as part of discontinued operations." } } }, "auth_ref": [] }, "us-gaap_PreferredStockMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PreferredStockMember", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Preferred Stock", "label": "Preferred Stock [Member]", "documentation": "Preferred shares may provide a preferential dividend to the dividend on common stock and may take precedence over common stock in the event of a liquidation. Preferred shares typically represent an ownership interest in the company." } } }, "auth_ref": [ "r688", "r689", "r692", "r693", "r694", "r697", "r787", "r793" ] }, "cwd_RealEstateInvestmentPreferredReturnPreferredEquity": { "xbrltype": "percentItemType", "nsuri": "http://caliberco.com/20230930", "localname": "RealEstateInvestmentPreferredReturnPreferredEquity", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Preferred return, preferred equity", "label": "Real Estate Investment, Preferred Return, Preferred Equity", "documentation": "Real Estate Investment, Preferred Return, Preferred Equity" } } }, "auth_ref": [] }, "us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock", "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShareTables" ], "lang": { "en-us": { "role": { "terseLabel": "Schedule of Earnings Per Share, Basic and Diluted", "label": "Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]", "documentation": "Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations." } } }, "auth_ref": [ "r738" ] }, "us-gaap_ShareBasedCompensation": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "ShareBasedCompensation", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0, "order": 5.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Equity-based compensation", "label": "Share-Based Payment Arrangement, Noncash Expense", "documentation": "Amount of noncash expense for share-based payment arrangement." } } }, "auth_ref": [ "r5" ] }, "us-gaap_LeaseContractualTermDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LeaseContractualTermDomain", "presentation": [ "http://caliberco.com/role/LeasesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Lease Contractual Term [Domain]", "label": "Lease Contractual Term [Domain]", "documentation": "Contractual term of lease arrangement." } } }, "auth_ref": [ "r710" ] }, "srt_CounterpartyNameAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "CounterpartyNameAxis", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Counterparty Name [Axis]", "label": "Counterparty Name [Axis]" } } }, "auth_ref": [ "r230", "r231", "r357", "r385", "r467", "r662", "r664" ] }, "us-gaap_DebtInstrumentFaceAmount": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DebtInstrumentFaceAmount", "crdr": "credit", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Debt instrument, face amount", "label": "Debt Instrument, Face Amount", "documentation": "Face (par) amount of debt instrument at time of issuance." } } }, "auth_ref": [ "r101", "r103", "r354", "r448", "r675", "r676" ] }, "us-gaap_RestrictedCash": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "RestrictedCash", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED": { "parentTag": "us-gaap_Assets", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Restricted cash", "label": "Restricted Cash", "documentation": "Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits." } } }, "auth_ref": [ "r716", "r727", "r777", "r784" ] }, "us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_ProfitLoss", "weight": 1.0, "order": 1.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED" ], "lang": { "en-us": { "role": { "totalLabel": "Net (loss) income before income taxes", "label": "Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest", "documentation": "Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest." } } }, "auth_ref": [ "r1", "r126", "r165", "r278", "r292", "r298", "r301", "r492", "r504", "r671" ] }, "us-gaap_LeaseContractualTermAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "LeaseContractualTermAxis", "presentation": [ "http://caliberco.com/role/LeasesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Lease Contractual Term [Axis]", "label": "Lease Contractual Term [Axis]", "documentation": "Information by contractual term of lease arrangement." } } }, "auth_ref": [ "r710" ] }, "us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Conversions of preferred stock (in shares)", "label": "Stock Issued During Period, Shares, Conversion of Convertible Securities", "documentation": "Number of shares issued during the period as a result of the conversion of convertible securities." } } }, "auth_ref": [ "r11", "r25", "r59", "r152", "r370" ] }, "us-gaap_HedgingDesignationDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "HedgingDesignationDomain", "presentation": [ "http://caliberco.com/role/DerivativeInstrumentsFairValuesbyBalanceSheetLocationDetails", "http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Hedging Designation [Domain]", "label": "Hedging Designation [Domain]", "documentation": "Designation of purpose of derivative instrument." } } }, "auth_ref": [ "r12" ] }, "us-gaap_InterestExpense": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "InterestExpense", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest", "weight": -1.0, "order": 7.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Interest expense", "terseLabel": "Interest expense", "label": "Interest Expense", "documentation": "Amount of the cost of borrowed funds accounted for as interest expense." } } }, "auth_ref": [ "r102", "r167", "r215", "r282", "r446", "r610", "r698", "r791" ] }, "cwd_MultiFamilyResidentialPropertiesMember": { "xbrltype": "domainItemType", "nsuri": "http://caliberco.com/20230930", "localname": "MultiFamilyResidentialPropertiesMember", "presentation": [ "http://caliberco.com/role/LeasesNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Multi-Family Residential Properties", "label": "Multi-Family Residential Properties [Member]", "documentation": "Multi-Family Residential Properties" } } }, "auth_ref": [] }, "us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Maximum amount of shares to be repurchased (in shares)", "label": "Stock Repurchase Program, Number of Shares Authorized to be Repurchased", "documentation": "The number of shares authorized to be repurchased by an entity's Board of Directors under a stock repurchase plan." } } }, "auth_ref": [] }, "us-gaap_TreasuryStockSharesAcquired": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "TreasuryStockSharesAcquired", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Shares repurchased (in shares)", "label": "Treasury Stock, Shares, Acquired", "documentation": "Number of shares that have been repurchased during the period and are being held in treasury." } } }, "auth_ref": [ "r11", "r120", "r152" ] }, "us-gaap_FairValueByBalanceSheetGroupingTable": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "FairValueByBalanceSheetGroupingTable", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Fair Value, by Balance Sheet Grouping [Table]", "label": "Fair Value, by Balance Sheet Grouping [Table]", "documentation": "Disclosure of information about the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities." } } }, "auth_ref": [ "r96", "r97", "r98" ] }, "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Reconciliation of Cash and Restricted Cash", "label": "Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]" } } }, "auth_ref": [] }, "us-gaap_FairValueDisclosureItemAmountsDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "FairValueDisclosureItemAmountsDomain", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Fair Value Measurement [Domain]", "label": "Fair Value Measurement [Domain]", "documentation": "Measurement basis, for example, but not limited to, reported value, fair value, portion at fair value, portion at other than fair value." } } }, "auth_ref": [ "r367", "r675", "r676" ] }, "us-gaap_CashAndCashEquivalentsAtCarryingValue": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CashAndCashEquivalentsAtCarryingValue", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "periodStartLabel": "Cash at beginning of period", "periodEndLabel": "Cash at end of period", "terseLabel": "Cash", "label": "Cash and Cash Equivalents, at Carrying Value", "documentation": "Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation." } } }, "auth_ref": [ "r39", "r198", "r660" ] }, "cwd_NoncashOrPartNoncashConsolidationPrepaidAndOtherAssets": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashConsolidationPrepaidAndOtherAssets", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Prepaid and other assets", "label": "Noncash Or Part Noncash Consolidation, Prepaid And Other Assets", "documentation": "Noncash Or Part Noncash Consolidation, Prepaid And Other Assets" } } }, "auth_ref": [] }, "us-gaap_CashAndCashEquivalentsPolicyTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CashAndCashEquivalentsPolicyTextBlock", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Cash", "label": "Cash and Cash Equivalents, Policy [Policy Text Block]", "documentation": "Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value." } } }, "auth_ref": [ "r40" ] }, "us-gaap_StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased": { "xbrltype": "sharesItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased", "presentation": [ "http://caliberco.com/role/CommitmentsandContingenciesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Number of remaining shares to be repurchased (in shares)", "label": "Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased", "documentation": "The remaining number of shares authorized to be repurchased by an entity's Board of Directors under a stock repurchase plan." } } }, "auth_ref": [] }, "us-gaap_OtherAssets": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OtherAssets", "crdr": "debit", "calculation": { "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails": { "parentTag": "us-gaap_PrepaidExpenseAndOtherAssets", "weight": 1.0, "order": 2.0 }, "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails_1": { "parentTag": "us-gaap_PrepaidExpenseAndOtherAssets", "weight": 1.0, "order": 8.0 } }, "presentation": [ "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Other assets", "label": "Other Assets", "documentation": "Amount of assets classified as other." } } }, "auth_ref": [ "r158", "r199", "r495", "r700" ] }, "us-gaap_InterestExpenseDebt": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "InterestExpenseDebt", "crdr": "debit", "presentation": [ "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Interest expense, debt", "label": "Interest Expense, Debt", "documentation": "Amount of the cost of borrowed funds accounted for as interest expense for debt." } } }, "auth_ref": [ "r133", "r373", "r382", "r677", "r678" ] }, "us-gaap_CarryingReportedAmountFairValueDisclosureMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CarryingReportedAmountFairValueDisclosureMember", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Carrying Value", "label": "Reported Value Measurement [Member]", "documentation": "Measured as reported on the statement of financial position (balance sheet)." } } }, "auth_ref": [ "r97", "r98" ] }, "us-gaap_PortionAtFairValueFairValueDisclosureMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PortionAtFairValueFairValueDisclosureMember", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Portion at Fair Value Measurement", "label": "Portion at Fair Value Measurement [Member]", "documentation": "Measured at fair value for financial reporting purposes." } } }, "auth_ref": [ "r436" ] }, "us-gaap_AssetImpairmentCharges": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AssetImpairmentCharges", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0, "order": 19.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Impairment", "label": "Asset Impairment Charges", "documentation": "Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill." } } }, "auth_ref": [ "r6", "r54" ] }, "us-gaap_EstimateOfFairValueFairValueDisclosureMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "EstimateOfFairValueFairValueDisclosureMember", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Fair Value", "label": "Estimate of Fair Value Measurement [Member]", "documentation": "Measured as an estimate of fair value." } } }, "auth_ref": [ "r367", "r437", "r675", "r676" ] }, "cwd_LessorOperatingLeasePaymentToBeReceivedAfterYearFour": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "LessorOperatingLeasePaymentToBeReceivedAfterYearFour", "crdr": "debit", "calculation": { "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails": { "parentTag": "us-gaap_LessorOperatingLeasePaymentsToBeReceived", "weight": 1.0, "order": 4.0 } }, "presentation": [ "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Thereafter", "label": "Lessor, Operating Lease, Payment to be Received, after Year Four", "documentation": "Lessor, Operating Lease, Payment to be Received, after Year Four" } } }, "auth_ref": [] }, "us-gaap_PaymentsToAcquireEquityMethodInvestments": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "PaymentsToAcquireEquityMethodInvestments", "crdr": "credit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED": { "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": -1.0, "order": 7.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED" ], "lang": { "en-us": { "role": { "negatedTerseLabel": "Investments in unconsolidated entities", "label": "Payments to Acquire Equity Method Investments", "documentation": "The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence." } } }, "auth_ref": [ "r32" ] }, "us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]", "label": "Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]", "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table." } } }, "auth_ref": [] }, "us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy", "presentation": [ "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesPolicies" ], "lang": { "en-us": { "role": { "terseLabel": "Restricted Cash", "label": "Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]", "documentation": "Entity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits." } } }, "auth_ref": [ "r40", "r157" ] }, "us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue", "crdr": "credit", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHOLDERSEQUITYUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Equity based compensation", "label": "APIC, Share-Based Payment Arrangement, Increase for Cost Recognition", "documentation": "Amount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement." } } }, "auth_ref": [ "r64", "r65", "r403" ] }, "us-gaap_EarningsPerShareBasic": { "xbrltype": "perShareItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "EarningsPerShareBasic", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/NetIncomeLossPerShareScheduleofEarningsPerShareBasicandDilutedDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Basic net (loss) income per share attributable to common stockholders (in dollars per share)", "label": "Earnings Per Share, Basic", "documentation": "The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period." } } }, "auth_ref": [ "r217", "r239", "r240", "r241", "r242", "r243", "r248", "r250", "r263", "r264", "r265", "r269", "r432", "r433", "r491", "r508", "r669" ] }, "cwd_DebtInstrumentInterestRateAdjustmentTerm": { "xbrltype": "durationItemType", "nsuri": "http://caliberco.com/20230930", "localname": "DebtInstrumentInterestRateAdjustmentTerm", "presentation": [ "http://caliberco.com/role/NotesPayableNarrativeDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Debt instrument, interest rate adjustment, term", "label": "Debt Instrument, Interest Rate Adjustment, Term", "documentation": "Debt Instrument, Interest Rate Adjustment, Term" } } }, "auth_ref": [] }, "us-gaap_EmployeeStockOptionMember": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "EmployeeStockOptionMember", "presentation": [ "http://caliberco.com/role/NetIncomeLossPerShareScheduleofAntidilutiveSecuritiesExcludedfromComputationofEarningsPerShareDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Additional common shares, if stock options were exercised", "label": "Employee Stock Option [Member]", "documentation": "Share-based payment arrangement granting right, subject to vesting and other restrictions, to purchase or sell certain number of shares at predetermined price for specified period of time." } } }, "auth_ref": [] }, "srt_ConsolidatedEntitiesDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "ConsolidatedEntitiesDomain", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/CommitmentsandContingenciesDetails", "http://caliberco.com/role/DerivativeInstrumentsFairValuesbyBalanceSheetLocationDetails", "http://caliberco.com/role/DerivativeInstrumentsGainLossDetails", "http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails", "http://caliberco.com/role/FairValueofFinancialInstrumentDetails", "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails", "http://caliberco.com/role/LeasesNarrativeDetails", "http://caliberco.com/role/LeasesRentalRevenueDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails", "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails", "http://caliberco.com/role/OrganizationandLiquidityDetails", "http://caliberco.com/role/OtherLiabilitiesDetails", "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails", "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails", "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails", "http://caliberco.com/role/SubsequentEventsDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails", "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Consolidated Entities [Domain]", "label": "Consolidated Entities [Domain]" } } }, "auth_ref": [ "r233", "r416", "r417", "r420", "r421", "r469", "r654", "r748", "r751", "r752" ] }, "us-gaap_OtherLiabilitiesDisclosureAbstract": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OtherLiabilitiesDisclosureAbstract", "lang": { "en-us": { "role": { "label": "Other Liabilities Disclosure [Abstract]" } } }, "auth_ref": [] }, "us-gaap_NotesPayableFairValueDisclosure": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "NotesPayableFairValueDisclosure", "crdr": "credit", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstrumentDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Note Payable", "label": "Notes Payable, Fair Value Disclosure", "documentation": "Fair value portion of notes payable." } } }, "auth_ref": [ "r19" ] }, "us-gaap_DepreciationAndAmortization": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "DepreciationAndAmortization", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_OperatingExpenses", "weight": 1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED" ], "lang": { "en-us": { "role": { "terseLabel": "Depreciation and amortization", "label": "Depreciation, Depletion and Amortization, Nonproduction", "documentation": "The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production." } } }, "auth_ref": [ "r6", "r55" ] }, "us-gaap_OperatingExpenses": { "xbrltype": "monetaryItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "OperatingExpenses", "crdr": "debit", "calculation": { "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED": { "parentTag": "us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest", "weight": -1.0, "order": 2.0 } }, "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED" ], "lang": { "en-us": { "role": { "totalLabel": "Total expenses", "label": "Operating Expenses", "documentation": "Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense." } } }, "auth_ref": [] }, "us-gaap_FairValueDisclosuresTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://fasb.org/us-gaap/2023", "localname": "FairValueDisclosuresTextBlock", "presentation": [ "http://caliberco.com/role/FairValueofFinancialInstruments" ], "lang": { "en-us": { "role": { "terseLabel": "Fair Value of Financial Instruments", "label": "Fair Value Disclosures [Text Block]", "documentation": "The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information." } } }, "auth_ref": [ "r434" ] }, "srt_ConsolidatedEntitiesAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/srt/2023", "localname": "ConsolidatedEntitiesAxis", "presentation": [ "http://caliberco.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSUNAUDITED", "http://caliberco.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSUNAUDITED", "http://caliberco.com/role/CommitmentsandContingenciesDetails", "http://caliberco.com/role/DerivativeInstrumentsFairValuesbyBalanceSheetLocationDetails", "http://caliberco.com/role/DerivativeInstrumentsGainLossDetails", "http://caliberco.com/role/DerivativeInstrumentsNotionalAmountsDetails", "http://caliberco.com/role/FairValueofFinancialInstrumentDetails", "http://caliberco.com/role/LeasesFutureMinimumLeasePaymentsDetails", "http://caliberco.com/role/LeasesNarrativeDetails", "http://caliberco.com/role/LeasesRentalRevenueDetails", "http://caliberco.com/role/NotesPayableNarrativeDetails", "http://caliberco.com/role/NotesPayableSummaryofNotesPayableDetails", "http://caliberco.com/role/NotesPayableSummaryofPrincipalRepaymentsDetails", "http://caliberco.com/role/OrganizationandLiquidityDetails", "http://caliberco.com/role/OtherLiabilitiesDetails", "http://caliberco.com/role/PrepaidandOtherAssetsSummaryofPrepaidandOtherAssetsDetails", "http://caliberco.com/role/RealEstateInvestmentsNarrativeDetails", "http://caliberco.com/role/RealEstateInvestmentsScheduleofAssetAcquisitionDetails", "http://caliberco.com/role/RelatedPartyTransactionsNarrativeDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesPayableDetails", "http://caliberco.com/role/RelatedPartyTransactionsScheduleofNotesReceivableDetails", "http://caliberco.com/role/SegmentReportingScheduleofSegmentReportingDetails", "http://caliberco.com/role/SubsequentEventsDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesNarrativeDetails", "http://caliberco.com/role/SummaryofSignificantAccountingPoliciesScheduleofEstimatedUsefulLivesofRealEstateAssetsDetails", "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails", "http://caliberco.com/role/VIEsScheduleofVariableInterestEntitiesDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Consolidated Entities [Axis]", "label": "Consolidated Entities [Axis]" } } }, "auth_ref": [ "r233", "r416", "r417", "r420", "r421", "r469", "r654", "r748", "r751", "r752" ] }, "cwd_NoncashOrPartNoncashDeconsolidationRealEstateInvestmentsNet": { "xbrltype": "monetaryItemType", "nsuri": "http://caliberco.com/20230930", "localname": "NoncashOrPartNoncashDeconsolidationRealEstateInvestmentsNet", "crdr": "debit", "presentation": [ "http://caliberco.com/role/SupplementalCashFlowDisclosuresDetails" ], "lang": { "en-us": { "role": { "terseLabel": "Real estate investments, net", "label": "Noncash Or Part Noncash Deconsolidation, Real Estate Investments, Net", "documentation": "Noncash Or Part Noncash Deconsolidation, Real Estate Investments, Net" } } }, "auth_ref": [] } } } }, "std_ref": { "r0": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "05", "Paragraph": "4", "SubTopic": "10", "Topic": "360", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482338/360-10-05-4" }, "r1": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "25", "Paragraph": "1", "SubTopic": "20", "Topic": "940", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481913/940-20-25-1" }, "r2": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1", "SubTopic": "230", "Topic": "830", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481877/830-230-45-1" }, "r3": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "14", "Subparagraph": "(a)", "SubTopic": "10", "Topic": "230", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-14" }, "r4": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "21D", "SubTopic": "10", "Topic": "230", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-21D" }, "r5": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "28", "Subparagraph": "(a)", "SubTopic": "10", "Topic": "230", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-28" }, "r6": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "28", "Subparagraph": "(b)", "SubTopic": "10", "Topic": "230", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-28" }, "r7": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "SubTopic": "10", "Topic": "360", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482099/360-10-50-1" }, "r8": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "SubTopic": "10", "Topic": "470", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481544/470-10-50-1" }, "r9": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "SubTopic": "10", "Topic": "825", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482907/825-10-50-1" }, "r10": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1A", "Subparagraph": "(c)(2)", "SubTopic": "10", "Topic": "810", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-1A" }, "r11": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "SubTopic": "10", "Topic": "505", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481112/505-10-50-2" }, "r12": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "SubTopic": "10", "Topic": "815", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-2" }, "r13": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "SubTopic": "10", "Topic": "280", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-4" }, "r14": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6A", "Subparagraph": "(a)", "SubTopic": "10", "Topic": "820", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482106/820-10-50-6A" }, "r15": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "60", "Paragraph": "1", "SubTopic": "10", "Topic": "820", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482053/820-10-60-1" }, "r16": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(22))", "SubTopic": "10", "Topic": "210", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r17": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "4", "Subparagraph": "(SAB