SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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9 Months Ended |
Sep. 30, 2018 |
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| 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 September 30, |
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Nine Months Ended September 30, |
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2018 |
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2017 |
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2018 |
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2017 |
(Gain) on settlement of real estate securities |
$ |
— |
|
|
$ |
(2,345 |
) |
|
$ |
— |
|
|
$ |
(2,345 |
) |
Loss on settlement of real estate securities |
— |
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|
— |
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|
— |
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|
2,803 |
|
Unrealized loss on securities, intent-to-sell |
— |
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|
— |
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— |
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|
558 |
|
(Gain) on settlement of loans held-for-sale |
— |
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|
— |
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— |
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|
(12 |
) |
Realized loss on settlement of TBAs, net |
— |
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|
228 |
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|
— |
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|
4,669 |
|
Unrealized loss (gain) on non-hedge derivative instruments |
48 |
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|
1,802 |
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|
(283 |
) |
|
688 |
|
Realized and unrealized (gain) loss on investments |
$ |
48 |
|
|
$ |
(315 |
) |
|
$ |
(283 |
) |
|
$ |
6,361 |
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Loss on lease modifications and terminations |
$ |
(173 |
) |
|
$ |
(1 |
) |
|
$ |
(969 |
) |
|
$ |
(161 |
) |
Gain (loss) on extinguishment of debt, net |
75 |
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|
(145 |
) |
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(66 |
) |
|
(327 |
) |
Collateral management fee income, net |
142 |
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|
92 |
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|
443 |
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|
341 |
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Equity in earnings of equity method investments |
357 |
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|
387 |
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|
1,123 |
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|
1,149 |
|
(Loss) gain on disposal of long-lived assets and intangibles |
(2,769 |
) |
|
(3 |
) |
|
(1,921 |
) |
|
23 |
|
Other loss (A) |
(684 |
) |
|
(128 |
) |
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(5,767 |
) |
|
(653 |
) |
Other (loss) income, net |
$ |
(3,052 |
) |
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$ |
202 |
|
|
$ |
(7,157 |
) |
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$ |
372 |
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(A) |
During the nine months ended September 30, 2018, the Company recorded a net loss of approximately $4.9 million related to the settlement of a legal dispute and a related discharge of liabilities assumed by the counterparty to the settlement. See Note 13 for additional information.
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| 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:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
Accumulated Other Comprehensive Income ("AOCI") Components |
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Income Statement Location |
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2018 |
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2017 |
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2018 |
|
2017 |
Net realized (gain) on securities: |
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(Gain) on settlement of real estate securities |
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Realized and unrealized (gain) loss on investments |
|
$ |
— |
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|
$ |
(2,345 |
) |
|
$ |
— |
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|
$ |
(2,345 |
) |
Total reclassifications |
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$ |
— |
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$ |
(2,345 |
) |
|
$ |
— |
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|
$ |
(2,345 |
) |
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| Schedule of useful lives of property, plant, and equipment |
Depreciation is calculated using the straight-line method based on the following estimated useful lives:
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Buildings and improvements |
10-30 years |
Capital leases - equipment |
3-7 years |
Furniture, fixtures and equipment |
2-7 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 |
2-26 years |
Management contracts |
2-26 years |
Internally-developed software |
5-10 years |
Membership base |
7 years |
Liquor licenses |
Nonamortizable |
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| Schedule of other current assets |
The following table summarizes the Company's other current assets:
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September 30, 2018 |
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December 31, 2017 |
Loans, held-for-sale, net (A) |
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$ |
— |
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$ |
147 |
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Prepaid expenses |
|
3,777 |
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|
3,081 |
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Deposits |
|
8,402 |
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|
3,469 |
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Inventory |
|
4,446 |
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|
4,722 |
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Derivative assets |
|
569 |
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|
— |
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Miscellaneous current assets, net |
|
9,063 |
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|
10,149 |
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Other current assets |
|
$ |
26,257 |
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$ |
21,568 |
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(A) |
During the nine months ended September 30, 2018, the Company recorded an impairment of $0.2 million on a corporate loan.
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| Schedule of other current liabilities |
The following table summarizes the Company's other current liabilities:
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September 30, 2018 |
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December 31, 2017 |
Security deposits payable |
|
$ |
6,186 |
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$ |
6,602 |
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Accrued rent |
|
3,532 |
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|
2,160 |
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Due to affiliates |
|
— |
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|
1,786 |
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Dividends payable |
|
930 |
|
|
930 |
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Miscellaneous current liabilities |
|
3,998 |
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|
11,118 |
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Other current liabilities |
|
$ |
14,646 |
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$ |
22,596 |
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