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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 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)
 
Significant Unobservable Inputs
(Level 3)
 
Counterparty and Cash Collateral Netting(1)
 
Total
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
 
 
 
 
Interest rate derivatives - floors
$
—

 
$
118

 
$
—

 
$
12

 
$
130

 
Interest rate derivatives - caps
—

 
4

 
—

 
—

 
4

 
Credit default swaps
—

 
102

 
—

 
358

 
460

 
 
—

 
224

 
—

 
370

 
$
594

(2) 
Non-derivative assets:
 
 
 
 
 
 
 
 
 
 
Investment in Ashford Inc.
18,124

 
—

 
—

 
—

 
18,124

 
Total
$
18,124

 
$
224

 
$
—

 
$
370

 
$
18,718

 
 
Quoted Market Prices (Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Counterparty and Cash Collateral Netting(1)
 
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

(2) 
Non-derivative assets:
 
 
 
 
 
 
 
 
 
 
Investment in Ashford Inc.
8,407

 
—

 
—

 
—

 
8,407

 
Total
$
8,465

 
$
1,091

 
$
—

 
$
—

 
$
9,556

 
__________________
(1) 
Represents net cash collateral posted between us and our counterparties.
(2) 
Reported as “derivative assets” in our 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 our consolidated statements of operations (in thousands):
 
Gain (Loss) Recognized in Income (Loss)
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
Assets
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
Interest rate derivatives - floors
$
(1,113
)
 
$
513

 
$
(2,963
)
 
Interest rate derivatives - caps
(371
)
 
(71
)
 
(94
)
 
Credit default swaps
(785
)
(1) 
—

 
—

 
Equity put options
—

 
—

 
(1,017
)
 
Equity call options
—

 
—

 
23

 
Options on futures contracts
(58
)
 
(173
)
 
(195
)
 
 
 
 
 
 
 
 
Non-derivative assets:
 
 
 
 
 
 
Investment in Ashford Inc.
9,717

 
(1,970
)
 
(7,609
)
 
Equity - American Depositary Receipt
—

 
—

 
(75
)
 
Equity securities
—

 
—

 
560

 
U.S. treasury securities
—

 
—

 
53

 
Total
7,390

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

 
—

 
680

 
Short equity call options
—

 
—

 
844

 
Net
$
7,390

 
$
(1,701
)
 
$
(9,793
)
 
Total combined
 
 
 
 
 
 
Interest rate derivatives - floors
$
(1,113
)
 
$
513

 
$
(2,963
)
 
Interest rate derivatives - caps
(371
)
 
(71
)
 
(94
)
 
Credit default swaps
(785
)
 
—

 
—

 
Options on futures contracts
213

 
(17
)
 
(195
)
 
Unrealized gain (loss) on derivatives
(2,056
)
 
425

 
(3,252
)
 
Realized gain (loss) on options on futures contracts
(271
)
(2) 
(156
)
(2) 
—

 
Unrealized gain (loss) on investment in Ashford Inc.
9,717

 
(1,970
)
 
(7,609
)
 
Realized gain (loss) on marketable securities
—

 
—

 
1,068

(2) 
Net
$
7,390

 
$
(1,701
)
 
$
(9,793
)
 

__________________
(1) 
Excludes costs of $106 associated with credit default swaps for the year ended December 31, 2017 included in “other income (expense)” in our consolidated statements of operations.
(2) 
Included in “other income (expense)” in our consolidated statements of operations.