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DERIVATIVES AND HEDGING ACTIVITY (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
DERIVATIVES AND HEDGING ACTIVITY |
Schedule of outstanding interest rate derivatives | As of March 31, 2020, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of |  | ​
Product | ​ | Instruments | ​ | Notional
Interest rate swaps | ​ | 1 | ​ | $ | 315,000
​ Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in no gain or loss for both the three months ended March 31, 2020 and 2019. As of March 31, 2020, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of |  | ​ | ​
Product | ​ | Instruments | ​ | Notional
Interest rate caps | ​ | 1 | ​ | $ | 19,880
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Asset Derivatives | ​ | Liability Derivatives
​ | ​ | (included in Other assets) | ​ | (included in Other liabilities)
​ | ​ | Fair Value at: | ​ | Fair Value at:
​ | ​ | March 31, | ​ | December 31, | ​ | March 31, | ​ | December 31,
​ | ​ | 2020 | ​ | 2019 | ​ | 2020 | ​ | 2019
Derivatives designated as hedging instruments: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Interest rate products | ​ | $ | — | ​ | $ | 6 | ​ | $ | 3,075 | ​ | $ | 142
Effect of Company's derivative financial instruments on Consolidated Statements of Operations | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gain/(Loss) Recognized in
​ | ​ | ​ | ​ | Gain/(Loss) Reclassified | ​ | Interest expense
​ | ​ | Unrealized holding gain/(loss) | ​ | from Accumulated OCI into | ​ | (Amount Excluded from
​ | ​ | Recognized in OCI | ​ | Interest expense | ​ | Effectiveness Testing)
Derivatives in Cash Flow Hedging Relationships |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Three Months Ended March 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products | ​ | $ | (2,917) | ​ | $ | (2,210) | ​ | $ | (357) | ​ | $ | 945 | ​ | $ | — | ​ | $ | —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31,
​ | ​ | 2020 | ​ | 2019
Total amount of Interest expense presented on the Consolidated Statements of Operations | ​ | $ | 39,317 | ​ | $ | 33,542
​
Offsetting of Derivative Assets | The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of March 31, 2020 and December 31, 2019 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Net Amounts of |  | Gross Amounts Not Offset | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Amounts | ​ | Assets | ​ | in the Consolidated | ​ | ​ | ​
​ | ​ | Gross | ​ | Offset in the | ​ | Presented in the | ​ | Balance Sheet | ​ | ​ | ​
​ | ​ | Amounts of | ​ | Consolidated | ​ | Consolidated | ​ | ​ | ​ | ​ | Cash | ​ | ​ | ​
​ | ​ | Recognized | ​ | Balance | ​ | Balance Sheets | ​ | Financial | ​ | Collateral | ​ | ​ | ​
Offsetting of Derivative Assets | ​ | Assets | ​ | Sheets | ​ | (a) | ​ | Instruments |  | Received |  | Net Amount
March 31, 2020 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2019 | ​ | $ | 6 | ​ | $ | — | ​ | $ | 6 | ​ | $ | (3) | ​ | $ | — | ​ | $ | 3
(a) | Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.
Offsetting of Derivative Liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Net Amounts of |  | Gross Amounts Not Offset | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Amounts | ​ | Liabilities | ​ | in the Consolidated | ​ | ​ | ​
​ | ​ | Gross | ​ | Offset in the | ​ | Presented in the | ​ | Balance Sheet | ​ | ​ | ​
​ | ​ | Amounts of | ​ | Consolidated | ​ | Consolidated | ​ | ​ | ​ | ​ | Cash | ​ | ​ | ​
​ | ​ | Recognized | ​ | Balance | ​ | Balance Sheets | ​ | Financial | ​ | Collateral | ​ | ​ | ​
Offsetting of Derivative Liabilities |  | Liabilities |  | Sheets |  | (a) |  | Instruments |  | Posted |  | Net Amount
March 31, 2020 | ​ | $ | 3,075 | ​ | $ | — | ​ | $ | 3,075 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,075
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2019 | ​ | $ | 142 | ​ | $ | — | ​ | $ | 142 | ​ | $ | (3) | ​ | $ | — | ​ | $ | 139
(a) | Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.

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