SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Mar. 31, 2017 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of realized/unrealized loss on investments and other income (loss), net |
These items are comprised of the following:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2017 |
|
2016 |
(Gain) on settlement of real estate securities |
|
$ |
— |
|
|
$ |
(5,917 |
) |
Loss on settlement of real estate securities |
|
2,803 |
|
|
— |
|
Unrealized loss on securities, intent-to-sell |
|
558 |
|
|
— |
|
Loss on repayment/disposition of loans held-for-sale |
|
— |
|
|
47 |
|
Realized (gain) loss on settlement of TBAs, net |
|
(2,474 |
) |
|
7,536 |
|
Unrealized loss on non-hedge derivative instruments |
|
2,502 |
|
|
341 |
|
Realized/unrealized loss on investments |
|
$ |
3,389 |
|
|
$ |
2,007 |
|
|
|
|
|
|
Loss on lease modifications and terminations |
|
$ |
(158 |
) |
|
$ |
(60 |
) |
Loss on extinguishment of debt, net |
|
(146 |
) |
|
(232 |
) |
Collateral management fee income, net |
|
122 |
|
|
232 |
|
Equity in earnings of equity method investees |
|
379 |
|
|
371 |
|
Gain (loss) on disposal of long-lived assets |
|
26 |
|
|
(6 |
) |
Other (loss) income |
|
(346 |
) |
|
15 |
|
Other (loss) income, net |
|
$ |
(123 |
) |
|
$ |
320 |
|
|
| Schedule of reclassification from accumulated other comprehensive income into net (loss) income |
The following table summarizes the amounts reclassified out of accumulated other comprehensive income into net (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
Accumulated Other Comprehensive Income ("AOCI") Components |
|
Income Statement Location |
|
2017 |
|
2016 |
Net realized (gain) loss on securities |
|
|
|
|
|
|
Impairment |
|
Impairment |
|
$ |
— |
|
|
$ |
54 |
|
(Gain) on settlement of real estate securities |
|
Realized/unrealized (gain) loss on investments |
|
— |
|
|
(5,917 |
) |
Realized (gain) on deconsolidation of CDO VI |
|
Gain on deconsolidation |
|
— |
|
|
(20,682 |
) |
|
|
|
|
$ |
— |
|
|
$ |
(26,545 |
) |
|
|
|
|
|
|
|
Net realized (gain) loss on derivatives designated as cash flow hedges |
|
|
|
|
|
|
Amortization of deferred hedge (gain) |
|
Interest expense |
|
$ |
— |
|
|
$ |
(20 |
) |
|
|
|
|
$ |
— |
|
|
$ |
(20 |
) |
|
|
|
|
|
|
|
Total reclassifications |
|
|
|
$ |
— |
|
|
$ |
(26,565 |
) |
|
| Schedule of useful lives of property, plant, and equipment |
Depreciation is calculated using the straight-line method based on the following estimated useful lives:
|
|
|
Buildings and improvements |
10-30 years |
Capital leases - equipment |
3-7 years |
Furniture, fixtures and equipment |
3-7 years |
|
| Schedule of amortization period |
Amortization of all intangible assets is calculated using the straight-line method based on the following estimated useful lives:
|
|
|
Trade name |
30 years |
Leasehold intangibles |
1 -26 years |
Management contracts |
1 -26 years |
Internally-developed software |
5 years |
Membership base |
7 years |
|
| Schedule of supplemental non cash investing and financing activities relating to CDOs |
|
|
|
|
|
|
|
Three Months Ended March 31, 2016 |
Restricted cash generated from pay downs on securities and loans |
|
2,310 |
|
Restricted cash used for repayments of CDO and other bonds payable |
|
2,748 |
|
CDO VI deconsolidation: |
|
|
Real estate securities |
|
43,889 |
|
Restricted cash |
|
67 |
|
CDO and other bonds payable |
|
105,423 |
|
|
| Schedule of receivables and other assets |
The following table summarizes the Company's receivables and other assets:
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2017 |
|
December 31, 2016 |
Accounts receivable, net |
|
$ |
7,657 |
|
|
$ |
8,047 |
|
Prepaid expenses |
|
4,243 |
|
|
3,654 |
|
Interest receivable |
|
932 |
|
|
1,697 |
|
Deposits |
|
4,833 |
|
|
4,105 |
|
Inventory |
|
5,010 |
|
|
4,496 |
|
Derivative assets |
|
364 |
|
|
856 |
|
Residential mortgage loans, held-for-sale, net |
|
228 |
|
|
231 |
|
Miscellaneous assets, net (A)
|
|
14,898 |
|
|
14,931 |
|
|
|
$ |
38,165 |
|
|
$ |
38,017 |
|
|
|
(A) |
Includes one owned property in Annandale, New Jersey in the Traditional Golf segment classified as held-for-sale as of December 31, 2016. We expect to close on this property during 2017.
|
|
| Schedule of accounts payable, accrued expenses and other liabilities |
The following table summarizes the Company's accounts payable, accrued expenses and other liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2017 |
|
December 31, 2016 |
Accounts payable and accrued expenses |
|
$ |
24,849 |
|
|
$ |
26,249 |
|
Deferred revenue |
|
30,255 |
|
|
36,107 |
|
Security deposits payable |
|
9,392 |
|
|
6,073 |
|
Unfavorable leasehold interests |
|
4,012 |
|
|
4,225 |
|
Derivative liabilities |
|
2,010 |
|
|
— |
|
Accrued rent |
|
2,031 |
|
|
2,613 |
|
Due to affiliates |
|
892 |
|
|
892 |
|
Miscellaneous liabilities |
|
14,279 |
|
|
12,278 |
|
|
|
$ |
87,720 |
|
|
$ |
88,437 |
|
|