Annual report pursuant to Section 13 and 15(d)

DERIVATIVES (Tables)

v3.3.1.900
DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair value of derivatives financial instruments
The table below presents the fair value of the derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2015 and 2014:

 
 
 
Fair Value
 
 
 
December 31,
 
Balance sheet location
 
2015
 
2014
Derivative Assets
 
 
 
 
 
TBAs, not designated as hedges
Receivables and other assets
 
$
127

 
$
—

 
 
 
$
127

 
$
—

Derivative Liabilities
 
 
 
 
 
Interest rate swaps, designated as hedges
Accounts payable, accrued expenses and other liabilities
 
$
—

 
$
1,963

Interest rate swaps, not designated as hedges
Accounts payable, accrued expenses and other liabilities
 
—

 
334

TBAs, not designated as hedges
Accounts payable, accrued expenses and other liabilities
 
684

 
2,031

 
 
 
$
684

 
$
4,328

 
 
 
 
 
 
Schedule of gains (losses) on derivatives
The following table summarizes gains (losses) recorded in relation to derivatives:

 
Income Statement Location
 
Year Ended December 31,
Cash flow hedges
 
 
2015
 
2014
 
2013
Loss immediately recognized at de-designation
Other income
 
$
—

 
$
(34
)
 
$
(110
)
Loss recognized on termination of derivative instruments
Gain on settlement of investments, net
 
(612
)
 
—

 
—

Deferred hedge gain reclassified from AOCI into earnings
Interest expense
 
78

 
61

 
11

Amount of loss reclassified from AOCI into income (effective portion)
Interest expense
 
(1,363
)
 
(4,379
)
 
(6,128
)
Amount of unrealized loss recognized in OCI on derivatives (effective portion)
N/A
 
(60
)
 
(177
)
 
(195
)
 
 
 
 
 
 
 
 
Non-hedge derivatives
 
 
 
 
 
 
 
Gain recognized related to interest rate swaps
Other income
 
$
284

 
$
7,131

 
$
9,764

Gain recognized related to linked transactions
Other income
 
—

 
12,498

 
1,168

Loss recognized related to linked transactions
Interest expense
 
—

 
(211
)
 
(236
)
Gain (loss) recognized related to TBAs
Other income
 
1,474

 
(2,030
)
 
—

Loss on settlement of TBAs
Gain on settlement of investments, net
 
(12,907
)
 
(4,151
)
 
—

Gain recognized on termination of derivative instruments
Gain on settlement of investments, net
 
—

 
—

 
813

Schedule of additional information about cash flow hedges
The following table presents additional information about cash flow hedge transactions:

 
December 31,
 
2015
 
2014
Cash flow hedges
 
 
 
Expected reclassification of deferred hedges from accumulated other comprehensive income (“AOCI”) into earnings over the next 12 months
$
20

 
$
78

Expected reclassification of current hedges from AOCI into earnings over the next 12 months
—

 
(1,730
)