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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Derivatives | The consolidated funds have entered into interest rate caps and swaps. The following table summarizes the consolidated funds non-designated derivatives as of March 31, 2024 and December 31, 2023 (dollar amounts in thousands):
|  | March 31, 2024 |  | December 31, 2023
Type of Derivative |  | Number of Instruments |  | Notional Amount |  | Number of Instruments |  | Notional Amount
Interest rate swap |  | 1 |  |  | $ | 18,306 |  |  | 1 |  |  | $ | 18,418 |
Interest rate cap(1) |  | — |  |  | — |  |  | 1 |  |  | 55,000 |
Total |  |  |  | $ | 18,306 |  |  |  |  | $ | 73,418 |
Derivative Assets by Balance Sheet Location | The following table presents the fair value of the consolidated funds’ non-designated derivatives, as well as their classification on the consolidated balance sheets, as of March 31, 2024 and December 31, 2023 (in thousands):
Type of Derivative |  | Balance Sheet Location |  | March 31, 2024 |  | December 31, 2023
Interest rate swap |  | Consolidated funds - Prepaid and other assets |  | $ | 1,401 |  |  | $ | 1,206 |
Interest rate cap(1) |  | Consolidated funds - Prepaid and other assets |  | — |  |  | 10 |
Total |  |  |  | $ | 1,401 |  |  | $ | 1,216 |
Derivative Instruments, Gain (Loss) | The following table presents the gain or loss recognized in consolidated funds - hospitality expenses in the consolidated statements of operations for three months ended March 31, 2024 and 2023 (in thousands):
Type of Derivative |  | Statement of Operations Location |  | Three Months Ended March 31,
|  | 2024 |  | 2023
Interest rate swap |  | Consolidated funds - hospitality expenses |  | $ | 195 |  |  | $ | (322) |
Interest rate cap (1) |  | Consolidated funds - hospitality expenses |  | (35) |  |  | 43 |
Total |  |  |  | $ | 160 |  |  | $ | (279) |
__________________________________ (1) 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.

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