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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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
 
December 31, 2016
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
 
Interest rate derivatives - floors
 
$
—

 
$
1,091

 
$
1,091

 
Interest rate derivatives - caps
 
—

 
—

 
—

 
Options on futures contracts
 
58

 
—

 
58

 
 
 
58

 
1,091

 
1,149

(1) 
Non-derivative assets:
 
 
 
 
 
 
 
Investment in Ashford Inc.
 
8,407

 
—

 
8,407

 
Total
 
$
8,465

 
$
1,091

 
$
9,556

 
 
 
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 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 consolidated statements of operations (in thousands):
 
Gain (Loss) Recognized in Income
 
Year Ended December 31,
 
2016
 
2015
 
2014
Assets
 
 
 
 
 
Derivative assets:
 
 
 
 
 
Interest rate derivatives - floors
$
513

 
$
(2,963
)
 
$
—

Interest rate derivatives - caps
(71
)
 
(94
)
 
(111
)
Equity put options
—

 
(1,017
)
 
—

Equity call options
—

 
23

 
—

Options on futures contracts
(173
)
 
(195
)
 
—

 
 
 
 
 
 
Non-derivative assets:
 
 
 
 
 
Investment in Ashford Inc.
(1,970
)
 
(7,609
)
 
—

Equity - American Depositary Receipt
—

 
(75
)
 
—

Equity securities
—

 
560

 
—

U.S. treasury securities
—

 
53

 
—

Total
(1,701
)
 
(11,317
)
 
(111
)
Liabilities
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
Short equity put options
—

 
680

 
—

Short equity call options
—

 
844

 
—

Net
$
(1,701
)
 
$
(9,793
)
 
$
(111
)
Total combined
 
 
 
 
 
Interest rate derivatives - floors
$
513

 
$
(2,963
)
 
$
—

Interest rate derivatives - caps
(71
)
 
(94
)
 
(111
)
Options on futures contracts
(17
)
 
(195
)
 
—

Unrealized gain (loss) on derivatives
425

 
(3,252
)
 
(111
)
Realized gain (loss) on options on futures contracts
(156
)
(1) 
—

 
—

Unrealized gain (loss) on investment in Ashford Inc.
(1,970
)
 
(7,609
)
 
—

Realized gain (loss) on marketable securities
—

 
1,068

(1) 
—

Net
$
(1,701
)
 
$
(9,793
)
 
$
(111
)
__________________
(1) 
Included in “other income (expense)” in the consolidated statements of operations.