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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
we entered into over the applicable periods:
 
Three Months Ended March 31,
Interest rate caps:
2019
 
2018
Notional amount (in thousands)
$
177,500

 
$
150,000

Strike rate low end of range
3.00
%
 
2.43
%
Strike rate high end of range
7.80
%
 
7.80
%
Effective date range
January 2019 - March 2019

 
February 2018

Termination date range
March 2020 - February 2021

 
March 2019

Total cost of interest rate caps (in thousands)
$
55

 
$
67

 
 
 
 
Interest rate floors:
 
 
 
Notional amount (in thousands)
$
2,000,000

 
$
—

Strike rate
1.63
%
 
—
%
Effective date
January 2019

 
n/a

Termination date
March 2020

 
n/a

Total cost of interest rate floors (in thousands)
$
75

 
$
—

_______________
No instruments were designated as cash flow hedges for both the three months ended March 31, 2019 and 2018.
Interest rate derivatives consisted of the following:
Interest rate caps: (1)
March 31, 2019
 
December 31, 2018
Notional amount (in thousands)
$
913,000

 
$
1,292,500

Strike rate low end of range
3.00
 %
 
2.43
 %
Strike rate high end of range
7.80
 %
 
11.61
 %
Effective date range
March 2017 - March 2019

 
January 2017 - December 2018

Termination date range
April 2019 - February 2021

 
January 2019 - June 2020

Aggregate principal balance on corresponding mortgage loans (in thousands)
$
845,500

 
$
805,500

 
 
 
 
Interest rate floors: (1) (2)
 
 
 
Notional amount (in thousands)
$
11,250,000

 
$
10,850,000

Strike rate low end of range
(0.25
)%
 
(0.25
)%
Strike rate high end of range
2.00
 %
 
2.00
 %
Effective date range
July 2015 - January 2019

 
July 2015 - July 2018

Termination date range
June 2019 - July 2020

 
March 2019 - July 2020

_______________
(1) 
No instruments were designated as cash flow hedges.
(2) 
Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral.