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), Net — These 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 |
|
|