The following table presents the redeemable noncontrolling interests in Braemar OP (in thousands) and the corresponding approximate ownership percentage of our operating partnership:


	September 30, 2021			December 31, 2020
Redeemable noncontrolling interests in Braemar OP	$	39,948		$	27,655
Adjustments to redeemable noncontrolling interests (1)	$	236		$	167
Ownership percentage of operating partnership	8.35		%	9.43		%

(1) Reflects the excess of the redemption value over the accumulated historical cost.

We allocated net income (loss) to the redeemable noncontrolling interests as illustrated in the table below (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$	823	$	2,381	$	3,184	$	10,036

The following table presents the common units redeemed and the fair value at redemption (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Common units converted to common stock	—		—		2		339
Fair value of common units converted	$	—	$	—	$	15	$	390	(1)

(1) The redemption value is the greater of historical cost or fair value. The historical cost of the converted units was $3.5 million.