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

———————


(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	)