Derivatives, Net

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 November 2020. 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 our non-designated foreign exchange (“Fx”) forwards as of December 31, 2017 :



Type of Derivative	December 31, 2017
	Number of Contracts	Aggregate Notional Amount	Notional Currency	Maturity
Fx Contracts - GBP	24	177,077	GBP	January 2018- November 2020

The following table summarizes our non-designated foreign exchange (“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- October 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 consolidated statements of operations related to the Company’s derivatives for the years ended December 31, 2017, 2016 and 2015.



		Amount of gain (loss) recognized in income
	Location of Gain (Loss) Recognized in Income	2017			2016			2015
Forward currency contract	Gain (loss) on derivative instruments - unrealized	$	(11,527	)	2,665			$	(853	)
Forward currency contract	Gain on derivative instruments - realized	(7,657		)	28,552			5,169
Interest rate caps ⁽¹⁾	Gain (loss) on derivative instruments - unrealized	4			(57		)	(210		)
Sub-total		$	(19,180	)	$	31,160		$	4,106

Forward currency contract	Loss from unconsolidated joint venture	(587		)	—			—
Total		$	(19,767	)	$	31,160		$	4,106

———————


(1)	With a notional amount of $40,185, $45,475, 49,323 at December 31, 2017, 2016, and 2015, respectively.

The following table summarizes the gross asset and liability amounts related to the Company’s derivatives at December 31, 2017 and 2016.



	December 31, 2017								December 31, 2016
	Gross Amount of Recognized Liabilities			Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the 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	$	—		$	1	$	1		$	23	$	—	$	23
Forward currency contract	(5,645		)	—		(5,645		)	5,883		—		5,883
Total derivative instruments	$	(5,645	)	$	1	$	(5,644	)	$	5,906	$	—	$	5,906