Drive Shack (DSHK) 10-K 2 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Feb. 22, 2017	Jun. 30, 2016
Document And Entity Information
Entity Registrant Name	DRIVE SHACK INC.
Entity Central Index Key	1,175,483
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Well-known Seasoned Issuer	No
Voluntary Filer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 299.2
Entity Common Stock, Shares Outstanding		66,842,378
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets
Real estate securities, available-for-sale - Note 5	$ 1,950	$ 59,034
Real estate securities, available-for-sale - pledged as collateral - Note 5	627,304	105,963
Real estate related and other loans, held-for-sale, net - Note 6	55,612	149,198
Subprime mortgage loans subject to call option - Note 6	0	380,806
Investments in real estate, net of accumulated depreciation - Note 7	217,611	227,907
Intangibles, net of accumulated amortization - Note 8	65,112	74,472
Other investments	19,256	20,595
Cash and cash equivalents	140,140	45,651
Restricted cash	6,404	4,469
Receivables from brokers, dealers and clearing organizations	552	361,341
Receivables and other assets - Note 2	38,017	38,546
Total Assets	1,171,958	1,467,982
Liabilities
CDO bonds payable - Note 11	0	92,933
Other bonds and notes payable - Note 11	0	16,162
Repurchase agreements - Note 11	600,964	418,458
Credit facilities and obligations under capital leases - Note 11	115,284	11,258
Financing of subprime mortgage loans subject to call option - Note 6	0	380,806
Junior subordinated notes payable - Note 11	51,217	51,225
Dividends payable	8,949	8,929
Membership deposit liabilities	89,040	83,210
Payables to brokers, dealers and clearing organizations	0	105,940
Accounts payable, accrued expenses and other liabilities - Note 2	88,437	88,939
Total Liabilities	953,891	1,257,860
Commitments and contingencies - Notes 12, 13 and 14
Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 1,347,321 shares of 9.75% Series B Cumulative Redeemable Preferred Stock, 496,000 shares of 8.05% Series C Cumulative Redeemable Preferred Stock, and 620,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, issued and outstanding as of December 31, 2016 and 2015	61,583	61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 66,824,304 and 66,654,598 shares issued and outstanding at December 31, 2016 and 2015, respectively	668	667
Additional paid-in capital	3,172,720	3,172,370
Accumulated deficit	(3,018,072)	(3,057,538)
Accumulated other comprehensive income - Note 2	1,168	33,297
Total Drive Shack Inc. Stockholders’ Equity	218,067	210,379
Noncontrolling interest	0	(257)
Total Equity	218,067	210,122
Total Liabilities and Equity	$ 1,171,958	$ 1,467,982

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock liquidation preference (in dollars per share)	$ 25	$ 25
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	66,824,304	66,654,598
Common stock, shares outstanding (in shares)	66,824,304	66,654,598
Series B Preferred Stock
Preferred stock, shares issued (in shares)	1,347,321	1,347,321
Preferred stock, shares outstanding (in shares)	1,347,321	1,347,321
Preferred stock, dividend rate (as percent)	9.75%	9.75%
Series C Preferred Stock
Preferred stock, shares issued (in shares)	496,000	496,000
Preferred stock, shares outstanding (in shares)	496,000	496,000
Preferred stock, dividend rate (as percent)	8.05%	8.05%
Series D Preferred Stock
Preferred stock, shares issued (in shares)	620,000	620,000
Preferred stock, shares outstanding (in shares)	620,000	620,000
Preferred stock, dividend rate (as percent)	8.375%	8.375%

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Golf course operations	$ 226,255	$ 224,419	$ 222,983
Sales of food and beverages	72,625	71,437	68,554
Total revenues	298,880	295,856	291,537
Operating costs
Operating expenses	254,353	254,553	263,338
Cost of sales - food and beverages	21,593	22,549	21,037
General and administrative expense	13,842	12,037	15,851
Management fee to affiliate - Note 13	10,704	10,692	21,039
Depreciation and amortization	26,496	28,634	26,967
Impairment (reversal)	10,381	11,896	(2,419)
Realized/unrealized (gain) loss on investments - Note 2	685	(22,264)	(69,593)
Total operating costs	338,054	318,097	276,220
Operating income (loss)	(39,174)	(22,241)	15,317
Other income (expenses)
Interest and investment income	91,291	95,891	127,627
Interest expense	(52,868)	(62,129)	(80,022)
Gain (loss) on extinguishment of debt	(780)	15,306	(3,410)
Gain on deconsolidation - Note 2	82,130	0	0
Other income (loss), net - Note 2	(3,074)	(5,574)	8,279
Total other income (expenses)	116,699	43,494	52,474
Income from continuing operations before income tax	77,525	21,253	67,791
Income tax expense - Note 15	189	345	208
Income from continuing operations	77,336	20,908	67,583
Income (loss) from discontinued operations, net of tax - Note 3	0	646	(35,189)
Net Income	77,336	21,554	32,394
Preferred dividends	(5,580)	(5,580)	(5,580)
Net (income) loss attributable to noncontrolling interest	(257)	293	852
Income Applicable To Common Stockholders	$ 71,499	$ 16,267	$ 27,666
Income Applicable to Common Stock, per share, basic (in dollars per share)	$ 1.07	$ 0.24	$ 0.45
Income Applicable to Common Stock, per share, diluted (in dollars per share)	1.04	0.24	0.44
Income from Continuing Operations per share of Common Stock, after preferred dividends and noncontrolling interest, basic (in dollars per share)	1.07	0.23	1.02
Income from Continuing Operations per share of Common Stock, after preferred dividends and noncontrolling interest, diluted (in dollars per share)	1.04	0.23	1
Income (loss) from Discontinued Operations per share of Common Stock, basic (in dollars per share)	0	0.01	(0.57)
Income (loss) from Discontinued Operations per share of Common Stock, diluted (in dollars per share)	$ 0	$ 0.01	$ (0.57)
Weighted Average Number of Shares of Common Stock Outstanding, basic (in shares)	66,709,925	66,479,321	61,500,913
Weighted Average Number of Shares of Common Stock Outstanding, diluted (in shares)	68,788,440	68,647,915	63,131,227

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 77,336	$ 21,554	$ 32,394
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale securities	(31,658)	(1,868)	8,953
Reclassification of net realized/unrealized (gain) loss on securities into earnings	20,231	(32,537)	(23,679)
Reclassification of net realized gain on deconsolidation of CDO VI	(20,682)	0	0
Net unrealized loss on derivatives designated as cash flow hedges	0	(60)	(177)
Reclassification of net realized (gain) loss on derivatives designated as cash flow hedges into earnings	(20)	1,897	4,352
Net unrecognized gain and pension prior service cost (discontinued operations)	0	0	9
Other comprehensive income (loss)	(32,129)	(32,568)	(10,542)
Total comprehensive income (loss)	45,207	(11,014)	21,852
Comprehensive income (loss) attributable to Drive Shack Inc. stockholders' equity	44,950	(10,721)	22,704
Comprehensive income (loss) attributable to noncontrolling interest	$ 257	$ (293)	$ (852)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Drive Shack Inc. Stockholders' Equity	Preferred Stock	Common Stock	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comp. Income (Loss)	Noncontrolling Interests
Balance, beginning at Dec. 31, 2013	$ 1,226,124	$ 1,164,845	$ 61,583	$ 586	$ 2,973,715	$ (1,947,913)	$ 76,874	$ 61,279
Balance, beginning - shares at Dec. 31, 2013			2,463,321	58,575,582
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(123,708)	(123,708)				(123,708)
Issuance of common stock	198,423	198,423		$ 78	198,345
Issuance of common stock, shares				7,848,926
Spin-off of New Media	(391,347)	(330,956)				(330,489)	(467)	(60,391)
Spin-off of New Senior	(673,016)	(673,016)				(673,016)
Comprehensive income (loss)
Net income (loss)	32,394	33,246				33,246		(852)
Other comprehensive loss	(10,542)	(10,542)					(10,542)
Total comprehensive income (loss)	21,852	22,704						(852)
Balance, ending at Dec. 31, 2014	258,328	258,292	$ 61,583	$ 664	3,172,060	(3,041,880)	65,865	36
Balance, ending - shares at Dec. 31, 2014			2,463,321	66,424,508
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(37,505)	(37,505)				(37,505)
Issuance of common stock	313	313		$ 3	310
Issuance of common stock, shares				230,090
Comprehensive income (loss)
Net income (loss)	21,554	21,847				21,847		(293)
Other comprehensive loss	(32,568)	(32,568)					(32,568)
Total comprehensive income (loss)	(11,014)	(10,721)						(293)
Balance, ending at Dec. 31, 2015	210,122	210,379	$ 61,583	$ 667	3,172,370	(3,057,538)	33,297	(257)
Balance, ending - shares at Dec. 31, 2015			2,463,321	66,654,598
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(37,613)	(37,613)				(37,613)
Issuance of common stock	351	351		$ 1	350
Issuance of common stock, shares				169,706
Comprehensive income (loss)
Net income (loss)	77,336	77,079				77,079		257
Deconsolidation of net unrealized gain on securities	(20,682)	(20,682)					(20,682)
Other comprehensive loss	(11,447)	(11,447)					(11,447)
Total comprehensive income (loss)	45,207	44,950						257
Balance, ending at Dec. 31, 2016	$ 218,067	$ 218,067	$ 61,583	$ 668	$ 3,172,720	$ (3,018,072)	$ 1,168	$ 0
Balance, ending - shares at Dec. 31, 2016			2,463,321	66,824,304

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flows From Operating Activities
Net income	$ 77,336	$ 21,554	$ 32,394
Adjustments to reconcile net income to net cash provided by (used in) operating activities (inclusive of amounts related to discontinued operations):
Depreciation and amortization	26,496	28,645	117,594
Amortization of discount and premium	(6,445)	(2,555)	(14,482)
Other amortization	10,254	10,782	10,663
Net interest income on investments accrued to principal balance	(28,886)	(27,246)	(20,386)
Amortization of revenue on golf membership deposit liabilities	(884)	(509)	(167)
Amortization of prepaid golf member dues	(28,902)	(29,558)	(28,071)
Valuation allowance (reversal) on loans	4,039	9,541	(2,419)
Other-than-temporary impairment on securities and other investments	6,342	2,355	0
Change in fair value of contingent consideration	0	0	(1,500)
Straight-lining of rental income	0	0	(21,794)
Equity in loss (earnings) from equity method investees, net of distributions	1,338	6,194	(954)
Gain on deconsolidation	(82,130)	0	0
Gain on settlement of investments, net	(20,555)	(19,305)	(51,380)
Unrealized loss on securities, intent-to-sell	23,128	0	0
Unrealized (gain) loss on non-hedge derivatives and hedge ineffectiveness	(1,222)	(1,758)	(17,565)
Loss (gain) on extinguishment of debt, net	780	(15,306)	3,410
Non-cash directors' compensation	351	313	321
Change in:
Restricted cash	(6,828)	(2,344)	1,464
Receivables and other assets	595	(1,805)	(314)
Accounts payable, accrued expenses and other liabilities	28,571	18,361	30,665
Net cash provided by (used in) operating activities	3,378	(2,641)	37,479
Cash Flows From Investing Activities
Principal repayments from investments	150,459	128,191	245,447
Purchase of real estate securities	(3,086,654)	(1,409,693)	(404,638)
Proceeds from sale of investments	2,777,808	1,425,480	798,580
Net proceeds from settlement of TBAs	18,318	0	0
Acquisition and additions of investments in real estate	(12,571)	(7,637)	(315,454)
Funds reserved for future capital expenditures	0	0	(3,424)
Change in restricted cash from investing activities	0	56,774	0
Deposits paid on investments	0	0	(655)
Net cash (used in) provided by investing activities	(152,640)	193,115	319,856
Cash Flows From Financing Activities
Repurchases of debt obligations	0	(152,281)	0
Borrowings under debt obligations	3,068,280	1,966,666	668,003
Repayments of debt obligations	(2,788,183)	(1,983,438)	(831,042)
Margin deposits under repurchase agreements and derivatives	(131,443)	(130,398)	(36,752)
Return of margin deposits under repurchase agreements and derivatives	133,991	128,430	38,079
