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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 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 |
September 30, 2016 |  |  |  |  |  |
Assets |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |
Interest rate derivatives - floors | $ | — |  |  | $ | 2,914 |  |  | $ | 2,914 |  |
Interest rate derivatives - caps | — |  |  | 1 |  |  | 1 |  |
Options on futures contracts | 97 |  |  | — |  |  | 97 |  |
| 97 |  |  | 2,915 |  |  | 3,012 |  | (1)
Non-derivative assets: |  |  |  |  |  |
Investment in Ashford Inc. | 9,286 |  |  | — |  |  | 9,286 |  |
Total | $ | 9,383 |  |  | $ | 2,915 |  |  | $ | 12,298 |  |
| Quoted Market Prices (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Total |
December 31, 2015 |  |  |  |  |  |
Assets |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |
Interest rate derivatives - floors | $ | — |  |  | $ | 578 |  |  | $ | 578 |  |
Interest rate derivatives - caps | — |  |  | 58 |  |  | 58 |  |
Options on futures contracts | 117 |  |  | — |  |  | 117 |  |
| 117 |  |  | 636 |  |  | 753 |  | (1)
Non-derivative assets: |  |  |  |  |  |
Investment in Ashford Inc. | 10,377 |  |  | — |  |  | 10,377 |  |
Total | $ | 10,494 |  |  | $ | 636 |  |  | $ | 11,130 |  |
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(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 September 30, |  | Nine Months Ended September 30, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Assets |  |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |
Interest rate derivatives - floors |  | $ | (3,911 | ) |  | $ | (2,059 | ) |  | $ | 2,336 |  |  | $ | (2,059 | ) |
Interest rate derivatives - caps |  | (2 | ) |  | (2 | ) |  | (62 | ) |  | (42 | ) |
Equity put options |  | — |  |  | — |  |  | — |  |  | (1,017 | ) |
Equity call options |  | — |  |  | — |  |  | — |  |  | 23 |  |
Options on futures contracts |  | (77 | ) |  | — |  |  | (134 | ) |  | — |  |
Non-derivative assets: |  |  |  |  |  |  |  |  |
Investment in Ashford Inc. |  | (458 | ) |  | (5,621 | ) |  | (1,091 | ) |  | (5,621 | ) |
Equity - American Depositary Receipt |  | — |  |  | — |  |  | — |  |  | (75 | ) |
Equity securities |  | — |  |  | — |  |  | — |  |  | 560 |  |
U.S. treasury securities |  | — |  |  | — |  |  | — |  |  | 53 |  |
Total |  | (4,448 | ) |  | (7,682 | ) |  | 1,049 |  |  | (8,178 | ) |
Liabilities |  |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |
Short equity put options |  | — |  |  | — |  |  | — |  |  | 680 |  |
Short equity call options |  | — |  |  | — |  |  | — |  |  | 844 |  |
Net |  | $ | (4,448 | ) |  | $ | (7,682 | ) |  | $ | 1,049 |  |  | $ | (6,654 | ) |
Total combined |  |  |  |  |  |  |  |  |
Interest rate derivatives - floors |  | $ | (3,911 | ) |  | $ | (2,059 | ) |  | $ | 2,336 |  |  | $ | (2,059 | ) |
Interest rate derivatives - caps |  | (2 | ) |  | (2 | ) |  | (62 | ) |  | (42 | ) |
Options on futures contracts |  | 1 |  |  | — |  |  | (56 | ) |  | — |  |
Unrealized gain (loss) on derivatives |  | (3,912 | ) |  | (2,061 | ) |  | 2,218 |  |  | (2,101 | ) |
Realized loss on options on future contracts |  | (78 | ) | (1) | — |  | (1) | (78 | ) | (1) | — |  | (1)
Unrealized loss on investment in Ashford Inc. |  | (458 | ) |  | (5,621 | ) |  | (1,091 | ) |  | (5,621 | ) |
Unrealized loss on marketable securities |  | — |  |  | — |  |  | — |  |  | — |  |
Realized gain on marketable securities |  | — |  | (1) | — |  | (1) | — |  | (1) | 1,068 |  | (1)
Net |  | $ | (4,448 | ) |  | $ | (7,682 | ) |  | $ | 1,049 |  |  | $ | (6,654 | ) |
__________________
(1) | Reported as “other income (expense)” in the condensed consolidated statements of operations.

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- Definition Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1),(d) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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