TOPIC 4.C)", "SubTopic": "10", "Topic": "505", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480008/505-10-S99-4" }, "r18": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "210", "SubTopic": "10", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02.19(b),22(b))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r19": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "210", "SubTopic": "10", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02.19,20,22)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r20": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "210", "SubTopic": "10", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02.19-26)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r21": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "210", "SubTopic": "10", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02.20,24)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r22": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "210", "SubTopic": "10", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02.22(a)(1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r23": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "210", "SubTopic": "10", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02.22)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r24": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "210", "SubTopic": "10", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02.25)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r25": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "210", "SubTopic": "10", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02.29-30)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r26": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "210", "SubTopic": "10", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02.29-31)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r27": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "210", "SubTopic": "10", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02.3,4)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r28": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "210", "SubTopic": "10", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02.30)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r29": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "210", "SubTopic": "10", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02.31)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r30": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "230", "SubTopic": "10", "Section": "45", "Paragraph": "12", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-12" }, "r31": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "230", "SubTopic": "10", "Section": "45", "Paragraph": "13", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-13" }, "r32": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "230", "SubTopic": "10", "Section": "45", "Paragraph": "13", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-13" }, "r33": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "230", "SubTopic": "10", "Section": "45", "Paragraph": "14", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-14" }, "r34": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "230", "SubTopic": "10", "Section": "45", "Paragraph": "14", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-14" }, "r35": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "230", "SubTopic": "10", "Section": "45", "Paragraph": "15", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-15" }, "r36": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "230", "SubTopic": "10", "Section": "45", "Paragraph": "15", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-15" }, "r37": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "230", "SubTopic": "10", "Section": "45", "Paragraph": "15", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-15" }, "r38": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "230", "SubTopic": "10", "Section": "45", "Paragraph": "15", "Subparagraph": "(e)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-15" }, "r39": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "230", "SubTopic": "10", "Section": "45", "Paragraph": "4", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-4" }, "r40": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "230", "SubTopic": "10", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482913/230-10-50-1" }, "r41": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "230", "SubTopic": "10", "Section": "50", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482913/230-10-50-3" }, "r42": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "230", "SubTopic": "10", "Section": "50", "Paragraph": "4", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482913/230-10-50-4" }, "r43": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "230", "SubTopic": "10", "Section": "50", "Paragraph": "5", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482913/230-10-50-5" }, "r44": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "260", "SubTopic": "10", "Section": "50", "Paragraph": "1", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482662/260-10-50-1" }, "r45": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "275", "SubTopic": "10", "Section": "50", "Paragraph": "4", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482861/275-10-50-4" }, "r46": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "275", "SubTopic": "10", "Section": "50", "Paragraph": "8", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482861/275-10-50-8" }, "r47": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "275", "SubTopic": "10", "Section": "50", "Paragraph": "9", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482861/275-10-50-9" }, "r48": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "280", "SubTopic": "10", "Section": "50", "Paragraph": "22", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-22" }, "r49": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "280", "SubTopic": "10", "Section": "50", "Paragraph": "25", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-25" }, "r50": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "280", "SubTopic": "10", "Section": "50", "Paragraph": "30", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-30" }, "r51": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "350", "SubTopic": "20", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482573/350-20-50-1" }, "r52": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "350", "SubTopic": "30", "Section": "45", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482686/350-30-45-1" }, "r53": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "350", "SubTopic": "30", "Section": "50", "Paragraph": "2", "Subparagraph": "((a)(1),(b))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482665/350-30-50-2" }, "r54": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "360", "SubTopic": "10", "Section": "45", "Paragraph": "4", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482130/360-10-45-4" }, "r55": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "360", "SubTopic": "10", "Section": "50", "Paragraph": "1", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482099/360-10-50-1" }, "r56": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "470", "SubTopic": "10", "Section": "50", "Paragraph": "5", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481544/470-10-50-5" }, "r57": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "470", "SubTopic": "50", "Section": "40", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481303/470-50-40-2" }, "r58": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "470", "SubTopic": "50", "Section": "40", "Paragraph": "4", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481303/470-50-40-4" }, "r59": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "505", "SubTopic": "10", "Section": "50", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481112/505-10-50-3" }, "r60": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "505", "SubTopic": "10", "Section": "50", "Paragraph": "8", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481112/505-10-50-8" }, "r61": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "505", "SubTopic": "10", "Section": "S99", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480008/505-10-S99-1" }, "r62": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "505", "SubTopic": "30", "Section": "45", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481549/505-30-45-1" }, "r63": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "505", "SubTopic": "30", "Section": "50", "Paragraph": "4", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481520/505-30-50-4" }, "r64": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "718", "SubTopic": "20", "Section": "55", "Paragraph": "12", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481089/718-20-55-12" }, "r65": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "718", "SubTopic": "20", "Section": "55", "Paragraph": "13", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481089/718-20-55-13" }, "r66": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "810", "SubTopic": "10", "Section": "45", "Paragraph": "15", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481231/810-10-45-15" }, "r67": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "810", "SubTopic": "10", "Section": "45", "Paragraph": "16", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481231/810-10-45-16" }, "r68": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "810", "SubTopic": "10", "Section": "45", "Paragraph": "24", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481231/810-10-45-24" }, "r69": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "810", "SubTopic": "10", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-1" }, "r70": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "810", "SubTopic": "10", "Section": "50", "Paragraph": "2AA", "Subparagraph": "a", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-2AA" }, "r71": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "810", "SubTopic": "10", "Section": "50", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-3" }, "r72": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "810", "SubTopic": "10", "Section": "50", "Paragraph": "4", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-4" }, "r73": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "810", "SubTopic": "10", "Section": "50", "Paragraph": "4", "Subparagraph": "(e)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-4" }, "r74": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "810", "SubTopic": "10", "Section": "50", "Paragraph": "5A", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-5A" }, "r75": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "810", "SubTopic": "10", "Section": "50", "Paragraph": "5A", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-5A" }, "r76": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "810", "SubTopic": "10", "Section": "50", "Paragraph": "6", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-6" }, "r77": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "810", "SubTopic": "10", "Section": "50", "Paragraph": "9", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-9" }, "r78": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "810", "SubTopic": "10", "Section": "55", "Paragraph": "4I", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481175/810-10-55-4I" }, "r79": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "810", "SubTopic": "10", "Section": "55", "Paragraph": "4J", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481175/810-10-55-4J" }, "r80": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "10", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-1" }, "r81": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "10", "Section": "50", "Paragraph": "1A", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-1A" }, "r82": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "10", "Section": "50", "Paragraph": "1A", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-1A" }, "r83": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "10", "Section": "50", "Paragraph": "1B", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-1B" }, "r84": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "10", "Section": "50", "Paragraph": "4", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-4" }, "r85": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "10", "Section": "50", "Paragraph": "4A", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-4A" }, "r86": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "10", "Section": "50", "Paragraph": "4A", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-4A" }, "r87": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "10", "Section": "50", "Paragraph": "4B", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-4B" }, "r88": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "10", "Section": "50", "Paragraph": "4B", "Subparagraph": "(c)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-4B" }, "r89": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "10", "Section": "50", "Paragraph": "4C", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-4C" }, "r90": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "10", "Section": "50", "Paragraph": "4C", "Subparagraph": "(e)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-4C" }, "r91": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "10", "Section": "50", "Paragraph": "4D", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-4D" }, "r92": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "10", "Section": "50", "Paragraph": "5", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-5" }, "r93": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "10", "Section": "50", "Paragraph": "7", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-7" }, "r94": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "10", "Section": "50", "Paragraph": "8", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-8" }, "r95": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "815", "SubTopic": "25", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480238/815-25-50-1" }, "r96": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "820", "SubTopic": "10", "Section": "50", "Paragraph": "2", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482106/820-10-50-2" }, "r97": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "825", "SubTopic": "10", "Section": "50", "Paragraph": "11", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482907/825-10-50-11" }, "r98": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "825", "SubTopic": "10", "Section": "50", "Paragraph": "12", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482907/825-10-50-12" }, "r99": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "825", "SubTopic": "10", "Section": "50", "Paragraph": "28", "Subparagraph": "(f)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482907/825-10-50-28" }, "r100": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "835", "SubTopic": "30", "Section": "45", "Paragraph": "1A", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482925/835-30-45-1A" }, "r101": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "835", "SubTopic": "30", "Section": "45", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482925/835-30-45-2" }, "r102": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "835", "SubTopic": "30", "Section": "45", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482925/835-30-45-3" }, "r103": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "835", "SubTopic": "30", "Section": "55", "Paragraph": "8", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482949/835-30-55-8" }, "r104": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "850", "SubTopic": "10", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483326/850-10-50-1" }, "r105": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "850", "SubTopic": "10", "Section": "50", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483326/850-10-50-3" }, "r106": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "942", "SubTopic": "210", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-03.10)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479853/942-210-S99-1" }, "r107": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "942", "SubTopic": "210", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-03.12)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479853/942-210-S99-1" }, "r108": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "942", "SubTopic": "210", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-03.15(1),(5))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479853/942-210-S99-1" }, "r109": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "942", "SubTopic": "210", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-03.15(5))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479853/942-210-S99-1" }, "r110": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "942", "SubTopic": "210", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-03.15)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479853/942-210-S99-1" }, "r111": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "942", "SubTopic": "210", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-03.17)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479853/942-210-S99-1" }, "r112": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "942", "SubTopic": "470", "Section": "50", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480848/942-470-50-3" }, "r113": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Name": "Accounting Standards Codification", "Topic": "942", "SubTopic": "825", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480981/942-825-50-1" }, "r114": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "205", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//205/tableOfContent" }, "r115": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(19)(a))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r116": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(19))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r117": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(20))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r118": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(24))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r119": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(28))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r120": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(29))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r121": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(30)(a)(1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r122": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(30)(a)(3))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r123": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(30))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r124": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(31))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r125": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(32))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r126": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.5-03(10))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-2" }, "r127": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.5-03(20))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-2" }, "r128": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.5-03(8))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-2" }, "r129": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.5-03.2(a),(d))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-2" }, "r130": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.5-03.4)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-2" }, "r131": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.5-03.6)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-2" }, "r132": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.5-03.7(b))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-2" }, "r133": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.5-03.8)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-2" }, "r134": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.5-03.9)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-2" }, "r135": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "230", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//230/tableOfContent" }, "r136": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "12", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-12" }, "r137": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "13", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-13" }, "r138": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "24", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-24" }, "r139": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "25", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-25" }, "r140": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "28", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-28" }, "r141": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "235", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//235/tableOfContent" }, "r142": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "310", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SAB Topic 4.E)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480418/310-10-S99-2" }, "r143": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "360", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482099/360-10-50-1" }, "r144": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "360", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482099/360-10-50-2" }, "r145": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "360", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SAB Topic 