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Derivative Instruments | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments Interest Rate Derivatives—We are exposed to risks arising from our business operations, economic conditions and financial markets. To manage these risks, we primarily use interest rate derivatives to hedge our debt and our cash flows, which include interest rate caps. All derivatives are recorded at fair value. Payments from counterparties on in-the-money interest rate caps are recognized as realized gains on our consolidated statements of operations. The following table summarizes the interest rate derivatives we entered into over the applicable periods:
| Year Ended December 31,
Interest rate caps:(1) | 2024 |  | 2023 |  | 2022
Notional amount (in thousands) | $ | 935,280 |  |  | $ | 537,780 |  |  | $ | 776,500 |
Strike rate low end of range | 3.50 | % |  | 3.50 | % |  | 3.50 | %
Strike rate high end of range | 8.00 | % |  | 5.25 | % |  | 4.50 | %
Effective date range | January 2024 - December 2024 |  | January 2023 - December 2023 |  | February 2022 - December 2022
Termination date range | January 2025 - August 2026 |  | January 2024 - January 2026 |  | May 2023 - January 2025
Total cost of interest rate caps (in thousands) | $ | 1,592 |  |  | $ | 5,051 |  |  | $ | 3,030 |
_______________ (1) No instruments were designated as cash flow hedges. Interest rate derivatives consisted of the following:
Interest rate caps: (1) | December 31, 2024 |  | December 31, 2023
Notional amount (in thousands) | $ | 1,185,880 |  |  | $ | 778,280 |
Strike rate low end of range | 3.50 | % |  | 2.00 | %
Strike rate high end of range | 8.00 | % |  | 5.25 | %
Termination date range | January 2025 - August 2026 |  | June 2024- January 2025
Aggregate principal balance on corresponding mortgage loans (in thousands) | $ | 1,074,693 |  |  | $ | 777,693 |
_______________ (1)No instruments were designated as cash flow hedges. Warrants—On August 5, 2021, as part of the consideration paid to acquire the Cameo Beverly Hills (formerly known as the Mr. C Beverly Hills Hotel) and five adjacent luxury residences, the Company issued 500,000 warrants for the purchase of Braemar common stock with a $6.00 strike price on or after August 5, 2021 until August 5, 2024. The warrants expired worthless on August 5, 2024.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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