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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2019
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, 2019 |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |
Interest rate derivatives - floors | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 52 |  |  | $ | 53 |  |
Interest rate derivatives - caps | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |
Credit default swaps | — |  |  | (550 | ) |  | — |  |  | 1,078 |  |  | 528 |  |
Total | $ | — |  |  | $ | (548 | ) |  | $ | — |  |  | $ | 1,130 |  |  | $ | 582 |  | (2)
| 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 |  |
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(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,
| 2019 |  | 2018 |  | 2017 |
Assets |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |
Interest rate derivatives - floors | $ | (152 | ) |  | $ | (179 | ) |  | $ | (1,113 | ) |
Interest rate derivatives - caps | (134 | ) |  | (347 | ) |  | (371 | ) |
Credit default swaps | (1,095 | ) | (1) | 444 |  | (1 | ) | (785 | ) | (1 | )
Options on futures contracts | — |  |  | — |  |  | (58 | ) |
Total derivative assets | $ | (1,381 | ) |  | $ | (82 | ) |  | $ | (2,327 | ) |
Non-derivative assets: |  |  |  |  |  |
Investment in Ashford Inc. | $ | (5,552 | ) |  | $ | (8,010 | ) |  | $ | 9,717 |  |
Total | (6,933 | ) |  | (8,092 | ) |  | 7,390 |  |
Total combined |  |  |  |  |  |
Interest rate derivatives - floors | $ | 126 |  |  | $ | (179 | ) |  | $ | (1,113 | ) |
Interest rate derivatives - caps | (134 | ) |  | (347 | ) |  | (371 | ) |
Credit default swaps | (1,095 | ) |  | 444 |  |  | (785 | ) |
Options on futures contracts | — |  |  | — |  |  | 213 |  |
Unrealized gain (loss) on derivatives | (1,103 | ) |  | (82 | ) |  | (2,056 | ) |
Realized gain (loss) on options interest rate floors | (278 | ) | (2) | — |  |  | — |  |
Realized gain (loss) on options on futures contracts | — |  |  | — |  |  | (271 | ) | (2)
Unrealized gain (loss) on investment in Ashford Inc. | 7,872 |  |  | (8,010 | ) |  | 9,717 |  |
Realized gain (loss) on investment in Ashford Inc. | (13,424 | ) | (2) | — |  |  | — |  |
Net | $ | (6,933 | ) |  | $ | (8,092 | ) |  | $ | 7,390 |  |
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(1) | Excludes costs of $253, $253 and $106 associated with credit default swaps for the years ended December 31, 2019, 2018 and 2017, respectively, which is included in “other income (expense)” in our consolidated statements of operations.
(2) | Included in “other income (expense)” in our consolidated statements of operations.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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