5.CC)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480091/360-10-S99-2" }, "r146": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "440", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//440/tableOfContent" }, "r147": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "470", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//470/tableOfContent" }, "r148": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "25", "Paragraph": "10", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481284/470-20-25-10" }, "r149": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "5", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-5" }, "r150": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "505", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481112/505-10-50-6" }, "r151": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "505", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "7", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481112/505-10-50-7" }, "r152": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "505", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.3-04)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480008/505-10-S99-1" }, "r153": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "810", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//810/tableOfContent" }, "r154": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "810", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "23", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481231/810-10-45-23" }, "r155": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "810", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1A", "Subparagraph": "(a)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-1A" }, "r156": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "815", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//815/tableOfContent" }, "r157": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "942", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-03(1)(a))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479853/942-210-S99-1" }, "r158": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "942", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-03(10))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479853/942-210-S99-1" }, "r159": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "942", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-03(11))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479853/942-210-S99-1" }, "r160": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "942", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-03(13))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479853/942-210-S99-1" }, "r161": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "942", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-03(15))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479853/942-210-S99-1" }, "r162": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "942", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-03(16))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479853/942-210-S99-1" }, "r163": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "942", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-03(22))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479853/942-210-S99-1" }, "r164": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "942", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-03(23))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479853/942-210-S99-1" }, "r165": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "942", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-04(15))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483589/942-220-S99-1" }, "r166": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "942", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-04(22))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483589/942-220-S99-1" }, "r167": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "942", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-04.9)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483589/942-220-S99-1" }, "r168": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "970", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//970/tableOfContent" }, "r169": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "972", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//972/tableOfContent" }, "r170": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "974", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//974/tableOfContent" }, "r171": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "976", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//976/tableOfContent" }, "r172": { "role": "http://fasb.org/us-gaap/role/ref/legacyRef", "Topic": "978", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//978/tableOfContent" }, "r173": { "role": "http://fasb.org/us-gaap/role/ref/otherTransitionRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "11B", "Subparagraph": "(b)", "SubTopic": "10", "Topic": "310", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481962/310-10-50-11B" }, "r174": { "role": "http://fasb.org/us-gaap/role/ref/otherTransitionRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "15", "Subparagraph": "(d)", "SubTopic": "10", "Topic": "310", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481962/310-10-50-15" }, "r175": { "role": "http://fasb.org/us-gaap/role/ref/otherTransitionRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6", "SubTopic": "10", "Topic": "310", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481962/310-10-50-6" }, "r176": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "2", "Subparagraph": "(a)", "SubTopic": "20", "Topic": "740", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482659/740-20-45-2" }, "r177": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "20", "SubTopic": "210", "Topic": "946", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480555/946-210-45-20" }, "r178": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "3", "SubTopic": "360", "Topic": "944", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479638/944-360-45-3" }, "r179": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "4", "SubTopic": "360", "Topic": "944", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479638/944-360-45-4" }, "r180": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "SubTopic": "10", "Topic": "810", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-1" }, "r181": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "SubTopic": "360", "Topic": "944", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479607/944-360-50-1" }, "r182": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(b)", "SubTopic": "10", "Topic": "275", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482861/275-10-50-1" }, "r183": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(c)", "SubTopic": "10", "Topic": "275", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482861/275-10-50-1" }, "r184": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(d)", "SubTopic": "10", "Topic": "275", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482861/275-10-50-1" }, "r185": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "11", "SubTopic": "10", "Topic": "275", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482861/275-10-50-11" }, "r186": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "12", "SubTopic": "10", "Topic": "275", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482861/275-10-50-12" }, "r187": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "14", "SubTopic": "30", "Topic": "842", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479773/842-30-50-14" }, "r188": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3A", "Subparagraph": "(a)", "SubTopic": "30", "Topic": "842", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479773/842-30-50-3A" }, "r189": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3A", "Subparagraph": "(b)", "SubTopic": "30", "Topic": "842", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479773/842-30-50-3A" }, "r190": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.4-08(h))", "SubTopic": "10", "Topic": "235", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480678/235-10-S99-1" }, "r191": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Accounting Standards Codification", "Topic": "606", "Publisher": "FASB", "URI": "https://asc.fasb.org//606/tableOfContent" }, "r192": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Regulation S-K (SK)", "Number": "229", "Section": "1402", "Paragraph": "(a)", "Publisher": "SEC" }, "r193": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Name": "Regulation S-K (SK)", "Number": "229", "Section": "1402", "Paragraph": "(b)", "Subparagraph": "(1)", "Publisher": "SEC" }, "r194": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "105", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "6", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479343/105-10-65-6" }, "r195": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "105", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "6", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479343/105-10-65-6" }, "r196": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "205", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483499/205-20-50-1" }, "r197": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "205", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "7", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483499/205-20-50-7" }, "r198": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r199": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(17))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r200": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(18))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r201": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(27)(b))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r202": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(28))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r203": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(29))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r204": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(3)(a)(4))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r205": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(4))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r206": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(6))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r207": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(7))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r208": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "210", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483466/210-20-50-3" }, "r209": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "210", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "10", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483444/210-20-55-10" }, "r210": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1A", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482790/220-10-45-1A" }, "r211": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1B", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482790/220-10-45-1B" }, "r212": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482765/220-10-50-4" }, "r213": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "5", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482765/220-10-50-5" }, "r214": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482765/220-10-50-6" }, "r215": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(210.5-03(11))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-2" }, "r216": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.5-03(1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-2" }, "r217": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.5-03(25))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-2" }, "r218": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "5", "Subparagraph": "(SAB Topic 6.B)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-5" }, "r219": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "17", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-17" }, "r220": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-2" }, "r221": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "24", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-24" }, "r222": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "25", "Subparagraph": "(e)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-25" }, "r223": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482913/230-10-50-2" }, "r224": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "8", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482913/230-10-50-8" }, "r225": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483426/235-10-50-1" }, "r226": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.4-08(c))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480678/235-10-S99-1" }, "r227": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.4-08(g)(1)(ii))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480678/235-10-S99-1" }, "r228": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.4-08(k)(1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480678/235-10-S99-1" }, "r229": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.4-08(k)(2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480678/235-10-S99-1" }, "r230": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.4-08(m)(1)(iii))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480678/235-10-S99-1" }, "r231": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.4-08(m)(2)(ii))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480678/235-10-S99-1" }, "r232": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.4-08(n))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480678/235-10-S99-1" }, "r233": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.12-04(a))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480678/235-10-S99-3" }, "r234": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "23", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483421/250-10-45-23" }, "r235": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "24", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483421/250-10-45-24" }, "r236": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "5", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483421/250-10-45-5" }, "r237": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(b)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483443/250-10-50-1" }, "r238": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(b)(3)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483443/250-10-50-1" }, "r239": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "11", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483443/250-10-50-11" }, "r240": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "11", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483443/250-10-50-11" }, "r241": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483443/250-10-50-3" }, "r242": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483443/250-10-50-4" }, "r243": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "7", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483443/250-10-50-7" }, "r244": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "7", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483443/250-10-50-7" }, "r245": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "8", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483443/250-10-50-8" }, "r246": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "9", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483443/250-10-50-9" }, "r247": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//260/tableOfContent" }, "r248": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "10", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-10" }, "r249": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "16", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-16" }, "r250": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-2" }, "r251": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "22", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-22" }, "r252": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "23", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-23" }, "r253": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "28A", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-28A" }, "r254": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-3" }, "r255": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "40", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-40" }, "r256": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "40", "Subparagraph": "(b)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-40" }, "r257": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "40", "Subparagraph": "(b)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-40" }, "r258": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "40", "Subparagraph": "(b)(3)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-40" }, "r259": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "40", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-40" }, "r260": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "42", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-42" }, "r261": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "60B", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-60B" }, "r262": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "60B", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-60B" }, "r263": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "60B", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-60B" }, "r264": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "7", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-7" }, "r265": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482662/260-10-50-1" }, "r266": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482662/260-10-50-1" }, "r267": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482662/260-10-50-2" }, "r268": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482662/260-10-50-3" }, "r269": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "15", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482635/260-10-55-15" }, "r270": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "270", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6A", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482964/270-10-50-6A" }, "r271": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "272", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483014/272-10-45-1" }, "r272": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "272", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482987/272-10-50-1" }, "r273": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "272", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482987/272-10-50-3" }, "r274": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//280/tableOfContent" }, "r275": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "15", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-15" }, "r276": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "21", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-21" }, "r277": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "21", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-21" }, "r278": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "22", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-22" }, "r279": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "22", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-22" }, "r280": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "22", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-22" }, "r281": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "22", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-22" }, "r282": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "22", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-22" }, "r283": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "22", "Subparagraph": "(e)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-22" }, "r284": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "22", "Subparagraph": "(f)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-22" }, "r285": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "22", "Subparagraph": "(g)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-22" }, "r286": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "22", "Subparagraph": "(h)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-22" }, "r287": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "22", "Subparagraph": "(j)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-22" }, "r288": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "25", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-25" }, "r289": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "25", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-25" }, "r290": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "26", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-26" }, "r291": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "30", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-30" }, "r292": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "30", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-30" }, "r293": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "30", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-30" }, "r294": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "30", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-30" }, "r295": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "31", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-31" }, "r296": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "32", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-32" }, "r297": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "32", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-32" }, "r298": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "32", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-32" }, "r299": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "32", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-32" }, "r300": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "32", "Subparagraph": "(e)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-32" }, "r301": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "32", "Subparagraph": "(f)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-32" }, "r302": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "34", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-34" }, "r303": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "40", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-40" }, "r304": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "41", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-41" }, "r305": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "41", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-41" }, "r306": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "42", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-42" }, "r307": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "310", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481990/310-10-45-2" }, "r308": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "310", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481962/310-10-50-1" }, "r309": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "310", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481962/310-10-50-2" }, "r310": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "310", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481962/310-10-50-4" }, "r311": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "310", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481569/310-20-50-1" }, "r312": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "323", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481664/323-10-45-1" }, "r313": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "323", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Subparagraph": "(a)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481687/323-10-50-3" }, "r314": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "323", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481687/323-10-50-3" }, "r315": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "326", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "4", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479654/326-10-65-4" }, "r316": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "326", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "5", "Subparagraph": "(c)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479654/326-10-65-5" }, "r317": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "326", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479344/326-20-45-1" }, "r318": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "326", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "13", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479319/326-20-50-13" }, "r319": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "326", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "13", "Subparagraph": "(f)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479319/326-20-50-13" }, "r320": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "326", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "5", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479319/326-20-50-5" }, "r321": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "350", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482573/350-20-50-1" }, "r322": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "350", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482573/350-20-50-1" }, "r323": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "350", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482573/350-20-50-1" }, "r324": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "350", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482573/350-20-50-1" }, "r325": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "350", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482573/350-20-50-1" }, "r326": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "350", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(e)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482573/350-20-50-1" }, "r327": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "350", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(f)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482573/350-20-50-1" }, "r328": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "350", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(g)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482573/350-20-50-1" }, "r329": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "350", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(h)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482573/350-20-50-1" }, "r330": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "350", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(a)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482665/350-30-50-1" }, "r331": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "360", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Subparagraph": "(f)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482099/360-10-50-3" }, "r332": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "420", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482017/420-10-50-1" }, "r333": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "420", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SAB