Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Segment Reporting) (Details)

v3.5.0.2
SEGMENT REPORTING (Segment Reporting) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Segment Reporting Information [Line Items]          
Interest income $ 32,310 $ 23,010 $ 73,770 $ 74,353  
Interest expense (13,138) (14,715) (39,089) (48,392)  
Inter-segment elimination       0  
Net interest income 19,172 8,295 34,681 25,961  
Total impairment 611 3,460 3,564 17,544  
Total operating revenues 83,162 82,864 229,804 226,493  
Total other income (loss), net 7,110 11,987 86,605 41,861  
Loan and security servicing expense 32 41 70 255  
Operating expenses - golf 65,101 65,518 182,919 181,506  
Operating expenses - golf, repairs and maintenance expenses 1,926 2,466 6,212 6,853  
Cost of sales - golf 8,250 8,842 23,678 24,003  
General and administrative expense 2,601 2,865 7,814 7,727  
General and administrative expense - acquisition and transaction expenses 1,055 1,011 2,464 1,349  
Management fee to affiliate 2,676 2,675 8,027 8,017  
Depreciation and amortization 6,735 7,111 19,250 20,983  
Income tax expense (38) 1,257 144 1,330  
Income from continuing operations 20,495 7,900 96,948 24,748  
Income from discontinued operations 0 7 0 646  
Net Income 20,495 7,907 96,948 25,394  
Preferred dividends (1,395) (1,395) (4,185) (4,185)  
Net income attributable to noncontrolling interests (177) (13) (165) 217  
Income Applicable to Common Stockholders 18,923 6,499 92,598 21,426  
Investments 1,389,999   1,389,999    
Cash and restricted cash 141,584   141,584    
Other assets 905,356   905,356    
Total Assets 2,436,939   2,436,939   $ 1,467,982
Debt, net 1,351,004   1,351,004    
Other liabilities 828,287   828,287    
Total Liabilities 2,179,291   2,179,291   1,257,860
Preferred stock 61,583   61,583   61,583
Noncontrolling interests (92)   (92)   $ (257)
Equity attributable to common stockholders 196,157   196,157    
Additions to investments in real estate during the nine months ended September 30, 2016     15,883    
Operating Segments | Discontinued Operations          
Segment Reporting Information [Line Items]          
Interest income   0   0  
Interest expense   0   0  
Inter-segment elimination       0  
Net interest income   0   0  
Total impairment   0   0  
Total operating revenues   0   0  
Total other income (loss), net   0   0  
Loan and security servicing expense   0   0  
Operating expenses - golf   0   0  
Operating expenses - golf, repairs and maintenance expenses   0   0  
Cost of sales - golf   0   0  
General and administrative expense   0   0  
General and administrative expense - acquisition and transaction expenses   0   0  
Management fee to affiliate   0   0  
Depreciation and amortization   0   0  
Income tax expense   0   0  
Income from continuing operations   0   0  
Income from discontinued operations   7   646  
Net Income   7   646  
Preferred dividends   0   0  
Net income attributable to noncontrolling interests   0   0  
Income Applicable to Common Stockholders   7   646  
Eliminations          
Segment Reporting Information [Line Items]          
Interest income       (3,005)  
Interest expense       3,005  
Inter-segment elimination       0  
Net interest income       0  
Total impairment       0  
Total operating revenues       0  
Total other income (loss), net       0  
Loan and security servicing expense       0  
Operating expenses - golf       0  
Operating expenses - golf, repairs and maintenance expenses       0  
Cost of sales - golf       0  
General and administrative expense       0  
General and administrative expense - acquisition and transaction expenses       0  
Management fee to affiliate       0  
Depreciation and amortization       0  
Income tax expense       0  
Income from continuing operations       0  
Income from discontinued operations       0  
Net Income       0  
Preferred dividends       0  
Net income attributable to noncontrolling interests       0  
Income Applicable to Common Stockholders       0  
CDOs | Operating Segments          
Segment Reporting Information [Line Items]          
Interest income 0 1,375 1,097 30,983  
Interest expense 0 (680) (491) (5,993)  
Inter-segment elimination       (3,005)  
Net interest income 0 695 606 21,985  
Total impairment 0 363 110 12,569  
Total operating revenues 0 0 0 0  
Total other income (loss), net 0 0 82,130 30,271  
Loan and security servicing expense 0 35 30 249  
Operating expenses - golf 0 0 0 0  
Operating expenses - golf, repairs and maintenance expenses 0 0 0 0  
Cost of sales - golf 0 0 0 0  
General and administrative expense 0 0 0 0  
General and administrative expense - acquisition and transaction expenses 0 0 0 0  
Management fee to affiliate 0 0 0 0  
Depreciation and amortization 0 0 0 0  
Income tax expense 0 0 0 0  
Income from continuing operations 0 297 82,596 39,438  
Income from discontinued operations   0   0  
Net Income 0 297 82,596 39,438  
Preferred dividends 0 0 0 0  
Net income attributable to noncontrolling interests 0 0 0 0  
Income Applicable to Common Stockholders 0 297 82,596 39,438  
Investments 0   0    
Cash and restricted cash 0   0    
Other assets 0   0    
Total Assets 0   0    
Debt, net 0   0    
Other liabilities 0   0    
Total Liabilities 0   0    
Preferred stock 0   0    
