Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]  
Schedule of accumulated other comprehensive income
The following table summarizes the Company’s accumulated other comprehensive income:
 
December 31,
 
2017
 
2016
Net unrealized gain on securities
$
1,370

 
$
1,168

Accumulated other comprehensive income
$
1,370

 
$
1,168

Schedule of realized/unrealized (gain) loss on investments and other income (loss), net
Realized and Unrealized (Gain) Loss on Investments and Other Income (Loss), NetThese items are comprised of the following:
 
Year Ended December 31,
 
2017
 
2016
 
2015
(Gain) on settlement of real estate securities
$
(2,345
)
 
$
(19,129
)
 
$
(42,356
)
Loss on settlement of real estate securities
2,803

 
16,178

 
9,850

Realized loss (gain) on settlement of TBAs, net
4,669

 
(18,318
)
 
12,907

(Gain) loss on settlement of loans held-for-sale
(12
)
 
48

 
(1,519
)
Loss recognized on termination of derivative instruments

 

 
612

Unrealized loss on securities, intent-to-sell
558

 
23,128

 

Unrealized loss (gain) on non-hedge derivative instruments
570

 
(1,222
)
 
(1,758
)
Realized and unrealized loss (gain) on investments
$
6,243

 
$
685

 
$
(22,264
)
 
 
 
 
 
 
(Loss) gain on lease modifications and terminations
$
(161
)
 
$
(62
)
 
$
471

Collateral management fee income, net
387

 
592

 
708

Equity in earnings (losses) of equity method investments, net
1,536

 
(1,338
)
 
(6,194
)
(Loss) on disposal of long-lived assets
(295
)
 
(22
)
 
(1,403
)
Other (loss) income
(1,079
)
 
(2,244
)
 
844

Other income (loss), net
$
388

 
$
(3,074
)
 
$
(5,574
)
Schedule of reclassification from accumulated other comprehensive income into net income
The following table summarizes the amounts reclassified out of accumulated other comprehensive income into net income:
 
 
 
 
Year Ended December 31,
Accumulated Other Comprehensive
Income (“AOCI”) Components
 
Income Statement
Location
 
2017
 
2016
 
2015
Net realized (gain) loss on securities
 
 
 
 
 
 
 
 
Impairment (reversal)
 
Impairment (reversal)
 
$

 
$
54

 
$
(31
)
(Gain) on settlement of real estate securities
 
Realized and unrealized (gain) loss on investments
 
(2,345
)
 
(19,129
)
 
(42,356
)
Loss on settlement of real estate securities
 
Realized and unrealized (gain) loss on investments
 

 
16,178

 
9,850

Realized (gain) on deconsolidation of CDO VI
 
Gain on deconsolidation
 

 
(20,682
)
 

Unrealized loss on real estate securities, intent-to-sell, reclassified from AOCI into income
 
Realized and unrealized (gain) loss on investments
 

 
23,128

 

 
 
 
 
$
(2,345
)
 
$
(451
)
 
$
(32,537
)
 
 
 
 
 
 
 
 
 
Net realized (gain) loss on derivatives designated as cash flow hedges
 
 
 
 
 
 
 
 
Loss recognized on termination of derivative instruments
 
Realized and unrealized (gain) loss on investments
 

 

 
612

Amortization of deferred hedge (gain)
 
Interest expense, net
 

 
(20
)
 
(78
)
Loss reclassified from AOCI into income, related to effective portion
 
Interest expense, net
 

 

 
1,363

 
 
 
 
$

 
$
(20
)
 
$
1,897

 
 
 
 
 
 
 
 
 
Total reclassifications
 
 
 
$
(2,345
)
 
$
(471
)
 
$
(30,640
)
 
 
 
 
 
 
 
 
 
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 for intangible assets
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 restricted cash from continuing operations
Restricted cash consisted of:
 
December 31,
 
2017
 
2016
CDO trustee accounts
$
170

 
$
192

Restricted cash for construction-in-progress
2,282

 
2,267

Restricted cash - Traditional Golf
3,362

 
3,945

Restricted cash - Entertainment Golf
182

 

Restricted cash, current and noncurrent
$
5,996

 
$
6,404

Schedule of supplemental non-cash investing and financing activities relating to CDOs
Supplemental non-cash investing and financing activities relating to CDOs are disclosed below (there was no CDO activity during the year ended December 31, 2017):
 
Year Ended December 31,
 
2016
 
2015
Restricted cash generated from sale of securities
$

 
$
139,257

Restricted cash generated from sale of loans
$

 
$
55,574

Restricted cash generated from pay downs on securities and loans
$
2,310

 
$
78,853

Restricted cash used for repayments of CDO and other bonds payable
$
2,748

 
$
148,966

CDO VI deconsolidation:
 
 
 
Real estate securities
$
43,889

 
$

Restricted cash
$
67

 
$

CDO and other bonds payable
$
105,423

 
$


Schedule of other current assets
The following table summarizes the Company's other current assets:
 
December 31,
 
2017
 
2016
Loans, held-for-sale, net
$
147

 
$
55,612

Prepaid expenses
3,081

 
3,580

Interest receivable

 
1,697

Deposits
3,469

 
1,314

Inventory
4,722

 
4,496

Derivative assets

 
371

Residential mortgage loans, held-for-sale, net

 
231

Receivables from brokers, dealers and clearing organizations

 
552

Miscellaneous current assets, net (A)
12,149

 
10,834

Other current assets
$
23,568

 
$
78,687

(A)
Includes one owned property in 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:
 
December 31,
 
2017
 
2016
Prepaid expenses
$
6

 
$
74

Deposits
2,213

 
2,791

Derivative assets
286

 
485

Miscellaneous assets, net
6,144

 
4,097

Other assets
$
8,649

 
$
7,447

Schedule of other current liabilities
The following table summarizes the Company's other current liabilities:
 
December 31,
 
2017
 
2016
Security deposits payable
$
6,602

 
$
5,978

Accrued rent
2,160

 
1,930

Due to affiliates
1,786

 
892

Dividends payable
930

 
8,949

Miscellaneous current liabilities
11,118

 
11,219

Other current liabilities
$
22,596

 
$
28,968


Schedule of other liabilities
The following table summarizes the Company's other liabilities:
 
December 31,
 
2017
 
2016
Security deposits payable
$
66

 
$
95

Unfavorable leasehold interests
3,374

 
4,225

Accrued rent
1,057

 
683

Miscellaneous liabilities
349

 
1,059

Other liabilities
$
4,846

 
$
6,062

Schedule of amortization of discount and premium and other amortization
Amortization of Discount and Premium and Other Amortization As reflected in the Consolidated Statements of Cash Flows, these items are comprised of the following:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Accretion of net discount on securities, loans and other investments
$
(4,698
)
 
$
(7,926
)
 
$
(5,802
)
Amortization of net discount on debt obligations and deferred financing costs
1,241

 
1,501

 
3,325

Amortization of net deferred hedge gains debt

 
(20
)
 
(78
)
Amortization of discount and premium
$
(3,457
)
 
$
(6,445
)
 
$
(2,555
)
 
 
 
 
 
 
Amortization of leasehold intangibles
$
4,111

 
$
4,451

 
$
4,942

Accretion of membership deposit liability
6,453

 
5,803

 
5,840

Other amortization
$
10,564

 
$
10,254

 
$
10,782