Topic 5.P.4(d))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479823/420-10-S99-2" }, "r334": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "440", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482648/440-10-50-4" }, "r335": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "440", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482648/440-10-50-4" }, "r336": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "450", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483076/450-20-50-4" }, "r337": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "450", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "9", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483076/450-20-50-9" }, "r338": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "450", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SAB Topic 5.Y.Q2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480102/450-20-S99-1" }, "r339": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "450", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SAB Topic 5.Y.Q4)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480102/450-20-S99-1" }, "r340": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1A", "Subparagraph": "(SX 210.13-01(a)(4)(i))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1A" }, "r341": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1A", "Subparagraph": "(SX 210.13-01(a)(4)(iii)(A))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1A" }, "r342": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1A", "Subparagraph": "(SX 210.13-01(a)(4)(iii)(B))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1A" }, "r343": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1A", "Subparagraph": "(SX 210.13-01(a)(4)(iv))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1A" }, "r344": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1A", "Subparagraph": "(SX 210.13-01(a)(5))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1A" }, "r345": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1B", "Subparagraph": "(SX 210.13-02(a)(4)(i))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1B" }, "r346": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1B", "Subparagraph": "(SX 210.13-02(a)(4)(iii)(A)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1B" }, "r347": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1B", "Subparagraph": "(SX 210.13-02(a)(4)(iii)(A))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1B" }, "r348": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1B", "Subparagraph": "(SX 210.13-02(a)(4)(iii)(B)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1B" }, "r349": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1B", "Subparagraph": "(SX 210.13-02(a)(4)(iii)(B))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1B" }, "r350": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1B", "Subparagraph": "(SX 210.13-02(a)(4)(iii)(C))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1B" }, "r351": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1B", "Subparagraph": "(SX 210.13-02(a)(4)(iv))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1B" }, "r352": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1B", "Subparagraph": "(SX 210.13-02(a)(5))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1B" }, "r353": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1B", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1B" }, "r354": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1B", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1B" }, "r355": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1B", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1B" }, "r356": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1B", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1B" }, "r357": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1B", "Subparagraph": "(e)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1B" }, "r358": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1B", "Subparagraph": "(f)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1B" }, "r359": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1B", "Subparagraph": "(g)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1B" }, "r360": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1B", "Subparagraph": "(h)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1B" }, "r361": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1B", "Subparagraph": "(i)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1B" }, "r362": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1C", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1C" }, "r363": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1C", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1C" }, "r364": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1C", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1C" }, "r365": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1D", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1D" }, "r366": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1D", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1D" }, "r367": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1D", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1D" }, "r368": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1E", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1E" }, "r369": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1E", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1E" }, "r370": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1E", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1E" }, "r371": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1E", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1E" }, "r372": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1F", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1F" }, "r373": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1F", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1F" }, "r374": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1F", "Subparagraph": "(b)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1F" }, "r375": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1F", "Subparagraph": "(b)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1F" }, "r376": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1I", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1I" }, "r377": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1I", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1I" }, "r378": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1I", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1I" }, "r379": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1I", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1I" }, "r380": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Subparagraph": "(b)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-4" }, "r381": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Subparagraph": "(b)(3)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-4" }, "r382": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-6" }, "r383": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "505", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "13", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481112/505-10-50-13" }, "r384": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "505", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "13", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481112/505-10-50-13" }, "r385": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "505", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "13", "Subparagraph": "(e)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481112/505-10-50-13" }, "r386": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "505", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "13", "Subparagraph": "(h)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481112/505-10-50-13" }, "r387": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "505", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "14", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481112/505-10-50-14" }, "r388": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "505", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481112/505-10-50-2" }, "r389": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "505", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.3-04)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480008/505-10-S99-1" }, "r390": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "606", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "17", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479806/606-10-50-17" }, "r391": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "606", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "18", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479806/606-10-50-18" }, "r392": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "606", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "18", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479806/606-10-50-18" }, "r393": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "606", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "19", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479806/606-10-50-19" }, "r394": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "606", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "20", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479806/606-10-50-20" }, "r395": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "606", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "20", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479806/606-10-50-20" }, "r396": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "606", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "20", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479806/606-10-50-20" }, "r397": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "606", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "20", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479806/606-10-50-20" }, "r398": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "606", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479806/606-10-50-4" }, "r399": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "606", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "5", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479806/606-10-50-5" }, "r400": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "715", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(d)(i)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480506/715-20-50-1" }, "r401": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "715", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(n)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480506/715-20-50-1" }, "r402": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "715", "SubTopic": "80", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "5", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480576/715-80-50-5" }, "r403": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "718", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "35", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480483/718-10-35-2" }, "r404": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "718", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480454/718-10-45-1" }, "r405": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "718", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Subparagraph": "(f)(2)(ii)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480429/718-10-50-2" }, "r406": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "718", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Subparagraph": "(f)(2)(iii)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480429/718-10-50-2" }, "r407": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "718", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Subparagraph": "(f)(2)(iv)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480429/718-10-50-2" }, "r408": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "718", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "15", "Subparagraph": "(e)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480336/718-10-65-15" }, "r409": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "718", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "15", "Subparagraph": "(f)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480336/718-10-65-15" }, "r410": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "718", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "15", "Subparagraph": "(f)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480336/718-10-65-15" }, "r411": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "740", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "10", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482685/740-10-50-10" }, "r412": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "740", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "8", "Subparagraph": "(d)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482615/740-10-65-8" }, "r413": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "740", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "8", "Subparagraph": "(d)(3)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482615/740-10-65-8" }, "r414": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "740", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SAB TOPIC 6.I.7)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479360/740-10-S99-1" }, "r415": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "810", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "19", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481231/810-10-45-19" }, "r416": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "810", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "25", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481231/810-10-45-25" }, "r417": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "810", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "25", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481231/810-10-45-25" }, "r418": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "810", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1A", "Subparagraph": "(a)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-1A" }, "r419": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "810", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1A", "Subparagraph": "(c)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-1A" }, "r420": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "810", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Subparagraph": "(bb)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-3" }, "r421": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "810", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481203/810-10-50-3" }, "r422": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "815", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4E", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-4E" }, "r423": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "815", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "5C", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-5C" }, "r424": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "815", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "6", "Subparagraph": "(e)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480528/815-20-65-6" }, "r425": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "815", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "6", "Subparagraph": "(h)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480528/815-20-65-6" }, "r426": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "815", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "6", "Subparagraph": "(h)(1)(i)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480528/815-20-65-6" }, "r427": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "815", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "6", "Subparagraph": "(h)(1)(iii)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480528/815-20-65-6" }, "r428": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "815", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "6", "Subparagraph": "(h)(1)(iv)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480528/815-20-65-6" }, "r429": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "815", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "6", "Subparagraph": "(i)(3)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480528/815-20-65-6" }, "r430": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "815", "SubTopic": "40", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "5", "Subparagraph": "(f)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480237/815-40-50-5" }, "r431": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "815", "SubTopic": "40", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "1", "Subparagraph": "(e)(3)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480175/815-40-65-1" }, "r432": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "815", "SubTopic": "40", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "1", "Subparagraph": "(e)(4)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480175/815-40-65-1" }, "r433": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "815", "SubTopic": "40", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "1", "Subparagraph": "(f)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480175/815-40-65-1" }, "r434": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "820", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482106/820-10-50-2" }, "r435": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "820", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Subparagraph": "(bbb)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482106/820-10-50-2" }, "r436": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "825", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "2", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482736/825-10-45-2" }, "r437": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "825", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "10", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482907/825-10-50-10" }, "r438": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "825", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "28", "Subparagraph": "(f)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482907/825-10-50-28" }, "r439": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "830", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "17", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481694/830-30-45-17" }, "r440": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "830", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "20", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481694/830-30-45-20" }, "r441": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "830", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "20", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481694/830-30-45-20" }, "r442": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "830", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "20", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481694/830-30-45-20" }, "r443": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "830", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "20", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481694/830-30-45-20" }, "r444": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "830", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481674/830-30-50-1" }, "r445": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "830", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481674/830-30-50-2" }, "r446": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "835", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483013/835-20-50-1" }, "r447": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "835", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482925/835-30-45-3" }, "r448": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "835", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482900/835-30-50-1" }, "r449": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "842", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479041/842-20-45-1" }, "r450": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "842", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479041/842-20-45-1" }, "r451": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "842", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147478964/842-20-50-1" }, "r452": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "842", "SubTopic": "30", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//842-30/tableOfContent" }, "r453": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "842", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479016/842-30-45-3" }, "r454": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "842", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479773/842-30-50-1" }, "r455": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "842", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "12", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479773/842-30-50-12" }, "r456": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "842", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479773/842-30-50-3" }, "r457": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "842", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "5", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479773/842-30-50-5" }, "r458": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "842", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "5", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479773/842-30-50-5" }, "r459": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "842", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "5", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479773/842-30-50-5" }, "r460": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "848", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "2", "Subparagraph": "(a)(3)(iii)(03)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483550/848-10-65-2" }, "r461": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "850", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//850/tableOfContent" }, "r462": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "850", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483326/850-10-50-1" }, "r463": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "850", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483326/850-10-50-1" }, "r464": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "850", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483326/850-10-50-1" }, "r465": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "850", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483326/850-10-50-1" }, "r466": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "850", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483326/850-10-50-2" }, "r467": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "850", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483326/850-10-50-3" }, "r468": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "850", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483326/850-10-50-6" }, "r469": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "852", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "14", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481435/852-10-45-14" }, "r470": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "855", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//855/tableOfContent" }, "r471": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "855", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483399/855-10-50-2" }, "r472": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "855", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483399/855-10-50-2" }, "r473": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "860", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Subparagraph": "(c)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481326/860-20-50-3" }, "r474": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "860", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1A", "Subparagraph": "(b)(1)(i)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481420/860-30-50-1A" }, "r475": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "860", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1A", "Subparagraph": "(b)(1)(ii)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481420/860-30-50-1A" }, "r476": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "860", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1A", "Subparagraph": "(b)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481420/860-30-50-1A" }, "r477": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "910", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482546/910-10-50-6" }, "r478": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "924", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SAB