Golf membership deposits received	3,865	4,711	3,518
Issuance of common stock	0	0	198,702
Costs related to issuance of common stock	0	0	(595)
Contribution of cash upon spin-off	0	0	(269,091)
Common stock dividends paid	(32,011)	(31,897)	(145,299)
Preferred stock dividends paid	(5,580)	(5,580)	(5,580)
Payment of deferred financing costs	(4,248)	(754)	(4,592)
Net (payments) from settlement of derivative instruments	0	(13,519)	(4,151)
Other financing activities	(920)	(625)	(617)
Net cash provided by (used in) financing activities	243,751	(218,685)	(389,417)
Net Decrease in Cash and Cash Equivalents	94,489	(28,211)	(32,082)
Cash and Cash Equivalents of Continuing Operations, Beginning of Period	45,651	73,727	42,721
Cash and Cash Equivalents of Discontinued Operations, Beginning of Period	0	135	63,223
Cash and Cash Equivalents, End of Period	140,140	45,651	73,862
Cash and Cash Equivalents of Continuing Operations, End of Period	140,140	45,651	73,727
Cash and Cash Equivalents of Discontinued Operations, End of Period	0	0	135
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense	12,316	16,438	73,735
Cash paid during the period for income taxes	386	268	1,355
Supplemental Schedule of Non-Cash Investing and Financing Activities
Common stock dividends declared but not paid	8,019	7,999	7,971
Preferred stock dividends declared but not paid	930	930	930
Financing costs accrued but not paid	22	0	0
Additions to capital lease assets and liabilities	8,240	7,182	6,529
Option exercise	$ 410	$ 752	$ 3,369

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Drive Shack Inc. (and with its subsidiaries, “Drive Shack Inc.” or the “Company”), is a leading owner and operator of golf-related leisure and entertainment businesses. On December 28, 2016, the Company changed its name from Newcastle Investment Corp. to Drive Shack Inc. in connection with its transformation to a leisure and entertainment company. The Company, a Maryland corporation, was formed in 2002, and its common stock is traded on the NYSE under the symbol “DS.” Drive Shack Inc. conducts its business through the following segments: (i) Traditional Golf properties, (ii) Entertainment Golf venues, (iii) Debt Investments and (iv) corporate. For a further discussion of the reportable segments, see Note 4. Drive Shack Inc.’s Traditional Golf business is one of the largest owners and operators of golf properties in the United States. As of December 31, 2016, the Company owned, leased or managed 78 properties across 13 states. Additionally, the Company plans to open a chain of next-generation Entertainment Golf venues across the United States and internationally which combine golf, competition, dining and fun. Drive Shack Inc. plans to monetize the remaining loans and securities in its Debt Investments segment as part of the transformation to a leisure and entertainment company. On February 23, 2017, the Company revoked its election to be treated as a real estate investment trust (“REIT”), effective January 1, 2017. The Company operated in a manner intended to qualify as a REIT for federal income tax purposes through December 31, 2016. See Note 15 for additional information on our REIT status.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GENERAL Basis of Accounting — The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP’’). The Consolidated Financial Statements include the accounts of Drive Shack Inc. and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. The Company consolidates those entities in which it has an investment of 50% or more and has control over significant operating, financial and investing decisions of the entity as well as those entities deemed to be variable interest entities (“VIEs”) in which Drive Shack Inc. is determined to be the primary beneficiary. For entities over which Drive Shack Inc. exercises significant influence, but which do not meet the requirements for consolidation, Drive Shack Inc. uses the equity method of accounting whereby it records its share of the underlying income of such entities. Noncontrolling interest represents the equity interest in certain consolidated subsidiaries not owned by Drive Shack Inc. This is related to our Traditional Golf business, a portion of which Drive Shack Inc. does not own. In October 2016, Drive Shack Inc. exited certain golf properties in which the Company had a noncontrolling interest. The noncontrolling interest associated with the remaining golf property has a carrying value of zero . See Note 12 for additional information. Prior Period Reclassifications — Certain prior period amounts have been reclassified to conform to the current period’s presentation. In connection with the Company’s continued transformation from a financial services company to a leisure and entertainment company, including the announcement of the new management team in September 2016, the revocation of its REIT election effective January 1, 2017, as well as the monetization and planned exit of our real estate related debt positions, the Company’s Consolidated Statements of Operations have been changed to reflect an operating company presentation. We have reclassified driving range revenue, including the monthly membership program offered at most of our public properties (“The Players Club’’) and miscellaneous revenue associated with operations from “Other revenue” to “Golf course operations”. We have reclassified expenses associated with the cost of merchandise sold from “Cost of sales - golf” to “Operating expenses.” We have added “Loan and security servicing expense” to “General and administrative expense.” The gains and losses associated with derivative instruments have been reclassified from “Other income (loss), net” to “Realized/unrealized (gain) loss on investments” to include balances as part of our operating income (loss). We have also reclassified other-than- temporary impairment related to our equity method investments from “Impairment” to “Other income” to align with our reporting of equity in earnings (losses) of equity method investees, net. The Company did not make changes to its Consolidated Balance Sheets given the carrying value of the real estate related investments, including agency FNMA/FHLMC securities, held by the Company still represents a significant amount on the Company's Consolidated Balance Sheets at December 31, 2016. Risks and Uncertainties — We plan to develop and construct our Entertainment Golf business through long term land leases, land acquisition and redevelopment of existing golf courses. Developing new entertainment golf venues requires a significant amount of time and resources and poses a number of risks. Construction of new venues may result in cost overruns, delays or unanticipated expenses related to zoning or tax laws. We face competition for potential venue locations. Desirable venues may be unavailable or expensive, and the markets in which new venues are located may deteriorate over time. Additionally, the market potential of venues cannot be precisely determined, and our venues may face competition in new markets from unexpected sources. Constructed venues may not perform up to our expectations. For additional information, see Part I, Item 1A. “Risk Factors - Risk Related to Our Business.” Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Comprehensive Income — Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For Drive Shack Inc.’s purposes, comprehensive income represents primarily net income, as presented in the Consolidated Statements of Operations, adjusted for unrealized gains or losses on securities available for sale for which we do not have the intent to sell and derivatives designated as cash flow hedges. Unrealized losses on securities with the intent to sell have been reclassified from other comprehensive income into income on the Consolidated Statements of Operations. The following table summarizes Drive Shack Inc.’s accumulated other comprehensive income: December 31, 2016 2015 Net unrealized gain on securities $ 1,168 $ 33,277 Net unrealized gain (loss) on derivatives designated as cash flow hedges — 20 Accumulated other comprehensive income $ 1,168 $ 33,297 REVENUE RECOGNITION Golf Course Operations — Revenue from green fees, cart rentals, merchandise sales and other operating activities (consisting primarily of range income, banquets, and club amenities) are generally recognized at the time of sale, when services are rendered and collection is reasonably assured. Revenue from membership dues is recognized in the month earned. Membership dues received in advance are included in deferred revenues and recognized as revenue ratably over the appropriate period, which is generally twelve months or less. The membership dues are generally structured to cover the club operating costs and membership services. Private country club members generally pay an advance initiation fee deposit upon their acceptance as a member to the respective country club. Initiation fee deposits are refundable 30 years after the date of acceptance as a member. The difference between the initiation fee deposit paid by the member and the present value of the refund obligation is deferred and recognized into revenue in the Consolidated Statements of Operations on a straight-line basis over the expected life of an active membership, which is estimated to be seven years . The present value of the refund obligation is recorded as a membership deposit liability in the Consolidated Balance Sheets and accretes over a 30 -year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the Consolidated Statements of Operations. Real Estate Securities and Loans Receivable — Drive Shack Inc. invests in securities, including real estate related asset backed securities and FNMA/FHLMC securities. Income on these securities is recognized using a level yield methodology based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. For securities that are not acquired at a discount for credit quality, these assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults). For securities acquired at a discount for credit quality and with respect to which management has determined at acquisition that it is probable that all contractually required principal and interest payments will not be collected, these assumptions also include expected losses. For these securities, Drive Shack Inc. recognizes the excess of all expected cash flows over the investment in the securities, referred to as accretable yield, as interest income on a loss-adjusted yield basis. The loss adjusted yield is determined based on an evaluation of the credit status of securities, as described in connection with the analysis of impairment. The excess of total contractual cash flows over the cash flows expected to be collected is referred to as the nonaccretable difference and is not recognized as income. The assumptions that impact income recognition are updated on at least a quarterly basis if applicable to reflect changes related to a particular security, actual historical data, and market changes. These uncertainties and contingencies are difficult to predict and are subject to future events, and economic and market conditions, which may alter the assumptions. Drive Shack Inc. no longer invests in commercial mortgage backed securities but still invests in residential mortgage backed securities as of December 31, 2016. Drive Shack Inc. also invests in loans, including real estate related loans, residential mortgage loans and subprime mortgage loans. The Company determines at acquisition whether loans will be aggregated into pools based on common risk characteristics (credit quality, loan type, and date of origination or acquisition); loans aggregated into pools are accounted for as if each pool were