Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 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 September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
(Gain) on settlement of real estate securities
$
(2,345
)
 
$
(10,080
)
 
$
(2,345
)
 
$
(18,560
)
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
)
 
47

Realized loss on settlement of TBAs, net
228

 
3,730

 
4,669

 
13,675

Unrealized loss (gain) on non-hedge derivative instruments
1,802

 
(255
)
 
688

 
1,702

Realized and unrealized (gain) loss on investments
$
(315
)
 
$
(6,605
)
 
$
6,361

 
$
(3,136
)
 
 
 
 
 
 
 
 
(Loss) gain on lease modifications and terminations
$
(1
)
 
$
2

 
$
(161
)
 
$
(75
)
Loss on extinguishment of debt, net
(145
)
 
(227
)
 
(327
)
 
(607
)
Collateral management fee income, net
92

 
119

 
341

 
481

Equity in earnings of equity method investees
387

 
384

 
1,149

 
1,129

(Loss) gain on disposal of long-lived assets
(3
)
 

 
23

 
24

Other (loss) income
(128
)
 
227

 
(653
)
 
387

Other income, net
$
202

 
$
505

 
$
372

 
$
1,339

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 September 30,
 
Nine Months Ended September 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
 
(2,345
)
 
(10,080
)
 
(2,345
)
 
(18,560
)
Realized (gain) on deconsolidation of CDO VI
 
Gain on deconsolidation
 

 

 

 
(20,682
)
 
 
 
 
$
(2,345
)
 
$
(10,080
)
 
$
(2,345
)
 
$
(39,188
)
 
 
 
 
 
 
 
 
 
 
 
Net realized (gain) on derivatives designated as cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Amortization of deferred hedge (gain)
 
Interest expense, net
 
$

 
$

 
$

 
$
(20
)
 
 
 
 
$

 
$

 
$

 
$
(20
)
 
 
 
 
 
 
 
 
 
 
 
Total reclassifications
 
 
 
$
(2,345
)
 
$
(10,080
)
 
$
(2,345
)
 
$
(39,208
)
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 other current assets
The following table summarizes the Company's other current assets:
 
 
September 30, 2017
 
December 31, 2016
Real estate related and other loans, held-for-sale, net
 
$
147

 
$
55,612

Prepaid expenses
 
3,428

 
3,580

Interest receivable
 

 
1,697

Deposits
 
3,002

 
1,314

Inventory
 
5,003

 
4,496

Derivative assets
 

 
371

Residential mortgage loans, held-for-sale, net
 

 
231

Receivables from brokers, dealers and clearing organizations
 

 
552

Miscellaneous assets, net (A)
 
10,960

 
10,834

 
 
$
22,540

 
$
78,687

(A)
Includes one owned property in Annandale, New Jersey in the Traditional Golf segment classified as held-for-sale. The Company expects to close on this property within the next 12 months.
Schedule of other assets
The following table summarizes the Company's other assets:
 
 
September 30, 2017
 
December 31, 2016
Prepaid expenses
 
$
28

 
$
74

Deposits
 
2,353

 
2,791

Derivative assets
 
167

 
485

Miscellaneous assets, net
 
5,885

 
4,097

 
 
$
8,433

 
$
7,447

Schedule of other current liabilities
The following table summarizes the Company's other current liabilities:
 
 
September 30, 2017
 
December 31, 2016
Security deposits payable
 
$
7,939

 
$
5,978

Accrued rent
 
2,289

 
1,930

Due to affiliates
 
893

 
892

Dividends payable
 
930

 
8,949

Miscellaneous liabilities
 
9,702

 
11,219

 
 
$
21,753

 
$
28,968

Schedule of other liabilities
The following table summarizes the Company's other liabilities:
 
 
September 30, 2017
 
December 31, 2016
Security deposits payable
 
$
196

 
$
95

Unfavorable leasehold interests
 
3,587

 
4,225

Accrued rent
 
1,004

 
683

Miscellaneous liabilities
 
937

 
1,059

 
 
$
5,724

 
$
6,062