Topic 11.L)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479941/924-10-S99-1" }, "r479": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "932", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "15", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482274/932-235-50-15" }, "r480": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "932", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "15", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482274/932-235-50-15" }, "r481": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "932", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "20", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482274/932-235-50-20" }, "r482": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "932", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "20", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482274/932-235-50-20" }, "r483": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "932", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "28", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482274/932-235-50-28" }, "r484": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "932", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "28", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482274/932-235-50-28" }, "r485": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "932", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "33", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482274/932-235-50-33" }, "r486": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "932", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "33", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482274/932-235-50-33" }, "r487": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "932", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "35A", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482274/932-235-50-35A" }, "r488": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "932", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "35A", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482274/932-235-50-35A" }, "r489": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "932", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "8", "Subparagraph": "(c)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482274/932-235-50-8" }, "r490": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "932", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "8", "Subparagraph": "(c)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482274/932-235-50-8" }, "r491": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "942", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-04(27))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483589/942-220-S99-1" }, "r492": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "942", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-05(b)(2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479557/942-235-S99-1" }, "r493": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(15))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r494": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(1)(d))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r495": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(10))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r496": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(12))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r497": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(19))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r498": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r499": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(21))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r500": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(22))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r501": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(23)(a)(4))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r502": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(24))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r503": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(25))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r504": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-04(11))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483586/944-220-S99-1" }, "r505": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-04(16))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483586/944-220-S99-1" }, "r506": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-04(17))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483586/944-220-S99-1" }, "r507": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-04(18))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483586/944-220-S99-1" }, "r508": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-04(23))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483586/944-220-S99-1" }, "r509": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-04(9))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483586/944-220-S99-1" }, "r510": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-16(Column A))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-1" }, "r511": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-16(Column B))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-1" }, "r512": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-16(Column C))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-1" }, "r513": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-16(Column D))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-1" }, "r514": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-16(Column E))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-1" }, "r515": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-16(Column F))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-1" }, "r516": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-16(Column G))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-1" }, "r517": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-16(Column H))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-1" }, "r518": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-16(Column I))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-1" }, "r519": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-16(Column J))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-1" }, "r520": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-16(Column K))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-1" }, "r521": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.12-17(Column A))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-2" }, "r522": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.12-17(Column B))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-2" }, "r523": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.12-17(Column C))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-2" }, "r524": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.12-17(Column D))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-2" }, "r525": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.12-17(Column E))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-2" }, "r526": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.12-17(Column F))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480149/944-235-S99-2" }, "r527": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "40", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "7A", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480081/944-40-50-7A" }, "r528": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "40", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "2", "Subparagraph": "(e)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480016/944-40-65-2" }, "r529": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "40", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "2", "Subparagraph": "(f)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480016/944-40-65-2" }, "r530": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "40", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "2", "Subparagraph": "(f)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480016/944-40-65-2" }, "r531": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "40", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "2", "Subparagraph": "(g)(2)(i)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480016/944-40-65-2" }, "r532": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "944", "SubTopic": "40", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "2", "Subparagraph": "(h)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480016/944-40-65-2" }, "r533": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480424/946-10-50-1" }, "r534": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480424/946-10-50-2" }, "r535": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.6-03(d))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479886/946-10-S99-3" }, "r536": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.6-03(i)(1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479886/946-10-S99-3" }, "r537": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.6-03(i)(2)(i))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479886/946-10-S99-3" }, "r538": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.6-03(i)(2)(ii))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479886/946-10-S99-3" }, "r539": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.6-03(i)(2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479886/946-10-S99-3" }, "r540": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "11", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480990/946-20-50-11" }, "r541": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480990/946-20-50-2" }, "r542": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "5", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480990/946-20-50-5" }, "r543": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480990/946-20-50-6" }, "r544": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "205", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480767/946-205-45-3" }, "r545": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "205", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "3", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480767/946-205-45-3" }, "r546": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "205", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "4", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480767/946-205-45-4" }, "r547": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "205", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480737/946-205-50-2" }, "r548": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "205", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "27", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480737/946-205-50-27" }, "r549": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "205", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "7", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480737/946-205-50-7" }, "r550": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "205", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "7", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480737/946-205-50-7" }, "r551": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "205", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "7", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480737/946-205-50-7" }, "r552": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "205", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "7", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480737/946-205-50-7" }, "r553": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "205", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "7", "Subparagraph": "(e)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480737/946-205-50-7" }, "r554": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "205", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "7", "Subparagraph": "(f)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480737/946-205-50-7" }, "r555": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "205", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "7", "Subparagraph": "(g)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480737/946-205-50-7" }, "r556": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "205", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "7", "Subparagraph": "(h)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480737/946-205-50-7" }, "r557": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "21", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480555/946-210-45-21" }, "r558": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "4", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480555/946-210-45-4" }, "r559": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(a)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480524/946-210-50-1" }, "r560": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(b)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480524/946-210-50-1" }, "r561": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(b)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480524/946-210-50-1" }, "r562": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(c)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480524/946-210-50-1" }, "r563": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "12", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480524/946-210-50-12" }, "r564": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6", "Subparagraph": "(a)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480524/946-210-50-6" }, "r565": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6", "Subparagraph": "(a)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480524/946-210-50-6" }, "r566": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6", "Subparagraph": "(a)(4)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480524/946-210-50-6" }, "r567": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6", "Subparagraph": "(e)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480524/946-210-50-6" }, "r568": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6", "Subparagraph": "(f)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480524/946-210-50-6" }, "r569": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r570": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(12)(b)(1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r571": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(12)(b)(2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r572": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(12)(b)(3))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r573": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(13)(a)(2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r574": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(13)(a)(3))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r575": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(14))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r576": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(15))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r577": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(16)(a))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r578": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(17))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r579": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(19))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r580": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(2)(a))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r581": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(2)(b))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r582": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(3)(a))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r583": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(3)(b))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r584": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(3)(c))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r585": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(4))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r586": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(5)(a)(5))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r587": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(5)(b))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r588": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(6)(b))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r589": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(6)(c))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r590": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(6)(d))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r591": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(6)(e))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r592": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(7)(a))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r593": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(8))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r594": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(9)(b))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r595": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(9)(c))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r596": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(9)(d))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r597": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(9)(e))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r598": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.6-05(2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-2" }, "r599": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.6-05(4))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-2" }, "r600": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "3", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483581/946-220-45-3" }, "r601": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "7", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483581/946-220-45-7" }, "r602": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483580/946-220-50-3" }, "r603": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r604": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(2)(a))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r605": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(2)(c)(2)(i))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r606": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(2)(c)(2)(ii))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r607": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(2)(c))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r608": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(2)(e))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r609": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(2)(g)(3))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r610": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(3))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r611": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(7)(a)(1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r612": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(7)(a)(2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r613": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(7)(a)(3))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r614": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(7)(a)(5))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r615": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(7)(a)(6))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r616": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(7)(a)(7))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r617": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(7)(c)(1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r618": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(7)(c)(2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r619": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(7)(c)(3))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r620": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(7)(c)(5))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r621": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(7)(c)(6))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r622": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(7)(c)(7))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r623": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(9))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r624": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.6-09(1)(d))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-3" }, "r625": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.6-09(4)(b))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-3" }, "r626": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.6-09(6))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-3" }, "r627": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.6-09(7))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-3" }, "r628": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481062/946-235-50-2" }, "r629": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "235", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Subparagraph": "(e)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481062/946-235-50-2" }, "r630": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "310", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480833/946-310-45-1" }, "r631": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-12(Column A)(Footnote 2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-1" }, "r632": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.12-12A(Column A)(Footnote 2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-2" }, "r633": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.12-12B(Column A)(Footnote 4)(a))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-3" }, "r634": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.12-12B(Column A)(Footnote 4)(b))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-3" }, "r635": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "5", "Subparagraph": "(SX 210.12-13(Column A)(Footnote 3))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-5" }, "r636": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "5", "Subparagraph": "(SX 210.12-13(Column C))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-5" }, "r637": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "5", "Subparagraph": "(SX 210.12-13(Column G)(Footnote 8))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-5" }, "r638": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "5A", "Subparagraph": "(SX 210.12-13A(Column B))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-5A" }, "r639": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "5A", "Subparagraph": "(SX 210.12-13A(Column