a single loan. The loans are evaluated at acquisition for evidence of credit quality deterioration. Interest income on performing loans is accrued and recognized as interest income at the contractual rate of interest. Loans for which it is determined that it is probable that all contractually required principal and interest payments at acquisition will not be collected are categorized as loans acquired at a discount for credit quality. Loans receivable are presented in the Consolidated Balance Sheets net of any unamortized discount (or gross of any unamortized premium) and an allowance for loan losses. Discounts or premiums are accreted into interest income on an effective yield or “interest” method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the security or loan. Depending on the nature of the investment, changes to expected cash flows may result in a prospective change to yield or a retrospective change which would include a catch up adjustment. For loans acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted (non-accretable difference) and is not recognized as income. Probable increases in expected cash flows would first reverse any previously recorded allowance for loan losses with any remaining increases recognized prospectively as a yield adjustment over the remaining expected life of the loan. Drive Shack Inc. discontinues the accretion of discounts and amortization of premium on loans if they are reclassified from held-for-investment to held-for-sale. Interest income with respect to non-discounted securities or loans is recognized on an accrual basis. Deferred fees and costs, if any, are recognized as a reduction to the interest income over the terms of the securities or loans using the interest method. Upon settlement of securities and loans, the excess (or deficiency) of net proceeds over the net carrying value of such security or loan is recognized as a gain (or loss) in the period of settlement. Impairment of Securities and Loans — Drive Shack Inc. continually evaluates securities and loans for impairment. Securities and loans are considered to be other-than-temporarily impaired, for financial reporting purposes, generally when it is probable that Drive Shack Inc. will be unable to collect all principal or interest when due according to the contractual terms of the original agreements, or, for securities or loans purchased at a discount for credit quality, whenever there has been a probable adverse change in the timing or amounts of expected cash flows, or that represent retained beneficial interests in securitizations, when Drive Shack Inc. determines that it is probable that it will be unable to collect as anticipated. The evaluation of a security’s estimated cash flows includes the following, as applicable: (i) review of the credit of the issuer or the borrower, (ii) review of the credit rating of the security, (iii) review of the key terms of the security or loan, (iv) review of the performance of the loan or underlying loans, including debt service coverage and loan to value ratios, (v) analysis of the value of the collateral for the loan or underlying loans, (vi) analysis of the effect of local, industry and broader economic factors, and (vii) analysis of historical and anticipated trends in defaults and loss severities for similar securities or loans. Furthermore, the Company must have the intent and ability to hold loans whose fair value is below carrying value until such fair value recovers, or until maturity, or else a write-down to fair value must be recorded. Similarly for securities, the Company must record a write-down if it has the intent to sell a given security in an unrealized loss position, or if it is more likely than not that it will be required to sell such a security. For certain securities which represent beneficial interests in securitized financial assets and non-Agency RMBS acquired with evidence of deteriorated credit quality for which it was deemed probable, at acquisition, that we would be unable to collect all contractually required payments as they come due, an other-than-temporary impairment also will be deemed to have occurred whenever there is a probable adverse change in the timing or amounts of previously projected estimated cash flows. Upon determination of impairment, Drive Shack Inc. establishes specific valuation allowances for loans or records a direct write-down for securities based on the estimated fair value of the security or underlying collateral using a discounted cash flow analysis or based on an observable market value. It is the Company’s policy to establish an allowance for uncollectible interest on performing securities or loans that are past due more than 90 days or sooner when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. Upon such a determination, those loans are deemed to be non-performing and put on nonaccrual status. Actual losses may differ from the Company’s estimates. Drive Shack Inc. may resume accrual of income on a security or loan if, in management’s opinion, full collection is probable. Subsequent to a determination of impairment on securities, and a related write-down, income is accrued on an effective yield method from the new carrying value to the related expected cash flows, with cash received treated as a reduction of basis. Additionally, Drive Shack Inc. charges off the loan allowance when it determines the corresponding loans to be uncollectable. Realized/Unrealized (Gain) Loss on Investments and Other Income (Loss), Net — These items are comprised of the following: Year Ended December 31, 2016 2015 2014 (Gain) on settlement of real estate securities $ (19,129 ) $ (42,356 ) $ (23,679 ) Loss on settlement of real estate securities 16,178 9,850 — Unrealized loss on securities, intent-to-sell 23,128 — — Realized (gain) loss on settlement of TBAs, net (18,318 ) 12,907 4,151 (Gain) loss on repayment/disposition of loans held-for-sale 48 (1,519 ) (32,500 ) Loss recognized on termination of derivative instruments — 612 — Unrealized (gain) on non-hedge derivative instruments (1,222 ) (1,758 ) (17,599 ) Realized loss recognized upon de-designation of hedges — — 34 Realized/unrealized (gain) loss on investments $ 685 $ (22,264 ) $ (69,593 ) Gain (loss) on lease modifications and terminations $ (62 ) $ 471 $ 7,219 Collateral management fee income, net 592 708 963 Equity in earnings (losses) of equity method investees, net (1,338 ) (6,194 ) 954 (Loss) on disposal of long-lived assets (22 ) (1,403 ) (1,294 ) Other income (loss) (2,244 ) 844 437 Other income (loss), net $ (3,074 ) $ (5,574 ) $ 8,279 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 Statement 2016 2015 2014 Net realized (gain) loss on securities Impairment (reversal) Impairment (reversal) $ 54 $ (31 ) $ — (Gain) on settlement of real estate securities Realized/unrealized (gain) loss on investments (19,129 ) (42,356 ) (23,679 ) Loss on settlement of real estate securities Realized/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/unrealized (gain) loss on investments 23,128 — — $ (451 ) $ (32,537 ) $ (23,679 ) Net realized (gain) loss on derivatives designated as cash flow hedges Realized loss recognized upon de-designation of hedges Realized/unrealized (gain) loss on investments $ — $ — $ 34 Loss recognized on termination of derivative instruments Realized/unrealized (gain) loss on investments — 612 — Amortization of deferred hedge (gain) Interest expense (20 ) (78 ) (61 ) Loss reclassified from AOCI into income, related to effective portion Interest expense — 1,363 4,379 $ (20 ) $ 1,897 $ 4,352 Total reclassifications $ (471 ) $ (30,640 ) $ (19,327 ) EXPENSE RECOGNITION Operating Expenses — Operating expenses for Traditional Golf consist primarily of payroll, equipment and cart leases, utilities, repairs and maintenance, supplies, seed, soil and fertilizer, marketing and operating lease rent expense. Many of the Traditional Golf properties and related facilities are leased under long-term operating leases. In addition to minimum payments, certain leases require payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments. The leases generally require the payment of taxes assessed against the leased property and the cost of insurance and maintenance. The majority of lease terms range from 10 to 20 years, and typically, the leases contain renewal options. Certain leases include scheduled increases or decreases in minimum rental payments at various times during the term of the lease. These scheduled rent increases or decreases are recognized on a straight-line basis over the term of the lease. Increases result in an accrual, which is included in accounts payable, accrued expenses and other liabilities, and decreases result in a receivable, which is included in receivables and other assets, for the amount by which the cumulative straight-line rent differs from the contractual cash rent. Deferred Costs — Deferred costs consist primarily of costs incurred in obtaining financing which are amortized into interest expense over the term of such financing using either the straight-line basis or the interest method. Deferred financing costs are presented as a direct deduction from the carrying amount of the related debt liability. Interest Expense — Drive Shack Inc. finances its Debt Investments and Traditional Golf using both fixed and floating rate debt, including securitizations, mortgage loans, repurchase agreements, and other financing vehicles. Certain of this debt has been issued at a discount. Discounts are accreted into interest expense on the effective yield or interest method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the financing. See Note 11 for additional information. Derivatives and Hedging Activities — All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value. Drive Shack Inc. reports the fair value of derivative instruments gross of cash paid or received pursuant to credit support agreements and fair value is reflected on a net counterparty basis when Drive Shack Inc. believes a legal right of offset exists under an enforceable netting agreement. Fair value adjustments affect either equity or net income depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. For those derivative instruments that are designated and qualify as hedging instruments, Drive Shack Inc. designates the hedging instrument, based upon the exposure being hedged, as a cash flow hedge or a fair value hedge. Derivative transactions are entered into by Drive Shack Inc. solely for risk management purposes in the ordinary course of business. In determining whether to hedge a risk, Drive Shack Inc. may consider whether other assets, liabilities, firm commitments and anticipated transactions already offset or reduce the risk. All transactions undertaken as hedges are entered into with a view towards minimizing the potential for economic losses that could be incurred by Drive Shack Inc. As of December 31, 2016 , the Company has no derivative instruments that qualify and are designated as hedging instruments, but has one interest rate cap with a fair value of $0.5 million which is not designated as a hedge. Drive Shack Inc. transacts in the To Be Announced mortgage backed securities (“TBA”) market. TBA contracts are forward contracts to purchase mortgage-backed securities that will be issued by a U.S. government sponsored enterprise in the future. Drive Shack Inc. primarily engages in TBA transactions for purposes of managing interest rate risk and market risk associated with our Agency residential mortgage backed securities (“RMBS”) investments for which we have exposure to interest rate and market risk volatility. Drive Shack Inc. typically does not take delivery of TBAs, but rather settles the associated receivable and payable