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Derivative Instruments
 12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
Derivative Instruments
The Company has in the past used and may in the future use 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.
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 years ended December 31, 2015, 2014 and 2013.
 
 
 
 
Amount of loss
recognized in
income
 
Location of Gain (Loss) Recognized in Income
 
2015
 
2014
 
2013
Interest rate swaps
Loss on derivative instruments – realized *
 
$
—

 
$
—

 
$
(157
)
Interest rate swaps
Gain on derivative instruments – unrealized
 
—

 
$
—

 
$
156

Interest rate caps
Loss on derivative instruments - unrealized
 
(210
)
 
—

 
(1
)
Forward currency contract
Gain (loss) on derivative instruments - unrealized
 
(853
)
 
4,070

 
—

Forward currency contract
Gain on derivative instruments - realized
 
5,169

 
—

 
—

Total
 
 
$
4,106

 
$
4,070

 
$
(2
)
*
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, 2015 and 2014.
 
 
December 31, 2015
 
December 31, 2014
 
Gross
Amount of
Assets
Recognized
as
Assets
 
Gross
Amounts
Offset in the
Statement
of Financial
Position
 
Net Amounts
of Assets
Presented in
the Statement
of Financial
Position
 
Gross
Amount of
Assets
Recognized
as
Assets
 
Gross
Amounts
Offset in the
Statement
of Financial
Position
 
Net Amounts
of Assets
Presented in
the Statement
of Financial
Position
Interest rate swaps
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Interest rate caps
106

 
—

 
106

 
—

 
—

 
—

Forward currency contract
$
3,221

 
$
—

 
$
3,221

 
$
4,070

 
$
—

 
$
4,070

Total derivative instruments
$
3,327

 
$
—

 
$
3,327

 
$
4,070

 
$
—

 
$
4,070