XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Derivatives, Net | 3 Months Ended
--- | ---
Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives, Net | 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 the Company's non-designated foreign exchange (“Fx”) forwards as of March 31, 2018:
Type of Derivative | March 31, 2018
| Number of Contracts |  | Aggregate Notional Amount (in thousands) |  | Notional Currency |  | Maturity
Fx Contracts - GBP | 31 |  | 467,737 |  | GBP |  | April 2018 - November 2020
The following table summarizes the Company's non-designated Fx forwards as of December 31, 2017:
Type of Derivative | December 31, 2017
| Number of Contracts |  | Aggregate Notional Amount (in thousands) |  | Notional Currency |  | Maturity
Fx Contracts - GBP | 24 |  | 177,077 |  | GBP |  | January 2018- November 2020
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 derivatives for the three months ended March 31, 2018 and 2017 ($ in thousands):
|  |  | Amount of gain (loss) recognized in income
|  |  | Three months ended March 31,
| Location of (Gain) Loss Recognized in Income |  | 2018 |  | 2017
Forward currency contracts | Loss on derivative instruments - unrealized |  | $ | (8,859 | ) |  | $ | (2,883 | )
Forward currency contracts | Loss on derivative instruments - realized |  | (2,177 | ) |  | (156 | )
Interest rate caps (1) | Gain (loss) on derivative instruments - unrealized |  | 4 |  |  | (6 | )
Total |  |  | $ | (11,032 | ) |  | $ | (3,045 | )
———————
(1) | With a notional amount of $38.9 million and $44.2 million at March 31, 2018, and 2017, respectively.
The following table summarizes the gross asset and liability amounts related to the Company’s derivatives at March 31, 2018 and December 31, 2017 ($ in thousands).
| March 31, 2018 |  | December 31, 2017
| Gross Amount of Recognized Liabilities |  | Gross Amounts Offset in the Condensed Consolidated Balance Sheet |  | Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet |  | Gross Amount of Recognized Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet
Interest rate caps | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Forward currency contracts | (18,777 | ) |  | 4,273 |  |  | (14,504 | ) |  | (5,645 | ) |  | — |  |  | (5,645 | )
Total derivative instruments | $ | (18,777 | ) |  | $ | 4,278 |  |  | $ | (14,499 | ) |  | $ | (5,645 | ) |  | $ | 1 |  |  | $ | (5,644 | )

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration