SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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6 Months Ended |
Jun. 30, 2017 |
|---|
| Accounting Policies [Abstract] |
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| Schedule of realized/unrealized loss on investments and other income (loss), net |
These items are comprised of the following:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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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 |
|
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|
|
|
|
|
|
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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 |
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| 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:
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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 |
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Impairment |
|
Impairment |
|
$ |
— |
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|
$ |
— |
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|
$ |
— |
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|
$ |
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 |
|
— |
|
|
— |
|
|
— |
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|
(20,682 |
) |
|
|
|
|
$ |
— |
|
|
$ |
(2,563 |
) |
|
$ |
— |
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|
$ |
(29,108 |
) |
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Net realized (gain) on derivatives designated as cash flow hedges |
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Amortization of deferred hedge (gain) |
|
Interest expense |
|
$ |
— |
|
|
$ |
— |
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|
$ |
— |
|
|
$ |
(20 |
) |
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
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|
$ |
(20 |
) |
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Total reclassifications |
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|
$ |
— |
|
|
$ |
(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 |
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| Schedule of amortization period |
Amortization of all intangible assets is calculated using the straight-line method based on the following estimated useful lives:
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|
Trade name |
30 years |
Leasehold intangibles |
1 -26 years |
Management contracts |
1 -26 years |
Internally-developed software |
5 years |
Membership base |
7 years |
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| 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.
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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 |
|
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| Schedule of receivables and other assets |
The following table summarizes the Company's receivables and other assets:
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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 |
|
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|
$ |
41,041 |
|
|
$ |
38,017 |
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(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.
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| Schedule of accounts payable, accrued expenses and other liabilities |
The following table summarizes the Company's accounts payable, accrued expenses and other liabilities:
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|
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 |
|
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|
$ |
81,092 |
|
|
$ |
88,437 |
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