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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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
 
June 30, 2017
 
 
 
 
 
 
Assets
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
Interest rate derivatives - floors
$
—

 
$
197

 
$
197

 
Interest rate derivatives - caps
—

 
21

 
21

 
Options on futures contracts
—

 
—

 
—

 
 
—

 
218

 
218

(1) 
Non-derivative assets:
 
 
 
 
 
 
Investment in Ashford Inc.
9,935

 
—

 
9,935

 
Total
$
9,935

 
$
218

 
$
10,153

 
 
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 June 30,
 
Six Months Ended June 30,
 
 
 
2017
 
2016
 
2017
 
2016
 
Assets
 
 
 
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
 
 
 
Interest rate derivatives - floors
 
$
(135
)
 
$
2,687

 
$
(894
)
 
$
6,247

 
Interest rate derivatives - caps
 
(61
)
 
(13
)
 
(317
)
 
(60
)
 
Options on futures contracts
 
(19
)
 
(77
)
 
(58
)
 
(57
)
 
 
 
 
 
 
 


 


 
Non-derivative assets:
 
 
 
 
 
 
 
 
 
Investment in Ashford Inc.
 
(1,563
)
 
860

 
1,528

 
(633
)
 
Total
 
$
(1,778
)
 
$
3,457

 
$
259

 
$
5,497

 
Total combined
 
 
 
 
 
 
 
 
 
Interest rate derivatives - floors
 
$
(135
)
 
$
2,687

 
$
(894
)
 
$
6,247

 
Interest rate derivatives - caps
 
(61
)
 
(13
)
 
(317
)
 
(60
)
 
Options on futures contracts
 
96

 
(77
)
 
213

 
(57
)
 
Unrealized gain (loss) on derivatives
 
(100
)
 
2,597

 
(998
)
 
$
6,130

 
Realized gain (loss) on options on futures contracts
 
(115
)
(1) 
—

(1) 
(271
)
(1) 
—

(1) 
Unrealized gain (loss) on investment in Ashford Inc.
 
(1,563
)
 
860

 
1,528

 
(633
)
 
Net
 
$
(1,778
)
 
$
3,457

 
$
259

 
$
5,497

 

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