with its trading counterparties on a net basis. As part of its TBA activities, Drive Shack Inc. may “roll” its TBA positions, whereby it may sell (buy) securities for delivery (receipt) in an earlier month and simultaneously contract to repurchase (sell) similar securities at an agreed-upon price on a fixed date in a later month. Drive Shack Inc. accounts for its TBA transactions as non-hedge instruments, with changes in market value recorded in the Statement of Operations. As of December 31, 2016 , the Company held 3 short TBA contracts totaling $619.5 million in notional amount of Agency RMBS. As of December 31, 2016 and 2015 , The Company funded approximately zero and $1.0 million , respectively, for margin calls related to TBA contracts. Drive Shack Inc.’s derivative financial instruments contain credit risk to the extent that its bank counterparties may be unable to meet the terms of the agreements. Drive Shack Inc. seeks to reduce such risk by limiting its counterparties to major financial institutions. In addition, the potential risk of loss with any one party resulting from this type of credit risk is monitored. Management does not expect any material losses as a result of default by other parties. Management Fees to Affiliate — These represent amounts due to the Manager pursuant to the Management Agreement. For further information on the Management Agreement, see Note 13. BALANCE SHEET MEASUREMENT Investments in Real Estate, Net — Real estate and related improvements are recorded at cost less accumulated depreciation. Costs that both materially add value to an asset and extend the useful life of an asset by more than a year are capitalized. With respect to golf course improvements (included in buildings and improvements), costs associated with original construction, significant replacements, permanent landscaping, sand traps, fairways, tee boxes or greens are capitalized. All other asset-related costs that do not meet these criteria, such as minor repairs and routine maintenance, are expensed as incurred. Long-lived assets to be disposed of by sale, which meet certain criteria, are reclassified to real estate held-for-sale and measured at the lower of their carrying amount or fair value less costs of sale. A disposal of a component of an entity or a group of components of an entity are reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on Drive Shack Inc.’s operations and financial results. Discontinued operations are retroactively reclassified to income (loss) from discontinued operations for all periods presented. Traditional Golf leases certain golf carts and other equipment that are classified as capital leases. The value of capital leases is recorded as an asset on the balance sheet, along with a liability related to the associated payments. Depreciation of capital lease assets is calculated using the straight-line method over the shorter of the estimated useful lives and the expected lease terms. The cost of equipment under capital leases is included in investments in real estate in the Consolidated Balance Sheets. Payments under the leases are treated as reductions of the liability, with a portion being recorded as interest expense under the effective interest method. 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 Intangibles — Intangible assets and liabilities relating to Traditional Golf consist primarily of leasehold advantages (disadvantages), management contracts and membership base. A leasehold advantage (disadvantage) exists to Drive Shack Inc. when it pays a contracted rent that is below (above) market rents at the date of the transaction. The value of a leasehold advantage (disadvantage) is calculated based on the differential between market and contracted rent, which is tax effected and discounted to present value based on an after-tax discount rate corresponding to each golf property, and is amortized over the term of the underlying lease agreement. The management contract intangible represents Drive Shack Inc.’s golf course management contracts for both leased and managed properties. The management contract intangible for leased and managed properties is valued utilizing a discounted cash flow methodology under the income approach and is amortized over the term of the underlying lease or management agreements, respectively. The membership base intangible represents Drive Shack Inc.’s relationship with its private country club members. The membership base intangible is valued using the multi-period excess earnings method under the income approach, and is amortized over the expected life of an active membership. Amortization of leasehold intangible assets and liabilities is included within operating expenses and amortization of all other intangible assets is included within depreciation and amortization in the Consolidated Statements of Operations. 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 Impairment of Real Estate and Finite-lived Intangible Assets — Drive Shack Inc. periodically reviews the carrying amounts of its long-lived assets, including real estate and finite-lived intangible assets, to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. The assessment of recoverability is based on management’s estimates by comparing the sum of the estimated undiscounted cash flows generated by the underlying asset, or other appropriate grouping of assets, to its carrying value to determine whether an impairment existed at its lowest level of identifiable cash flows. If the carrying amount of the asset is greater than the expected undiscounted cash flows to be generated by such asset, an impairment is recognized to the extent the carrying value of such asset exceeds its fair value. Drive Shack Inc. generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell. Membership Deposit Liabilities — Private country club members generally pay an advance initiation fee deposit upon their acceptance as a member to the respective country club. Initiation fee deposits are refundable 30 years after the date of acceptance as a member. The difference between the initiation fee deposit paid by the member and the present value of the refund obligation is deferred and recognized into golf course operations revenue in the Consolidated Statements of Operations on a straight-line basis over the expected life of an active membership, which is estimated to be seven years. The present value of the refund obligation is recorded as a membership deposit liability in the Consolidated Balance Sheets and accretes over a 30 -year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the Consolidated Statements of Operations. Investment in Real Estate Securities — Drive Shack Inc. has classified its investments in securities as available-for-sale. Securities available-for-sale are carried at market value with the net unrealized gains or losses reported as a separate component of accumulated other comprehensive income, to the extent impairment losses are considered temporary. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investments and is included in earnings. Unrealized losses on securities are charged to earnings if there is an intent to sell or if they reflect a decline in value that is other-than-temporary, as described above. Loans Held-for-Sale — Loans held-for-sale are recorded net of any unamortized discount (or gross of any unamortized premiums), including any fees received and are measured at the lower of cost or fair value. Purchase price discounts or premiums are deferred in a contra loan account until the related loans is sold. The deferred discounts or premiums are an adjustment to the basis of the loan and are included in the quarterly determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale. Other Investment — Drive Shack Inc. owns a 23% economic interest in a limited liability company which owns preferred equity secured by a commercial real estate project. Drive Shack Inc. accounts for this investment as an equity method investment. As of December 31, 2016 and 2015 , the carrying value of this investment was $19.3 million and $20.6 million , respectively. Drive Shack Inc. evaluates its equity method investment for other than temporary impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. The evaluation of recoverability is based on management’s assessment of the financial condition and near term prospects of the commercial real estate project, the length of time and the extent to which the market value of the investment has been less than cost, availability and cost of financing, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its recoverability analyses may not be realized, and actual losses or impairment may be realized in the future. Based on changes in estimates of project costs and timeline, the Company recorded an other than temporary impairment of $2.9 million and $7.5 million during the years ended December 31, 2016 and 2015 , respectively. The other than temporary impairment is recorded in the equity in earnings (loss) in equity method investees, net line item which is reported in the Consolidated Statements of Operations in “Other income (loss).” There was zero impairment recorded during the year ended December 31, 2014 . As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value this real estate investment falls within Level 3 for fair value reporting. Investments in CDO Servicing Rights — In February 2011, Drive Shack Inc., through one

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS On February 13, 2014, Drive Shack Inc. completed the spin-off of New Media Investment Group Inc. (“New Media”) from Drive Shack Inc. On November 6, 2014, Drive Shack Inc. completed the spin-off of New Senior Investment Group Inc. (“New Senior”) from Drive Shack Inc. In April 2015, Drive Shack Inc. closed the sale of its commercial real estate properties in Beavercreek, OH for $7.0 million , net of closing costs, and recognized a net gain on the sale of these assets of approximately $0.3 million . In addition, Drive Shack Inc. repaid the related debt on this property of $6.0 million held within CDO IX, which was eliminated in consolidation. As a result of the spin-offs and the sale of the commercial real estate properties in Beavercreek, OH (which was initially reported as held-for-sale as of September 30, 2014), the assets, liabilities and results of operations of those components of Drive Shack Inc.’s operations that (i) were part of the spin-offs and/or (ii) represent operations Drive Shack Inc. plans to sell in which it has no significant continuing involvement, are presented separately in discontinued operations in the Company’s Consolidated Financial Statements for all periods presented. There were no assets and liabilities of discontinued operations as of December 31, 2016 and 2015 . Results of operations from discontinued operations were as follows: Year Ended December 31, 2016 2015 2014 Revenues Media income $ — $ — $ 68,212 Rental income — 556 194,729 Care and ancillary income — — 20,428 Total revenues — 556 283,369 Operating Costs Property operating expenses — 187 152,896 General and administrative expense (A) — 30 20,096 Depreciation and amortization — 11 90,627 Management fee to affiliate — — 7,789 Gain on settlement of investments — (318 ) — Total operating costs — (90 ) 271,408 Other Income (Expenses) Interest expense — — (49,705 ) Other income — — 1,444 Total other income (expenses) — — (48,261 ) Income tax (benefit) — — (1,111 ) Income (loss) from discontinued operations, net of tax $ — $ 646 $ (35,189 ) (A) Includes acquisition and spin-off related expenses of $15.8 million for the year ended December 31, 2014 . There were no acquisition and spin-off related expenses for the years ended December 31, 2016 and 2015 .

