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Related Party Transactions | 3 Months Ended
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Mar. 31, 2024
Related Party Transactions [Abstract] |
Related Party Transactions | Related Party Transactions Related Party Transactions of the Company Revenues The table below shows the consolidated revenues earned for providing services under the Company’s asset management platform as described in the Revenue Recognition section of Note 2 – Summary of Significant Accounting Policies for the three months ended March 31, 2024 and 2023.
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
Fund management fees |  | $ | 1,378 |  |  | $ | 1,289 |
Financing fees |  | 2 |  |  | 78 |
Development and construction fees |  | 1,531 |  |  | 528 |
Brokerage fees |  | 259 |  |  | 141 |
Total asset management |  | 3,170 |  |  | 2,036 |
Performance allocations |  | 166 |  |  | 2,426 |
Total related party revenue |  | $ | 3,336 |  |  | $ | 4,462 |
As of March 31, 2024 and December 31, 2023, amounts due to the Company from related parties for services performed under the Company’s asset management platform was $7.5 million and $7.8 million, respectively, which is included in due from related parties on the accompanying consolidated balance sheets. 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 receivable – related parties as of March 31, 2024 and December 31, 2023 (in thousands):
Notes Receivable - Related Parties |  | March 31, 2024 |  | December 31, 2023 |  | Interest Rate (1) |  | Maturity Date (1)
Caliber Hospitality LP (2) |  | $ | 6,749 |  |  | $ | — |  |  | 12.00% |  | September 2025
Olathe Behavioral Health |  | — |  |  | 25 |  |  | 12.00% |  | May 2025
DFW Behavioral Health LLC |  | — |  |  | 25 |  |  | 14.00% |  | May 2025
Total Notes Receivable - Related Parties |  | $ | 6,749 |  |  | $ | 50 |  |  |  |  |
__________________________________ (1) As of March 31, 2024. (2) During the three months ended March 31, 2024, the Company deconsolidated Caliber Hospitality, LP and the Caliber Hospitality Trust, which included activity from six hospitality funds. During the three months ended March 31, 2024 and 2023, the Company earned an immaterial amount of interest in connection with the notes, which is included in interest income on the accompanying 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 March 31, 2024 and December 31, 2023 . 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 March 31, 2024 and December 31, 2023, other amounts due from related parties was $1.9 million, which is included in due from related parties on the accompanying consolidated balance sheets. As of March 31, 2024 and December 31, 2023, other amounts due to related parties from the Company were $0.2 million and $0.3 million, respectively, which are included in due to related parties on the accompanying consolidated balance sheets. Related Party Transactions of the Consolidated Funds Notes Receivable The consolidated fund 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 March 31, 2024 and December 31, 2023 (in thousands):
Notes Receivable - Related Parties |  | March 31, 2024 |  | December 31, 2023 |  | Interest Rate(1) |  | Maturity Date(1)
SF Alaska, LP |  | $ | 15,592 |  |  | $ | 14,976 |  |  | 12.00% |  | May 2025
The Ketch, LLC |  | 7,713 |  |  | 7,198 |  |  | 12.00% |  | May 2024
Circle Lofts, LLC |  | 1,851 |  |  | 1,797 |  |  | 12.00% |  | May 2024
J-25 Development Group, LLC |  | 32 |  |  | 4,804 |  |  | 12.00% |  | May 2024
Caliber Diversified Opportunity Fund II, LP |  | 12 |  |  | 109 |  |  | 12.00% |  | September 2025
Ridge II, LLC |  | 1,186 |  |  | 846 |  |  | 12.00% |  | December 2024
Ironwood, LLC |  | 3,564 |  |  | 2,703 |  |  | 13.00% |  | September 2025
47th Street Phoenix Fund, LLC |  | 87 |  |  | — |  |  | 12.00% |  | May 2025
Southridge, LLC |  | — |  |  | 2,187 |  |  | 13.00% |  | July 2025
Caliber Hospitality, LP (2) |  | 10,254 |  |  | — |  |  | 12.00% |  | June 2025
Blue Spruce, LLC |  | 56 |  |  | — |  |  | 13.00% |  | January 2026
Total Notes Receivable - Related Parties |  | $ | 40,347 |  |  | $ | 34,620 |  |  |  |  |
__________________________________ (1) As of March 31, 2024. (2) During the three months ended March 31, 2024, the Company deconsolidated Caliber Hospitality, LP and the Caliber Hospitality Trust, which included activity from six hospitality funds. During the three months ended March 31, 2024 and 2023, the consolidated fund earned $1.0 million and $0.9 million, respectively, of interest in connection with the notes, which is included in consolidated funds – other revenues on the accompanying 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 March 31, 2024 and December 31, 2023. Notes Payable At December 31, 2023, Caliber Hospitality, LP had aggregate notes payable outstanding of $12.1 million to Caliber Tax Advantage Opportunity Zone Fund, LP and Caliber Tax Advantaged Opportunity Zone Fund II, LLC. During the three months ended March 31, 2024, the Company deconsolidated Caliber Hospitality, LP and the Caliber Hospitality Trust. During the three months ended March 31, 2024 and 2023, the consolidated funds incurred $0.3 million and $0.2 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 consolidated statements of operations. As of December 31, 2023, there was $0.1 million of interest expense payable which is included in due to related parties on the accompanying consolidated balance sheets. 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 March 31, 2024 and December 31, 2023, there were an immaterial amount of other amounts due from related parties. As of March 31, 2024 other amounts due to related parties was $0.3 million, which is included in due to related parties on the accompanying consolidated balance sheets. As of December 31, 2023 there was an immaterial amount of other amounts due to related parties.

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- 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
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