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Derivative Instruments | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments Risk Management Objective of Using Derivatives The consolidated funds utilize derivative instruments, including interest rate caps and swaps, to reduce interest rate risk associated with its borrowings. Our consolidated funds do not intend to utilize derivatives for purposes other than interest rate risk management. Derivatives Designated as Hedging Instruments As of March 31, 2024 and December 31, 2023, the Company did not have any derivatives designated as hedging instruments. Derivatives Not Designated as Hedging Instruments 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 |
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 |
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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- 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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