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Derivative Instruments
 12 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
Derivative instruments
The Company used interest rate swaps and caps to manage exposure to variable cash flows on portions of its borrowings under repurchase agreements. The Company’s repurchase agreements bore interest at a LIBOR-based variable rate and increases in LIBOR could have negatively impacted earnings. Interest rate swap and cap agreements allow the Company to receive a variable rate cash flow based on LIBOR and pay a fixed rate cash flow, mitigating the impact of this exposure.
All of the Company's derivative instruments have matured as of December 31, 2013. The Company’s derivative instruments consisted of the following at December 31, 2012:
 
 
 
 
December 31, 2012
 
Balance Sheet Location
 
Notional
Value
 
Estimated
Fair Value
Interest rate swaps
Derivative instruments
 
$
80,881

  
$
(156
)
Interest rate caps
Derivative instruments
 
203,248

*
1

Total derivative instruments
 
 
 
 
$
(155
)

*
Represents the notional value at December 31, 2012 but does not include forward-starting notionals.
The Company had an agreement with its derivative counterparty that contained a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.
The following table summarizes the amounts recognized on the consolidated statements of operations related to the Company’s derivatives for the years ended December 31, 2013, 2012 and 2011.
 
 
 
 
Amount of loss
recognized in
income
 
Location of Loss Recognized in Income
 
2013
 
2012
 
2011
Interest rate swaps
Loss on derivative instruments – realized *
 
$
(157
)
 
$
(895
)
 
$
(1,831
)
Interest rate swaps
Gain on derivative instruments – unrealized
 
156

 
$
510

 
$
763

Interest rate caps
Loss on derivative instruments - unrealized
 
(1
)
 
(187
)
 
(1,628
)
Total
 
 
$
(2
)
 
$
(572
)
 
$
(2,696
)
*
Realized losses represent net amounts accrued for the Company’s derivative instruments during the period.

The following table summarizes the gross asset and liability amounts related to the Company’s derivatives at December 31, 2013 and 2012.
 
 
December 31, 2013
 
December 31, 2012
 
Gross
Amount of
Assets
Recognized
as
Liabilities
 
Gross
Amounts
Offset in the
Statement
of Financial
Position
 
Net Amounts
of Liabilities
Presented in
the Statement
of Financial
Position
 
Gross
Amount of
Assets
Recognized
as
Liabilities
 
Gross
Amounts
Offset in the
Statement
of Financial
Position
 
Net Amounts
of Liabilities
Presented in
the Statement
of Financial
Position
Interest rate swaps
$
—

 
$
—

 
$
—

 
$
—

 
$
(156
)
 
$
(156
)
Interest rate caps
—

 
—

 
—

 
1

 
—

 
1

Total derivative instruments
$
—

 
$
—

 
$
—

 
$
1

 
$
(156
)
 
$
(155
)