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING At the end of September 2016, a new management team was put in place to drive the strategic priorities of the Company in its continued transformation from a financial services company to a leisure and entertainment company. The chief operating decision maker (“CODM”) is our Chief Executive Officer, and in the fourth quarter of 2016, Drive Shack Inc. changed its reportable segment disclosures to reflect the manner in which our CODM manages our businesses, including resource allocation and performance assessment. The Company currently has four reportable segments: (i) Traditional Golf properties, (ii) Entertainment Golf venues, (iii) Debt Investments, and (iv) corporate. The CODM reviews discrete financial information for each reportable segment to manage the Company. Drive Shack Inc.’s Traditional Golf business is one of the largest owners and operators of golf properties in the United States. As of December 31, 2016, Drive Shack Inc. owned, leased or managed 78 properties across 13 states. Additionally, Drive Shack Inc. plans to open a chain of next-generation Entertainment Golf venues across the United States and internationally which combine golf, competition, dining and fun. Drive Shack Inc.’s Debt Investment segment consists primarily of loans and securities which the Company plans to monetize as part of its transformation to a leisure and entertainment company. The corporate segment consists primarily of interest income on short-term investments, general and administrative expenses, interest expense on the junior subordinated notes payable (Note 11) and management fees pursuant to the Management Agreement (Note 13). Summary financial data on Drive Shack Inc.’s segments is given below, together with reconciliation to the same data for Drive Shack Inc. as a whole: Traditional Golf Entertainment Golf Debt Investments (A)(B) Corporate Total Year Ended December 31, 2016 Revenues Golf course operations $ 226,255 $ — $ — $ — $ 226,255 Sales of food and beverages 72,625 — — — 72,625 Total revenues 298,880 — — — 298,880 Operating costs — Operating expenses (C) 254,353 — — — 254,353 Cost of sales - food and beverages 21,593 — — — 21,593 General and administrative expense 2,708 12 93 6,675 9,488 General and administrative expense - acquisition and transaction expenses (D) 1,594 1,555 — 1,205 4,354 Management fee to affiliate — — — 10,704 10,704 Depreciation and amortization 26,496 — — — 26,496 Impairment (reversal) 6,232 — 4,149 — 10,381 Realized/unrealized (gain) loss on investments (294 ) — 979 — 685 Total operating costs 312,682 1,567 5,221 18,584 338,054 Operating loss (13,802 ) (1,567 ) (5,221 ) (18,584 ) (39,174 ) Other income (expenses) — Interest and investment income 134 — 91,107 50 91,291 Interest expense (12,470 ) — (38,112 ) (2,286 ) (52,868 ) Loss on extinguishment of debt (780 ) — — — (780 ) Gain on deconsolidation — — 82,130 — 82,130 Other loss, net (2,379 ) — (695 ) — (3,074 ) Total other income (expenses) (15,495 ) — 134,430 (2,236 ) 116,699 Income tax expense 188 1 — — 189 Income (loss) from continuing operations (29,485 ) (1,568 ) 129,209 (20,820 ) 77,336 Income from discontinued operations, net of tax — — — — — Net income (loss) (29,485 ) (1,568 ) 129,209 (20,820 ) 77,336 Preferred dividends — — — (5,580 ) (5,580 ) Net income attributable to noncontrolling interest (257 ) — — — (257 ) Income (loss) applicable to common stockholders $ (29,742 ) $ (1,568 ) $ 129,209 $ (26,400 ) $ 71,499 December 31, 2016 Investments $ 282,064 $ 659 $ 704,122 $ — $ 986,845 Cash and restricted cash 24,484 — 192 121,868 146,544 Other assets 34,487 766 3,219 97 38,569 Total assets 341,035 1,425 707,533 121,965 1,171,958 Debt, net 115,284 — 600,964 51,217 767,465 Other liabilities 170,718 1,116 2,293 12,299 186,426 Total liabilities 286,002 1,116 603,257 63,516 953,891 Preferred stock — — — 61,583 61,583 Noncontrolling interest — — — — — Equity (deficit) attributable to common stockholders $ 55,033 $ 309 $ 104,276 $ (3,134 ) $ 156,484 Additions to investments in real estate during the year ended December 31, 2016 $ 11,912 $ 659 $ — $ — $ 12,571 Summary segment financial data (continued). Traditional Golf Entertainment Golf Debt Investments (A)(B) Corporate Discontinued Operations Eliminations Total Year Ended December 31, 2015 Revenues Golf course operations $ 224,419 $ — $ — $ — $ — $ — $ 224,419 Sales of food and beverages 71,437 — — — — — 71,437 Total revenues 295,856 — — — — — 295,856 Operating costs Operating expenses (C) 254,553 — — — — — 254,553 Cost of sales - food and beverages 22,549 — — — — — 22,549 General and administrative expense 2,983 — 291 7,640 — — 10,914 General and administrative expense - acquisition and transaction expenses (D) 1,364 — 60 (301 ) — — 1,123 Management fee to affiliate — — — 10,692 — — 10,692 Depreciation and amortization 28,682 — — (48 ) — — 28,634 Impairment (reversal) — — 11,896 — — — 11,896 Realized/unrealized (gain) loss on investments 9 — (22,273 ) — — — (22,264 ) Total operating costs 310,140 — (10,026 ) 17,983 — — 318,097 Operating income (loss) (14,284 ) — 10,026 (17,983 ) — — (22,241 ) Other income (expenses) Interest and investment income 152 — 98,721 23 — (3,005 ) 95,891 Interest expense (16,520 ) — (44,831 ) (3,783 ) — 3,005 (62,129 ) Gain on extinguishment of debt 14,818 — 488 — — — 15,306 Other income (loss), net (1,629 ) — (3,999 ) 54 — — (5,574 ) Inter-segment elimination 3,005 — (3,005 ) — — — — Total other income (expenses) (174 ) — 47,374 (3,706 ) — — 43,494 Income tax expense 345 — — — — — 345 Income (loss) from continuing operations (14,803 ) — 57,400 (21,689 ) — — 20,908 Income from discontinued operations, net of tax — — — — 646 — 646 Net income (loss) (14,803 ) — 57,400 (21,689 ) 646 — 21,554 Preferred dividends — — — (5,580 ) — — (5,580 ) Net loss attributable to noncontrolling interest 293 — — — — — 293 Income (loss) applicable to common stockholders $ (14,510 ) $ — $ 57,400 $ (27,269 ) $ 646 $ — $ 16,267 December 31, 2015 Investments, net $ 302,379 $ — $ 715,596 $ — $ — $ — $ 1,017,975 Cash and restricted cash 19,981 — 1,210 28,929 — — 50,120 Other assets 33,765 — 365,713 409 — — 399,887 Total assets 356,125 — 1,082,519 29,338 — — 1,467,982 Debt, net 81,091 — 838,526 51,225 — — 970,842 Other liabilities 166,973 — 107,154 12,891 — — 287,018 Total liabilities 248,064 — 945,680 64,116 — — 1,257,860 Preferred stock — — — 61,583 — — 61,583 Noncontrolling interest (257 ) — — — — — (257 ) Equity (deficit) attributable to common stockholders $ 108,318 $ — $ 136,839 $ (96,361 ) $ — $ — $ 148,796 Additions to investment in real estate for the year ended December 31, 2015 $ 7,637 $ — $ — $ — $ — $ — $ 7,637 Summary segment financial data (continued). Traditional Golf Entertainment Golf Debt Investments (A)(B) Corporate Discontinued Operations Eliminations Total Year Ended December 31, 2014 Revenues Golf course operations $ 222,983 $ — $ — $ — $ — $ — $ 222,983 Sales of food and beverages 68,554 — — — — — 68,554 Total revenues 291,537 — — — — — 291,537 Operating costs Operating expenses (C) 263,338 — — — — — 263,338 Cost of sales - food and beverages 21,037 — — — — — 21,037 General and administrative expense 1,435 — 1,215 7,722 — — 10,372 General and administrative expense - acquisition and transaction expenses (D) 1,941 — 2,919 619 — — 5,479 Management fee to affiliate — — — 21,039 — — 21,039 Depreciation and amortization 26,880 — — 87 — — 26,967 Impairment (reversal) — — (2,419 ) — — — (2,419 ) Realized/unrealized (gain) loss on investments — — (69,593 ) — — — (69,593 ) Total operating costs 314,631 — (67,878 ) 29,467 — — 276,220 Operating income (loss) (23,094 ) — 67,878 (29,467 ) — — 15,317 Other income (expenses) Interest and investment income 147 — 135,031 44 — (7,595 ) 127,627 Interest expense (19,783 ) — (64,016 ) (3,818 ) — 7,595 (80,022 ) Loss on extinguishment of debt — — (3,410 ) — — — (3,410 ) Other income, net 5,863 — 2,416 — — — 8,279 Inter-segment elimination 5,734 — (5,734 ) — — — — Total other income (expenses) (8,039 ) — 64,287 (3,774 ) — — 52,474 Income tax expense 208 — — — — — 208 Income (loss) from continuing operations (31,341 ) — 132,165 (33,241 ) — — 67,583 Loss from discontinued operations, net of tax — — — — (35,189 ) — (35,189 ) Net income (loss) (31,341 ) — 132,165 (33,241 ) (35,189 ) — 32,394 Preferred dividends — — — (5,580 ) — — (5,580 ) Net loss attributable to noncontrolling interest 329 — — — 523 — 852 Income (loss) applicable to common stockholders $ (31,012 ) $ — $ 132,165 $ (38,821 ) $ (34,666 ) $ — $ 27,666 Additions to investment in real estate during the year ended December 31, 2014 $ 7,925 $ — $ — $ — $ 307,529 $ — $ 315,454 (A) Assets held within non-recourse structures, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of the Company. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Drive Shack Inc.’s investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure. (B) The following table summarizes the investments and debt in the Debt Investments segment: December 31, 2016 December 31, 2015 Investments Debt Investments Debt Non-Recourse Outstanding Carrying Outstanding Carrying Outstanding Carrying Outstanding Carrying Subprime mortgage loans subject to call options — — — — 380,806 380,806 380,806 380,806 Other Unlevered real estate securities 4,000 1,950 — — 107,242 (E) 59,034 97,917 97,605 Levered real estate securities 619,808 627,304 600,964 600,964 102,660 (F) 105,963 348,625 (F) 348,625 Real estate related and other loans (G) 74,695 55,612 — — 174,995 149,198 11,660 11,490 Other investments N/A 19,256 — — N/A 20,595 — — $ 698,503 $ 704,122 $ 600,964 $ 600,964 $ 765,703 $ 715,596 $ 839,008 $ 838,526 (C) Operating expenses includes rental expenses recorded under operating leases for carts and equipment in the amount of $3.8 million , $4.6 million and $5.0 million for the years ended December 31, 2016 , 2015 and 2014, respectively. (D) Acquisition and transaction expense includes costs related to completed and potential acquisitions and transactions which may include advisory, legal, accounting, valuation and other professional or consulting fees. Transaction expense also includes costs which do not qualify for capitalization associated with the development of new entertainment golf venues. (E) Excludes eight securities with zero value, which had an aggregate face amount of $116.0 million . The Company sold these securities during 2016. (F) These investments represent purchases that were traded on December 31, 2015 but settled on January 13, 2016. The debts represent repurchase agreements collateralized by sold investments that were traded on December 31, 2015 and settled on January 13, 2016. See Note 5 for additional detail. (G) Excludes two mezzanine loans with zero value, which had an aggregate face amount of $17.8 million and two corporate loans with zero value, which had an aggregate face amount of $45.7 million .

