Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Segment Reporting) (Details)

v3.5.0.2
SEGMENT REPORTING (Segment Reporting) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Segment Reporting Information [Line Items]          
Interest income $ 20,421 $ 24,265 $ 41,460 $ 51,343  
Interest expense (12,417) (16,950) (25,951) (33,677)  
Inter-segment elimination   0   0  
Net interest income 8,004 7,315 15,509 17,666  
Total impairment 645 13,679 2,953 14,084  
Total operating revenues 84,484 82,803 146,642 143,629  
Total other income (loss), net (948) 29,373 79,495 29,874  
Loan and security servicing expense 1 118 38 214  
Operating expenses - golf 63,105 63,017 117,818 115,988  
Operating expenses - golf, repairs and maintenance expenses 2,394 2,421 4,286 4,387  
Cost of sales - golf 9,217 9,108 15,428 15,161  
General and administrative expense 2,488 3,185 5,212 4,862  
General and administrative expense - acquisition and transaction expenses 1,234 302 1,410 338  
Management fee to affiliate 2,676 2,674 5,351 5,342  
Depreciation and amortization 6,484 7,119 12,515 13,872  
Income tax expense 138 27 182 73  
Income from continuing operations 3,158 17,841 76,453 16,848  
Income from discontinued operations 0 524 0 639  
Net Income 3,158 18,365 76,453 17,487  
Preferred dividends (1,395) (1,395) (2,790) (2,790)  
Net loss attributable to noncontrolling interests (112) 49 12 230  
Income Applicable to Common Stockholders 1,651 17,019 73,675 14,927  
Investments 1,292,144   1,292,144    
Cash and restricted cash 58,125   58,125    
Other assets 417,385   417,385    
Total Assets 1,767,654   1,767,654   $ 1,467,982
Debt, net 888,080   888,080    
Other liabilities 623,935   623,935    
Total Liabilities 1,512,015   1,512,015   1,257,860
Preferred stock 61,583   61,583   61,583
Noncontrolling interests (269)   (269)   $ (257)
Equity (deficit) attributable to common stockholders 194,325   194,325    
Additions to investments in real estate during the six months ended June 30, 2016     10,822    
Operating Segments | Discontinued Operations          
Segment Reporting Information [Line Items]          
Interest income   0   0  
Interest expense   0   0  
Inter-segment elimination   0   0  
Net interest income   0   0  
Total impairment   0   0  
Total operating revenues   0   0  
Total other income (loss), net   0   0  
Loan and security servicing expense   0   0  
Operating expenses - golf   0   0  
Operating expenses - golf, repairs and maintenance expenses   0   0  
Cost of sales - golf   0   0  
General and administrative expense   0   0  
General and administrative expense - acquisition and transaction expenses   0   0  
Management fee to affiliate   0   0  
Depreciation and amortization   0   0  
Income tax expense   0   0  
Income from continuing operations   0   0  
Income from discontinued operations   524   639  
Net Income   524   639  
Preferred dividends   0   0  
Net loss attributable to noncontrolling interests   0   0  
Income Applicable to Common Stockholders   524   639  
Eliminations          
Segment Reporting Information [Line Items]          
Interest income   (1,526)   (3,005)  
Interest expense   1,526   3,005  
Inter-segment elimination   0   0  
Net interest income   0   0  
Total impairment   0   0  
Total operating revenues   0   0  
Total other income (loss), net   0   0  
Loan and security servicing expense   0   0  
Operating expenses - golf   0   0  
Operating expenses - golf, repairs and maintenance expenses   0   0  
Cost of sales - golf   0   0  
General and administrative expense   0   0  
General and administrative expense - acquisition and transaction expenses   0   0  
Management fee to affiliate   0   0  
Depreciation and amortization   0   0  
Income tax expense   0   0  
Income from continuing operations   0   0  
Income from discontinued operations   0   0  
Net Income   0   0  
Preferred dividends   0   0  
Net loss attributable to noncontrolling interests   0   0  
Income Applicable to Common Stockholders   0   0  
CDOs | Operating Segments          
Segment Reporting Information [Line Items]          
Interest income 0 13,685 1,097 29,607  
Interest expense 0 (2,730) (491) (5,313)  
Inter-segment elimination   (1,526)   (3,005)  
Net interest income 0 9,429 606 21,289  
Total impairment 0 11,869 110 12,206  
Total operating revenues 0 0 0 0  
Total other income (loss), net 0 29,740 82,130 30,271  
Loan and security servicing expense 0 118 30 214  
Operating expenses - golf 0 0 0 0  
Operating expenses - golf, repairs and maintenance expenses 0 0 0 0  
Cost of sales - golf 0 0 0 0  
General and administrative expense 0 0 0 0  
General and administrative expense - acquisition and transaction expenses 0 0 0 0  
Management fee to affiliate 0 0 0 0  
Depreciation and amortization 0 0 0 0  
Income tax expense 0 0 0 0  
Income from continuing operations 0 27,182 82,596 39,140  
Income from discontinued operations   0   0  
Net Income 0 27,182 82,596 39,140  
Preferred dividends 0 0 0 0  
Net loss attributable to noncontrolling interests 0 0 0 0  
Income Applicable to Common Stockholders 0 27,182 82,596 39,140  
Investments 0   0    
Cash and restricted cash 0   0    
Other assets 0   0    
Total Assets 0   0    
Debt, net 0   0    
Other liabilities 0   0    
Total Liabilities 0   0    
