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Derivatives, Net | 12 Months Ended
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Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives, Net | Derivatives, Net We use forward currency contracts to economically hedge interest and principal payments due under our loans denominated in currencies other than U.S. dollars. We have entered into a series of forward contracts to sell an amount of foreign currency (British pounds) 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 us related to foreign denominated loan investments. The following table summarizes our non-designated foreign exchange ("Fx") forwards as of December 31, 2018:
Type of Derivative | December 31, 2018
| Number of Contracts |  | Aggregate Notional Amount (in thousands) |  | Notional Currency |  | Maturity
Fx Contracts - GBP | 43 |  | 270,161 |  | GBP |  | January 2019 - November 2020
The following table summarizes our 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
We have not designated any of our derivative instruments as hedges as defined in ASC 815 "Derivatives and Hedging" and, therefore, changes in the fair value of our derivative instruments are recorded directly in earnings. The following table summarizes the amounts recognized on the consolidated statements of operations related to our derivatives for the years ended December 31, 2018, 2017 and 2016 ($ in thousands):
|  |  | Amount of gain (loss) recognized in income
| Location of Gain (Loss) Recognized in Income |  | 2018 |  | 2017 |  | 2016
Forward currency contracts | Gain (loss) on derivative instruments - unrealized |  | $ | 29,345 |  |  | $ | (11,527 | ) |  | $ | 2,665 |
Forward currency contracts | Gain (loss) on derivative instruments - realized |  | 9,713 |  |  | (7,657 | ) |  | 28,552 |
Interest rate caps (1) | Gain (loss) on derivative instruments - unrealized |  | — |  |  | 4 |  |  | (57 | )
Sub-total |  |  | $ | 39,058 |  |  | $ | (19,180 | ) |  | $ | 31,160 |
Forward currency contracts | Loss from unconsolidated joint venture |  | — |  |  | (587 | ) |  | — |
Total |  |  | $ | 39,058 |  |  | $ | (19,767 | ) |  | $ | 31,160 |
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(1) | With a notional amount of $34.9 million, $40.2 million and $45.5 million at December 31, 2018, 2017 and 2016, respectively.
The following table summarizes the gross asset and liability amounts related to our derivatives at December 31, 2018 and 2017 ($ in thousands).
| December 31, 2018 |  | December 31, 2017
| Gross Amount of Recognized Assets |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Assets Presented in the Consolidated Balance Sheet |  | Gross Amount of Recognized Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet
Interest rate caps | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Forward currency contracts | 23,753 |  |  | (53 | ) |  | 23,700 |  |  | (5,645 | ) |  | — |  |  | (5,645 | )
Total derivative instruments | $ | 23,753 |  |  | $ | (53 | ) |  | $ | 23,700 |  |  | $ | (5,645 | ) |  | $ | 1 |  |  | $ | (5,644 | )

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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