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Redeemable Noncontrolling Interests in Operating Partnership (Tables) | 3 Months Ended
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Mar. 31, 2024
Noncontrolling Interest [Abstract] |
Redeemable Noncontrolling Interest | The following table presents the redeemable noncontrolling interests in Braemar OP (in thousands) and the corresponding approximate ownership percentage of our operating partnership:
| March 31, 2024 |  | December 31, 2023
Redeemable noncontrolling interests in Braemar OP (in thousands) | $ | 33,005 |  |  | $ | 32,395 |
Adjustments to redeemable noncontrolling interests (1) (in thousands) | $ | 59 |  |  | $ | 66 |
Ownership percentage of operating partnership | 7.75 | % |  | 7.47 | %
____________________________________ (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 March 31,
|  |  |  |  | 2024 |  | 2023 |  |
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |  |  |  |  | $ | (296) |  |  | $ | (261) |  |  |
Distributions declared to holders of common units, LTIP units and Performance LTIP units |  |  |  |  | $ | 366 |  |  | $ | 361 |  |  |
The following table presents the common units redeemed for cash (in thousands):
|  |  | Three Months Ended March 31, |  |  |
|  |  |  |  | 2024 |  | 2023 |  |  |
Units redeemed |  |  |  |  | — |  |  | 1,424 |  |  |  |
Cash value of common units redeemed |  |  |  |  | $ | — |  |  | $ | 7,039 |  | (1) |  |
____________________________________ (1) Mr. Monty J. Bennett’s 1.4 million common units redeemed for cash of approximately $7.0 million during February 2023.

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- Definition Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity. + References No definition available. + Details
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