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Derivative Instruments
 9 Months Ended
Sep. 30, 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. 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 interest rate swaps and caps matured during the third quarter of 2013.
During April 2014, the Company entered into a forward contract whereby it agreed to sell £34,389 in exchange for $57,631 in January 2015. The forward contract was executed to economically fix the U.S. dollar amounts of foreign denominated cash flows expected to be received related to a foreign denominated loan investment which closed in the second quarter of 2014.
The Company has not designated any of its derivative instruments as hedges under GAAP and therefore, changes in the fair value of the Company's derivatives are recorded directly in earnings. The following table summarizes the amounts recognized on the consolidated statements of operations related to the Company’s derivatives for the three and nine months ended September 30, 2014 and 2013.
 
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
Location of Loss Recognized in Income
2014
 
2013
 
2014
 
2013
Interest rate swaps
Loss on derivative instruments – realized *
$
—

 
$
(24
)
 
$
—

 
$
(156
)
Interest rate swaps
Gain on derivative instruments – unrealized
—

 
25

 
—

 
155

Forward currency contract
Loss on derivative instruments - unrealized
3,026

 
—

 
1,933

 
—

Total
 
$
3,026

 
$
1

 
$
1,933

 
$
(1
)
*
Realized losses represent net amounts accrued for the Company’s derivative instruments during the period.