Noncontrolling interests 0   0    
Equity attributable to common stockholders 0   0    
Additions to investments in real estate during the nine months ended September 30, 2016     0    
Other Debt          
Segment Reporting Information [Line Items]          
Investments 1,094,934   1,094,934    
Other Debt | Operating Segments          
Segment Reporting Information [Line Items]          
Interest income 32,286 21,587 72,564 46,246  
Interest expense (9,405) (9,617) (27,991) (28,789)  
Inter-segment elimination       0  
Net interest income 22,881 11,970 44,573 17,457  
Total impairment 611 3,097 3,454 4,975  
Total operating revenues 0 0 0 0  
Total other income (loss), net 7,125 (2,893) 4,782 (3,070)  
Loan and security servicing expense 32 6 40 6  
Operating expenses - golf 0 0 0 0  
Operating expenses - golf, repairs and maintenance expenses 0 0 0 0  
Cost of sales - golf 0 0 0 0  
General and administrative expense 0 0 0 0  
General and administrative expense - acquisition and transaction expenses 0 60 0 60  
Management fee to affiliate 0 0 0 0  
Depreciation and amortization 0 0 0 0  
Income tax expense 0 0 0 0  
Income from continuing operations 29,363 5,914 45,861 9,346  
Income from discontinued operations   0   0  
Net Income 29,363 5,914 45,861 9,346  
Preferred dividends 0 0 0 0  
Net income attributable to noncontrolling interests 0 0 0 0  
Income Applicable to Common Stockholders 29,363 5,914 45,861 9,346  
Investments 1,094,934   1,094,934    
Cash and restricted cash 2,017   2,017    
Other assets 867,921   867,921    
Total Assets 1,964,872   1,964,872    
Debt, net 1,185,088   1,185,088    
Other liabilities 666,490   666,490    
Total Liabilities 1,851,578   1,851,578    
Preferred stock 0   0    
Noncontrolling interests 0   0    
Equity attributable to common stockholders 113,294   113,294    
Additions to investments in real estate during the nine months ended September 30, 2016     0    
Golf | Operating Segments          
Segment Reporting Information [Line Items]          
Interest income 17 38 94 110  
Interest expense (3,340) (3,473) (8,703) (13,779)  
Inter-segment elimination       3,005  
Net interest income (3,323) (3,435) (8,609) (10,664)  
Total impairment 0 0 0 0  
Total operating revenues 83,162 82,864 229,804 226,493  
Total other income (loss), net (15) 14,834 (307) 14,606  
Loan and security servicing expense 0 0 0 0  
Operating expenses - golf 65,101 65,518 182,919 181,506  
Operating expenses - golf, repairs and maintenance expenses 1,926 2,466 6,212 6,853  
Cost of sales - golf 8,250 8,842 23,678 24,003  
General and administrative expense 665 919 2,212 1,960  
General and administrative expense - acquisition and transaction expenses 855 918 2,093 1,239  
Management fee to affiliate 0 0 0 0  
Depreciation and amortization 6,735 7,111 19,250 20,983  
Income tax expense (38) 1,257 144 1,330  
Income from continuing operations (3,670) 7,232 (15,620) (7,439)  
Income from discontinued operations   0   0  
Net Income (3,670) 7,232 (15,620) (7,439)  
Preferred dividends 0 0 0 0  
Net income attributable to noncontrolling interests (177) (13) (165) 217  
Income Applicable to Common Stockholders (3,847) 7,219 (15,785) (7,222)  
Investments 295,065   295,065    
Cash and restricted cash 9,640   9,640    
Other assets 37,359   37,359    
Total Assets 342,064   342,064    
Debt, net 114,697   114,697    
Other liabilities 157,705   157,705    
Total Liabilities 272,402   272,402    
Preferred stock 0   0    
Noncontrolling interests (92)   (92)    
Equity attributable to common stockholders 69,754   69,754    
Additions to investments in real estate during the nine months ended September 30, 2016     15,883    
Corporate | Operating Segments          
Segment Reporting Information [Line Items]          
Interest income 7 10 15 19  
Interest expense (393) (945) (1,904) (2,836)  
Inter-segment elimination       0  
Net interest income (386) (935) (1,889) (2,817)  
Total impairment 0 0 0 0  
Total operating revenues 0 0 0 0  
Total other income (loss), net 0 46 0 54  
Loan and security servicing expense 0 0 0 0  
Operating expenses - golf 0 0 0 0  
Operating expenses - golf, repairs and maintenance expenses 0 0 0 0  
Cost of sales - golf 0 0 0 0  
General and administrative expense 1,936 1,946 5,602 5,767  
General and administrative expense - acquisition and transaction expenses 200 33 371 50  
Management fee to affiliate 2,676 2,675 8,027 8,017  
Depreciation and amortization 0 0 0 0  
Income tax expense 0 0 0 0  
Income from continuing operations (5,198) (5,543) (15,889) (16,597)  
Income from discontinued operations   0   0  
Net Income (5,198) (5,543) (15,889) (16,597)  
Preferred dividends (1,395) (1,395) (4,185) (4,185)  
Net income attributable to noncontrolling interests 0 0 0 0  
Income Applicable to Common Stockholders (6,593) $ (6,938) (20,074) $ (20,782)  
Investments 0   0    
Cash and restricted cash 129,927   129,927    
Other assets 76   76    
Total Assets 130,003   130,003    
Debt, net 51,219   51,219    
Other liabilities 4,092   4,092    
Total Liabilities 55,311   55,311    
Preferred stock 61,583   61,583    
Noncontrolling interests 0   0    
Equity attributable to common stockholders $ 13,109   13,109    
Additions to investments in real estate during the nine months ended September 30, 2016     $ 0