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