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Prepaid and Other Assets (Tables)
 3 Months Ended
Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Assets
Prepaid and other assets consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):

March 31, 2024December 31, 2023
Pursuit costs (1)
$639 $1,081 
Prepaid expenses1,127 981 
Accounts receivable, net572 205 
Deposits63 63 
Other assets487 451 
Total prepaid and other assets$2,888 $2,781 
(1)
Pursuit costs represent expenses incurred related to new fund formation, primarily for professional, legal, consulting, accounting and tax services. As the funds raise equity investments and operating cash flow, as applicable, these costs are reimbursed by the respective funds to the Company. The Company assesses collectability and expenses any amounts in which collectability is not reasonably assured.

Prepaid and Other Assets of the Consolidated Funds

Prepaid and other assets of the consolidated funds consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024December 31, 2023
Derivative assets$1,401 $1,216 
Prepaid expenses739 1,735 
Deposits98 669 
Pursuit costs (1)
1,174 1,102 
Deferred franchise fees, net64 278 
Intangibles, net— 184 
Inventory44 142 
Other assets (2)
259 6,351 
Total prepaid and other assets$3,779 $11,677 
__________________________________
(1) Pursuit costs represent expenses incurred related to new fund formation, primarily for professional, legal, consulting, accounting and tax services. As the funds raise equity investments and operating cash flow, as applicable, these costs are reimbursed by the respective funds to the Company. The Company assesses collectability and expenses any amounts in which collectability is not reasonably assured.
(2) Other assets as of December 31, 2023, primarily represents incremental costs, including professional, legal, consulting, accounting and tax services, directly attributable to Caliber Hospitality Trust that are deferred and will be charged against the gross proceeds of the planned public offering.