Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVES (Tables)

v2.4.1.9
DERIVATIVES (Tables)
 3 Months Ended
Mar. 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 March 31, 2015 and December 31, 2014:

 
 
 
Fair Value
 
 
 
March 31, 2015
 
December 31, 2014
 
Balance Sheet Location
 
 
 
 
Derivative liabilities
 
 
 
 
 
Interest rate swaps, designated as hedges
Accounts payable, accrued expenses and other liabilities
 
$
1,287

 
$
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
 
3,352

 
2,031

 
 
 
$
4,639

 
$
4,328

Schedule of gains (losses) on derivatives
The following table summarizes gains (losses) recorded in relation to derivatives:
 
 
 
Three Months Ended March 31,
 
Income Statement Location
 
2015
 
2014
Cash flow hedges
 
 
 
 
 
Deferred hedge gain (loss) reclassified from AOCI into earnings
Interest expense
 
19

 
13

Amount of loss reclassified from AOCI into income (effective portion)
Interest expense
 
(708
)
 
(1,280
)
Amount of unrealized gain (loss) recognized in OCI on derivatives (effective portion)
None
 
(33
)
 
(77
)
 
 
 
 
 
 
Non-hedge derivatives
 
 
 
 
 
Gain recognized related to interest rate swaps
Other income (loss)
 
292

 
2,075

Gain recognized related to linked transactions
Other income (loss)
 
—

 
10,673

Gain (loss) recognized related to TBAs
Other income (loss)
 
(1,321
)
 
—

Gain (loss) on settlement of TBAs
Gain (loss) on settlement of investments, net
 
(4,871
)
 
—
Schedule of additional information about cash flow hedges
The following table presents additional information about cash flow hedge transactions:
 
March 31, 2015
 
December 31, 2014
Cash flow hedges
 
 
 
Expected reclassification of deferred hedges from AOCI into earnings over the next 12 months
79

 
78

Expected reclassification of current hedges from AOCI into earnings over the next 12 months
(1,705
)
 
(1,730
)