Bred in Maryland by Ryehill Farm, he was sired by Kentucky Derby winner Cannonade out of The Axe II mare Cold Hearted.
[3] To date, Caveat is one of eleven Maryland-bred colts to win a Triple Crown race.
Caveat was owned by the partnership of August Belmont IV, Robert Kirkham, and his breeder, James P. Ryan.
As a two-year-old, Caveat placed second in the Grade II Lane's End Breeders' Futurity Stakes with Eddie Maple aboard.
Five weeks later, under jockey Laffit Pincay, Jr., he won the Belmont Stakes against a record field of 15 horses, straining a ligament in his right foreleg at the top of the stretch in the process.