<SEC-DOCUMENT>0001104659-22-104162.txt : 20230613
<SEC-HEADER>0001104659-22-104162.hdr.sgml : 20230613
<ACCEPTANCE-DATETIME>20220929162146
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-22-104162
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220929

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:		CORRESP

	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
</SEC-HEADER>
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    <TD STYLE="font-size: 10pt; width: 50%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Thomas
                                            J. Poletti</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Manatt, Phelps &amp;
Phillips, LLP</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Direct Dial:
        (714) 371-2501</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">TPoletti@manatt.com</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%">September 29, 2022</TD>
<TD STYLE="width: 50%; text-align: right">Client-Matter: 64005-035</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt">Via
EDGAR</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">U.S. Securities and Exchange Commission<BR>
Division of Corporate Finance<BR>
100 F Street, NE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Washington, D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Attention: Frank Knapp, Shannon Menjivar,
Stacie Gorman and Pam Long</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>Re:</B></FONT></TD><TD STYLE="font-size: 10pt; padding-right: 5.65pt"><B>Re:
                                            CaliberCos Inc.<BR>
                                            Amendment No.1 to Draft Registration Statement on Form S-1<BR>
                                            Submitted August 10, 2002<BR>
                                            CIK No. 001627282</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Knapp, Ms. Menjivar, Ms. Gorman and Ms. Long:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">On behalf of our
client, CaliberCos Inc. (the &ldquo;<U>Company</U>&rdquo;), we hereby file Amendment No.&nbsp;2 to the Company&rsquo;s Registration Statement
on Form&nbsp;S-1 (the &ldquo;<U>Amendment No.&nbsp;2</U>&rdquo;). Amendment No.&nbsp;2 is filed to provide responses to comments (the
 &ldquo;<U>Comments</U>&rdquo;) of the staff (the &ldquo;<U>Staff</U>&rdquo;) of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
issued in a letter dated September 6, 2022 (the &ldquo;<U>Staff&rsquo;s Letter</U>&rdquo;) relating to the Company&rsquo;s Amendment
No.&nbsp;1 to Draft Registration Statement on Form&nbsp;S-1 as submitted with the Commission on August 10, 2022. In order to facilitate
your review, we have responded, on behalf of the Company, to each of the Comments set forth in the Staff&rsquo;s Letter, on a point by
point basis. The Comments are set forth below in bold font and our response follows each respective Comment. In our response, page&nbsp;number
references are to Amendment No.&nbsp;2. Terms used but not defined herein have the respective meanings assigned thereto in Amendment
No.&nbsp;2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Amendment No. 1 to Draft Registration Statement on Form S-1
</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risk Factors, page 14</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Please expand your
risk factors to discuss interest rates and specifically identify the impact of rate increases on your operations and how your business
has been affected. For example, describe whether your borrowing costs have recently increased or are expected to increase and your ability
to pass along your increased costs of borrowing or project execution to your funds or investors. Please also describe whether increased
borrowing costs have impacted the ability of third parties, such as developers, contractors or others to do business with you.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">RESPONSE: Pursuant to the Staff&rsquo;s Comment,
the Company has revised the risk factor titled &ldquo;Changes in prevailing interest rates may reduce our profitability, and we may not
be able to adequately anticipate and respond to changes in market interest rates&rdquo; and added the risk factor titled &ldquo;Inflation
can have an adverse impact on our business and on our customers<B>&rdquo;</B> on page 15 to address the potential impact of rate increases
on its operations and how its business has been affected, as well as whether increased borrowing costs have impacted the ability of third
parties, such as developers, contractors or others to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">do business with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Manatt, Phelps &amp; Phillips, LLP 695 Town Center
Drive, 14th&nbsp;Floor, Costa Mesa, California 92626 Tel: 714.371.2500 Fax: 714.371.2550</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Albany | Boston | Chicago | Los Angeles | New
York | Orange County | Sacramento | San Francisco | Silicon Valley | Washington, D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2131925d6_correspimg01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Frank Knapp, Shannon Menjivar, Stacie Gorman and Pam Long</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 29, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Future sales and issuances of our Class A common stock . . .
, page 28</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2. <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note your response
to comment 3 of our letter. Please revise this risk factor to address the potential impact on investors of the conversion of the Class
B into Class A common stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">RESPONSE: Pursuant to the Staff&rsquo;s Comment,
the Company has revised this risk factor to address the potential impact on investors of the conversion of the Class B into Class A common
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Management's Discussion and Analysis..., page 39</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note your statements that inflation and changes in interest
rates are a prevailing trend in 2022, and that inflation historically favors new capital formation for your funds, but has increased
the cost of construction and renovation of your assets. Please expand your disclosures to elaborate on how increased interest rates applicable
to your or your funds impact your results of operations, including without limitation:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&bull; Expected changes to your product and services mix,
including specific challenges or opportunities a rising interest rate environment presents in the near-term to your construction and
asset purchases, sales, and rental operations, and the impact that ongoing supply chain challenges or disruptions may have on your
ability to make these changes;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&bull; Any expected decreases in project sales, given increased
cost of financing;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&bull; Changes to pricing strategy in the near-term, including
how you consider sensitivity to price increases;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&bull; Adjustments to planned capital expenditures and expansion;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&bull; Expected impacts to your short-term funding costs, including
working capital for inventory and labor costs;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&bull; Anticipated impacts on your acquisition of real estate and
