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Derivatives, Net | 3 Months Ended
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Mar. 31, 2019
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 pound and Euro) for an agreed upon amount of U.S. dollars at various dates through December 2021. 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 March 31, 2019:
| March 31, 2019
| Number of Contracts |  | Aggregate Notional Amount (in thousands) |  | Notional Currency |  | Maturity |  | Weighted-Average Years to Maturity
Fx Contracts - GBP | 78 |  | 259,604 |  | GBP |  | April 2019- December 2021 |  | 1.07
The following table summarizes our non-designated Fx forwards as of December 31, 2018:
| December 31, 2018
| Number of Contracts |  | Aggregate Notional Amount (in thousands) |  | Notional Currency |  | Maturity |  | Weighted-Average Years to Maturity
Fx Contracts - GBP | 43 |  | 270,161 |  | GBP |  | January 2019 - November 2020 |  | 0.69
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 condensed consolidated statements of operations related to our derivatives for the three months ended March 31, 2019 and 2018 ($ in thousands):
|  |  | Amount of gain (loss) recognized in income
|  |  | Three months ended March 31,
| Location of Gain (Loss) Recognized in Income |  | 2019 |  | 2018
Forward currency contracts | Loss on derivative instruments - unrealized |  | $ | (14,985 | ) |  | $ | (8,859 | )
Forward currency contracts | Gain (loss) on derivative instruments - realized |  | 8,265 |  |  | (2,177 | )
Interest rate caps(1) | Gain on derivative instruments - unrealized |  | — |  |  | 4 |
Total |  |  | $ | (6,720 | ) |  | $ | (11,032 | )
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(1) | With a notional amount of $33.6 million and $38.9 million at March 31, 2019, and 2018, respectively.
The following table summarizes the gross asset and liability amounts related to our derivatives at March 31, 2019 and December 31, 2018 ($ in thousands).
| March 31, 2019 |  | December 31, 2018
| Gross Amount of Recognized Assets |  | Gross Amounts Offset in the Condensed Consolidated Balance Sheet |  | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet |  | Gross Amount of Recognized Assets |  | Gross Amounts Offset in the Condensed Consolidated Balance Sheet |  | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet
Forward currency contracts | 9,852 |  |  | (1,137 | ) |  | 8,715 |  |  | 23,753 |  |  | (53 | ) |  | 23,700 |
Total derivative instruments | $ | 9,852 |  |  | $ | (1,137 | ) |  | $ | 8,715 |  |  | $ | 23,753 |  |  | $ | (53 | ) |  | $ | 23,700 |

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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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