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Derivatives
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
We use forward currency contracts to economically hedge interest and principal payments due under our loans denominated in currencies other than USD.
We have entered into a series of forward contracts to sell an amount of foreign currency (GBP and EUR) for an agreed upon amount of USD at various dates through December 2024. These forward contracts were executed to economically fix the USD 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 and our interest rate cap as of December 31, 2020:
December 31, 2020
Type of DerivativesNumber of ContractsAggregate Notional Amount (in thousands)Notional CurrencyMaturityWeighted-Average Years to Maturity
Fx contracts - GBP93428,493GBPJanuary 2021 - December 20242.04
Fx contracts - EUR69239,466EURFebruary 2021 - August 20242.61
Interest rate cap1500,000USDJune 20232.49

The following table summarizes our non-designated Fx forwards and our interest rate swap as of December 31, 2019:
December 31, 2019
Type of DerivativesNumber of ContractsAggregate Notional Amount (in thousands)Notional CurrencyMaturityWeighted-Average Years to Maturity
Fx contracts - GBP156735,349GBPJanuary 2020 - December 20241.49
Fx contracts - EUR44168,879EURFebruary 2020 - August 20243.22
Interest rate swap1500,000USDMay 20266.37
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 our consolidated statements of operations related to our derivatives for the years ended December 31, 2020, 2019, and 2018 ($ in thousands):
  Amount of gain (loss)
recognized in income
Year ended December 31,
Location of Gain (Loss) Recognized in Income202020192018
Forward currency contractsUnrealized gain (loss) on derivative instruments $(26,499)$(28,576)$29,345 
Forward currency contractsRealized gain on derivative instruments 16,756 14,151 9,713 
Total$(9,743)$(14,425)$39,058 
In connection with our senior secured term loan, in May 2019, we entered into an interest rate swap to fix LIBOR at 2.12% or an all-in interest rate of 4.87%. We used our interest rate swap to manage exposure to variable cash flows on our borrowings under our senior secured term loan. Our interest rate swap allowed us to receive a variable rate cash flow based on LIBOR and pay a fixed rate cash flow, mitigating the impact of this exposure. However during the second quarter of 2020, we
terminated our interest rate swap due to a significant decrease in LIBOR and recognized a realized loss on the accompanying consolidated statement of operations.
In June 2020, we entered into an interest rate cap for approximately $1.1 million. We use our interest rate cap to manage exposure to variable cash flows on our borrowings under our senior secured term loan by effectively limiting LIBOR from exceeding 0.75%. This effectively limits the maximum all-in coupon on our senior secured term loan to 3.50%. Unrealized gains or losses related to the interest rate swap and cap were recorded net under interest expense in our consolidated statement of operations.
Amount of loss
recognized in income
Year ended December 31,
Location of Loss Recognized in Income202020192018
Interest rate cap(1)
Unrealized gain on interest rate cap$134 $— $— 
Interest rate swap(2)
Unrealized gain (loss) on interest rate swap14,470 (14,470)— 
Interest rate swap(2)
Realized loss on interest rate swap(53,851)— — 
Total$(39,247)$(14,470)$— 
———————
(1)With a notional amount of $500.0 million, $0, and $34.9 million at December 31, 2020, 2019, and 2018, respectively.
(2)With a notional amount of $0, $500.0 million, and $0 at December 31, 2020, 2019, and 2018, respectively.

The following tables summarize the gross asset and liability amounts related to our derivatives at December 31, 2020 and 2019 ($ in thousands):
December 31, 2020December 31, 2019
Gross
Amount of
Recognized
Liability		Gross
Amounts
Offset in our
Consolidated Balance Sheet		Net Amounts
of Liability
Presented in
our Consolidated Balance Sheet		Gross Amount of Recognized LiabilitiesGross
Amounts
Offset in our
Consolidated Balance Sheet		Net Amounts of Liabilities Presented in our Consolidated Balance Sheet
Forward currency contracts$32,172 $(797)$31,375 $12,687 $(7,811)$4,876 
Interest rate cap— (134)(134)— — — 
Interest rate swap— — — 14,470 — 14,470 
Total derivative liabilities$32,172 $(931)$31,241 $27,157 $(7,811)$19,346