E))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-5A" }, "r640": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "5A", "Subparagraph": "(SX 210.12-13A(Column F))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-5A" }, "r641": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "5B", "Subparagraph": "(SX 210.12-13B(Column E)(Footnote 4))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-5B" }, "r642": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "5B", "Subparagraph": "(SX 210.12-13B(Column E))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-5B" }, "r643": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "5C", "Subparagraph": "(SX 210.12-13C(Column H)(Footnote 7))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-5C" }, "r644": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "5C", "Subparagraph": "(SX 210.12-13C(Column H))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-5C" }, "r645": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "6", "Subparagraph": "(SX 210.12-14(Column A)(Footnote 2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-6" }, "r646": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "505", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481004/946-505-50-1" }, "r647": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "505", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481004/946-505-50-2" }, "r648": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "505", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481004/946-505-50-2" }, "r649": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "505", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481004/946-505-50-2" }, "r650": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "505", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481004/946-505-50-2" }, "r651": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "946", "SubTopic": "505", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481004/946-505-50-3" }, "r652": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "954", "SubTopic": "310", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481058/954-310-45-1" }, "r653": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "954", "SubTopic": "440", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480327/954-440-50-1" }, "r654": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "970", "SubTopic": "360", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-28(Footnote 4))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479438/970-360-S99-1" }, "r655": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "976", "SubTopic": "310", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482856/976-310-50-1" }, "r656": { "role": "http://www.xbrl.org/2003/role/disclosureRef", "Topic": "978", "SubTopic": "310", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482707/978-310-50-1" }, "r657": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Subparagraph": "(e)", "SubTopic": "10", "Topic": "235", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483426/235-10-50-4" }, "r658": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4D", "Subparagraph": "(a)(1)", "SubTopic": "10", "Topic": "815", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-4D" }, "r659": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "13H", "Subparagraph": "(a)", "SubTopic": "40", "Topic": "944", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480046/944-40-55-13H" }, "r660": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483467/210-10-45-1" }, "r661": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483467/210-10-45-1" }, "r662": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "210", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "16", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483444/210-20-55-16" }, "r663": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "210", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "21", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483444/210-20-55-21" }, "r664": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "210", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "22", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483444/210-20-55-22" }, "r665": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "13", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-13" }, "r666": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483426/235-10-50-4" }, "r667": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483426/235-10-50-4" }, "r668": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Subparagraph": "(f)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483426/235-10-50-4" }, "r669": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "52", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482635/260-10-55-52" }, "r670": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "30", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-30" }, "r671": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "31", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-31" }, "r672": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "310", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "12A", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481933/310-10-55-12A" }, "r673": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "350", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "24", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482548/350-20-55-24" }, "r674": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1B", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1B" }, "r675": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "69B", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481568/470-20-55-69B" }, "r676": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "69C", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481568/470-20-55-69C" }, "r677": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "69E", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481568/470-20-55-69E" }, "r678": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "69F", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481568/470-20-55-69F" }, "r679": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "505", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "13", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481112/505-10-50-13" }, "r680": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "606", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "91", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479777/606-10-55-91" }, "r681": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "715", "SubTopic": "80", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "8", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480547/715-80-55-8" }, "r682": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "805", "SubTopic": "50", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479908/805-50-55-1" }, "r683": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "810", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "4J", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481175/810-10-55-4J" }, "r684": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "810", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "4K", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481175/810-10-55-4K" }, "r685": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "852", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "10", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481372/852-10-55-10" }, "r686": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "944", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479401/944-30-55-2" }, "r687": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "944", "SubTopic": "40", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "29F", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480046/944-40-55-29F" }, "r688": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(b)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480524/946-210-50-1" }, "r689": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6", "Subparagraph": "(a)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480524/946-210-50-6" }, "r690": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480493/946-210-55-1" }, "r691": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "946", "SubTopic": "310", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480833/946-310-45-1" }, "r692": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-12(Column A)(Footnote 2)(i))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-1" }, "r693": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.12-12A(Column A)(Footnote 2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-2" }, "r694": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.12-12B(Column A)(Footnote 1)(a))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-3" }, "r695": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "5C", "Subparagraph": "(SX 210.12-13C(Column A)(Footnote 1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-5C" }, "r696": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "5C", "Subparagraph": "(SX 210.12-13C(Column B)(Footnote 1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-5C" }, "r697": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "946", "SubTopic": "320", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "6", "Subparagraph": "(SX 210.12-14(Column A)(Footnote 2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480032/946-320-S99-6" }, "r698": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "946", "SubTopic": "830", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "10", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480167/946-830-55-10" }, "r699": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "946", "SubTopic": "830", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "11", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480167/946-830-55-11" }, "r700": { "role": "http://www.xbrl.org/2003/role/exampleRef", "Topic": "946", "SubTopic": "830", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "12", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480167/946-830-55-12" }, "r701": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b" }, "r702": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b-2" }, "r703": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "d1-1" }, "r704": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Form 10-Q", "Number": "240", "Section": "308", "Subsection": "a" }, "r705": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Forms 10-K, 10-Q, 20-F", "Number": "240", "Section": "13", "Subsection": "a-1" }, "r706": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Regulation S-T", "Number": "232", "Section": "405" }, "r707": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Securities Act", "Number": "7A", "Section": "B", "Subsection": "2" }, "r708": { "role": "http://www.xbrl.org/2003/role/recommendedDisclosureRef", "Topic": "272", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483014/272-10-45-3" }, "r709": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "12", "SubTopic": "10", "Topic": "230", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-12" }, "r710": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "SubTopic": "20", "Topic": "842", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147478964/842-20-50-3" }, "r711": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Subparagraph": "(g)(1)", "SubTopic": "20", "Topic": "842", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147478964/842-20-50-4" }, "r712": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4CC", "SubTopic": "10", "Topic": "815", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-4CC" }, "r713": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4H", "SubTopic": "40", "Topic": "944", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480081/944-40-50-4H" }, "r714": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.5-03(1))", "SubTopic": "10", "Topic": "220", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-2" }, "r715": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "205", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483504/205-10-50-1" }, "r716": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r717": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(10))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r718": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(17))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r719": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "210", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.5-02(3)(a)(4))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480566/210-10-S99-1" }, "r720": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482765/220-10-50-6" }, "r721": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.5-03(b)(7)(c))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-2" }, "r722": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "220", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "2", "Subparagraph": "(SX 210.5-03(b)(9)(a))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483621/220-10-S99-2" }, "r723": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "15", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-15" }, "r724": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "28", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-28" }, "r725": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "28", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482740/230-10-45-28" }, "r726": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482913/230-10-50-2" }, "r727": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "230", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "8", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482913/230-10-50-8" }, "r728": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.4-08(d))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480678/235-10-S99-1" }, "r729": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.4-08(f))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480678/235-10-S99-1" }, "r730": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.4-08(g)(1)(ii))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480678/235-10-S99-1" }, "r731": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.4-08(k)(1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480678/235-10-S99-1" }, "r732": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.4-08(k)(2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480678/235-10-S99-1" }, "r733": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "235", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.12-04(a))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480678/235-10-S99-3" }, "r734": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "23", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483421/250-10-45-23" }, "r735": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "24", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483421/250-10-45-24" }, "r736": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "250", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "5", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483421/250-10-45-5" }, "r737": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "55", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482689/260-10-45-55" }, "r738": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "260", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482662/260-10-50-1" }, "r739": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "18", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-18" }, "r740": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "280", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "30", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482810/280-10-50-30" }, "r741": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "323", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481664/323-10-45-1" }, "r742": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "323", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Subparagraph": "(a)(3)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481687/323-10-50-3" }, "r743": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "323", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481687/323-10-50-3" }, "r744": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "410", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "10", "Subparagraph": "(c)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481931/410-30-50-10" }, "r745": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "450", "Name": "Accounting Standards Codification", "Publisher": "FASB", "URI": "https://asc.fasb.org//450/tableOfContent" }, "r746": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "450", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "9", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483076/450-20-50-9" }, "r747": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "450", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SAB Topic 5.Y.Q2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480102/450-20-S99-1" }, "r748": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1A", "Subparagraph": "(SX 210.13-01(a)(4)(i))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1A" }, "r749": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1A", "Subparagraph": "(SX 210.13-01(a)(4)(ii))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1A" }, "r750": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1A", "Subparagraph": "(SX 210.13-01(a)(4)(iii))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1A" }, "r751": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1A", "Subparagraph": "(SX 210.13-01(a)(4)(iv))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1A" }, "r752": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "470", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1B", "Subparagraph": "(SX 210.13-02(a)(4)(iv))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480097/470-10-S99-1B" }, "r753": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1B", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1B" }, "r754": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "470", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1D", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481139/470-20-50-1D" }, "r755": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "606", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "5", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479806/606-10-50-5" }, "r756": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "606", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "55", "Paragraph": "91", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479777/606-10-55-91" }, "r757": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "715", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1", "Subparagraph": "(d)(ii)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480506/715-20-50-1" }, "r758": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "805", "SubTopic": "50", "Name": "Accounting Standards Codification", "Section": "15", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480123/805-50-15-3" }, "r759": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "805", "SubTopic": "50", "Name": "Accounting Standards Codification", "Section": "25", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480060/805-50-25-1" }, "r760": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "805", "SubTopic": "50", "Name": "Accounting Standards Codification", "Section": "30", "Paragraph": "1", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480027/805-50-30-1" }, "r761": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "805", "SubTopic": "50", "Name": "Accounting Standards Codification", "Section": "30", "Paragraph": "2", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480027/805-50-30-2" }, "r762": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "815", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1A", "Subparagraph": "(d)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-1A" }, "r763": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "815", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "1B", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480434/815-10-50-1B" }, "r764": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "815", "SubTopic": "40", "Name": "Accounting Standards Codification", "Section": "65", "Paragraph": "1", "Subparagraph": "(e)(3)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480175/815-40-65-1" }, "r765": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "820", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2", "Subparagraph": "(bbb)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482106/820-10-50-2" }, "r766": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "825", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "28", "Subparagraph": "(f)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147482907/825-10-50-28" }, "r767": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "842", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "12", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479773/842-30-50-12" }, "r768": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "850", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483326/850-10-50-3" }, "r769": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "852", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "7", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481404/852-10-50-7" }, "r770": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "852", "SubTopic": "10", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "7", "Subparagraph": "(b)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481404/852-10-50-7" }, "r771": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "860", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Subparagraph": "(c)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481326/860-20-50-3" }, "r772": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "860", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Subparagraph": "(c)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481326/860-20-50-3" }, "r773": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "860", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "3", "Subparagraph": "(c)(3)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481326/860-20-50-3" }, "r774": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "860", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Subparagraph": "(b)(1)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481326/860-20-50-4" }, "r775": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "860", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Subparagraph": "(b)(2)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481326/860-20-50-4" }, "r776": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "860", "SubTopic": "20", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "4", "Subparagraph": "(b)(3)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147481326/860-20-50-4" }, "r777": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "942", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-03(1)(a))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479853/942-210-S99-1" }, "r778": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "942", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.9-04(14)(d))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483589/942-220-S99-1" }, "r779": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(1)(d))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r780": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(10))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r781": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(15)(a))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r782": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(16)(a)(1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r783": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(16)(a)(2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r784": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r785": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "944", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.7-03(a)(5))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479440/944-210-S99-1" }, "r786": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "944", "SubTopic": "30", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "2B", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479432/944-30-50-2B" }, "r787": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "946", "SubTopic": "205", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "4", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480767/946-205-45-4" }, "r788": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "50", "Paragraph": "6", "Subparagraph": "(a)(3)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480524/946-210-50-6" }, "r789": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(12)(b)(1))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r790": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "946", "SubTopic": "210", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-04(18))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479617/946-210-S99-1" }, "r791": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "3", "Subparagraph": "(i)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483581/946-220-45-3" }, "r792": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.6-07(7)(a)(8))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-1" }, "r793": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.6-09(4)(b))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-3" }, "r794": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "946", "SubTopic": "220", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "3", "Subparagraph": "(SX 210.6-09(7))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147483575/946-220-S99-3" }, "r795": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "946", "SubTopic": "310", "Name": "Accounting Standards Codification", "Section": "45", "Paragraph": "1", "Subparagraph": "(a)", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147480833/946-310-45-1" }, "r796": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "948", "SubTopic": "310", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-29(Footnote 4))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479851/948-310-S99-1" }, "r797": { "role": "http://www.xbrl.org/2009/role/commonPracticeRef", "Topic": "970", "SubTopic": "360", "Name": "Accounting Standards Codification", "Section": "S99", "Paragraph": "1", "Subparagraph": "(SX 210.12-28(Footnote 2))", "Publisher": "FASB", "URI": "https://asc.fasb.org//1943274/2147479438/970-360-S99-1" } } } ZIP 84 0001627282-23-000059-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001627282-23-000059-xbrl.zip M4$L#!!0 ( '&4:5?R[Z>#NRP" +WI) 0 8W=D+3(P,C,P.3,P+FAT M;>Q]ZW>C2)+O]_TKN)JYN]7G2"I>>KFZ=8]*EJ>TZ[(]EJM[9[_LP9"RF4*@ MYF%;\]??S 2]7R E(H'8LU-M"029$;^(C%=&_OK_/B:6$98C0W@W_5?!?T7"'X[[TWS3A =+\\>. M.ZG5Z*_ZSG3FFB^OOB"+LC*_*[KH7FECM:&TQF+-T"2CIC8U5.LH:JO61HV& MUC3DAJP\5U^NQL98$=O-3JTA-Z2:*J%&K8.,<4V1=1TA0VM*>J-J7(T;J*V+ M+:DE:?