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Derivative Instruments | 6 Months Ended
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Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments The Company uses forward currency contracts to economically hedge interest and principal payments due under its loans denominated in currencies other than U.S. dollars. The Company has entered into a series of forward contracts to sell an amount of foreign currency (British pound ("GBP")) for an agreed upon amount of U.S. dollars at various dates through March 2018. These forward contracts were executed to economically fix the U.S. dollar amounts of foreign denominated cash flows expected to be received by the Company related to foreign denominated loan investments. The following table summarizes the Company's non-designated foreign exchange (“Fx”) forwards as of June 30, 2017:
Type of Derivative | June 30, 2017
| Number of Contracts |  | Aggregate Notional Amount |  | Notional Currency |  | Maturity
Fx Contracts - GBP | 9 |  | 156,458 |  | GBP |  | July 2017- March 2018
The following table summarizes the Company's non-designated Fx forwards as of December 31, 2016:
Type of Derivative | December 31, 2016
| Number of Contracts |  | Aggregate Notional Amount |  | Notional Currency |  | Maturity
Fx Contracts - GBP | 11 |  | 148,310 |  | GBP |  | January 2017- December 2017
The Company has not designated any of its derivative instruments as hedges as defined in ASC 815, Derivatives and Hedging and, therefore, changes in the fair value of the Company's derivative instruments are recorded directly in earnings. The following table summarizes the amounts recognized on the condensed consolidated statements of operations related to the Company’s derivative instruments for the three and six months ended June 30, 2017 and 2016.
|  | Three months ended June 30, |  | Six months ended June 30,
| Location of Loss Recognized in Income | 2017 |  | 2016 |  | 2017 |  | 2016
Forward currency contract | Gain (loss) on derivative instruments - unrealized | $ | (7,438 | ) |  | $ | 13,426 |  |  | $ | (10,321 | ) |  | $ | 12,116 |
Forward currency contract | Gain (loss) on derivative instruments - realized | 46 |  |  | (95 | ) |  | (110 | ) |  | 5,989 |
Interest rate caps (1) | Gain (loss) on derivative instruments - unrealized | 3 |  |  | (18 | ) |  | (3 | ) |  | (90 | )
Sub-total |  | $ | (7,389 | ) |  | $ | 13,313 |  |  | $ | (10,434 | ) |  | $ | 18,015 |
Forward currency contract | Income (loss) from unconsolidated joint venture | (587 | ) |  | — |  |  | (587 | ) |  | — |
Total |  | $ | (7,976 | ) |  | $ | 13,313 |  |  | $ | (11,021 | ) |  | $ | 18,015 |
(1) | With a notional amount of $42,830 and $48,120 at June 30, 2017 and 2016, respectively.
The following table summarizes the gross asset and liability amounts related to the Company's derivative instruments at June 30, 2017 and December 31, 2016.
| June 30, 2017 |  | December 31, 2016
| Gross Amount of Recognized Liabilities |  | Gross Amounts Offset in the Condensed Consolidated Balance Sheet |  | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet |  | Gross Amount of Recognized Assets |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Assets Presented in the Consolidated Balance Sheet
Interest rate caps | $ | — |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 23 |  |  | $ | — |  |  | $ | 23 |
Forward currency contract | (4,691 | ) |  | 253 |  |  | (4,438 | ) |  | 5,883 |  |  | — |  |  | 5,883 |
Total derivative instruments | $ | (4,691 | ) |  | $ | 256 |  |  | $ | (4,435 | ) |  | $ | 5,906 |  |  | $ | — |  |  | $ | 5,906 |

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- References No definition available. + Details
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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