DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of the Company's Derivative Assets and Liabilities


	Fair Value
	At				At
	June 30, 2020				December 31, 2019
(in thousands)	Assets		Liabilities		Assets		Liabilities
Basis swaps	$	—	$	651	$	318	$	—
Interest rate caps		73		—		227		—
Interest rate swaps		—		1,955		52		—
Foreign currency forward exchange		647		—		—		117
Gain share arrangement ⁽¹⁾		—		36		—		—
Total carrying value of derivative instruments	$	720	$	2,642	$	597	$	117

(1)	Refer to Note 6, “Debt” for more information.

Schedule of Derivative Notional Amounts


	Notional Amounts
	At		At
	June 30,		December 31,
(in thousands)	2020		2019
Basis swaps	$	35,000	$	35,000
Interest rate caps		35,000		35,000
Interest rate swaps		35,000		35,000
Foreign currency forward exchange		3,802		4,685
Total notional amount of derivative instruments	$	108,802	$	109,685

Schedule of Net Gains Recognized Recognized In Connection With Derivative Instruments

The following table provides information about the net losses that were recognized by the Company in connection with its derivative instruments:


	For the three months ended				For the six months ended
	June 30,				June 30,
(in thousands)	2020		2019		2020		2019
Total return swaps ⁽¹⁾	$	—	$	(38)	$	—	$	(42)
Basis swaps ⁽²⁾		143		(180)		(936)		(253)
Interest rate caps		(18)		(86)		(154)		(563)
Interest rate swaps ⁽³⁾		(466)		(1,395)		(2,044)		(2,276)
Foreign currency forward exchange		(207)		(173)		875		(180)
Gain share arrangement		(36)		—		(36)		—
Total net losses of derivative instruments	$	(584)	$	(1,872)	$	(2,295)	$	(3,314)

(1)

The accrual of net interest payments that are made in connection with TRS agreements that are reported as derivative instruments are classified as a component of “Net losses on derivatives” on the Consolidated Statements of Operations. Net cash received was de minimis for the three months ended June 30, 2019, and $0.2 million for the six months ended June 30, 2019.

(2)

The accrual of net interest payments that are made in connection with basis swaps is classified as a component of “Net losses on derivatives” on the Consolidated Statements of Operations. Net cash paid was de minimis for the three months ended June 30, 2020, while net cash received was de minimis for the six months ended June 30, 2020. Net cash received was $0.1 million for the three months and six months ended June 30, 2019.

(3)

The accrual of net interest payments that are made in connection with interest rate swaps is classified as a component of “Net losses on derivatives” on the Consolidated Statements of Operations. Net cash received was de minimis for the three months and six months ended June 30, 2020, while the net cash received was $0.1 million and $0.2 million for the three months and six months ended June 30, 2019, respectively.