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Derivative Instruments (Tables)

3 Months Ended

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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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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-SubTopic 10
-Section 50
-Paragraph 4A
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Topic 815
-SubTopic 10
-Section 50
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