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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):
 
Quoted Market Prices (Level 1)
 
Significant Other
Observable Inputs (Level 2)
 
Total
 
June 30, 2016
 
 
 
 
 
 
Assets
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
Interest rate derivatives - floors
$
—

 
$
6,824

 
$
6,824

(1) 
Interest rate derivatives - caps
—

 
3

 
3

(1) 
Options on futures contracts
174

 
—

 
174

(1) 
 
174

 
6,827

 
7,001

 
Non-derivative assets:
 
 
 
 
 
 
Investment in Ashford Inc.
9,744

 
—

 
9,744

 
Total
$
9,918

 
$
6,827

 
$
16,745

 
 
Quoted Market Prices (Level 1)
 
Significant Other
Observable Inputs (Level 2)
 
Total
 
December 31, 2015
 
 
 
 
 
 
Assets
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
Interest rate derivatives - floors
$
—

 
$
578

 
$
578

(1) 
Interest rate derivatives - caps
—

 
58

 
58

(1) 
Options on futures contracts
117

 
—

 
117

(1) 
 
117

 
636

 
753

 
Non-derivative assets:
 
 
 
 
 
 
Investment in Ashford Inc.
10,377

 
—

 
10,377

 
Total
$
10,494

 
$
636

 
$
11,130

 
__________________
(1) 
Reported as “derivative assets” in the condensed consolidated balance sheets.
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations
The following table summarizes the effect of fair value measured assets and liabilities on the condensed consolidated statements of operations (in thousands):
 
 
Gain (Loss) Recognized in Income
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
2016
 
2015
 
2016
 
2015
 
Assets
 
 
 
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
 
 
 
Interest rate derivatives - floors
 
$
2,687

 
$
—

 
$
6,247

 
$
—

 
Interest rate derivatives - caps
 
(13
)
 
(8
)
 
(60
)
 
(40
)
 
Equity put options
 
—

 
(388
)
 
—

 
(1,017
)
 
Equity call options
 
—

 
(31
)
 
—

 
23

 
Options on futures contracts
 
(77
)
 
—

 
(57
)
 
—

 
 
 
 
 
 
 


 


 
Non-derivative assets:
 
 
 
 
 
 
 
 
 
Investment in Ashford Inc.
 
860

 
—

 
(633
)
 
—

 
Equity - American Depositary Receipt
 
—

 
(75
)
 
—

 
(75
)
 
Equity securities
 
—

 
(828
)
 
—

 
560

 
U.S. treasury securities
 
—

 
(97
)
 
—

 
53

 
Total
 
3,457

 
(1,427
)
 
5,497

 
(496
)
 
Liabilities
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
Short equity put options
 
—

 
373

 
—

 
680

 
Short equity call options
 
—

 
797

 
—

 
844

 
Net
 
$
3,457

 
$
(257
)
 
$
5,497

 
$
1,028

 
Total combined
 
 
 
 
 
 
 
 
 
Interest rate derivatives - floors
 
$
2,687

 
$
—

 
$
6,247

 
$
—

 
Interest rate derivatives - caps
 
(13
)
 
(8
)
 
(60
)
 
(40
)
 
Options on futures contracts
 
(77
)
 
—

 
(57
)
 
—

 
Total derivatives
 
2,597

(1) 
(8
)
(1) 
6,130

(1) 
(40
)
(1) 
Unrealized gain (loss) on investment in Ashford Inc.
 
860

 
—

 
(633
)
 
—

 
Unrealized loss on marketable securities
 
—

 
(1,323
)
 
—

 
—

 
Realized gain (loss) on marketable securities
 
—

(2) 
1,074

(2) 
—

(2) 
1,068

(2) 
Net
 
$
3,457

 
$
(257
)
 
$
5,497

 
$
1,028

 

__________________
(1) 
Reported as “unrealized gain (loss) on derivatives” in the condensed consolidated statements of operations.
(2) 
Reported as “other income (expense)” in the condensed consolidated statements of operations.