Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.7.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Jun. 30, 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 June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
(Gain) on settlement of real estate securities
$

 
$
(2,563
)
 
$

 
$
(8,480
)
Loss on settlement of real estate securities

 

 
2,803

 

Unrealized loss on securities, intent-to-sell

 

 
558

 

(Gain) loss on settlement of loans held-for-sale
(12
)
 

 
(12
)
 
47

Realized loss on settlement of TBAs, net
6,915

 
2,409

 
4,441

 
9,945

Unrealized (gain) loss on non-hedge derivative instruments
(3,616
)
 
1,616

 
(1,114
)
 
1,957

Realized and unrealized loss on investments
$
3,287

 
$
1,462

 
$
6,676

 
$
3,469

 
 
 
 
 
 
 
 
Loss on lease modifications and terminations
$
(2
)
 
$
(17
)
 
$
(160
)
 
$
(77
)
Loss on extinguishment of debt, net
(36
)
 
(148
)
 
(182
)
 
(380
)
Collateral management fee income, net
126

 
130

 
248

 
362

Equity in earnings of equity method investees
383

 
374

 
762

 
745

Gain on disposal of long-lived assets

 
30

 
26

 
24

Other (loss) income
(178
)
 
145

 
(524
)
 
160

Other income, net
$
293

 
$
514

 
$
170

 
$
834

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 income:
 
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Accumulated Other Comprehensive Income ("AOCI") Components
 
Income Statement Location
 
2017
 
2016
 
2017
 
2016
Net realized (gain) loss on securities
 
 
 
 
 
 
 
 
 
 
Impairment
 
Impairment
 
$

 
$

 
$

 
$
54

(Gain) on settlement of real estate securities
 
Realized and unrealized (gain) loss on investments
 

 
(2,563
)
 

 
(8,480
)
Realized (gain) on deconsolidation of CDO VI
 
Gain on deconsolidation
 

 

 

 
(20,682
)
 
 
 
 
$

 
$
(2,563
)
 
$

 
$
(29,108
)
 
 
 
 
 
 
 
 
 
 
 
Net realized (gain) on derivatives designated as cash flow hedges
 
 
 
 
 
 
 
 
 
 
Amortization of deferred hedge (gain)
 
Interest expense
 
$

 
$

 
$

 
$
(20
)
 
 
 
 
$

 
$

 
$

 
$
(20
)
 
 
 
 
 
 
 
 
 
 
 
Total reclassifications
 
 
 
$

 
$
(2,563
)
 
$

 
$
(29,128
)
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
Supplemental non-cash investing and financing activities relating to CDOs for the six months ended June 30, 2016 are disclosed below. There were no non-cash investing and financing activities relating to CDOs for the six months ended June 30, 2017.

 
 
Six Months Ended June 30, 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:
 
 
June 30, 2017
 
December 31, 2016
Accounts receivable, net
 
$
8,269

 
$
8,047

Prepaid expenses
 
3,124

 
3,654

Interest receivable
 
906

 
1,697

Deposits
 
3,975

 
4,105

Inventory
 
5,211

 
4,496

Derivative assets
 
1,970

 
856

Residential mortgage loans, held-for-sale, net
 
95

 
231

Miscellaneous assets, net (A)
 
17,491

 
14,931

 
 
$
41,041

 
$
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 within the next 12 months.
Schedule of accounts payable, accrued expenses and other liabilities
The following table summarizes the Company's accounts payable, accrued expenses and other liabilities:
 
 
June 30, 2017
 
December 31, 2016
Accounts payable and accrued expenses
 
$
28,884

 
$
26,249

Deferred revenue
 
24,014

 
36,107

Security deposits payable
 
9,285

 
6,073

Unfavorable leasehold interests
 
3,799

 
4,225

Accrued rent
 
3,521

 
2,613

Due to affiliates
 
893

 
892

Miscellaneous liabilities
 
10,696

 
12,278

 
 
$
81,092

 
$
88,437