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Derivative Instruments
 3 Months Ended
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, 2024December 31, 2023
Type of DerivativeNumber of InstrumentsNotional AmountNumber of InstrumentsNotional 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 DerivativeBalance Sheet LocationMarch 31, 2024December 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 DerivativeStatement of Operations LocationThree Months Ended March 31,
20242023
Interest rate swap Consolidated funds - hospitality expenses$195 $(322)
Interest rate cap (1)
Consolidated funds - hospitality expenses(35)43 
Total$160 $(279)

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(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.