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Fair Value Measurements (Tables)
 9 Months Ended
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

 
__________________
(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.