construction supplies, given your need to finance the transaction via new borrowings; and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&bull; The impact on liquidity resulting from material debt outstanding.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">RESPONSE: Pursuant to the Staff&rsquo;s Comment,
the Company has revised this section to elaborate on how increased interest rates applicable to the Company or its funds impact the Company&rsquo;s
results of operations with the addition of Interest Rates and Inflation discussions on page 42 within the &ldquo;Trends Affecting Our
Business&rdquo; section of the MD&amp;A. In addition, the Company revised the risk factor titled &ldquo;Changes in prevailing interest
rates may reduce our profitability, and we may not be able to adequately anticipate and respond to changes in market interest rates&rdquo;,
and added the risk factor titled &ldquo;Inflation can have an adverse impact on our business and on our customers&rdquo; to further disclose
interest rate risk on the results of our operations on page 15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2131925d6_correspimg01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Frank Knapp, Shannon Menjivar, Stacie Gorman and Pam Long</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 29, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Management's Discussion and Analysis of Financial Condition
and Results of Operations Non-GAAP Measures, page 49</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4. <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note your response to comment 6. Please explain why the discussion and measures of Managed Capital and Fair Value AUM are presented after
the discussion of non-GAAP measures but before non-GAAP EBITDA and Adjusted EBITDA measures. It would appear they should be included
in the actual operating results section of MD&amp;A. Also, we did not locate the relevant period-over-period variance discussion for
Managed Capital and Fair Value AUM measures in relation to comparative and current actual operating results. Please advise.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">RESPONSE: Pursuant to the Staff&rsquo;s Comment,
the Company moved the Assets Under Management section before the Non-GAAP Measures section beginning on page 50. The Company revised
the Assets Under Management section to address the Staff&rsquo;s inquiries including the addition of the relevant period-over-period
variance discussion for the Managed Capital measure in relation to comparative and current actual operating results. To explain the peior-over-period
variance of the Fair Value AUM measure, the Company added &ldquo;as the economy continued to recover, our FV AUM increased&rdquo; and
respectfully, believes that the table detailing the activity impacting the Fair Value AUM measure provides further explanation of the
period-over-period variance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Please explain the nature and purpose of the &ldquo;Intercompany
eliminations&rdquo; and &ldquo;Noncontrolling interest eliminations&rdquo; adjustments in your EBITDA calculations on page 52 and why
you believe they are appropriate. On page 49, please expand your disclosure accordingly on how EBITDA is calculated.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">RESPONSE: Pursuant to the Staff&rsquo;s Comment,
the Company has revised its disclosure on page 54 to explain the nature and purpose of the &ldquo;Intercompany eliminations&rdquo; and
 &ldquo;Noncontrolling interest eliminations&rdquo; adjustments in its EBITDA calculations and how EBITDA is calculated and why the Company
believes these adjustments are appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Liquidity and Capital Resources, page 53</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6. <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note that the amounts in the cash flow analysis tables here and on page 54 do not clearly correlate to the respective subtotals in
consolidated statements of cash flows on pages F-4 of the unaudited interim financial statements, and F-7 of the audited financial
statements. Please advise.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">RESPONSE: Pursuant to the Staff&rsquo;s Comment,
the Company has revised this section to address the Staff&rsquo;s inquiries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Business, page 57</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7. <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note your response to prior comment 9 and your statement that your operations are organized into your three reportable segments.
Please clarify what funds you perform these activities for and whether all of these funds are your consolidated funds. Also clarify
how else you benefit from these funds. We note that you cite direct membership or partnership interests in the funds. Clarify
whether you receive revenue from any funds in this capacity (as opposed to fund management, development and brokerage activities
reflected in your reportable segments), and identify those funds and describe your interest in them. If you do not believe this
information is material to understanding your business, please explain why, given that a significant portion of your consolidated
revenue is from consolidated funds rather than the operations underlying your three reportable segments.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">RESPONSE: Pursuant to the Staff&rsquo;s
Comment, the Company has revised this section to address the Staff&rsquo;s inquiries within the Structure of Funds section on page
64 of this registration statement to clarify Caliber revenue earned from its funds and added a table detailing the Company&rsquo;s
revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2131925d6_correspimg01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Frank Knapp, Shannon Menjivar, Stacie Gorman and Pam Long</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 29, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Certain Relationships and Related Party Transactions
Buyback Program, page 75</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8. <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note your response to comment 11 of our letter. Please revise
to identify the related party from whom you will repurchase shares and file the agreement as an exhibit.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">RESPONSE: Pursuant to the Staff&rsquo;s
Comment, the Company has revised this section to address the Staff&rsquo;s inquiries and the requested agreement has been filed as
an exhibit.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2131925d6_correspimg01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Frank Knapp, Shannon Menjivar, Stacie Gorman and Pam Long</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 29, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 5</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Should
you or the staff have questions regarding the foregoing responses or additional comments please contact Thomas Poletti at 714.371.2501
or Veronica Lah at 310.312.4130.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.75pt 0pt 9pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>/s/ Thomas J. Poletti</U></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Thomas J. Poletti</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Chris Loeffler<BR>
                                            Jennifer Schrader<BR>
                                            Jade Leung</TD></TR>
</TABLE>

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