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE SECURITIES	REAL ESTATE SECURITIES The following is a summary of Drive Shack Inc.’s real estate securities at December 31, 2016 and 2015 , all of which are classified as available for sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired. Amortized Cost Basis Gross Unrealized Weighted Average Asset Type Outstanding Before Other-Than- After Gains Losses Carrying Value Number of Rating Coupon Yield Life Principal December 31, 2016 ABS - Non-Agency RMBS $ 4,000 $ 2,303 $ (1,521 ) $ 782 $ 1,168 $ — $ 1,950 1 C 1.15 % 25.45 % 9.0 27.9 % Debt Security Total/Average (F) $ 4,000 $ 2,303 $ (1,521 ) $ 782 $ 1,168 $ — $ 1,950 1 C 1.15 % 25.45 % 9.0 Equity Securities — — — — — — 1 Total Securities, Available-for-Sale $ 2,303 $ (1,521 ) $ 782 $ 1,168 $ — $ 1,950 2 FNMA/FHLMC (A) 619,808 650,432 (23,128 ) 627,304 — — 627,304 15 AAA 3.28 % 2.65 % 8.4 N/A Total Securities, Pledged as Collateral (F) $ 619,808 $ 650,432 $ (23,128 ) $ 627,304 $ — $ — $ 627,304 15 December 31, 2015 CMBS $ 67,669 $ 78,416 $ (55,372 ) $ 23,044 $ 16,673 $ (33 ) $ 39,684 16 B 4.97 % 14.78 % 2.1 26.1 % ABS - Non-Agency RMBS 16,477 23,403 (20,667 ) 2,736 6,958 (75 ) 9,619 9 CC 1.89 % 11.95 % 11.0 9.7 % ABS-Small Business Loans 8,464 7,647 (7,647 ) — — — — 1 C 6.69 % — % — — % CDO (F) 14,632 — — — 9,731 — 9,731 2 C 1.80 % — % 7.2 25.1 % Debt Security Total/Average (F) $ 107,242 $ 109,466 $ (83,686 ) $ 25,780 $ 33,362 $ (108 ) $ 59,034 28 CCC+ 4.20 % 14.48 % 4.0 Equity Securities — — — — — — 2 Total Securities, Available-for-Sale $ 109,466 $ (83,686 ) $ 25,780 $ 33,362 $ (108 ) $ 59,034 30 FNMA/FHLMC 102,660 105,940 — 105,940 23 — 105,963 3 AAA 3.50 % 2.99 % 7.8 N/A Total Securities, Pledged as Collateral (F) $ 102,660 $ 105,940 $ — $ 105,940 $ 23 $ — $ 105,963 3 (A) In December 2016, Drive Shack Inc. reclassified gross unrealized losses of $23.1 million from other comprehensive income into earnings on FNMA/FHLMC securities that the Company intends to sell and recorded in realized/unrealized (gain) loss on investments in the Consolidated Statements of Operations. (B) See Note 10 regarding the estimation of fair value, which is equal to carrying value for all securities. (C) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Drive Shack Inc. used an implied AAA rating for the FNMA/FHLMC securities. Ratings provided were determined by third party rating agencies, represent the most recent credit ratings available as of the reporting date and may not be current. (D) The weighted average life is based on the timing of expected cash flows on the assets. (E) Percentage of the outstanding face amount of securities and residual interests that is subordinate to Drive Shack Inc.’s investments. (F) As of December 31, 2016 and 2015 , the total outstanding face amount of fixed rate securities was $619.8 million and $168.5 million , respectively, and of floating rate securities were $4.0 million and $41.4 million , respectively. (G) Excludes eight CDO securities with zero value which had an aggregate face amount of $116.0 million as of December 31, 2015 . The Company sold these securities during 2016. Unrealized losses that are considered other-than-temporary are recognized currently in earnings. During the years ended December 31, 2016 , 2015 and 2014 , Drive Shack Inc. recorded other-than-temporary impairment charges (“OTTI”) of $23.1 million , $2.4 million and $0.0 million , respectively, (gross of $0.0 million , less than $0.1 million and $0.0 million of other-than-temporary impairment recognized (reversed) in other comprehensive income in 2016 , 2015 and 2014 , respectively). Based on management’s analysis of the securities, the performance of the underlying loans and changes in market factors, Drive Shack Inc. noted adverse changes in the expected cash flows on certain of these securities and concluded that they were other-than-temporarily impaired. Any remaining unrealized losses as of each balance sheet date on Drive Shack Inc.’s securities were primarily the result of changes in market factors, rather than issuer-specific credit impairment. Drive Shack Inc. performed analyses in relation to such securities, using management’s best estimate of their cash flows, which support that the carrying values of such securities were fully recoverable over their expected holding period. The following table summarizes Drive Shack Inc.’s securities in an unrealized loss position as of December 31, 2016 . Amortized Cost Basis Gross Unrealized Weighted Average Securities in Outstanding Before Other-than- After Gains Losses Carrying Number Rating Coupon Yield Life Less Than Twelve Months $ 619,808 $ 650,432 $ (23,128 ) $ 627,304 $ — $ — $ 627,304 15 AAA 3.28 % 2.65 % 8.4 Twelve or More Months — — — — — — — — — — — — Total $ 619,808 $ 650,432 $ (23,128 ) $ 627,304 $ — $ — $ 627,304 15 AAA 3.28 % 2.65 % 8.4 Drive Shack Inc. performed an assessment of all of its debt securities that are in an unrealized loss position (unrealized loss position exists when a security’s amortized cost basis, excluding the effect of OTTI, exceeds its fair value) and determined the following: December 31, 2016 Amortized Cost Basis Unrealized Losses Fair Value After Impairment Credit (C) Non-Credit (D) Securities Drive Shack Inc.intends to sell (A) $ 627,304 $ 627,304 $ — N/A Securities Drive Shack Inc. is more likely than not to be required to sell (B) — — — N/A Securities Drive Shack Inc. has no intent to sell and is not more likely than not to be required to sell: Credit impaired securities — — — — Non-credit impaired securities — — — — Total debt securities in an unrealized loss position $ 627,304 $ 627,304 $ — $ — (A) In December 2016, Drive Shack Inc. reclassified gross unrealized losses of $23.1 million from other comprehensive income into earnings on FNMA/FHLMC securities that the Company intends to sell and recorded in realized/unrealized (gain) loss on investments in the Consolidated Statements of Operations. (B) Drive Shack Inc. may, at times, be more likely than not to be required to sell certain securities for liquidity purposes. While the amount of the securities to be sold may be an estimate, and the securities to be sold have not yet been identified, Drive Shack Inc. must make its best estimate, which is subject to significant judgment regarding future events, and may differ materially from actual future sales. (C) This amount is required to be recorded as other-than-temporary impairment through earnings. In measuring the portion of credit losses, Drive Shack Inc.’s management estimates the expected cash flow for each of the securities. This evaluation includes a review of the credit status and the performance of the collateral supporting those securities, including the credit of the issuer, key terms of the securities and the effect of local, industry and broader economic trends. Significant inputs in estimating the cash flows include management’s expectations of prepayment speeds, default rates and loss severities. Credit losses are measured as the decline in the present value of the expected future cash flows discounted at the investment’s effective interest rate. (D) This amount represents unrealized losses on securities that are due to non-credit factors and is required to be recorded through other comprehensive income. The following table summarizes the activity related to credit losses on debt securities: 2016 2015 Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income $ (3,010 ) $ (4,174 ) Additions for credit losses on securities for which an OTTI was not previously recognized — (1,567 ) Additions to credit losses on securities for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income (110 ) — Additions for credit losses on securities for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income — (1,443 ) Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date — 4,174 Reduction for securities deconsolidated during the period 3,120 — Reduction for securities sold/written off during the period — — Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security — — Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income $ — $ (3,010 ) The table below summarizes the geographic distribution of the collateral securing the ABS at December 31, 2016 : ABS - Non-Agency RMBS Geographic Location Outstanding Face Amount Percentage Northeastern U.S. $ 623 15.6 % Southeastern U.S. 1,056 26.4 % Midwestern U.S. 426 10.7 % Western U.S. 1,297 32.4 % Southwestern U.S. 598 14.9 % $ 4,000 100.0 % Geographic concentrations of investments expose Drive Shack Inc. to the risk of economic downturns within the relevant regions, particularly given the current unfavorable market conditions. These market conditions may make regions more vulnerable to downturns in certain market factors. Any such downturn in a region where Drive Shack Inc. holds significant investments could have a material, negative impact on Drive Shack Inc. The table below summarizes the FNMA/FHLMC activity for the years ended December 31, 2016 and 2015 (dollars in