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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2018
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, 2018
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
 
 
 
 
Interest rate derivatives - floors
$
—

 
$
76

 
$
—

 
$
73

 
$
149

 
Interest rate derivatives - caps
—

 
20

 
—

 
—

 
20

 
Credit default swaps
—

 
546

 
—

 
57

 
603

 
 
—

 
642

 
—

 
130

 
772

(2) 
Non-derivative assets:
 
 
 
 
 
 
 
 
 
 
Investment in Ashford Inc.
$
10,114

 
$
—

 
$
—

 
$
—

 
$
10,114

 
Total
$
10,114

 
$
642

 
$
—

 
$
130

 
$
10,886

 
 
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

 
__________________
(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
 
Year Ended December 31,
 
2018
 
2017
 
2016
 
Assets
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
Interest rate derivatives - floors
$
(179
)
 
$
(1,113
)
 
$
513

 
Interest rate derivatives - caps
(347
)
 
(371
)
 
(71
)
 
Credit default swaps
444

(1) 
(785
)
(1 
) 
—

 
Options on futures contracts
—

 
(58
)
 
(173
)
 
Total derivative assets
$
(82
)
 
$
(2,327
)
 
$
269

 
 
 
 
 
 
 
 
Non-derivative assets:
 
 
 
 
 
 
Investment in Ashford Inc.
$
(8,010
)
 
$
9,717

 
$
(1,970
)
 
Total
(8,092
)
 
7,390

 
(1,701
)
 
Total combined
 
 
 
 
 
 
Interest rate derivatives - floors
$
(179
)
 
$
(1,113
)
 
$
513

 
Interest rate derivatives - caps
(347
)
 
(371
)
 
(71
)
 
Credit default swaps
444

 
(785
)
 
—

 
Options on futures contracts
—

 
213

 
(17
)
 
Unrealized gain (loss) on derivatives
(82
)
 
(2,056
)
 
425

 
Realized gain (loss) on options on futures contracts
—

(2) 
(271
)
(2) 
(156
)
(2) 
Unrealized gain (loss) on investment in Ashford Inc.
(8,010
)
 
9,717

 
(1,970
)
 
Net
$
(8,092
)
 
$
7,390

 
$
(1,701
)
 

__________________
(1) 
Excludes costs of $253 and $106 associated with credit default swaps for the years ended December 31, 2018 and 2017, respectively, included in “other income (expense)” in our consolidated statements of operations.
(2) 
Included in “other income (expense)” in our consolidated statements of operations.