@ASYVVT91D655$41XKBJ&3U[[Z>'YXCK9W%7BU%TV;_E9Y]?WIU>?/ M8\U[KCONR^?HPF78O>+8NB\IEHLM0Z])[PCN4L_-TW+V?PV7L2;* M-4F>/\1 &R3SD%Y_<=X^XPMKW,!OJ^%K:V^C6[=?Q.!W?QY^KNQN%'7+/,9N;I3UYT)?:O8441Z MYY6EV2^_59!=^S&J8. BS>C^.D&^)I#?UM"?@?GV6Z7OV#X6R-K3;(J9IX>? M?JOXZ,/_3%_ZN?MO__9OO_JF;Z$N?G-M_HY?/X??_?HY?/*S8\RZOQKFF^#Y M,PO]5C%,;VIILRO;L1%^O_EQ16Y$;OBG:1C(IG_BZW=8*;BF'K[^PW]$X]\J M>@U3V=8FY$G(O!K8^'6S/AZNB]]P8WJ8KO] FCNPC6NLIRI""(+?*A@X5P;^IC;!3WG%:F_?JX=E^^_P=]X\S=@OG8)]5F]X '?[ACKKY JW;^?\8(>?KI! MWV!I+^M4&YL?R*B--8LHN>AMTJ&\<-#X\"Z-<>+=S9%3,4'Y1][7GGC:CJ1=2&PS?"%=C#! E;9'$0# M#$ NCG!X_^MHFZ.:.0[^L]7Q\)X]\AH_-F=XR/Z[6AJF3X6NVB1?"2Z!1.1 M< 0_0%P,M*%B4-<;';4Q'^M\<%WZQ8H(N6B,,'!UY.T0?*)?KCRJIO'@!:IO MKGPL[K]5/',RM8C.IM^]NG1N*S)>__ ,_(3/ZX$7[]\9S0$SPE<^HFN,%<1 MO>AL"$KFWR,JR/-/ID$^CTWD"O3Y:*=*[@__:UW -W_B'H M#S\:^&4?&'.ZZ7]'!,N"8>*KH8&VQ"N>$OE-W](\[WY,D=K[,+U*=WY+WYE@ MI4>O]\('_?IYY_,7I%@,(P9S0@/"#^DM8=:T%M.+KL2C-Y%;2FSO5<.87-![ M@C0O<%$W&AF].'_$_-K\,WG&;OXIQ>#?5W[YMTYOE3=Z8]L.$]+V',LD9H!! MS1(3>2&I=UZ=#3YT*S!,^^5WS36U9PL-\10Q_/SYCW\?#E)FR)H".U&@ KH6 MK$M,9,1?_1A=)Q>F!C"7 7.)_T.MSO.EK9DOALP5VT[*SQY<;)NYLZ_(1F/\ M=/PGOS*VSH86L($':6AS8+*F [ .7S-CR#-)Y$UVYM+QB"PB.@_8S9@]D;!2 MZ,IY7V>K5]8EZLZQW96+1P2GF,L;0]A+J3NA ([!X+#LR6*H- M;IU^0$;&.B-GX0G&ECI'RQL_RB)G00V 1/I:HMQA%5Y6,WY41+GC.\7 PUGZ M836D_H#<$4E&+3!AF&^8EZNWTA2UYCL+SB:,OF_]GGQYC6QG8MJ['AL1YFB* M;.T1G]='?S3X+Z4>7CO5JN8K%]2L"P1FN^S*WL4B^DL7,$"YS&]_C MB> L$*$.D\L1 -LN?6AF4 M/W$72@/ Q 2,'!\P,D/ \69ZCCN[0<@KJ3F,N'BXS, MCYQ%<6 M?1E9@CESE+EE7T9K'W;: MV! \5L[##^&YBUXD)/R=8Y,9N8YE8;K/#>_HP&76DLXX%4S[R&$BQB[/#"*_P! UI8Q#US*N^]^ MP4#H!MG/.F\F[RY[$TPBBT H2_KG/2AQZ4 H2]KG MW?&_:""4)>&YJT3@U'E-B?R<'2G&<&JMO+O:1312-WU&-;[/V&14/-/*NV>? M68PW"V;Q6/V>!1WR[G&G'>C@@4?\N\I\F#(\\"KOOFXF7=/\\L$?!_O!VWAWT(GH4/. B[_& MK()L6? J[U&!R\=NLN 2_PX]3S64K X];>?=N2[B I<.JSO\^_%E#YDQ8W7> MPP89A]^<1$-U;7$2[(NOJR:5TABWOWV; H2LN)6ZFY^ M7@B1=\<[DQ1\5LSBWW7.VJ3D@DUY=WLOVM&=V1YQ2]>E MCB(RY77>_?ELFKHS9 DXC,D?MXC#A=NZ\Z0\GEWZ3/IZ\Z0_CPXZ6G-+>]^ M=Q%MU4WG,>[F>YG=YGM)RKN/GUD<,1-N<=>V/BM"Y-WWSBJ.F 6S9/Z=YZQ- M2B[8E'>_][)Q1%9;BR4Y[^YN$6VSM'C-OW==]C@B.U[GW9_/*([(C@%Y+Z[/ M(([(COAYCSA<.H[(CO)Y=^FSB2.RHS\/3GI:<\N[WUU$6W73>8S;"$)FUPA" M4O+NXV<61\R$6WEW];,*GV7"K+S'!RX?/LN$3?R[]CR%SUCMH):4O+O9131) MTN(U_QY]V<-G['B=]P!"1N$S=@S(>QPA@_ 9.^+GO:C_TN$S=I3/>X@CF_ 9 M,_JKJ4<2,IP;MW[W([(PN(P'["O-GES-]C2=K%W>U]GJE2V@N2L7S[5I/-?' MAHKM.99ID(<."(5,%*%[Y]79X$.W @/#_'?--;5G"\WA/O_Q[\-!RNYFLM/K MF;F;*K=1 8#29380LH,2MY&+4Z#T"#C*2B5Q&XD!'.5*'W$7Y3G,OSEB=C)J M]N":$\V=?44V&N.GXS]9!7]21G5>M1!W<2- #\>Z)[#-$#K12!?@F=#@$>KJ M[\9\%O-'S"_-/Y-G;#W/#ZQB![M^[(^2^F3I:I\+0?L.O)(Q\0.[8<2>:K:."*/R%B-D! M&?B6D$7/P'^>(F;B]9TV\"%ZL4K&)6;\JI6)R7"F#8'%]J<%M4F#TPTED1 '+< M96C*864?7F9[GH?\[YJMO=#\IU0>F/.P\C>X2S65PR0&F>!8)B!G!LC-)W(A M2\<7CB ,D0B^7"8'TS'0^4P^;_[G<#)UG3>J^G-S3*+4 MX#*KF$40 &!W2=B5*.F78]BM1?INS _R'R]!Q(\CP)4H_06 XP%P7*:5\NI. M2JV8]OCJK2=FW\.1[2QQ"2^=D'UO1Z[V:TZ7P]37+Q'=^ W^ P_FQL5$QI//S3+S1<*.-O<5 ) FY@N0::(@56E(MX8\+31R M&77F'HUWCNN_>N;+*P'@R G\UZECXJ'DA^]7M.2T7R$N8 M81%&TI8DWQE-6KE^2E")N_AQN>$9FSR)\KFWFFW@>\A_TLWC\A"1:W$7!,\@ M!P]B5DAH6;-]K$M+![Y(7OTJRY$%P,2HR= MQ;P :&$;3R."[S2,YQ=/L(I;W*5SR@I)L(?/UZ_\TW<[I[.PF1HVQKA& M;\AR:*E?=&]B_9'7*!1WF6$0)A"FG,:>.MSEJ4&80)AR&G'J<)KD+2D..,T-3EG&H#K<99G!.,FY?#PBS1I@2/KHJ^O\ M1"X6C6*'GCK\R35_05O6IOIN-J MUC?, _\5K(]BE'[*(I>95X!CCN#(0N M^U1R')U+GZ4ZC$XUOG-\=!V@[]H,0T?-CZT(*1T )I=6(R1S& * ;)8?#C$, M_E.S \V- P5>!80?W2EQE] !B!8 HBRUJ,1=D@<@FE>(\N"/2]QEB7C!3^WV(2<"P9%FY"XE \#C%GA,-1YW.1P 'E_ X\)#YBZADR>4/KVB_T*^ M'J.@(<EU5KF+I,"8,P5&)DNX-RE8P",_(.1BS6=NSP- M7\CE*U^S3X+^4VZL-*[\F^L$TSQM^)(A%P,@S'P-A[P,@#!?:S%WJ%T_S0/L@, M;-UQ$8-\#%]RPB](4UK,%4X3/H [_G#'$'8YYQM#D[@O[H$JH4&:EI+,V1D M 'M9K0'LY6*!AG0,#^@Y4V"&KF._.XZ1ISHSE=,\"B"/1^2Q7)Q53C,I M@#QND,?#TJQRFG@I&4P9H">+)N$J9$2*@)Z,6MJID-;@ 3WGCF,EX.TX'BG% M]M"OY\18@W0& Y,J)@,P&&R#TKXN_&=@(\RI1BGPR%0W0H(#\,B1?FQPE_8X^?"*2YY=P9E8\(%+EGJRP5U2 M!'"95UPRU9>0!>$!$.E):S)QY4AA0H(%@,FEQN0N=Q.;!:F>]E)*\> (EMQE M< "6.84ETV4\9WF<[,^*OG7L%_SPR35Z]I]F4[0.@EL'@^5!FY%!Y <$.4N@ M C26*"XS%P\:O8+6G+]NVF;DV"2[J(#\$I#QW"9B-B$E_8!\,HEO)KX=X:FY ?K@2AW?-B=I!(O->SC96E8?U:3L%1*C.5=*:E M6+0QQQ90G"#-PR).^4TNS'\\_W[^F?QZ'["YBR>GYZZ#R)1)9#:!SF6$.IW M 0"]S$#G+@H/<,P9')E:SB7*!P#0RPST$F4F .@E!GJ+NQQ)3L-3[&R^%G?I M"C[KL?;I*ZJ*(CG\IDVFOF,/;7L4F/CK;_B:=1EU$#]BRX^[T>(N0P+0XQAZ M3!C1.X#XYI^][7V>@58?O,L0L(/Z::C[N<$,"/<_@QU7Y<9F[X M@]_%DN2)5GI*HQE>Z>]UQS H.;^CG2.]QF]5.@>XY-UT'*([^HNW[ZCCSMFV,9NA/GT&:.E!VD.@!V M&6@[2'(P0T'?='4+W3ICWV-X&BT?43ZFJ@YR&X"Y2^LY2&KD=WF]:;_T_B=7MAVD-0!\66F^#N0UF&%AY 3^ZY34\-'&S[I3N#67I=KK M0 X#D)>-SN,N7Y&$UW]@S-VX>$;X36%,@0&S^80^']!CJO2X2UH ]#B&'E.M M!YF+''&>J=*!Y$&..,]4YB%^SX#SMZ:-[L=]S'PS1T(/8?0\L9ZIU$,TFP'K M?]A>'M=Z"";GBO<,Y5X1(99[!N^)LSO %'4FICZT_QFXLVO3TSQ\(^U1E!<- MH(@05\TI"ICJ NYBG%D=0@3X2D7+EPUN7@G*6EI8@ MVU,V03G;;FXPT])<)IGX U]A>D'FRVKNQ+>:.ZRL9HG+O!B(!*\BP8'9(L4W M6R1F9@MWZ;VRI8]! ,LM@)!R+9>8G.TU2,R\!DAKYDE!)C':F8I5=GURUQR) M#DDTQ7,D.NLYJ?,4-*1$8R(IRV;W7(:5>&@PO2D+YZT8D)_-+QHOVNI7JDD2 MJZ(4"1*@9Y@--\A KF9]R?+ NQN(3Z!1J]KOF.=,-(/-]Q8V_) M6::)#,E99I I^C/ $]S0&(0.]ZY?D/*T6Q)9&:8<)G) MY _K7#ILV71O9I=*D2&+!^!+&C.(G6^6&>:;94CZG6@SIK:7$80B MX,X(H0CZH@3C(_*02XH_#/21?F19B1]95EA9"0JDVQC@-4$GW]AO#)]VH^FF MA6>V_KY'].98;]A^7;\I337-M.9&@81;:5!WIH;^0[.LD>\BY/^G$[BV9L5U M5<]4R%F59BJ0ZBN-:.0%HH%MAOC$WX5466!T0NTF1$5U<77^F/G%^6?RG'VP MAZS>66Y$5FTY189Q P6R7;G$ ,O6K HDG7*) 9;MQ14NTSE9M!??>74V^-"M MP,#&QD[0X1__/ARD'ZU(L+&460,$AKQ/;!\\T:;F-;L$7GA[(G'[6!>D+$7%#O<)0WRB)V^,YD@ M5R\!7E0N8^8%./XDKWC@,II=@'XS><4#ER'<^W<;N=ZK.5U1V9IEXCN?M(^> M\8;=->T%W4])MQ$2J)N12I?;AX*R*&?AQM3,_=B+_^A5<]$CF@:N_HK- +S& MO[C:RO+_-9@]:_K/Z/M4,Y%MAO$F-6ZBE'/N? ]3+N170WL: M[$B-;=YQ;7JZ$]@^B^I?P&XV2HS+@"D X>*1+:%@W](\ M[WX\\AU]HZD4":*Z@-SEW(=D[['GZ"85H!:?Q%2U$IZD)8(N/&=2:8 M.WCIU$B[J_OQ0'-MC%;O ;D43E]GNQ^PSN#!9&HY,X0H[^^GY%'I\SGNAFVF M?.8NO%IP/LOQ^2PSY'.#N[!HP?F_>5MQ5RE&]Q%1$O![:S6:N["GJ7@=E8K-K?ARD)S.ZMU.V?10-Y* M:-?Z"VN3J>_80]L>!2;^FNE9@S>:Z?ZN60&&\4I0_JOFF9L UEQW1DX-020Y MBXS>A 3L%S\G$7S+(;_/39EW(V>!2L#H,8P./!\3P4?WX\5/<@U0[H*3 - B M*%&6V9X&=X%5P&CNE2A+@#:YBPCG%Z"G]2XKJAIEN=0WN8MG TH+H$B90I2[ M4#Q M!B*E.ERSUT* 5!: $7*%*+NY2]8 1/.N0IGB M$])+Q<(G'RJ4Z2H/V:5B090#%,4/F4Z![CCW0/+^\6I/ID@XI MHX)@DP.ER128D"@J"##Y4)I,%W3($!4$FQPH3:; A-00,V"NG@587K7)=$F' MK%!AT,F!XF0*34@(%0::?"A.ILLZ9(0*@TX.%.=9T%P<16?@V]XTLNU_YUET MR\OS!R4XC*X-B::8@)\3>0G[1]/;Z&0X'PUI,#MZUZ:LWOX-&2]8SUXCSWRQ M:8.(]??>.;8174,&OXC>Q![DD5+"7K^(T&-IA;8A4030RTCK01XH9]QGJG@@ MV9(S[C.5?4AG9&=MGP #'KI5MB'3D%_,9-3SL@WQ__QB)J/.F6T(S.<7,QGU MWVQ#N#PS-SJGYDP' LZYA4Q&UDP'XL2YA4Q&QDP'XKNYA4Q&MDR'N[CLG/R+ M(]2^!IYI(\\;A8_PEGGW:_2&+&=*OHTN%E2N.0^?XJ^&F%<;4GV/YXBOV2]S MQITKON2E#ZYC!+I_[XZ0^V;J&T>?]CP/^=\U6WNAR)%8O'&_^N+@<,/C,D)Z M.BPI4%,00KK&(@(>L2 MPGD6 6 *,"4PY3QQL0[3K6L#RYR888D#?U#-*R2XS$L 9VJJR'GX_X)K2@G= M:09B,K3?\)3)NQZ0.W;; MFFRC9[R9GN/.;A J[-(&6?J=P@+YE2R%I8QQA;Q*"GB%#*:5QGA+O]01H<&)(1C">$R(P(P!9BNPS17V:+2=6[(!!)< MYH2 ,Y@SD/@HL3O-0$PRV@:5B:QPEW(IIQ?/HZ""H*P*"G>YGC*Z\B FO(M) MKK);@-4R8U7)5:*OG)T;,L$%EYDM8,^,CKX)5K1\BHG7.:] *P UEU@Y3(5F#UNN"KRS@087.:]^.S< MD E_N$NWE&%[]AD@O6"[@$SPR&5>HY2L4',5MB^*:L@K6+B,Y4,^$H*VAT + M&0X(GN8+L=RE&"\ *8-T%5BY3@=GCAI\B[ZR MP67>B\/.#5GQA[MT2QFV9Y\!TDNU"\@*CUSF- ,Y@PD/DKL3C,0DXRV064B*]RE7,KIQ?,HJ" H*X+2 MYB[74T97'L2$=S')578+L%IJK.8JT5?.S@V9X(++S!:P9\X>[I(JG(6,"[EU M,.NP0EZ%!?(KT+D!4CQQ)(6[%$\9'?P2K6AYE1,N\UX 5@#K+K!RF0K,'C=< M%7EG @PN\UY\=F[(@C\=[M(M9=B>?09(+]@N(!,\Y@NQW*49RA@\!;S&QBMWP7X #?^@R57DNX1!O0Z7 MT5Y^HC>+-3%X]M"? 9["X W_\S2;;E03;=QP[GL-9%[=HA?-"B>V7'GO'-=_ M]GU]Z_W-[VT\9G4I-$FN2$@>=&[>>ATXN0\[\H),SE"3385)- MD9*BY+/Y<84)Z@2NCKSPXRO2##IXPWSK_HK_H> QQPW4UL66U)(T16T]=]I& M4Y)E51%%>:PHAOZ_Q&%<_L;S9Q8&$=;VM5=$Z':E-*?^EW?3\%^O)%'\OQ5Z M7_=7;ZK9W5^?W<_XU^'?X4.V'D4&7-,L\\6^TA'! 7Z"3T QO^'9UM-F5:5O8_*[1'WW!R'G!@WMV?-^97#7PV-Z0ZYNZ9D4O MH>\++T?#[G3JC6:;C-S']/&-^8NC2=7II#[[QO:U3KO>$?=?%NO2XMIG^FQW M?L.<>%._0G^')T6H]%M%J6S,.YH)OE,PG(#0Y2]85+],-8-82E>B(-%G+%_R MF1)B%]-"TOC.](KP;!?AR1CFM^,A.>X5>1EYWQA#JS;6)J8UN_J/)RQ:GG"' MWH5'9Z+9_U'U--NK>1B,X_!&S_P7NI+:^"WTXWLXVQ9^#F55-'M))K3[<3=\ M&EP+HZ?>TV"T#I8C,,EBM*-!_\?C\&DX& F]NVMA\-_];[V[OPV$_OWW[\/1 M:'A_E^$4U%A3^$/S7C%T?,>N"M?U?EV0Q8;:V3OL%=@H','FYO[QN_ K5FRV M8]\%$_P078CTWR,:DV51J@BV1I8\HOZO'3V81!9)A:J^,;ZAB]?@OU/UN'Q* M=XL2K"1KW1 M:291O/NT[%R/RM,/HDE7X6VA\39MG&E\O/^!'TP>[L4%@KH)A)#FB4'^]P!; M%,BU9H]HBBVA*=[ 2OT)ZRU!4D1[A\%J?')^$6X MOQ&>O@V$%5V_T/.]_A.Y+'44=8U$AY?>B%0U0I>K#A[T_ N7#K-S$;T:3^W< M.*[@OR+ASSF&A-#(%+#MB8P3-.X#_?D@M%S7H4A<@]H$/^*5_*QF:+/:#&EN M#=ES:"IXQ453GQK>__X7J2E^4<2J0-RGHUH[,[,G'IWO'V..^.+V\!%M?TAG MR_6&W&&O[9MU[)^ MM]GTI "+I,$W_:K^[%F>0M]CUTZI\CZ_NFQ=S<:4JT. M"C^VPO<7,)IK_+'K3(3YI-,=VI8LT*']+_V_RXQ@-W$$W^&( AFXE/'(U' MT8OI$:GT[_"5.46:F-J]V^'7P6/_?B0,[_KUO%M"GP8?FN[3Z0O.6' 7TQ8T M3_"F2"DO-PM<. MJ5WA4N$EE>6AK4=5FEA'TL*1OA/8OCOK.\:Z4X1'I).4@(^FKO-&GK/TAEJ5 M[C6RM'?-18>%/H85MQ8X!GYM\.M)^QA&Z2^=\FQ]66I7NFJK)JMRLT/R.$=9 M<40P(EU%%#.FLT"S9NMA_D0V=Z;TWVW'?**8%["IZ6!;TQ7^&;BF9YATUPE1 M^N:J?-#;W!?--O]%/_^2!KA+0/-A_;$^J@N#R=1R9ICHZX@6[ISZ+LKNSE0U M#V2J3E II]X**\P^C=4S#!=Y7O2?6_P\::ZM.I5N&^LI85 7OI-51\.FU.\F M&::Q93P*B8WV[1?+BP2+6.F.?%3'7K:X^:+JJ2_JXS_OW2?G?;$L2A)^C8YY MZ1F:M;4RGOPBJK+NW0>\#&/UM,P:R95N[W\R7G]#:.[%$0FLD@^N!B'YE2SA,$'T@/? M?$/"_1CK<^3]DB!^E];BR!'I*" _85 )!%6_) C<<5".TJZW&Z?E6M6ZHL3S MU!(Y@.VZ*+>8/Y:.-MYC8Z[ZI7%I0GC'5[ADR>RY2%M3L2KV8=I;R_(O"5;+ M6P=3ZN'5L3>"=E*CTI4[C5JK*6X]_[QUDAT0"J'AEA'"?_]+6Y9:7SS!1Q:: M$I9$,=@J<:W"JGI!PQ# M##0J8L%9_5E\5;0$5XJ75I\&H46D8L,81JX7D!B MC+XCX#NH0R3)GYY_(0LM28>L_&SPH;]J]@L2>KI/+I-A+KTO=7$W^S5+@G M.&Z1UMM+O()C,KX=%BU5,TE^ID*^L,-(KI#(N=##/Y],'#('1_]9%?Y*U@A) MF&JN\*99 2(9?\%[W9%7$.)+ O K)K\B;1,JFP6S6IA9?UR?4)?#A/RL%55> M(N4GBMK<) PS\YOI.Z((US-W4IOH2L_0_MP2L+XV-7W-$DBY-_+W!>1/L+K_ M&7B^.9YE9'8/;8,D&I#P/!/T5Z3_%":DGOW]%=$$$#&QEYG^*^&3](OPJGFT M?,00-,O"5TDQ&S':_PQ,8K)C2_T913?@ARZL=H7DB\(ZKGBVNV#@JWBU)[=. M7:0CNO9+LD!+43WA$WX>9JG@!7@)\UX=4F\PKXGR7S5_8_#"N[8^2EH"0W\< MS>&7+X)F&\(G.9SC,P8&OO[\3SP#?7$X>Q^X+KX<6%Q(-$[ON8'W@*9G4KW'\C;J_XV(O1 MM)U,IWU"P5".= L5.2QM$]/WL7PB"TN=Z]AD7;)F5"ZGCD>N.%&!T;R=EO". MG@7/]%%5,,?XQEE50'A%FPETNRKIF/B&A&O-UP12M[:IIY9O7'G%:M3A,< _ M4L4&T4J/Z"6PPJSLJ/8D?"*E[JTOLB+7HQO\5Y.6/DU)Z5/:^BL<^F+<"_V$ MO%^2:Y\58A%:1"I(T'0=:Q^B6@PJ3FX5R]C. M;P4L"[4=%[!0:X(WP9H+O\B=+^C$N<-TF-6QX8/H^PTT-FU:RTT3AR0Z+..I M[!D%O2Q]F=^V=?8Z)=" M1E/%>J.90C:NWE39)^-2&FRGWI:YW[C#U)6\W2UC:6VOV>U,)]:/C/8N.8FS M>]SSLP>UC!+PX[FQ'L(?>1+&A1S[5K++[7_ MCB]8?11/08SV64+EX&A28:+DFC?,/-J8X&!G@L2:*9WZ9.X1.L!T>R' ?'&= M=_\5\'D(GW-B_8W2JA^2ZBA.E00XS5\DGP2_!+0;1:2^:*<[;(YWQ>%H] VO M@;9#8V"!%_JK>*IA>XD=FY"QSTO>9PYDY E+ DEJX']DJ2JW.M6&JH15 M'S1*N%XB0@3#I;H57XJH>^.&YT0)@6V&M U_7=F@MUS!LJ2;V-3S?JL,[VYV MY"3INT;D52/ZB/O I^H:(V&='78PJ1F.7XL>B&T3;'#@9XD+YC0K74FIMIM* M59(["\%B9\N4#?3H.:":>G7'1ZK4JW556E)OZ?>GQV7]=G1[[' MV'O&#JSC"4-;KY--]?C;.^+RY]HSYYC!?[V3XYU:4W:*I;LVHI^].HN?8@75'MV MD?:SIHTQ7*XTZUV;>97/:3647<&K)//1YD*2B1OV@=%O:[[CSK#T^6A+X/;/ M<=.EPB8WG@GM.Y+>9.@3KTAIDJG'LL#")'48!ZF&+860.YEGC"(U%.6'JO.O MW]'F-X&W^8T3+%)0V.2/OB3/[Z_GG%PT1JY'3/L-G7<&J=<6[B^7H_X^6E,H M/1%"+QOTA20G]0LW>&412$_3:-<'HC5$[]@'JEF.\S-RBORHO(@X4Z9-.35! MFDVN1L;N&&%5AITI;UE(96GO7EWX V$W[@V;V1JQ#/"MV($[\ ::<<0C)'OZ M ^S'A\5GA<0EAFXSC]#;PQ_?G8"7Q@'?H -%?1>/N6;IX/GX( M=NJT\9C\)BJ$<.8G6&!R>(&U]2.\A!OFO-T &O$OVLE-X MTD?JE%FZ1L(*V$ *,-OW4 H_R3 Q?LBPL1"9M!:(]CL+YXD12G;=ALX@+:5Y M>4&TA <[F%1"]A*V+@PG1!Z)HSG&HW#<':.C7 Q'@/#0O+F\5C$L?3IG@A9R MK(9/:W*J:Y0G$K*=,H^EU-8:TRF[_9,U-5?+4,]1Q=[,RJ/%0_BR1BY)K3<( M+3 03 (;;ZY*B#ZS/>15Y_AU"8 #\H4>5?>NU742^)+?V0@9894G>0T1/GQG MI++LER_ Q!292/FVRD@BU>2A(,!./$*L98$G:+-&>30L[T$1! MHW!]?R,&1+BX4+Z$\6?@Q 4Y@5*]-R8$JU,0@9B6]QUV4P(*4IP64LL'<(EY(&7:MQ ME3)JU8+WD?YJXTF\S 1OYI&#VR(1(\8O38 0&8Z>[86/HZ=\AQ:W35Q*B]:J MF-C!UOVY_X8=S2!TVP $:8NHYOOS<'3(.Y\4&H7N*W;]K; I*@I[NZ&0P3\1 M[=;O.;:-+0H-E#LJ$%3*(=8M.PPX."[C@7Z,E4^A-EZJL,6IL2+\X99 M0%RM%:MB)5RT&OT![J0M)?,E9(R=7,P7$ES!HN%,PBQMZ/8"&U)G@Q>03G$F MLO797%7IFO<:VN?D#Q*@>-,L&J# -O\$$><7WV69^()!3(TP7$%^,#<70H5G MH&=L*U!I(E>!E:EZ9CZVQ<.(A46.M*1[@HR):=/B%KHG<>HZ.J*; KW"I3Z& M]B)61DK/MG-.[PXI^(J21#3J_(8V=SA-M-GF5R1TOOG=/#RT^3U9V4T[V/H> M6]8FZ<^X_0MB%-C&UO-I&F3SVZF+2&/DK:\=:@!JUNIN+,_$)-;<>;B::-(J MB;%C0LQM>"++1$S[\WJ]U=5O$8E8@_#+Q-/D_:+ W&S5>N^-I5TO4( M36EN:E')ZB^W4S]O1;NPK(R%=S2?#FG51[)GCGMH:E5"#OS:,%TT)_,SYH2K MO=MA?ND=A0G B?83K284PA=Y6[FV4 86+=E+!/<5I-*4[JI>(9J$0CPZ76%U#R;Z@B\A.:%0][DU Z;[0A(;NA$?VW+5M<0H&=U> M#4P4[3-:U:#SO*4?ZM+WB#[AU MU!/5EZ1\D91>8F3&J4\D]5YYVB+>D?$OE13. 6HVV6\15^H=)5'M)#?;L2[9 M+/_H46 4*0]8SA-U1-3TGR^N@[5^+1JA/AZ+8SUI![;5?M9[)SX>IR/7>.;A M^ RD1R>]7-%UC-R%QZ1Q,Q;AU265WG^)4?+:),S$*_-0J DWBV*SX=) _/6S MMFLKV(E\CM/9>M\SF)UX"V>N1J8-& G [ ;<[E>X0^UR"5%_1):.%'W:F*MG@_TFJA!V&0&&D!2%F M"N-\&V.GPI!54!ALN$WV)6+_R"#%IP;QE.B:3L.97S6+NO:C5X2(6T^]_Q&: M^N&N+T4,MWU1?_\:Z=&W$OU6YL=F 47#,?1XMTQ T3#C=GNOHEF:)T3#W(>[ M<$AH?=Z\^ F_)0PQWN&7"M\=VJ-T0+-+>Q02 QT$QDXY4-D$8ZB+%=C>6\[XT MD< P LW#&HL=,(S*PNT6Z3%+*GQ(YXO=*BB%<#*8,.6 EB1Q;L- HI9]D!4 MH@R47!>^+TJ"_\,3KL,RW/ENM)ZM63//I/;,4K7T%RU6R#V/41WN6E0(C!< M81P0JKPGL4#I,.-WJQTI':4N_)TTYS7]E2+.H=5I'3+9C4ZWR0';(&421@$$" M,(H#HR9'!@E4[C+AJCHOW26UN_=T#Q27=;N@&+A5#!A"S0;8$Z7A=VM9H'M+ M-]\_++?:@R4! (H#('8* T(;O/.[(\X51J].HQ3"3;2Y',P+0$\<](!Y42)^ MKV1??MCA>56(-)$8:5;8\2>J75LV%@"C V 5!U9@=)2(W\UE/N4:C36:A?TQ M)6="(=MT7';J ZR0DL )K) 2\;NS3)I\)X6I(VV,L-&QDGT%JP-@% =&8'64 MAM^R*$=JHU'?3J9 N ,0% M!8&B4B-^-2&,TZ$@;'B(=8:!/L"\ /#$ 4^3 MH\V_P%4F7&U7NB-,6LUGX&: T5 2Q#3;A_1 @<[7;E;F/^+D?&UQGS$D&9(N M&>E4@-'CIA]ZCT]AT\7A7>^N/^S="L.[F_O'[[VGX?W==K/8F!3N5+B=\;SP MY(>M!8:Y?U/?:3,G_7R.SGR[J>I^+996=V!*BW[O=OAU\-B_'V&N]^M"[^Y: M&/WX.AI>#WN/P\$H3NOH;"=P?W<]N!L-K@7\U^C^=GC=>\(?OO9N,9@'PNC; M8/ T$C[]N.O]N![B*[]P/Z-/O>_W/^Z>"$.$IV_W/T:8)Z.J,/CO_N#A2<"2 MB2?5>QQ05CT,YI_PM'O[Y[8M>+EI[=P4ZPV%?1-FJ55OM-K,.T:+];;82&6P M[:Q:1F?!HI'3[_0:VI%P(ZO.=$L[[=* M#4/9UB:(W%E[T;3I%0$#AC>>&*) )R;\N*8HE6ZGT_CU\_J+NO_^%ZDI?CF' MLD0($U*89406<%Y4G#?BX#S,$F(G]<._LH-)S7!H6(C\:H<0J)6N5.W($D=B MD()APAVB'Y'GNZ9.P@[ZCJ5J,6TYV;1WBG.^,7]$MR$>0KZ&Y6N7%5;G7/1 MOQN!J2X"<>U'0- 1K;F)H"V0-#%(%(X04@;[_1%IEH#HF8F":;_AO^;G-B+_ M)&49U_;)-]2/*DO-&E"B#A2X/&22BXI4*ZJG39'EA+8TA=>#,[$D"I6NIUJ4VURA*$R M6-O+E9L>\Q#8^FJS8T1:")ZJ6LMA(QU1K>$^X^_(?W6,%5HGE0ZITE6JA$$^*-V.%D- MYLE"H^H1%=)?2:S(O'U-;E:Y:;2@\Q1%@L62- MFQ9[W+3)HMCB"C=EB#]!V2$C77E6V:':J70EL:J*+8XB!1!ZNK#:/ M"#;'2 M;5?E!D_!RS)8F%"7F(XV95E#UI!(76*G*JF0*2TRJ([J5Z:@DO&:W6E6I=;9 MBS:4)A;;R.[I.IZ![PGNHA#J]/6A'*;2D?5A3M%E9=D) JS0O3X*3Q83V-P7 M7A.8 $DE0))EG@I=RV!ZWSD^6M6I(;5K3 K RV$P'=&RE,!G24:CTE6DJM0^ M6\>"W6DURA!039I= M:S5S9(!"J#?WE=SEL(:.K L,*V^;$BVS:"G0WJG(@#JR+K $E$RJUA2U@,V@ MPE)NL=[I<*YQGQQ?L_9HV6-SCOKD1BW+%3QKPPE( W3:*_=X%]V] L0=E1(W MS&1"FN+HE/:1--))VD.I=!59Q>L1J[(4%DSCO%/;XI[-LVN0XTN>0K4_">7/ZAE"Z/TH!9U_U%4_)PJ!2<-P4E# M93IIJ-.NM\3F20<-R?6.VF1_=D^SKC1/.[_HR$%#TFG'%QT=; <.&MHM-'#0 M$!PTM(,&MZ;V;%JT41X-!X]\1__YZEA8T7G__I>V++6^"&'S+CB,J&3;TL/* MQ:DV(\L9G$I4EM-:)#%&H=Q#B(JDCFFCTFVH+/;_\9?R!H$HK$!(Z0E$L]*5 MU&JSP=-9!&7(@*^M;0*;:OQRY"TE^51I&)L?R*C]"[G.#D%H5;K4W)2_<)2E MA*PW<_0H2="SA9)VI:N2[;1"VF[XIKW ]=%MH^OW3FV'GY(:FK0@R[:#9DC2P.J32_<(/)" M6&N)!&M*BRLC/"E:269,DQ51MG+_(PO$^Q;9^Z3I\MI8OB4USI$8BADW3JG0;"FS] M+S1*CA0.Q$!)N])M%C"*FM%:K)>$1(QI2+HAJ*UC_2M6."@9MD<$6 M\QB'M,&F5KH=;/GR5.E9!LN78?E(2^GLQE1@U/*,DCB- MR ^CI(EM5SCW)M_E(^6P(!*U'S^U)*#=B@I,H?"NR%A*U'G\9"RU*9;49H[* M\PI07Y)#\YA-?4E);)YC981;-D\RH>V0LP [7-6$@>%\Z?3:F2#JB)6N4A7/ M;PO,GV%-WRVK>6DKSLBT/J,M<;X%Y4C;[#-$A!SIKG:J'68[87/1'1M =W[C MYS- )V/0B5*UJ;*J+KU ?V=_T7-X3E U[+_*?2= _D=8AFA3WYE,3'^"2*:4 M9$C[^!=X[,C6#RV*)^BX9,O*AV=>V:;U6\5W [0IXBMC[MG&VH@7LJP0)FX( M<3JZ.EU:=!C00MU+"]Y4"-?/N+0Z6.FO'3VB1NZ_VK"M_QEXOCF>A5^9MH&A M<%7KT&%GH5 >7#1&KHO(ZNCH/X41?@Q^^M>J\-=#N'] [NA5<]%!$W-X=[/C MN*?P=;3_[H/FWKLCGZ01?]>L "V?&BWVXD(H&H?E<-]X.FF-IUGIBG51W(X& M;GU!$J3"&WG<%V'O%#SR&N\@-<7#8Z<#]7J!_^JXF/]&/&MJ.:'6 0+O'EWG M@J,+HZ\-4:QB<8A!\W#$@K9X835]VM\'ON?C11E+_M$^*LN9=1+3/?G(AIX7 M;-+\T*"P:JAT;2<^G4WZ@O")3[BTF:K^/ @$\@^)0RJK/.<>.+.^^I7F>T#O1 M\):.6=[ANQ*:N9)XHMTM'3.\3QS.1N#3]-NE9(;U>N,3G5PQ*AN7-2F3DKY$ZVIY.9TTH&=881B!J>-B7-& ME]Q$3CJZTY@J8Q.Y556E)O[?MKUTPA?';>A#!C2$J$^RA=:Q347%T/3YX\0[,( M28=V/R1HPKI42<;FO=*NMF2>>LA A.'".3M68,+.F:)4);',^[KS&8BX19XG M^"[2O,"=A?&(JJ#YF&*>G]B).QP1?XK>0I?G:*6.'I/0X,>^L]QJ515UNZQD M;KN[:!JX^JOF108\DYF0 X5VS.+&<=\UUWA5QG:8@SR, MO&5E9@NW^T!I3%WH'0KY5P6R[PP)[_@93"N\8C+[8(&7S*KL[!R^'1RA$K<$ M;5W"!,?=ST[P%,\SD'8P.FDQBL+NW#AP)R^,I$\,S:-X4#IN'RDR398WY>W^ MM[\4Q.?D;A-23]>#21!V_S+0V-3-TQJ(Y]=/2"0)6TK5P^/'?VV*Q"/R-?PF M8Z"Y-J:'MT+FZY#*B85#P6:/6E6;V^T8XPL'.*$\@VM+S5X.7"IV%>1J2^0$ M7&78_DE7RU?',I#K42NJ]45 ?P:F/Q,^19KX%^QB^J[Y'/BTC:[O"'T\<.R= M]!U/&-IZ'5HGL#>,5_DRH/Q(+$V-2E>MRJU\[&6'!@H\_9J8["G+V%/8\_%"@A% M'AR7/+VWL@0^.7=K"^#)XM;!2ENMMIB=I05&>%'P>D319X-75<1X;56E-JO3 M5G)AM(=GJC;SLG"L-*VDV?+X"TG,]FCA'*\43!G#"8A'0#EVAJAR1\F_9D*: MXFBO^(T_>[9Q?AA!E2I=1<8+*;.>N2SXF;'7!-(,TGSICJILI)GT66VUJVV% MU8[9+*69&B&?J1DVKP-:J2Z<:.Z+:8?O%M?%2$?$2KL\/&1J2KPB]N-C6($=QD8HT_Q5YB*#&(,GZ[:6NV;E*? M%G]!>U'6URNC5B@2#4-IXG%.'8^6M%[1H[_,-_3EW33\USF$5WX5L59<_D1[ MQB,(_/T_X874C8TBL95_R6B)4)CC!FKK8DMJ29JBMIX[;:,IR;*JB*(\5A1# M_U]2;QC]Z'71KG.JO:#:LXNTGS5MC"=XI5GOVLRK?%Z'(,;?*M$WZ152I?OK MLXM_MV.H7*&YM9/$_=[M\.O@L7\_$H9W_;K0N[L61C^^CH;7P][C<##:"\;5 M"?$TG_N[Z\'=:' MX+]&][?#Z]X3_C!ZPO_Y/KA[&@GW-\+]P^"Q]S3$-PB? M?MSU?EP/\3V_Y&VJGWK?[W^0&0WOA*=O]S]&F'>CJC#X[_[@X4G 4Q1&WWJ/ M P%3H!=O$Z6-O70U?R/+_,C94R;CHS^Z$OTL$CE-*9; M"P"E77AY*4UU,92HR!^-WAQ=KM-+&\M9>$U5ZRU%V7M9K$M[KQUZK"35F^W6 M28\]?*TM-F"PN1IL)]Z CD13CD;[.ENW[O =0EV3D:6\I8'"J,JKBY#P'=_W MZ@D#;.$8.PKP8W1"+RR![O WB>AS+I)6G.*XICOG)"3;-^(TTV=R@D)Q:":S M$+M"4@;0="Z:BE7QLWO2C^@-V<&)YW@4]507&"$W)^/0@%N+&R':LSG%\Y O MX,=H+S2V)8S1MD2=O3F+NVG'#ZKOFF)Q@N.R?#@Z'NG8&]>9D--WR"/_,/W7 M?N#A^2%W\!&E[0F,\/\;3]I'XH YZ2Y9E5MGMW_@;X,CR$UAY49)06ZV14.M M=#OM[=8"(!@@&+P*QI$CJB^QH)"&0M56F]7AJB W(#?IR\V14[DO(3=T.Y.H MGET]SU]_@%RX8@_(I0RS=21HEN7H&B$^[$HZ(#3-BUAA+2P79]>XP\8DGH'4 MN@B0Z DQT.:PT$@Z4CQ\B76\4^G*5;4%)W84&FA'ZEHO +2&2(#6*&*OS5P8 MC$\N_G$$%;)71C/>3,]Q9SMC^$GVK15<=)0C#=XO(3H2"7J+:@&#W@"T)=". M-(F_!-#D2K=1;7?.WEH$0.,9:-FG\1H*M3J;!0+=F"U]$5X=CW;M)TV7W! )$+W<+TO9I\H:#6R& M8A=N1SM@B!44"&G9)Y<:37IZ<*?-4[ D,8<:6ED9!(BK84]'KDJ\X"A8"H!F;H@XY3>8L([0D#EV\?-6=X^^3I,120]-3 MDLK3T8<0*&".JWCI*8:X:HHDI-Z D'JA<:7&R]VPQ)54Z3:K2$7+P.5''(JAERGVA!9A<(!U6J'EV8P\(P8SRA3%NE^BES-QZ/&,SWU%+B2!,F. MU)$L*-DGA.S9QEQO)+936C0V=OYQ#I2&L$,3RV15+2K,D^K79DJVO^&;$3. PGW4$Y, MV_1\EY[8 =7K)]N"$5&Q6/362!H)26(9H1LFFRU6L=*<1D2+#JHC%B%K4,FT M]60#0%5H4!VQ"UF#2B&^:T>"]AN%!M41XY UJ%2RC5MAEK>!2O-DT/BNN3\1 MC1%&C3;(V#S\&:*%)UN("YI2(5E0="$AVT+0J'1E"3H9%!HT1RS Y*!I8M"< MO^L00,,S:(Y8>,E!TZITVP":8H/FB 5W##0)#;@V=34[/*4@RA3CNT93%S-' M6S9+FSAX=/^B7T"8[V0C;I6N1%!6J+I+"DCF1&5US#UXQEPBYH@%EPPQ;;'2 M/7NG*."%9[P<,=X2XD6J=%61IS )(.;2EEM"Q,C80>2I*7>9XFHQFXFA8_6G MX,X+(#4 M#LL](?179" =:^;% D@=TKVKU0 @%1I(1UIT, !21R1 DE2>.J6SC!3FI%T7 MBTA@>=N*'&G7M=C1=.I.IHY$BJVJJL(JDL-'2QN&+GEYL7>D;]?YV"-Y'*FJ MM%DU%@;L%05[QZR#LZ&GD'+!:EL].^\,T"L8](YU\CH?>RKM(B'WOV$*>[<..8[FWAYA,GOWX^&"LH^8 MW@-*[O4%8FQ^(*/V+^0ZN]:&1J5+TR3R%X[R5I (O71 /@UH-0%:98#6L1!] M&M!J ;1* :TC;OEIT(KA,;5IH*C!+$A91+$GI&C9S#R5[A._] 4'G8U=&>" MA$\65@N_5 4;^>!QG)[N(22];J%39I$Q$Z?ZX@!D$IEOLD@[ :HM5KD6@!2/D#J:-TFLADAZ6"U@ MBU6NK;:_16%C/$0\Y,#T7HGO1@+(!GH^S78K247;$=MMS3D>K%'W?GR-:1L_ MX"*+"K. "U1)\HRI(Z9=0DS%6*I5NE2?W]@:8,4QK)*$\<[55.P26@ ICB%U MS/ICKZF:_&FJ,D3UAICK+O+\*+ 'P;R3#<)E9B3TA.:4W05VTMT0(C*%1LL1 M4R$6LA6O/,[*@%<.(;+$1,N"5HZE:X,L;E"H^68=98 +I*(E8MT]OD;$)4[ MS>J*=M.5+ [WB:W=%=+RQ&R&1+,9BK2]K?07<&6+ :"CIM@&@+8Q(E>ZRH[4 M!2"D& @Y:GV=IV$4 /YK6RP(J4D4^<9U)GW\$-,.,&6B M+9F.[7VE/ GO>R(<&7SXKH8I:]J:.QOZ:.+=.39YO>M8%BU"F'LZ"75T UN! MJ6S9L#I0N:5:H M5!LB(+G@2&9K3/,#8)*9Z53%1CZZ+94ALOK@.F^F1S"&67F^,9]?!Y9MB#42 MIGMOU!9KON^9SX&O/%A)\1[#70M#XKC & M7;8X93J&*B;_,D_06Z'\D\,F]"^3+3S5MK1]T!84=14$:W%-T_2QUJYT&U7Q M+ ,7L,8SUN(:J^E#K8-M#*4J-3DI102L7=H^31UBBD@/FVXT8:MWUB6OFR9I M'X_R&;E]QQ,P!NKI^!,[98J[.H*_IC1YOA7)!8SQQ.I""G=/;.]H+6:0!82L MZ$+&LI[B/-&2*UT5BU8^XDD@7R!?G'A>B06-)#_%JJ*6)?D)0E9T(4O-Y4PL M6RI=Q-KY./FQW$F1KYIGZN3,@ T_=(ID$//?$?_^>I8F#-; M^9%CI%MAJ((I9S@!>7;AE4W"V?.M;0XNZ0_('1'P'/9/Y;U+^T!S;4P';_X< MBM*%IA&7FJ91Z8IU%HU"8C(EXZ I"%;Q!>LDN5(VY.I$<6H2<9+//LP$9 ID MBJMIG[1828S7JA81K@:#Z@20*Y K/J9]TEJELEFKVG2M.KME[V5DJMRG9U^; M5D .SKZ4F[D=-RB3ADDX>[XUS$7=S BGN[1-YVQ',QE;\A,M!M'*J6A=P-'< M+U"J2)=O5EV.0:I JOB8]B5=S0/B)9WM;()D@61Q->T+.)L'!$JFZ]6V0'&Y M7I6AK=0?] /V*C4\*NT%+3Q&PDA/< +?\S6;3F?O_JT8)(G!*>9GU\,0J)_N@LDS8FN]L'<# "X,S!YF<&ECN(A5L;5=F09PX1 NIUE,S-#286LS M 5JX-+98P:4A4KBT6T?@0LVMS[0^!?_7,-^ZO])_PEN>W<_+V^<7YX2?:.Z+ M:8<;6#:*=W1$>C90A@GR;[L712!1V;-J:K9OX=LP('Y&3;KWZ7HI$PU": M>)Q3QS,)N:]<9&F^^8:^O)N&_SH'T\JO(KD1ES_1GO$(, SV_H074C?72;'Z M+QDMP:(Y;J"V+K:DEJ0I:NNYTS::DBRKBBC*8T4Q]/\E&^^C'[VZ\QE,L4S4 MGEVD_:QI8SS!*\UZUV9>Y?,Z!#'^5HF^2:_]..80S5O--"B)^[W;X=?!8_]^ M) SO^G6A=WTM.W^Q\CS+C1_F%OP \/.JP97.@(NHCB MP5O:U$-7\S^^&*8WM;39E6G3(= ??8D>%BF6QG;=)"52>'DI,W4QE)O(^8[> M'%VNTTL;B<#H6KLN*?LOBW5I_T\//%:MJXW&24\]?$V66\S'VJR+C79.Q@IT M!;KFB:[-NMK.#UUAK.F,M=GIY&:L+3'>4Z-0]X;W((6.^&X?_*B[WMFZ=8=S M'1I&E_&N6[%:QCVX:(Q<%WM<([(U(D9$XW@'1FD9N5@+4!SNML WG?IA-1 S M(N%;7>=]W\]R09('#7/2M(6^-C5]S0*J4*H\8=?9"]P90&6%*#U=#R:!12,[ MUVALZJ8/E E;=J[WB)^W7-W?([YG$[@@E+M*R.]Q/6MZ>J/ M7'$]3(>EP_1<$.!!RI*5"G6,G^47!4>I\GE\:)%6Z4K798'4L"A^-HMGU[>*W470\ M])W3M8O#/M'Q)AT=BUY@!(,RC:5,&^)A91IF4!AI4IFVVV]U0)6"*BV,*DW2 M/CG?RV+7KDI(M2B1WH_WCZ_\@V#:;Z7ZUT M6U5U1P.] N,0U#^H_[C"EI[Z;V#) ZD#J2NEU!W9YLQ*ZA(NALU*5U&JDKB] MXPSD$N0RIW*9Z(R_QM:&\CTM+S.2T!8]<[TILSU9"(23 YR":0P(1NQ;(J5 M;JM5E 2< FX!%P"+@&7TN,21,GA3KB3\SL9]:7(0Y0\K#D0GK7PW([)%-F>1L)) M)\7(=]"AR.O" ;;G8(!2T;F4J)J^=3AOVS/^&7@^ M/EA2I G:A9II#^THS;Z-']+#>O^BEW]B+#%[9D^&B'WS=11F.M]1+KS M8M.GT.Y_N[*^_VD%3/:!"5$VZB@ MNA?RCL EX!)P";@$7 (N 9> 2\ EX!)P";@$7,H'EQ+%D/:T6-'?C:O=[5*& MMD[.]D4WKC-9BR^0+W;_Y%L86TC<:(6VMV[*9_=9 0!R#, ]04PN -C@#X L MRRMS%\]\1 ::3,-HIC-.)9:9V\P!Y'> 2\ EX!)P";@$7 (N 9> 2\ EX!)P M";B47RXE.V+A2+_H[Z;MN+1+=!@HN$;+2-)*:&%7)*A9Z 2\ EX!)P";@$7 (N 9> 2\ E MX!)PJ1A#0@J("[XSH8ZK ZW %O!(UENQC M9I)3(.EF?%+I^/MP .6,D&4!+@&7@$O )> 2< FX!%P"+@&7@$O )>!23KC$ M)""Y?VOL:F1H+8:0-/33$BM=6:RV14XJUP!72Y;H^;@01$H=_Y$JW M4VTH/'75 X2Q1MA9;1W/19C"'\)*5+WXB'S31>3<(1)?] E7 W>&!^'H/Z&( M$?(FP"7@$G )N 1< BX!EX!+P"7@$D^^:U/<]%T]/'S\U^;&O*?(M1D1SR;T M>HR^X_G?D?_J&+T)IIR?V'=5R:8[56IS=(8J((QU]553.KSE,Q5D-?8A"TKZ M> 45+"[ ):A@7*7U'?*%3Y;C>;\(IJT[$P2UBY I 2X!EX!+P"7@$G )N 1< M BX!EX!+P*6SHW)[ K\/KC,V_5OLA28.PC5)$$X66WST5 ,,7:BRD@%R6@0Y M#7&[&Q^HH.+ YT@KR%7X;".DO?NLF=P7/<:.1QKF6R8L_JI9FJWCQVGT7.KO MFJN_"HI4%6115A:$IZ,[)2+^[+@&[YF$\(D5K*TY6FS(3'*OL;C7,;)F13AQUOVX*_I M,# !XW+CJ>0)P:!,XRE3Y; R[3N3B6.ST:1M$6M2L=I2S]Z$D2<@@BHMMBI- M%$TX(FU4SJ+#!@=_!K3!NVX%A!(/CDL>W_/#WN[:LX7V]7;?)7H2%KU263"@ M_^/I?_6"^E^N=%M556J6"8>@_D']QQ6V]-2_@B4/I ZDKI12U[B,U"5<#-5* M5U&J;4D$N02Y+(I<)LNM-F/F5C.24+(Y0J[*(H/=$2"<()R93SJ9<+;X%LYF MI2LWJHJB@G""*1 R3&]J:3,R#718E.%.N!/N3.?.$NTN'GI>0"KY2!6?3K-A FU; M6!5L1+L9FO,;=,?SX=P4*#<&+@&7TL_CB!%T[_)@3H?6[9@5H!5E;X.F0 D 3KZ XL' M< FXE($2/M(/+J823K:\=Z1*5ZG*ZMG%0H LD'_@$G )N 1J>4@P Y> 2WP'1>F_ M7XGRZJ_HKEU+3 LO,3*4.N<,2R#QP"7@$G"I/%QB69#>,_X9>/X$V;[WY/0P M)<@3->M!,XVAW=>FIJ]9= 5]WEQ!'Q'V"SS3QWZ;^V;J*%QS'Y'NO-CT*=37 M2YQQ;).,8T>&TW%R!DI0'< EX!)PJ3Q<8ADNY6X9[O"W#+.LL)6:.V*N]+-I M&Y@+5[7.E"NP]4E+*=)DBE;=CEUG(MAKC:8$,^HT)42]JLI5APL9)N 2< FX M!