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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2017
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
 
March 31, 2017
 
 
 
 
 
 
Assets
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
Interest rate derivatives - floors
$
—

 
$
331

 
$
331

 
Interest rate derivatives - caps
—

 
64

 
64

 
Options on futures contracts
19

 
—

 
19

 
 
19

 
395

 
414

(1) 
Non-derivative assets:
 
 
 
 
 
 
Investment in Ashford Inc.
11,498

 
—

 
11,498

 
Total
$
11,517

 
$
395

 
$
11,912

 
 
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

 
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

 
__________________
(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 March 31,
 
 
 
2017
 
2016
 
Assets
 
 
 
 
 
Derivative assets:
 
 
 
 
 
Interest rate derivatives - floors
 
$
(759
)
 
$
3,560

 
Interest rate derivatives - caps
 
(256
)
 
(47
)
 
Options on futures contracts
 
(39
)
 
20

 
 
 


 


 
Non-derivative assets:
 
 
 
 
 
Investment in Ashford Inc.
 
3,091

 
(1,493
)
 
Total
 
$
2,037

 
$
2,040

 
Total combined
 
 
 
 
 
Interest rate derivatives - floors
 
$
(759
)
 
$
3,560

 
Interest rate derivatives - caps
 
(256
)
 
(47
)
 
Options on futures contracts
 
117

 
20

 
Unrealized gain (loss) on derivatives
 
(898
)
 
$
3,533

 
Realized gain (loss) on options on futures contracts
 
(156
)
(1) 
—

(1) 
Unrealized gain (loss) on investment in Ashford Inc.
 
3,091

 
(1,493
)
 
Net
 
$
2,037

 
$
2,040

 

__________________
(1) 
Included in “other income (expense)” in the condensed consolidated statements of operations.