Preferred stock 0   0    
Noncontrolling interests 0   0    
Equity (deficit) attributable to common stockholders 0   0    
Additions to investments in real estate during the six months ended June 30, 2016     0    
Other Debt          
Segment Reporting Information [Line Items]          
Investments 994,041   994,041    
Other Debt | Operating Segments          
Segment Reporting Information [Line Items]          
Interest income 20,382 12,065 40,278 24,660  
Interest expense (9,153) (9,594) (18,586) (19,173)  
Inter-segment elimination   0   0  
Net interest income 11,229 2,471 21,692 5,487  
Total impairment 645 1,810 2,843 1,878  
Total operating revenues 0 0 0 0  
Total other income (loss), net (940) (140) (2,343) (177)  
Loan and security servicing expense 1 0 8 0  
Operating expenses - golf 0 0 0 0  
Operating expenses - golf, repairs and maintenance expenses 0 0 0 0  
Cost of sales - golf 0 0 0 0  
General and administrative expense 0 0 0 0  
General and administrative expense - acquisition and transaction expenses 0 0 0 0  
Management fee to affiliate 0 0 0 0  
Depreciation and amortization 0 0 0 0  
Income tax expense 0 0 0 0  
Income from continuing operations 9,643 521 16,498 3,432  
Income from discontinued operations   0   0  
Net Income 9,643 521 16,498 3,432  
Preferred dividends 0 0 0 0  
Net loss attributable to noncontrolling interests 0 0 0 0  
Income Applicable to Common Stockholders 9,643 521 16,498 3,432  
Investments 994,041   994,041    
Cash and restricted cash 665   665    
Other assets 379,119   379,119    
Total Assets 1,373,825   1,373,825    
Debt, net 724,016   724,016    
Other liabilities 456,694   456,694    
Total Liabilities 1,180,710   1,180,710    
Preferred stock 0   0    
Noncontrolling interests 0   0    
Equity (deficit) attributable to common stockholders 193,115   193,115    
Additions to investments in real estate during the six months ended June 30, 2016     0    
Golf | Operating Segments          
Segment Reporting Information [Line Items]          
Interest income 36 36 77 72  
Interest expense (2,698) (5,207) (5,363) (10,305)  
Inter-segment elimination   1,526   3,005  
Net interest income (2,662) (3,645) (5,286) (7,228)  
Total impairment 0 0 0 0  
Total operating revenues 84,484 82,803 146,642 143,629  
Total other income (loss), net (8) (235) (292) (228)  
Loan and security servicing expense 0 0 0 0  
Operating expenses - golf 63,105 63,017 117,818 115,988  
Operating expenses - golf, repairs and maintenance expenses 2,394 2,421 4,286 4,387  
Cost of sales - golf 9,217 9,108 15,428 15,161  
General and administrative expense 706 793 1,546 1,041  
General and administrative expense - acquisition and transaction expenses 1,100 285 1,239 321  
Management fee to affiliate 0 0 0 0  
Depreciation and amortization 6,484 7,119 12,515 13,872  
Income tax expense 138 27 182 73  
Income from continuing operations (1,330) (3,847) (11,950) (14,670)  
Income from discontinued operations   0   0  
Net Income (1,330) (3,847) (11,950) (14,670)  
Preferred dividends 0 0 0 0  
Net loss attributable to noncontrolling interests (112) 49 12 230  
Income Applicable to Common Stockholders (1,442) (3,798) (11,938) (14,440)  
Investments 298,103   298,103    
Cash and restricted cash 10,718   10,718    
Other assets 38,184   38,184    
Total Assets 347,005   347,005    
Debt, net 112,843   112,843    
Other liabilities 164,100   164,100    
Total Liabilities 276,943   276,943    
Preferred stock 0   0    
Noncontrolling interests (269)   (269)    
Equity (deficit) attributable to common stockholders 70,331   70,331    
Additions to investments in real estate during the six months ended June 30, 2016     10,822    
Corporate | Operating Segments          
Segment Reporting Information [Line Items]          
Interest income 3 5 8 9  
Interest expense (566) (945) (1,511) (1,891)  
Inter-segment elimination   0   0  
Net interest income (563) (940) (1,503) (1,882)  
Total impairment 0 0 0 0  
Total operating revenues 0 0 0 0  
Total other income (loss), net 0 8 0 8  
Loan and security servicing expense 0 0 0 0  
Operating expenses - golf 0 0 0 0  
Operating expenses - golf, repairs and maintenance expenses 0 0 0 0  
Cost of sales - golf 0 0 0 0  
General and administrative expense 1,782 2,392 3,666 3,821  
General and administrative expense - acquisition and transaction expenses 134 17 171 17  
Management fee to affiliate 2,676 2,674 5,351 5,342  
Depreciation and amortization 0 0 0 0  
Income tax expense 0 0 0 0  
Income from continuing operations (5,155) (6,015) (10,691) (11,054)  
Income from discontinued operations   0   0  
Net Income (5,155) (6,015) (10,691) (11,054)  
Preferred dividends (1,395) (1,395) (2,790) (2,790)  
Net loss attributable to noncontrolling interests 0 0 0 0  
Income Applicable to Common Stockholders (6,550) $ (7,410) (13,481) $ (13,844)  
Investments 0   0    
Cash and restricted cash 46,742   46,742    
Other assets 82   82    
Total Assets 46,824   46,824    
Debt, net 51,221   51,221    
Other liabilities 3,141   3,141    
Total Liabilities 54,362   54,362    
Preferred stock 61,583   61,583    
Noncontrolling interests 0   0    
Equity (deficit) attributable to common stockholders $ (69,121)   (69,121)    
Additions to investments in real estate during the six months ended June 30, 2016     $ 0