%P"+@&7@$O )> 2< FX!%P"+N672XE"3'O.*=/?C:O=/:F'MNXBS4,WKC-9 MBR^0+W;_Y%L86T@83E)$L=)M5EMM5L>9 0!Y!.">&"<7 )3X R#+$M+0R"-6&9N$PN0_@$N 9> 2\ EX!)P";@$7 (N 9> 2\ EX%)^N93H M(-M]PA1?&"BX1LM(TDIH8549 MP%$X DZI:R&O36^E%M)WH!(2,GO )> 2< FX!%P"+@&7@$O )> 2< FX!%PJ M!I]Z0'0//P8S,3G">\ 2< FX M!%P"+@&7@$O\[9%O[-\C3T^QB$H6PS-W5ER>^_'7T.&Y7_@[B8/ S4I7DJNR MV.:HJ2<@#/0 < FXQ*>V/M#1)'5MW>)06[/<=L!YN/$.^8+E>+!Y &H2@$O M)> 2< FX!%P"+@&7@$O )> 2<"EQ=7!S,YS@X?'COS;+A!]<9VSZM]C[3!PU M:%>ZC6I+;O)1Z L82G]K WL,=0B&V@T5,%10#&V%-9EC2!(K74FJ-MHB'R!B M5"<9.V!IF&^9X."K9FFVCA^GT;;*_QG82%#$JB"+LK*@.QW<*='^9\D5883G6*8AD#GE4&+.RM;$(T3&>9P4N, P1EG(HNDF_8N MYAXY M;;6L];AW<=]IW)Q+%IPI*>(>O=![[G:S:A2N*%7<(+NU+%R&.4ELP% M$$&5%EN5)K*>CTC;=F' T-:M@%#BP7')XWM^N-%7>[;0OHV^NT1/QJ*W[905 M6.Q _\?3_^T+ZG^ETFU556D[P%1@'(+Z!_4?5]C24_\JECR0.I"Z4DI=YS)2 MEW Q;%2Z2KO::75 +D$NRRB7;?'R0&IBL/3]7S8 MT OEN\ EX!)P";@$7 (N 9> 2SGG4K+DP)&S<7K&/P//GR#;]YZ<'B8%>:)F M/6BF,;3[VM3T-8L&0X;8JD;&,+*M^\2TWA'!D,5*MZENY\=A*QFO: *9!RX! MEX!+Y>%2HO53/9+ 8[U^2ARMGQ#?ASOA3L[O!"&%.^%.SN\LT[E=81+N6?,0 MF>MDBFPO/,4+?9"_$9S;%;M\@Z/B*> 2<"EK+B7<)]O><_C&6HU7Z)9=!RZI M[,*C 2\"E\G#IXLE%QNNLRMLZRW(#@]3<$3REGTW;P&2^JG6F7*&I3S:5D6UF MF >>,':=B6"O;343S&BOF1#M5H/]#E!Q 5P"+@&7@$O )> 2< FX!%P"+@&7 M@$O I7QP*5&N9NN4N>6A];N[T@QMW46:AVY<9[(67R!?[/[)MS"VD+2?C=RH M=)O5=FN[\QL L# W!?$Y * 3?X R+(6-'?QS$=DH,DTC&8ZXU1BF;G-'$!^ M![@$7 (N 9> 2\ EX!)P";@$7 (N 9> 2_GE4K)N57N"F?."N.^F[;BT&7<8 M*+A&RTC22FAA5R2H5>FJ9QU/#\#A&#C'*BG/ $Z;(^"4NA;RVO16:B%]!RHA M(;,'7 (N 9> 2\ EX!)P";@$7 (N 9> 2\"E8G#I8M'#M>#"OO/\3JU"ZU2Z M4K75;//1UA> QU/T,4W@*2)7P(-6M7 GW,GYG2"D<"? 2\ EX!)P";B4.)G;VLRI>7C\ M^*_-Y-J#ZXQ-_Q9[GXG38U*EJU15\9SC5@%#/&-HJR" /8;D2K==;4O;';,! M0X7 T'9NGSV&E$I7DJNR+/,!(D:[C'@.6'[5+'(,MR=HM _1"$U]-'E&KJ"( M54$69>6F) M?.W#=3(/+AHCUT4&/9HO/(CO/O ]7[,)8=;E:FQ^(*/V+^0ZNT1*71B%C%I_ ML6!JQA5;F>&6-^G_:Q;,3\#TW'A0Q9$-T.\L]'OGL'[O.Y.)8\=1[C&,I@8V MFI1J6]TN;BPMB$'!@X)GTE/XB!Q3"8YVV8?GO0]MW0H()1X98N(\\)%_!.I:NTJRWY["-00>)!XD'BUR3^R#;9-"3^8)9 M%2%+ -(.TIY.YKRCQ,R<9[/2JZ3Z1ZVJS7/*?T#L0>R++_:)I%[ET:Q79>S# MBU6U+<%"#Q(/$L\T6\2EP"M8X-5JJU&$2#PMR/M,Z8/_:YAOW5_Q/_,A3S3W MQ;3#=XOKDJ8C0KX(0MU?G]W/W<6\-Q\#/]OZ6202"NF4/G4\D\#GRD66YIMO MZ,N[:?BO_:S*M\7D^_]']=#_/-?N)_VI][W^Q]D=GA*3]_N?XPPXT;[A[VA3_&@J>9= MBC=5]7CPEC;UT-7\CR_S'A"F38= ?_0E>EBD$QK;)RI0(H67ES)2%T,YB8JP MHS='E^OTTL:Z%5UKUR5E_V6Q+NW_Z8''JG6UT3CIJ8>OR7*+^5B;=;'1SLE8 M@:Y USS1M5E7V_FA*XPUG;$V.YWN_92U1HV.Q"4>@GOO>C5 )*"%+RRC5FAM]V%?FFTYAV2 [(N%; M7>=]W\]R09('#7/2M(6^-C5]S0*J4*H\D5[/@3L#J*P0I:?KP22P-!_KF6LT M-G73!\J$O?363[6;!T#W]]8K%WF>'*)92-1H-; <12?H]V&0>8U<:2SORN:: M=B#XFZN')#!L8H>]^<94W](\3^C%D+ S"%Q0JGUEI)>XOC5=_9$KKH=;9-)A M>BX(\*"YPN^:%2"V-"B(4H@-CPNM=[D@&D *()4/2/%YZZ4;%BW2UZDQ-5;7 MHFNDTZ9%84&+(M'.1=)&,GTK%A=[)W$I]PHW&'8HBE&EI)(#NIH-D6V14B'J M#LM<69CKVD$6K83X1C HTWC*],AYG"P;+ZBD'9!8;;#>M\DW$$&5%EN5)MIX M<43:4NN/H)*F/:6R8$#_Q]/_6RV\4]3_Z33>X1N'H/Y!_<<5MO34/_OV."!U MG 0I.Z8U/&Y^:U3Z!#LLRW EW MPIWIW)FXH._ Z8]H><%I*B/%/3IX992[^ ^P4(>R0D'. .7@$N99.DE M<:M/[PZSDJ@I9%P'+C$F\; <(TS9XR'32]XNRU!E41@"\ $A!RX!EX!+P"4> M@C!Q^EMOKY9T+];!Q;)1Z3;/CFT"=$# @4O )> 2<(F'Q?+(=LJ3%\LF9XLE M9!7@3KB3\SM!2.%.N)/S.QGU\LA#ZB^LT1">-0^1N4ZFR/8T:E2A#_+W_MXM M,?8=YL^R/*MO $ 2\"EE%)M/>.?@>=/D.U[3TX/ MDX(\4K/(*01#.SJ#@%:I4 N[OV)@/R)L>GNFCT;(?3-U%(8='Y'NO-CT*30" MN2OPV*ITFRJC0F= '>@&X!)P";@$7.(Y2Y?%.MOF;)UEN2-!:NZ(2]+/IFU@ M*E_5.MOGA&:)IC[9)4;VC6$>>,+8=2:"O7Y*C1EM'A.B[6>P>^'_L_>NS6TC M2;O@7T'PS.ZZ(R U[Q?[/8R@)7E:L[:EL.SNB/UR B**$L8DP 9(R>I?OYE9 M54#A1A(D*()B3<2T;1($"I67RLN3F1JYH*FDJ:2II*FDJ:2II*FDJ:2II*FD MJ:2II*ET'%0J%D/*Z3X_?K;?9_>9N7;'.!B9??*]62S @!]D_^0/'EPHW*%F M4!MVS$%&KT7-@6^( W.BF%7@P&Z]>AQ8)M#RZ"*:WYC-9G,>S_0F>XEF'FWN M0&=X-)4TE325-)4TE325-)4TE325-)4TE325-)6.ETH%!U2L&:;YQ7$]GQIL M\TC!)8M"24IL(2L4A+,EZNFNB(4'2VC.J2;GK %3[L YS0IQSDGC(2^=0,%# M+CR-AM39/4TE325-)4TE325-)4TE325-)4TE325-)4VEMT&EUXL?QJ(+>5/Z M0B!:.DS4J@W[O5W"1)JU*LU:.P08=V6M=H58ZX0:15X M7 *)F\.Z4V,/Z^O M-"A1ITHTE325-)4TE325-)4TE325-)4TE325-)4TE8Z$2J];8AW%$ K7KW9J MP[99;PXJU)%/,UCE*JAW8+!N]1BL3(ACQ0.,EVQ<6HCQ:,/P.@^GJ:2II*FD MJ:2II*FDJ:2II*FDJ:2II*FDJ72\5"H7MY@=!HI!S.*AA,*!H%YMV.B:O7ZC M&B@SS6.O#F#BZ]OE)?6?$K3PAN_)4M# =T\$P/H-_7:L-DP&\V>9J"WS$!K\@H[,%"#&*C;VWE^4_7@R1L'(FWG MZ2 \\-&:6NX8;F?1J*8OEC]^-%H-TVC6F\UPXVEUVV3;[CW?9O[9PIN_1TI0 M5LG EWI+XA(\6CX+TA+37RF&VG2P6IM>>+.9 MYY:D2EN@2NMFI]72NE3KTK>B2XN9^VO$C01--."_^GM)'='&TR5NQ:WGX_U' M"]X,S;J?LKQF:%FRUT;9.R6YTR? 9B= H_Z*)T"G-NR9[499(X6/@A'U : / M@(VE;7\'0!=$3XN=%KO3%+O&ZXA=P>.P5QLV!R8 PEFHS;LMLS.8&=(XJL( MIBXPUE?J*RM^Y0D5&%\'P1(Q?8CG&U-.#!8 >ER7&VL(LJ:2IM(K9.K7%!N0 M68EJBMF72Q^-25B69_.L/2R9OLJJ5.DW:\/VH%TAG+CFG])]DNV8YT]KNF0K M>0=!?9ISCHMS]/F@J:2I= @MO*:@=$,M7##PTZX-6V93EZ(>&VMI!:"II*FD MJ70Z5"IVF*ZI!-W/8=JAPW3W>M#7JZJN7MA87ZFO/+4KM9#J*_65%;_RA,8G MV'-G84U)>@-6=@7BH'] MC8'I'3@+=L?\)V?,>%CR&QM[#R[=A2*46;''+A8CEE7%K]E.*P=-)4TE325- MI2JG\0YQT/:J=M"666C1Z&9$)NG?CFO#-K\_&\PKQ4X76/R&Y7! @\"8^-[, M<&,E<88C:N(,456GBS(TMD%325-)4TE325-)4TE325-)4TE325-)4TE3Z3BH M5"R(E--8?_QLO\]NGW/MCGUF!>R3[\UB 0;\(/LG?_#@0F'(>)_F7G1W#RAI M%JPR"^;$,2O!@H,*LF"98,NCBVE^8S:;S7E$TYOL)9YYM.D#G>315-)4TE32 M5-)4TE325-)4TE325-)4TE325#I>*A6]#$67<@;7K@ECFW0Q"A2 MH]G<(8JD.:_2G+=#>'*OG->J%.>=4*/*"R FCA;ES2F]B?'G]94&1.H\C*:2 MII*FDJ:2II*FDJ:2II*FDJ:2II*FDJ;2D5"IG)!D?GFM&AJ*!1&RPCOMVK#1 M[50#G*:YY]7"BB5Q3Z="W*,'3>DK]945OU(+J;Y27UGQ*\LL$JAXDNTK6QA3 M+]!0?PT@T%325-)4TE325-)4TE325-)4TE325-)4*AQS;]:3,?< 7@#^EL3T MWOK>Q%E\!OK0W;W5W:!F@NJ3*7I/-Z&W!)0>QVCWI/# ::B=XJ$Z72 M>^4S$7;Q-@>=BC!1204 &\?I('SPT9I:[AAN9U&?Y/\L76:TZJ;1K&,I MAMAW6MPV:>][S[>9?[;PYN^1$)3D-?"=CE!B<@4FP.&(0?IX;JRNM+GUV83Y M/K/O%M[X)TU8#&Z6BV!AN;@SA>4'6Y";W4[Z)-\.IK,9Z0X,P=@C_U4M@_"O M_1"P .&.QFTY)@[6VG1#;=I\01HUH8]L]WHGA(CZ@- 'P ;2]O^#H 6B)X6.RUVIREV[=<1 MNX+'8;LV;#7-7O>D##,MF&];, MF6SL;ID .)*)8(M4RN\VTR5JX2DI+IY;. M@[]T0>GL5ELZN[5ALVUVVR6,9]#2J:7SX"]=3#A[E31J>^!H]LUVIZV-6BV8 MIRF8:YJ!'D@P^R"837/0/8XPD"XUUE?J*RM^Y4G/([L.@B6"_!#@-Z8L&2P M-+LN1M:X9$TE3:57R-VOF7= AB:J*69?+GTT+V%9GLWS^+!D^BJC>J5=1]3K MKF:BYAXMXYI*FDJ:2II*%8C*M%)UG1L=EG]:TR53SDHUZ#)Q?C'[[!_F>QEG M:*,>LI$^28^+K[3T:RII*FDJG0Z5BIRD[4TPK&4>I(TJ'J0Z/Z&OU%=6_$HM MI/I*?67%KRQS*.C1)1$Y_L.XMP*&;S^;,S?@(T/9+_P[TR-#-P:D5 @/IJFD MJ:2II*FDJ:2II*FDJ:2IM*>LW&2S-FQV^B6A MJ#7;:>6@J:2II*FDJ53AI-XASME6U<[9DRYWN, 2-"Q* QH$QL3W9H8;*TPS M'%&99HC:-ET(H8$.FDJ:2II*FDJ:2II*FDJ:2II*FDJ:2II*FDK'0:5BR9J< MV3SC9_M]=A.;:W?L,RM@GWQO%@LPX ?9/_F#!Q>*MK]I8+-5L]_N5 A#KCGP ME:*8E6# 3O48\*2AE]^8S69S'L[T)GL)9AYMZD G>#25-)4TE325-)4TE325 M-)4TE325-)4TE325CI=*Q89?Y$4S)23NB^-Z/C7OYI&"2Q:%DI380E8H".=6 M]-*!H,)#*S3G5)%SUF$I=V"<7H48YZ31D)=.H* A%Y[&0NKO6WGZ2#D_&A-+7<,M[.H@?(=FR_8[)[Y1JMN M&LUZLQGN,:UP%8][OLW\,_Y&[UNPO;:WO)\R ]_A@_AVX:IJ,QB/MX:(2/Q$MWOKOY>4L'Q>+K$K;CU?+S_ M:,%KC2W8Q+Q:XRR)ZZ'$O55ITXJ^B*+OO**B[]>&/;/=2)>OOQ'.TWI>Z_DL M/;]&QO:GYP<@<%K8M+"=DK!U7T?8BAU]K7IMV&J9]<9 BZ,6Q^,6QX*)K-Z& M28@#"68#7*&6V6T6Z*FD95++Y''+9+_:,MFL#9MUL]E.YU"T3&J9/!:9+":2 M@TJ:K2UP(/LF_*G-5BV.)R2.[7HEQ;$-XM@SN_7V\8@C(79^IVV0,!;XCUS9 MS/(?')<_NQZ7G#'#72J;5^@I*YFEB#9+[ %ANLM$*;CP\Y0=$O03ZQY6L%SD_Z0J M6]U/8)R4_^)JD?6=28?UQ_5>H]>P6NW>_:!O=QO-9KM5KS)' MCWZD\Q_8V;W/K)]GU@1>\+TU?;9>@MKO<18$_E,W/;E??%>&_W/OP^\REEHI M;NYE;O'%Z//UQZMO%S=W7$UO.>/?C MZ^C'Y35<\UOEW^W=Z,O-#WR%ZZ_&]S]N?MP!=>Z*+9M4;$+CP_*GUCQ@[^5? M/L@J<,>E1="//@B^%4JDDR[3IN?QKX5\#/KG@T$;142@,<6#A?2V_*[?Z&SURU6+;;3.>_7V,2VVM]%M-\31YJ;6"UPZV 2= MR[GX="[7HJVZ&;.W7G%/6TEDPWKCK>*[ MW:PW6[G]%XJ\[FGM6;,(!VZ*S#^,_[KA2U]8P:/Q:>H]!P9V3C)NYLP'VQA, M]!%X0D]@_++\_MYEU)5L<(]RN+1"*RRUB7R],ARV:U^8'3JG%=FY P>6-MRV MW,C21J]XH-#1AN]6++VR]\J]5@>4?\OLU'>IRJI>-T$M$\&)CUPO561S/7?5"9MFH;,L;(_N\R6%"8$\>Z^]C;$F#U::^@X? MCM&FFZ UYX76G!5:<^\/; K(%=?A*FW@[U-&63#7'BDDRE+@O=JP-:A2YUK-.J6S M3@IO5 [K]-$,KA#GE'KN5UT7?_7<,SJXI]C%VF"_YIC[)*W\8#FN 3PAO\$# M?>D$CV@3[/4P/[*>'_OP/M-J.N%^BH[D&$?[C/2YXH0#W<3YQ>RS?YCO93!6NQXV'ZA0EZN3LK1# M[0X.&='-'8-NGTZ],9W&VX783]MBVE&-IX3O-J+,*"),T0!*FV9'M/II"_R8 M0XEOG)5*5N.;<-)JA=TL36%K( M?RP>F8& 2X')1J2XSZRIP0@(KDWH@RKFR%F]C$AT,_D&!+HB^L#'>$?'73); MH(P*6D6=*EI%FM/*=];6Z.VM62W-4EWPUBJ"^C@I\UJJ]'@P&S6ZS>YU4/OP MJCQ 6,@8O&HX\WD$NA31&GWJAA[U#QU$*5=@*DV\.'ZV!FZW4PW7JQB*_7J M#:O<_,J3[1%L"7-5P$GH!UCWWA,[FUG^3[;X_9Y-O6>#_X/#8 )" MQ@0+W\)[G.']#!^H:R("5OL/A]7<"BEO)B,DY,BU/R(-OQ )"M-N6=C0Z!37CI5A_#+T>ZV&!(DN[FX#[ 'P4+C8*JDN3]) MVEP@:;($JU4;-M. 16U!4EM8L#6P7;TVW;#D.? M.*557,BCY]H=^^@*7#+^Y[4+%,,F)M\XO6XYN8KF%3HT<;+5+=H44MLUA^:R M4O-5^^*N+B$/F^DXX_&##JJNT&]]-K<<6];6!:9!.W3F3XI'Y MX@,=3#RLND=@?5H8!2U%L53P#9]^,_D1,(KV!R/7OD$:\G\5%E(LHC9;&?U@ M=""RVIQ7RA%P"([#VFNS/MCE6*AJ;++JQ\)H/(97 "/\L[V& MWI!_FK5AKY[N9J3-Z7WS <$SU&R1$E%1/M4&=<4,ZK#S-Q%0FCLO6;*%:?_V MSB@M;4._40U=@)/:M6&GLJU2&W/1OD*26^MTZTW5YMV"\P+5X'WP[-267H[/TWHNWVWWPA3M5U MM^ZE504)7&./[[^75E?7QA\MIQ6S&M88Z*6PVGJ;O5>O#9L-L]-^B\VVJJ[S MD;[&.YPB\9ONN549E9\33M^@3U):NK#I>(4L*LT^!]'CI;;7ZC41 ]UH'4=[ MK;=II-OP\R;+T@3V6/C,-(!_^ MA8.>V-]+9ZZGM%7+N.;R=P>2=3.Y]1&ZL'BYG5KNXDI2*TOP.K5AMZ_KP=XT M%VT<*EG-/)MK\ZX.A^MNKR=B(ZTQJG?N]MHKK]&X-K:KS$AKM/3&W5Y[V#^\ M7:5*P).RHU/]7NTG')AG&S_9BS'S7/:BC>8* $H2W3@%D?Y?]O(%290E5H/: ML),&_6GLR!MAFI3Z+8-I^O7J,,U)V;\'[[I]VH9/N?IZ]_[;_49MV&KM4C6I M;>=*L] Z[5T""S5KP^XN24-M4%>PQ?9I6TAE!#K0+L(\_'40+-$HWQ!KK0!N%V"M-/=@%6X_?>J_D1CTT97B M%NC$76:5[:9VU+'?XZ3:(X7-[7PV9LX3]K32(Y(JE)'.[T#V+218ELKN@,K. M<-3T<5]M'BH5\[DM[V +ZOY;Q'5671GKB0)5B9QMV>L]+4L]<+S2T'L=+ZLL MX^PE7+8# V$6>O!FL]!5U\CY(P$,/1*@#.O!5E6KV3LH0URW_*R!XA8WR+7NS#ZB5=)6Z16EF>FU4:'G,A'VE M=\^5:'M==_L_'N':)GRR08_V0:LV;#5USOI-\TYAQ;PA[[0QB*T-Z$-5P>HF M_U40KL**>?/6[ ,<@YLQ@45;S6^(?PHKYUS^*195&W1IQG(OW6/T;=C1S4[% M]?=7V;]_&8 9'0<:A2W\#VU6WWN^S?RSA3=_CQM+("<#]^88Y;)0 'S3O!.0 M$=NUWOK>DV,S^^/+#R"G(J6CD):%)103FP@IW26Y68B.1V2SGRYCMMN'Y\P^ M-B;K-THH%]LO8XH#1:Y";GJ;V*XJ8,B"]UB_8T>VPI)._8H<]KUL/#$>])^F MWG-@(";!N':?6$!G_>AUSOICOT>9KGVO,LR2TQ&%F(//@0*[4&D*O@OXX;1] MLAU'J\9/UEOKA:CSR?/A= 6NM0..-)(=F_]@4QN.5"E_Y3-2I8U/O9GH.Y-'7>E9=1X_&?R^=S,$-&J!6*1W]W2-2^2P2K(+N M3J?>0("HV>Z5X(@?J;M]A-RT#UV]EIE6]4?KU)MOO=E@U;6V/&AY"0@.X F M1B4J\-.VCTK5WYDVTOK#%HV_FODK$FQ5YX).O5<;#G8:3*Q-YF,VF==RS.9>6'F3B+7YO%TTA!-3 M*&A0RL <>U'9IVT1[2LJ@B-0P%F]\*93-N9=0C?0WP/0WZV=09_:K*XR$Q6( M>VS"1!NK]$:]L@'NWQ?X+O"G[3P-_P?^D\"$M;I !CE\^3VI/%")'YX=>_$H M2:#\BC_A?3WZB74?>-/E(O\GRJ+'H'69__JJM[+\![@; M8<82;7Y?:;=2P"W:K8O1Y^N/5]\N;NXX U]_O3@W1E\OC;L?'^^N+Z]'WZZO M[N+O=E":Y[S%S=?+JZ]W5Y<&_.WNYO/UY>@[_./N._SQY>KK]SOCYI-Q,;K[ MP_CT^>:O.^/=CZ^C'Y?7<,UOE7^W=Z,O-S_P%:Z_&M__N/EQ!]2YRU]V@M$0 M!TIV3BC8A%V$Q4^M><#>R[]\P&^OEO>/2$NA''\3-A#;HI)N8TB;QKX5T M# ;G_4X7!418F>+!0G;.2782ZI%_U^V>=[N#W*_KYXTMO^O7>UO]\XIXJ!N:FP/.*[W:SWFQMXI25@AI_.WO6+,*!NT\I MJ$BSZ^W!Z=E=K@\-6=]3+<3A5GA*B8*+D)T$B/+/ZZN]H&YVCNE6;NO^M4MH MM(#_7/E(QXHNA6J4(\9J-Y,_+=]!^_T:3R90=5<"*5 4&-I 8&C3'.S>0*5Z M21$M-&]6:%;,,'D-H6E2XX'!6VW@5?5C]Y*-2SMX3SLF7UI#7:44*$&=$L6N M16=5N[%+L9!.^U2:Q58I]M=@,03#]LQF^PV.D:VZ5M]629;TRWL%9@,)Q]RR!P;:T?812FW)+C1GD@6VV8ZY+C(Q>Y=>I[?R7'C4$5P>Z:Q5Y=J^_$ M8NO-AF8=S/.ZV:MW*L1FIV2C[[OZ[;0-K/U:ZRN![QO(7H/Z]0[Z%0E_:I8Z M6/RE-)9JHA?8[J>UN0ZH[]MN?ZWB.&U<[<-^+UK7M($LME 6ZQFRJ WX-\1C M!0SX/?!8^VUC8QJMBFO]U% .)\1"ZZ$_=AS*$0+;MQY]T&EV:L-VRQQT M2C#)]%".-\.8NP[E*(,SN[5ALV66TO/H5:9R[.I&5.0@V:RFYI/C6NZXA($/ MFYIR&]Q#3Q(YXD"C]$^]"2B>"?-]K,D*F6SL!1H.4)7V6C>32W:_N Z")5"' M72!ILO1W#_1W1^?[CXA;]M%9*Y-9-LXS-G6^_]!Z.9;OYQ'#.1]PK\.#>Y6P M1I'8#05J;CE="EO: _(!ZXTJS4[5_%0^/S5?AY]:]=IP .Q4I,9/N^XV?:_FFT6Z]D_[3 GC;AQ2MD_VAV*I^=4CF2;=AI9?BC MU:XBS%K;TF4J<&T2E:?!2[.N,2MNMKH5P2EJ5MH#*ZW1WD6LZRYPRV"7*O77 MLZYEVU]8)UO-7M6[\G0=!RRSNG,T\7),W_FD:+J.T:7C!]LE2;?WM M8["%3'[=3"Z(;G=(ML)'$J93SE0FQS2O[# MK>(]+'QF!4O_A>MM\GMQOD)S?3#H\VQ]X(,VW8M& SF'J[61NVRJA^T] (#2P^DB!3 M@;X#NV31VMAAH&%V,X!'.F;YAMCIE6#J[3:<[+V*=:PX)4-:XXHK:T"7!7QH M=VK#3M_LM=K5,(@T*[VZ^5P:*V']?M>L9Z2>M&VM8<^CGW4 ]UM M=MMO<'B?9B>%G;JOQ$X(&^B8S8R6_=KA- M;>9K*[PZ,>\OCNOYSN+E[M'RF2!/8=G#-&3#;&8T3]?6^!MBJP*Q[U+8J@EL M53?;]?346VV4OXY1;K/9G*MULLHSE;HVQRL"*$E ,I%Z;(:VU-<8X>2DX,+B MB$.HS5ZO(K5?FM$..:%TKXQ&C=3[>G#&Z[/+I1,HIOS"TX;\<:C^[UXI!AA;&&^/)=8U"]LB4?3@K!F8GP[VL M(E.>0J4='B$7CY;[P'"8$M7=6:YM?&/H(XPQ'XN?'=H%.%E977-^(&WP_U=_ M+YTG$#:PZB+*X1425/L7R MSBW#6A@?V8/CN@X?^A;NPK#8(]#?(P/\?;MR*9KG2[:3Z MFM[BK\MT36"ZKMEI[=RDJGHICJ,]!Z[@X]U.@#66WQZMOQ8"[;%]I98A[+[=-T#+O$43+QO#.1Z[$P=:B^*%MU!@M;' M?H]3@KA*#^!>C03-]Q8)VMD5K]P&;FY=9+WBV[$A-@AL@9&0, U&BPO+]U]@ M._ZTILO"-4_=3FW8,[L9-4]''[_2@O)6!66C<%SYHM*M#?MFJ[=S*4GUHFY' M<XY"/WM.&?)9Y1*9=V5T>VAS+7+"T76J'XD6:JS?5YZ6S51[9J=';. MVE446EQU51[ZU/[^=+K&*Q23W M%7P_X!)/SSQ8&(QC*JIA!+QQ';H!H*#TB$JO@<6BG=;._;YJJUNKQTOFIC?K*] MNXF@(W6E1^KV;IYOZ!CS#4JY4:<)P"QS:]Z.WJH27+K7*0LN72*M*X[5T)*N M)?T8@=B];EE [ K(.MD]OR^P2Q_\:3M/P_^!_\@ESRS_P7'YL^MQ(1LS[/GV M^LS31.;Y_L@,:SSV9O!LC":(R0"6#Q^[U(WNP;>F-!< K9G%(PL8\I3-W "- MG=@,:-ZD!"X/%O !];DZ#TF8W!&QC%87UCGW @?)_I[F$#A/[,.S8R\>)8,K MOQ*DK4<_L>YA!GPOU/_B9-8$W?&]-GZV7H/9[G >! M <6*>DU8+T>?KCU??+F[NC.NO%^?&Z.NE MX+5>4%OMY\O[HSOM\8%S=?[VX^7U^.OE]=&I^NOXZ^ M7ER//AMWW^&#+U=?O]]E">:KOM!&"L1([_AF.@,._6)\]]]EL' F+X>B&QQ! M1L/XO_]7O]EH?#"$??-U.8/;C=,]>N(&S(W_8+G./R3 %^'I!/\ P^46W'2@ M'_WS9O))'E=WX6EUZ03CJ1 -*JGNQC?X3[\,_LU2?P3%"0#3"%IB"7 M*-C&!)84T.)%ITYZ00L^GX*ENG06=%0O?,LF@Q)^J/X:%O/DC%EP;J"I+(AC M/%L!^3I 5L ^B7Z?0%(7NXVX$A2"AN EQ@&I\_ M7^#UQLAW_H%'&U-GYB"O3!WKWIF"SC"$:6X:SX_.^!'_"2\XADN\.>/L%N 2 M_F.!WO!?8 7UP;GQ%U!T&GCRA8TG8#IO&<#;SH%)%^%+80-J9+UHYP+CF0D^ M@$]%UR;:0N';(2/(GYL&N'UT@;BQ21P/>G <,0P##O?F1!5^7_RK*:*FT3[? M^]Y/>*$'=F[<+'WC?AD @8, >=7C6H3V&A:!XLV6B51[M)),,9I: MP4_+E-QE N>!*%JVQ^\.9YRUPD$['KU\[1H/S(4WGYH&J+]0>3$X>$&$,I0! M*.R(JT TQ;X!)Z.G"[<*'ITY\#=L(I>[V7*Z<.9 OJ4;S4SC@ZB/. M@6?F0@9!%/#;*:@;],!1")?DQL/M?1^[KG$!OV>+9\9 ;KA2Q-_0KIA<]%]@ M9^@/UUNH!UCRT:0 %9^?LSAMX1*.P@!5YB>\@G8\W,CPW6%KP"&%=P>1ON=W M5QOAXY-H*4#,&6JV>]B,B0./@K^O>[(9OA7J#_44-L-W3I&/[,W>!Z2BI%\ M3R>3D9,HKU>_PW<^%D.83 ^MX]_VX8\P@+Z 9>@%WRQFQ 2I!D!H'6,&"1X[@ M&4N7WO,6;CI&VPHW8N9Q)K.C0V92ZJJ=,::&O'D$F\9;K]AJJ ;;F6_7ALV M^^=Y<#7@TBE9G(L\$^E:"[VP[J:XX^B"1T_!XYZ.8S3#@,K$2'CF+N?"R)LM%_A* M(0M*TY 3-+1Q[FF'F9_-3 X.L'#1I20>LM)WI6UA%I@CXL;(:K088:[2ACE< M9^,G?&?Q +9<511BKZ:<[]WP?*?1M(:83V7YOSS$GMJ;*ID%DC[QE(/Y=!EY>^J9-MOZ_>1?PD.-]@F&-\, MG4@?#Z5[N=56) 9P.N._?!MNQ?AA%1VJ\ U:@K;Z@[D/9AJ&<0+IH_YP*=Y* M*2"Z_8C8WC+>B;CYC_.[<^/?H]&M#)_S(WSK=Y1V(L:IQ,H"'K7*319PUYS' M== ZI0,W#!0H\H]V+4Z*Y($"857PB#U:G&@+T=_5V$&TR#"< 5O-]Y_!CJ(U M0?%C.I?#:V:>S:9XTR=O$8N%T!=\CT3X#1?O,HR2D*4!OYEZ 1![P0VM*[!(\,H9;K] &R!\%4/FNQ[_EPPOX MDA:@U\38-ADYXB]\;HRF8C?%:N0S1< -+/* VZL!)](]AN,8QOYY--!QE27# M91EVCWI*OHJBCRFT/P4_R &D5\B50NE'NKZ=H>O;U='U6Z)2Y+L;\N6-*R&3 M)Z3F_U(BN(8S06N?-!.IH"Q]$>HMJ5?_O+Z2&C52. 'X)1CP!C<8([*FDH(" M)XN4T2)2+$+Z3 S-6@;F'N>F,;7&/WF ]-%"KQ#>#W9NS(^.-9J/)\[ X7CY MAU$H5,V+@5#"FLG7C[VZ"-12]" =J@9EH(1BHSW*C.EFA;KA"0Z?!ANL73\= MB+C*-0JC7,?I9/%\C7P\GX;F:6B>AN;M"YJ7[]%GAR1:ZXR,JARKN6^&9M/P M4IP9_#A$VS]YLIC\+'[AJ9&-CPN>Z,2SQT''R?@;'"YG(9!!>!RBZS7QQDMQ M3#NX3[!M^0NAYX-N?S3>.;_QH"P/KS_S(*)P1+C-+B=:RFB&N 7%NF<>K#.( MPD9HZX--+7[+KQ3F=V!@=VIO!K8L&/$44$8['TWN=XZZ"N\>:,_W%\.><-[X M]^23X!*XA4%X?_P6ELD<,M'Q2 8S@#*BP1+>65TF^'%3.\H>$.I'73;>2OG1 M.4Y""5=(KPTW";?:1P/'9QP3P'Z!'^$$=-E_ES:!1\A047/S:*R0=8*!TU@" M.<^NP&V!2VR.>.3^Z,SZY8<.P6Q6HV<$\VNE)H M]ILKO'VH@?&-$E$D3_A4EIL /L&:,,1B@4[X+XVI3[VZ"+F(U_!\DW9, AAC M0"$*I, 74\L/'YWUB)C^#[7Z3V?\\\Q;+KA2#D+$@%A0QA.5X%%<^X.*.%-W M+@ ?D0DWDK!&XAZ25? K"CXM0(?C,8 7@ *=V$P,.SD\N,-^ M@>\IPP>%"[+H!"M.P;'P9^EQBE$&F"#F) M)H4W!WL5,8\4?G'1Y$%LVGCI^U1M:(4811N:1 M.X*;87!8PR7L+.'G6PT"ZS3WEN@O9";^"-C-Y IN.A/X;6BTD V&:,'+>EJ0,9M9/AN!SOL\< M9!L$RQE'A G'CR9A"S6"CC1F+6>4&B2]B<4Y6&PABD+(>A)86WY'5#=N(#.% MTEN+- #EKDB 'A#6PV_(LXK1/:5F4A;K(\;'YOJ9/5G3)=V74MSPWP8@G M9K%< XW#J$B$W@S1UZ#J&3GNUA/X>Q1_LQ 4A8='$):F<.-)W1J!4Y(!VUT\$$02PV5/?=T\VUW$H MAV*J\1:(YO-IKM_8>(I0^HDH$QN%!L$E:$G?(6I&RC.CBK*?4469O.M^H$%' MH;!RC7:J#+V):K\:/5D-I& "0C?JWK-\ZDC%8V]8KV+-L4 ,E8T;X5T)S(K" M@\TN)MQ=(2"E4N%(.$"NM"RC<09"?]8X[_:;]5:_39K)![FB#+D1S$&[4, = MZ6F,J(+-$_ES4WSZ,?8IJ9L[1LG^CZBK07S1>*$O.;0@ZQE8D\<7Q7540\,S+,R)7D58:H;/B_Q*U)Z4=H MQKGEV,!79\#O*)Z1JG=E="WK) K/']Q,D0%%6XK@F<+FH^HS@Y"6@;"MOE@^ M?"\-*]/XS])EA@!%-TVQU5F(Z6964.\0P;K,3GFY4;M^AG[I5P=T4% KQT8I MOGU51_WT!$(JX*X;B.N]Y?X,L5)QK+K-R <4UY(E)C$$CW#?,Y[)>(F%R."- M%TLR,:3%$]Z%0H&R$(5*3U"J/C&;[GC)+P-W$6PJBMS+96I[PMW-DDS('%J\30N 1= M3$7'5-'K,?X%QL0H%L;S#R*#8B^9S!,@"0Q) J&BU/U'4(=(4<1(@'4_E< \ M9:J>=4T\DS"H089&&ARM1LJ;\_KVE5.R93.>SD[ 732J5$/9 HO7>PZ5%
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�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Ή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
'G$[W_#]*Y;Q:KUNT:]C_V3-'X!ZGO(.H>I42>0@3. M0\WX2 I\;2*H;"AT^6 0/W.#!E\GI1BG03I7LS2#)/LO<"AH2I))8Q:MIX#_ M-%'W,=3_FEFO.]:X0 M="":H[3W5A12[5P;$ M?Y/T(CAI0:*JZ7F9@^/9@!"JUCL0E]0YB^R?1=1]E*2'1=W'L+TS\-P&@(5A M(5AR5H-*=99/'8_GF( BE&/*"554FKO=BM7L_ M._ ._#NN+S!$60HSY/&&.CV#E*E7BC2JET7;7!(=E:=XWS][!<;CAR?)SET8\\/<8RCNI&\97]16^>P&MC M""-Y!IXR.?J)OHLA)= R:&&"%.U;9=Y'R\FCE-(GS%>7^+;LK_#;O"R6GS>" M>OEM]\M=,X3B,6)%OM06%!,.G(\!@E:(N6#MJ=%Z^^/)G%9S-<'.G8%,9Q96 M![?LS>"#EU)+)7ZWA^N4NB/6BU!\T1"9"G5<;X+ M0P;/@I2N9D;HUGV(A] U[8/3D]],K275 ?JNNSR]_8+5U9E_O%;*%TZ&;#%% M8!F)4VAK+V<9P JCM?=:XK"1(&.RM.\CI@M]U5#N^WG;3830$9JVK*H'[F8G MV=O(G$[ N"FPJ+.Z9"NP?)Q]=H_T(Y6OOY/4B.$O:B(>?[0$ZMNMCMX#IC50L5DZ*+768M M0,4LP,?B0&_R50L*XP>]* R#SUT"IDOC/5VF=P%R(H,[<-TV57Y_#?/P3JQ ?.7Q1HOKX>Y):6L\0J\JN,Q MO#;@<1LP=K4#MP]@"A*(N140 M8DS@,$3FE#3)G&L<]?2U0D_I S610(P/+M]=_ILNK3*?K8*TF;?)OO[W>J5:=M;8U M==UAKI,H38:(@@X=]RQX24P0@^J(QL)I!(U] >X8?#P$N7,)JP-O:V2E<+2H M2E8!LLVU/S=MS&>FH;"LG"$;H-AGT$#]+#Y98R ^@8"ZT8DDG4WH<7M1H,;L M> $;:PMXY>I%81&2(9N"TS5AY*#6;(.UW?>K3QR>G<0$.YK[W>%G=]P\'3>A M5 26!!TW9B-X21R*,B8Z:UFJ."@G=C2"^C&^CI?I@Q Y@L$=W'%W M.)3ZZ]4\WR84_'@=O\'4-.$Z;2DR0&.-4D5;]'O9]P>CJ \LT456 MX3%"6[3G8*]5A=HEZ5P-]F&]6$,NX+TMD!/J'*(K-IL!*#BIJO#<514G0J ) M[R:6_\OEXA_DTWW$'W>09':V) ^,9TGF6K$0L';>$B%PGXUFV0V0_N%/[Z)4 MXD39-^!;/U;"PV4CG@7!HB 6,#B]GE3_-,9I M:TEU@+Y=7=&OQ-SK+G!_GZT_O;I:K1>?;J^F/]$_^$/Z\8#P@Y\:# ML'6R!*^]X=#5&1.>2>^T+\VG!!Q!9A<&3D.L+)Y6-4=6%7G1UYK<32#]!6%ZF0S5';@G.KL-91 M<@@Y)I *$TK)N91G@M/4P=$G LTX%A\/C<4Z7#:!QKOEHLS6M<_?A1=*2QD- M9%5H^R@)U$P[R"$[+:.3@K?N.'R[^L3/@.>&QY%L[K.6^2JN\)]7]#FOO]87 MKA,JEN_YI 9UR4-H;%5]O+?6306IMLA<%C6=ABE0&0-9Y8Z!\2S&Z#P)?-#\ MDS%.S3VTG.S$_?BY6U\C."4Y2EY[@3I0A27P1B@@9Q319R=];-X0\@ =$QO" M+:1_QQ,[E=W=A##W$GDW)V),\B2CLHJM__B]_1)\D\%E2.D M.B0+?@R+.X3)=54);4,P1# N);HEZXN&9AR2DRD99PW]\*^6!3]*LL.RX,>P MN0-'9F0^J_$V%RD<"*X]J%2;JW$7(!66F119J= ZUOT3S(X:A8G3$H['"&A" M^&6<7;S!C^%RNYW-872.2/89P9I2J_3I1 :RXT'RF&+,EEO]D/&SPO1O'Q=? M_YT^>@LK^N8630<6G/C1I=75=2HK)T;!ENK=09$EL)*X)I(567@A2%+%QD%* MU2',C*A_R)AY' +?KS:-JCA97(L&O)LX?/G[8KG^M)I]_+1^M20'OKXY_^>; M-Z]V*@R9,HFV A(UN?-&!O"9&SH$7J,*69"_.R"*^> BT\G^>)DMSL' #DR0 M?4U(?VUS*M"S@H6V47CMVN*D \]U!&E<4 J=5:GY>(##I$S\TMKJIFC)\#YQ M@ZS0P M+R(3)8-,M4N=)>T9'7VI,0>AA.3!-.]P>(B0[H!SC) ?ALX1'.\/-K?A#!*K MU\4PX H9*)4M!.\0HF).."8@L.]&Z M'=OC5'6EBXZ4_MWX84M1] &NA)A7-XNQYK^'9^8&.WNY*N:!ES!)TT<<_: M "Z0KZN=]XDL3I]MZVD3PRCKRKMK@[8SB*03H*WJMI V]OK/FE9R-5M]JEMY M6W[!2">'-I)RD, 2IPTEJR!ZVE\(UK(BM1/-X^>/$M65*=8.7NT$<32RON(R M+EI=GN';IKCLP^)%HO.QQ/O5<\[.6-0:F%>>3HU@$&4.@(G7##45:8>M[\[! MU$V<7W^6J_,\HCE_)MCN%_5+#"O\G__C_P%02P,$% @ <91I5XO _E_V M!P :"P !0 !C=V0M97@S,3%?<3,R,#(S+FAT;>U:VW(;-Q)]SU<@4L61 MJTB*0XJZD+*J;-E;JZVM7!Q79=^V,(,>#2(,, $PI)BO3SG LY M9E*\VI/\>'#<37MG.>^)HU3T3L_RLS[GQZ=)(DX'IZ?_3?:P*IK'.LY/%;S: M*Z5N%T#]#T]ZE1]-I/#%,.EVO]L+=A?GN=$>.[-8.7Z-;:RUY.'6M[F2UWH8 MQK,7J\Z*,Z.,'>YWP]^(2MHY+Z6:#K__($MP[ >8L/>FY/K[EN/:M1U8F4=# M)_\ ] G="X^3QE]L1TD-,_^3I(=.O_O//Z_>7'U@_:23K'J\V=<,9Q;L5W+V M$JR7NP7;E.NP;5_O%4P9:\S3R6];K?WZ-%L@./F6K_5#N=W^I=/PM'& M2;AJL7^90K/+#ONW@3Q78%OL"M]F(>Q3G!;N7^P/3D>/'\O#4U!R>XT+.S7> MFW)XC-Y67 ADG[:"W _[]&:]Z?A*:H%S/6PGI]5?OX8W3US2F8WLR_>^.E-) MMS.@:;AB!<>E:&$L88)4[@OIV,\UMPA*-67OH3(6\:S9/XPM6=)M_TS@OL3I M3<%>&L>N=-;!4)_='^HG'K/>SL7L#7<8*8Q).64WVDP4B&MHQ=#9&#!AT 5M M,$5C#UQJQO64U=K;&G $F+1#_L9(GQ0R*YBKZ6-1?P(6 MFD9H *5T"E4!"8R)] 4.T%7(P=0[M5NA:T;@,,=83;!TNCP-SQJ7_:>#2V"Y MU!AY M$BTBT$)9ICL5TJESI'IHFZ 26#J@6VB6A:"FL+D2B)G2H$ ^&8\*W4 M J@-1MR=KG$M"$D-M\BB5FB Z#0(H="="_YDW!4L5V;B9M"U<"V=MR10.+V, M?J.7K24$NIDS:]X^:Q >[1P(/ZQ$[,7^:2\Y&;D&9HT^(3(QC?BD6%XQ;B&@ M!E$@4P44708(U51)5Y YF95(I$2F]"RDRY1Q-=8CBK5&1?A4UF0@\+5C!X@6 M 0B_"(EWMUG!]34$@?B^5FB1]'D[&1S RU U&8CX%!\EZ4(=84OM,Z*X)31' M=)$O6W>4KW248T=?!G>X.N!M27L7VULRV!O'M.7%KI./J&$M! .;.:$[DSQV"GX0JH9I;,4,8 M8E[R5"KIIZ0--G5+ZRV ,>!L?OJQ2?[$''/;#*BJ;84X=T'+9)FQ(C@0).\U M:)0H"N&.)5#1.B(3E/,1TN%D!6G^68,ZVQU0SQC[W9BK.M :A1SRG,Z&QA@L MMT$[SI7(%C0='S?+R0!BK(@4ZZ)H34WM[_=@FT3"Y]9 BCS_^,Z*I3.M']8E MQ)E ?P(&J8/GBD.Q.SB%C*O!M: M+8WS^)X.-[$MEV%#O\=#)79P3Y4<@8UD=\>Z<1QW91".*^@D0]=SOUY&KPKN MYC*%:#(L!! A?X3Y:+A]RI2\ =6<7=RQ;WWV%'TV^'=]NS?8.?!_VG8OG'F* MV;II+=B,R'49NPMB(_0]0KBLR>*Y:QREL3?6S;5">(%-EJ7T'N"!U)$:5"-4 M+B3Z%QHY0(0C4SO*!/B?!/IL6<+OM43WPQ*L=?C9PKW\>U?W937":X6:#^&GR_'QW-0%^0XD[:L"0NH-Z#4>RLS.J1Z&PV0C%LXT-#,@% M5G0P)\![$=MH7JR"L$-IVHKJP:%T<'6)H,%9"H-I$L_&T[QGKPQV;]OU&@5 M;I%?6@@%")2(8 JGZ@WJ6C%_2CTV:@R41#6_;GXH.GXFU_T#GN;M?L80A;#!V" MPU5[N(C0N/+LU"XV_(65_9JDF\&_\3']0.R M1IDB<9RUPH6B1PRO2X/;^]29"'=^=FHJWDR?:(!#BT/IL;=LBW&^V#_"_!$^ MU^^;O-A/CKNCJZN56=AR'3\"$%_-M,E9WE1#M&7A")U1%$8[%M0'0_A_%[9/ M#GN$?Y(K$5/OU*A^Y7MM\QIN^A^&&\9]0 M2P,$% @ <91I5])R9VG?!P &2P !0 !C=V0M97@S,3)?<3,R,#(S M+FAT;>U::W/;MA+]WE^!.G-39T:21O^^NX"U,N2'#EI$]G3?'!$XK6+/3A[ .*B\*6ZO"B B\MO+KYMM]E; MD]4E:,\R"]R#8+63>L1^%^!N6+O=U+HRU=3*4>%9K]OKL]^-O9%C'LN]] HN M9_U<',7GBZ,PR$5JQ/3R0L@QD^+5@//V,=:3QYN?9LK.=+#X,]!;#HKSHPR=OBL&_Z=4TD[YZ54T^%W'V0) MCOT$$_;>E%Q_UW))@VP'$.U;_/T^.-GEZWV ]< /L1:CUJL2Q$=(H><__\V>#T?!?G_E<[:G2O M=_,%R^T(UVQJO#?E\"7:6'$AD%C:"G(_[-.;]:[C*ZD%3N.PG9Q6?__RW#Q= M26?FV9 MAB>-R_[CP26P7&J,/(%H$>D6@A*K8[%=*IH1JVP J+3((3"<"[8DW%7L%R9B9M! MU\)(.F])>W!Z&>U&*UM+"'0S8]:L?=(@/-X[$'Y8B=CS9Z>]Y.3<-3!K] F1 MB6ET)<7RFG$+ 36( IDJH.@R0*BF2KJ"JE.U$HF4R)2>A729,J[&=D2QUJ@( MG\J:# 2^=NP0T2( X1XV*[@>0=!^[VN%-9(^;R>#0W@1FB8#$9_BHR3) MIR-LJ7]&%+>$YH@NLF7G@?*5@7(XY;O#VZ3 M3O>$YN$M.)PI#&%(B!_'5XMR=<9KMWL32IHI(%::D6(:-K7%#I#&QM(%55;._,;&L0WYT3=T8ZKHZQ% 1@[HSF1/[< M(?A)J!*JN14SA"'F)4^EDGY*VF#3L+3> A@#SN8'&YOD3\PQMXU#56TKQ+D+ M6B;+C!7!@"!Y1Z!1HBB$.Y9 1>N(JJ"7*42382& "/DCS$?#[5.FY VHYNSB3OW69T_19X-_W[=[ M@[T#_Z=M]\*9IYBMF]:"S8A'TL'5)8(&9RDXTR2>C:=Y M3UX9[-^VZS4*@-PBO[00"A H$<$43M4;U+5B_I1Z;-08*(EJ/FH^#MB&1:&L ME)D"EDX*$ZF3KV :,?B7*(S.EH^:]WWPW%;FPTZNB4&*F 7;QE H7CD8SGZ< M8PJH%)\.I0X3&AJ=K\(0)_)\3'D$54D#O "X6+RX,=#IQEL#'LWQ8C9R4]P) M14=>K)>][!SW>UM+NYUD:]E]O2:GG9.3[4T_N=OCSEEO\%BL[0\Z+[N[=7L4 MPA9#A^AP%=>O#OH'LP;-ZAKVJEN6K+(0+;B[ (G8^/(T%!#X%I?V:I9OG'_D M?OV$M%&FR!QGK7!9Z 'N='0G-&TG^]9%.^-V=./TZ=&XVM< MT@HAN2HDY.S[N>!JKM3=N='X3Y2^VIHY7%Q\7(O2B_5E=!1TZH8-U/)5ULJX M<-=A&+_4C6'M_A::H M7MLHOVGQ:M>E*'(M'* M452RM%94["O%F# \^_.LB1?]Y(S35?R^'V#0DT]OIJ^F"^@$KG\]XMMCC;&R M5#Y2L./)\6+Z>CH>+::S(WCWX7C^872T@,4,_'WXX,[=L0OSR=A*_4[/>_() MC>8P.IR]6TP.KV6SRJ'O[3[Y%&:O8?%F O/1\:O1T63NS#Z]G?P&H_$"4!)X M7O#@#&XY/;=;_5$IS=+E/YYX]];$IQQBP3F--1,%+[1PH3[!!SFFI:8&.-S?\76_0\=JV*;:!*#3(4>,BJCF-*\DT MP_0)3V!R'F>$GU!LIT7!E#(9X+_13+#W0D8EQ;BOQEEGLPJS#=,V_"HR#GCD MW@J:ICF5N(BKXXS1%'? '34[I3!+4Q9CS.MU: .N&P3;4%92501!U.+*65;* M-F_J*9!4U/&\4@7Q!8*VX 0*@\ ""IRAL QYG1Y#EB+7-.48$!;-CI4- M71.(EM<:1X;$BRBJEE*<,M-7FP[1E,C6\HQA_2/#^08Q=')3)ZTD9RJ[='"? MIBN!(40899I"5>**"1-;TSHP?[,-W6JF2933E48D9$*E@]CEI%0T7'T9)$R5 M.5F&C%L$K-&@(!(K[D1":U&$Y@">FF:.MU2SB]VP%E^.R:Y7C\H:(]7):N=& M[%K1CD[69;MNMQ/<*?5<_T[9M[SZ^^[>WMVFW^VVZ_:#WG.)MM-S=[W[N=VQ ML-70(3L44O]EJ].ZT97#H#P'_WI'-HWZ)D%J;OSXSF$9>(AMX?IUWR3_S/,Z M$J=V)(1^/0P^(#W/)-?ZWDK8A]@G58I7RV<*L/48,HV[Q??(3;6YM+0H0]0%)7*6@$%A\,1 _2:$_SG8OA>WU,[5C1]I;AN:K MKWI+H>RS52AI3HS#M9>_ESW)SL3>I0F)L#%5>MWD+]X7-Y_UJ^L=^\K\3U!+ M P04 " !QE&E7CW0&"@,% $%P % &-W9"UE>#,R,E]Q,S(P,C,N M:'1M[5AM;]LV$/Z^7W%SL#0!)$62XSB6W0"NXZ >BKB-7;3[-% 2%7.52)6D MDGB_?D=*SIN3+NFP)AD6!(:M>^'=/<\=*0X6NL@/!@M*TH.?!C^[+AR*I"HH MUY!(2C1-H5*,G\*GE*HOX+J-UDB42\E.%QI"/VS#)R&_L#-2RS73.3U8^1GL MU+\'.W:102S2Y<$@96? TMS5E!%1S3&O M'$6X?SR9?1P>SV$^A6 ?/GHS;^3!;#RRTJ#= M\9]]0L,9# ^G[^?CPQO9K'+H^7O//H7I$@%Y0^% 1B;GD M2SBAI9 :1 8CC#>F%K[1PH3W% SFBI:8&.-S>"/;_?]AT[%!T@"@URU+B,:D:3 M2C+-,'W"4QA?) O"3RF.TZ)@2ID,\-]HICA[84$EQ;BOQUEGLPK3@8D#OY*4 MPCM:\5,'1@M&,SABG/"$8:33+&,)1KJ>O0/XW.#F0%E)51&$3HMK':R49YK7 MID%249J]X+KFK"DY=H=Q;],C,B:<*G=ZD=,E#!-;=L,^!^5$.\;.*,9465&Q MA"]__WB^?9NF)4E3W+[!SFU[JI^Q!!-KB.W5GLB M.F\%VP!S+%%#VZS*D<,)LC,WK+EDDJ1?*R:IV6&5J:1JT C:6P39*R'H;*7; ME\!<\>Z2=_J*9A4U/&L9$+8@N%0T,35$WQJ:W1 MJN"$F:E12JI,;1TC)GD.:(:K8TNAH,1B*Z>9"*M60XK)&=J<>7@(:-6 D.( M,,HL@ZK$)R9,'$WKP/S#,72GF29Q3E<:L9 IE2YBEY-2T6CUI9\R5>9D&3%N M$;!&_8)(K+@;"ZU%$9D&/#/#'/>F9A6[8"V^.AQ[?GU UABI3E2K3MCK?G/\SMCH6MA@[9 MH9#ZKUOMUJVI'(7E!00W)[(9U+<)4G/CQT\.R\!#' LWM_LF^1>>U[$XLP=! MZ-5'P$>DYYOD6M];"?OJ^JQ*\6;Y0@&V'B.F<;7D 7EN;NQV^\I^7CN(WTC[ M@8W[" 8\F6JS2VE11J@+2N0L!5/V_C-#\9N8_?=Q^EXT+H^@/QJ2>]Y;;UW> M_8_2D_7,UGO)$)H2L5E#:7N]C7;L.?6.D_#U6]M2*/O"%$F:XPO2&5V[Q[V: M._:@ZU^9D!B'3Z773?[FZK?YK&^A=^SM]U]02P$"% ,4 " !QE&E7\N^G M@[LL @"]Z20 $ @ $ 8W=D+3(P,C,P.3,P+FAT;5!+ M 0(4 Q0 ( '&4:5?8+J'V+!< )T3 0 0 " >DL @!C M=V0M,C R,S Y,S N>'-D4$L! A0#% @ <91I5^&UL4$L! A0#% M @ <91I5_@3R"R?K@ 1HH' !0 ( ! &8" &-W9"TR,#(S M,#DS,%]D968N>&UL4$L! A0#% @ <91I5PM^[8^= P$ K.H* !0 M ( !T10# &-W9"TR,#(S,#DS,%]L86(N>&UL4$L! A0#% @ M<91I5^0 XM,UR C=0( !0 ( !H!@$ &-W9"TR,#(S,#DS M,%]P&UL4$L! A0#% @ <91I5XO _E_V!P :"P !0 M ( !!^$$ &-W9"UE>#,Q,5]Q,S(P,C,N:'1M4$L! A0#% @ <91I M5])R9VG?!P &2P !0 ( !+^D$ &-W9"UE>#,Q,E]Q,S(P M,C,N:'1M4$L! A0#% @ <91I5SF%_5D8!0 .1< !0 M ( !0/$$ &-W9"UE>#,R,5]Q,S(P,C,N:'1M4$L! A0#% @ <91I5X]T M!@H#!0 !!< !0 ( !BO8$ &-W9"UE>#,R,E]Q,S(P,C,N 9:'1M4$L%!@ * H C ( +_[! $! end