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Derivative Instruments
 3 Months Ended
Mar. 31, 2014
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. Some of the Company’s repurchase agreements bear interest at a LIBOR-based variable rate and increases in LIBOR could negatively impact 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 matured during the third quarter of 2013. The following table summarizes the amounts recognized on the consolidated statements of operations related to the Company’s derivatives for the three months ended March 31, 2014 and 2013.
 
 
 
Three months ended March 31,
 
Location of Loss Recognized in Income
2014
 
2013
Interest rate swaps
Loss on derivative instruments – realized *
$
—

 
$
(72
)
Interest rate swaps
Gain on derivative instruments – unrealized
—

 
72

Interest rate caps
Loss on derivative instruments - unrealized
—

 
—

Total
 
$
—

 
$
—

*
Realized losses represent net amounts accrued for the Company’s derivative instruments during the period.