millions): Settlement Date Activity Face Amount of FNMA/FHLMC Purchased (Sold) Average Price % of Par Total Proceeds (Payment) Gain (Loss) Repurchase Agreement Financed (Repaid) March 2015 (A) Sale $ (380.4 ) 104.7 % $ 398.4 $ 5.9 $ (385.6 ) March 2015 Purchase $ 389.1 104.8 % $ (407.6 ) N/A $ 386.1 July 2015 (B) Sale $ (380.4 ) 103.1 % $ 392.3 $ (5.9 ) $ (375.7 ) July 2015 Purchase $ 403.9 102.9 % $ (415.6 ) N/A $ 393.8 July 2015 Purchase $ 201.9 102.9 % $ (207.7 ) N/A $ 196.7 September 2015 (A) Sale $ (250.4 ) 103.8 % $ 260.0 $ 2.5 $ (250.1 ) October 2015 (B) Sale $ (348.9 ) 104.3 % $ 364.0 $ 5.1 $ (345.9 ) October 2015 Purchase $ 354.8 104.4 % $ (370.5 ) N/A $ 352.6 January 2016 (B) Sale $ (350.3 ) 103.2 % $ 361.3 $ (3.9 ) $ (348.6 ) January 2016 Purchase $ 102.7 103.2 % $ (105.9 ) N/A $ 102.2 January 2016 Purchase $ 250.1 103.2 % $ (258.1 ) N/A $ 249.1 April 2016 (B) Sale $ (347.5 ) 104.9 % $ 364.3 $ 5.9 $ (352.0 ) April 2016 Purchase $ 363.1 105.0 % $ (381.1 ) N/A $ 366.4 July 2016 (B) Sale $ (353.6 ) 105.5 % $ 373.1 $ 1.8 $ (361.1 ) July 2016 Purchase $ 428.9 105.7 % $ (453.1 ) N/A $ 434.9 August 2016 Purchase $ 249.6 103.9 % $ (259.3 ) N/A $ 248.7 August 2016 Purchase $ 116.8 105.7 % $ (123.5 ) N/A $ 118.6 September 2016 Purchase $ 35.6 103.8 % $ (37.0 ) N/A $ 35.4 October 2016 Purchase $ 776.9 103.6 % $ (805.1 ) N/A $ 769.6 October 2016 Purchase $ 632.2 104.9 % $ (663.5 ) N/A $ 628.2 October 2016 (B) Sale $ (817.2 ) 105.0 % $ 858.2 $ 0.1 $ (831.7 ) November 2016 (A) Sale $ (779.0 ) 101.5 % $ 790.7 $ (16.2 ) $ (773.7 ) (A) The gain (loss) on these sales was recorded on the trade date. (B) The gain (loss) on these sales was recorded on the trade date which occurred in the month prior to the settlement date. In May 2015, Drive Shack Inc. sold $98.6 million face amount of CMBS securities at an average price of 104.03% of par for total proceeds of $102.6 million , and recognized a gain of $14.0 million . Drive Shack Inc. also sold $42.8 million face amount of ABS -non-agency RMBS securities at an average price of 85.54% of par for total proceeds of $36.7 million , and recognized a gain of $14.1 million . The proceeds from these CMBS and ABS - non-agency RMBS sales were used to repay the associated outstanding notes in CDO VI, CDO VIII and CDO IX. Additionally in May 2015, Drive Shack Inc. received a $25.0 million par pay down of CMBS securities held in CDO IX. These funds were used to repay the associated outstanding notes in CDO IX. In May 2015, Drive Shack Inc. also sold $3.9 million face amount of unencumbered ABS - non-agency RMBS at an average price of 24.11% of par for total proceeds of $0.9 million and recognized a gain of $0.8 million . In June 2016, Drive Shack Inc. sold a CDO bond with a face amount of $10.0 million at a price of 7.25% of par for total proceeds of $0.7 million and reported a gain on sale of $0.7 million , as this bond was previously written down to zero . In August 2016, Drive Shack Inc. settled on a trade to sell $14.8 million face amount of 2 CDO securities at an average price of 67.3% of par for total proceeds of $9.9 million and recognized a gain on the sale of approximately $9.9 million . In October 2016, Drive Shack Inc. settled on a trade to sell $39.6 million face amount of 4 CDO securities for total proceeds of less than $0.1 million and recognized a gain of less than $0.1 million . In December 2016, Drive Shack Inc. settled on a trade to sell $8.5 million face amount of a ABS-Small Business Loan security for total proceeds of less than $0.1 million and recognized a gain of less than $0.1 million . In December 2016, Drive Shack Inc. settled on a trade to sell $10.3 million face amount of 2 CMBS securities for total proceeds of less than $0.1 million and recognized a gain of less than $0.1 million . Securities Pledged as Collateral These government agency securities were sold under agreements to repurchase which are treated as collateralized financing transactions. Although being pledged as collateral, securities financed through a repurchase agreement remains on Drive Shack Inc.'s Consolidated Balance Sheets as an asset and cash received from the purchaser is recorded on Drive Shack Inc.'s Consolidated Balance Sheets as a liability.

REAL ESTATE RELATED AND OTHER L

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS	REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS The following is a summary of real estate related and other loans, residential mortgage loans and subprime mortgage loans. The loans contain various terms, including fixed and floating rates, self-amortizing and interest only. They are generally subject to prepayment. December 31, 2016 December 31, 2015 Loan Type Outstanding Carrying Valuation Allowance (Reversal) Loan Wtd. Wtd Wtd Floating Rate Delinquent Carrying Loan Count Wtd. Avg. Mezzanine Loans $ 17,767 $ — $ — 2 0.00 % 8.39 % 0.0 100.0 % $ 17,767 $ 19,433 3 8.00 % Corporate Loans 120,381 55,612 3,826 4 22.49 % 15.20 % 0.5 0.0 % 59,384 129,765 4 22.42 % Total Real Estate Related and other Loans Held-for-Sale, Net (D) $ 138,148 $ 55,612 $ 3,826 6 22.49 % 14.32 % 0.5 12.9 % $ 77,151 $ 149,198 7 20.54 % Residential Mortgage Loans Held-for-Sale, Net (E) $ 771 $ 231 $ 213 3 3.40 % 3.05 % 1.8 100.0 % $ 628 $ 532 4 62.02 % Subprime Mortgage Loans Subject to Call Option $ — $ — $ 380,806 (A) The aggregate United States federal income tax basis for such assets at December 31, 2016 was approximately $75.5 million (unaudited). Carrying value includes negligible interest receivable for the residential housing loans. (B) The weighted average maturity is based on the timing of expected cash flows on the assets. (C) Includes loans that are 60 days or more past due (including loans that are in foreclosure and borrowers in bankruptcy) or considered real estate owned (“REO”). As of December 31, 2016 and December 31, 2015 , $77.2 million and $63.5 million face amount of real estate related and other loans, respectively, was on non-accrual status. (D) Loans which are more than 3% of the total current carrying value (or $1.7 million ) at December 31, 2016 are as follows: December 31, 2016 Loan Type Outstanding Carrying Value Prior Liens Loan Yield (1) Coupon (1) Weighted Average Individual Corporate Loan (2) $ 60,997 $ 55,465 $ 554,480 1 22.50 % 22.50 % 0.5 Others (3) 77,151 147 327,234 5 20.00 % 7.85 % 0.5 $ 138,148 $ 55,612 6 22.49 % 14.32 % 0.5 (1) For Others, represents weighted average yield and weighted average coupon. (2) Interest accrued to principal balance over life to maturity. Prior Liens reflect indebtedness and other claims on the assets of the related companies which support the Individual Corporate Loan. (3) Various terms of payment. This represents $59.4 million and $17.8 million of corporate loans and mezzanine loans, respectively. Each of the five loans had a carrying value of less than $1.7 million at December 31, 2016 . Prior Liens reflect face amounts of third party liens that are senior to Drive Shack Inc.’s position for Others. (E) Loans acquired at a discount for credit quality. Residential mortgage loans held-for-sale, net is recorded in receivables and other assets on the Consolidated Balance Sheets. Drive Shack Inc.’s management monitors the credit qualities of the residential loans primarily by using the aging analysis, current trends in delinquencies and the actual loss incurrence rate. Drive Shack Inc.'s investments in real estate related and other loans were classified as held-for-sale as of December 31, 2016 and December 31, 2015 . Loans held-for-sale are carried on the Consolidated Balance Sheets at the lower of cost or fair value. In June 2015, Drive Shack Inc. sold $12.0 million face amount of commercial real estate related loans from CDO VIII at a price of 100.01% of par for total proceeds of $12.0 million , and recognized a gain of $0.9 million . Drive Shack Inc. also sold $45.7 million face amount of commercial real estate related loans from CDO IX at an average price of 95.35% for total proceeds of $43.5 million , and recognized a gain of $0.6 million . These proceeds were used to repay the outstanding notes in CDO VIII and CDO IX, respectively. In August 2015, Drive Shack Inc. closed on the sale of two residential mortgage loans with face amount of $3.3 million , for total proceeds of $2.9 million net of transaction expenses. In April 2016, Drive Shack Inc. sold a mezzanine loan with a face amount of $19.4 million at par. Drive Shack Inc. subsequently repaid $11.7 million of notes payable that were collateralized by the loan. In September 2016, Drive Shack Inc. received a pay down on a corporate loan in the resorts industry (“the resort-related loan”) in the amount of $109.9 million . As of December 31, 2016 , the face amount of the resort-related loan was $61.0 million . The following is a summary of real estate related and other loans by maturity at December 31, 2016 : Year of Maturity (A) Outstanding Carrying Value Number of Delinquent (B) $ 77,151 $ 147 5 2017 — — — 2018 — — — 2019 60,997 55,465 1 2020 — — — 2021 — — — Thereafter — — — Total $ 138,148 $ 55,612 6 (A) Based on the final extended maturity date of each loan investment as of December 31, 2016 . (B) Includes loans that are non-performing, in foreclosure, or under bankruptcy. Activities relating to the carrying value of real estate related and other loans and residential mortgage loans are as follows: Held for Sale Held for Investment Real Estate Residential Residential Balance at December 31, 2013 $ 437,530 $ 2,185 $ 255,450 Purchases / additional fundings — — — Interest accrued to principal balance 20,830 — — Principal pay downs (240,937 ) (9,574 ) (9,436 ) Sales — (233,349 ) — Transfer to held-for-sale — 246,121 (246,121 ) Valuation (allowance) reversal on loans 3,303 (51 ) (833 ) Accretion of loan discount and other amortization 8,867 — 115 Other 607 (1,478 ) 825 Balance at December 31, 2014 $ 230,200 $ 3,854 $ — Purchases / additional fundings — — — Interest accrued to principal balance 27,717 — — Principal pay downs (46,696 ) (134 ) — Sales (55,574 ) (2,925 ) — Valuation allowance on loans (9,284 ) (257 ) — Accretion of loan discount and other amortization 3,203 — — Other (368 ) (6 ) — Balance at December 31, 2015 $ 149,198 $ 532 $ — Purchases / additional fundings — — — Interest accrued to principal balance 29,025 — — Principal pay downs (109,892 ) (40 ) — Sales (19,433 ) — — Valuation (allowance) reversal on loans (3,826 ) (213 ) — Accretion of loan discount and other amortization 10,540 — — Loss on settlement of loans — (48 ) — Balance at December 31, 2016 $ 55,612 $ 231 $ — (A) Residential mortgage loans held-for-sale, net is recorded in receivables and other assets on the Consolidated Balance Sheets. The following is a rollforward of the related loss allowance: Held for Sale Held for Investment Real Estate Related and Other Loans Residential Mortgage Loans (A) Residential Mortgage Loans (B) Balance at December 31, 2013 $ (94,037 ) $ (824 ) $ (12,247 ) Charge-offs (C) 14,808 84 711 Transfer to held-for-sale — (12,369 ) 12,369 Sales — 13,006 — Valuation (allowance) reversal on loans 3,303 (51 ) (833 ) Balance at December 31, 2014 (75,926 ) (154 ) — Charge-offs (C) 14,345 160 — Sales — — — Valuation (allowance) reversal on loans (9,284 ) (257 ) — Balance at December 31, 2015 $ (70,865 ) $ (251 ) $ — Charge-offs (C) — — — Sales — — — Valuation (allowance) reversal on loans (3,826 ) (213 ) — Balance at December 31, 2016 $ (74,691 ) $ (464 ) $ — (A) Residential mortgage loans held-for-sale, net is reported in receivables and other assets on the Consolidated Balance Sheets. (B) The allowance for credit losses was determined based on the guidance for loans acquired with deteriorated credit quality. (C) The charge-offs for real estate related loans represent zero , four and three loans which were written off, sold, restructured, or paid off at a discounted price during 2016 , 2015 and 2014 , respectively. The average carrying amount of Drive Shack Inc.’s real estate related and other loans was approximately $116.6 million , $172.8 million and $270.1 million during 2016 , 2015 and 2014 , respectively, on which Drive Shack Inc. earned approximately $40.1 million , $36.8 million and $49.3 million of gross interest revenues, respectively. The $40.1 million of gross interest revenues recognized in 2016 includes $10.5 million accretion of discount related to the pay down of the resort-related loan. The average carrying amount of Drive Shack Inc.’s residential mortgage loans was approximately $0.4 million , $2.4 million and $90.5 million during 2016 , 2015 and 2014 , respectively, on which Drive Shack Inc. earned approximately $0.1 million , $0.1 million and $8.3 million of gross interest revenues, respectively. The table below summarizes the geographic distribution of real estate related and other loans and residential loans at December 31, 2016 : Real Estate Related and Other Loans Residential Mortgage Loans Geographic Location Outstanding Face Amount Percentage Outstanding Face Amount Percentage Northeastern U.S. $ — 0.0 % $ 523 67.8 % Southeastern U.S. — 0.0 % 248 32.2 % Foreign 63,454 100.0 % — — $ 63,454 100.0 % $ 771 100.0 % Other 74,694 (A) $ 138,148 (A) Includes corporate loans which are not directly secured by real estate assets. Securitization of Subprime Mortgage Loans Drive Shack Inc. acquired and securitized two portfolios of subprime residential mortgage loans (“Subprime Portfolio I” and “Subprime Portfolio II”), through subsidiaries. Both portfolios are being serviced by an affiliate of the Manager for a servicing fee equal to 0.50% per annum on their respective unpaid principal balances. Both portfolios were securitized through special purpose entities (“Securitization Trust 2006”) and (“Securitization Trust 2007”) which are not consolidated by Drive Shack Inc. Drive Shack Inc. retained a portion of the notes issued by, and all of the equity of, both entities. Drive Shack Inc., as holder of the equity (or residual interest), had the option (a call option) to redeem the notes once the aggregate principal balance of Subprime Portfolio I or Subprime Portfolio II is equal to or less than 20% or 10% , respectively, of such balance at the date of the transfer. The transactions between Drive Shack Inc. and each securitization trust qualified as sales for accounting purposes. However, the loans subject to a call option were not treated as being sold and were classified as “held for investment” subsequent to the completion of the securitizations. The loans subject to call option and the corresponding financing recognize interest income and expense based on the expected weighted average coupons of the loans subject to call options at the call date of 9.24% and 8.68% for Subprime Portfolios I and II, respectively. In both transactions, the residual interests and the retained bonds were reported as real estate securities, available for sale. The retained loans subject to call option and corresponding financing were reported as separate line items on Drive Shack Inc.’s Consolidated Balance Sheet. On December 29, 2016, Drive Shack Inc. sold the call option to a third party for less than $0.1 million and recognized a gain of less than $0.1 million in other income on the Consolidated Statements of Operations. As a result of this sale, the loans subject to call option and corresponding financing were no longer reported on Drive Shack Inc.’s Consolidated Balance Sheet. Drive Shack Inc.’s exposure to loss is solely limited to the carrying amount of its residual interests and retained bonds which are issued by Subprime Portfolio I and Subprime Portfolio II. Drive Shack Inc. received negligible cash flows from the retained interests of Subprime Portfolios I and II during the years ended December 31, 2016 , 2015 and 2014 .

INVESTMENTS IN REAL ESTATE, NET

INVESTMENTS IN REAL ESTATE, NET OF ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
INVESTMENTS IN REAL ESTATE, NET OF ACCUMULATED DEPRECIATION	INVESTMENTS IN REAL ESTATE, NET OF ACCUMULATED DEPRECIATION The following table summarizes the balances of real estate assets in the Traditional and Entertainment Golf businesses at December 31, 2016 . Initial Cost Gross Carrying Amount (A) (C) Date of Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Construction-In-Progress Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Construction-In-Progress Accumulated Depreciation (A)(B) Net Book Value Property Name City State Total Owned Properties Bear Creek Woodinville WA 12/30/13 $ 3,573 $ 2,178 $ 179 $ 28 $ 907 $ 3,573 $ 2,302 $ 457 $ 533 $ 6,865 $ (783 ) $ 6,082 Bradshaw Farm Woodstock GA 12/30/13 773 1,962 92 — 656 773 2,131 579 — 3,483 (813 ) 2,670 Brookstone Acworth GA 12/30/13 579 2,448 200 — 1,110 579 2,976 675 107 4,337 (966 ) 3,371 Canyon Oaks Chico CA 12/30/13 1,545 4,127 205 13 189 1,545 4,162 367 5 6,079 (1,322 ) 4,757 Casta Del Sol Mission Viejo CA 12/30/13 5,794 — — — 307 5,794 74 218 15 6,101 (77 ) 6,024 El Camino Oceanside CA 12/30/13 4,635 2,960 158 80 950 4,635 3,806 342 — 8,783 (961 ) 7,822 Forrest Crossing Franklin TN 12/30/13 3,187 807 76 55 336 3,187 850 423 1 4,461 (377 ) 4,084 Gettysvue Knoxville TN 12/30/13 2,994 1,428 235 181 336 2,994 1,647 533 — 5,174 (728 ) 4,446 Lomas Santa Fe (Executive) Solana Beach CA 12/30/13 3,766 — — — 158 3,766 102 56 — 3,924 (29 ) 3,895 Marbella SJ Capistrano CA 12/30/13 5,794 9,114 410 — 4,657 5,794 11,586 1,835 760 19,975 (2,931 ) 17,044 Monterey Palm Desert CA 12/30/13 5,698 3,004 202 19 1,094 5,698 3,471 831 17 10,017 (1,266 ) 8,751 Oakhurst Clayton CA 12/30/13 1,449 2,575 428 1,645 (1,100 ) 1,449 2,714 818 16 4,997 (1,206 ) 3,791 Oregon Golf Club West Linn OR 12/30/13 4,828 8,011 416 51 681 4,828 8,187 969 3 13,987 (2,393 ) 11,594 Palm Valley Palm Desert CA 12/30/13 7,531 8,864 379 56 770 7,531 8,822 1,228 19 17,600 (2,603 ) 14,997 Plantation Boise ID 12/30/13 2,607 2,236 262 13 558 2,607 2,326 742 1 5,676 (876 ) 4,800 Rancho San Joaquin Irvine CA 12/30/13 12,650 3,775 279 1,366 980 12,650 5,005 1,116 279 19,050 (1,444 ) 17,606 Seascape Aptos CA 12/30/13 2,897 4,944 108 67 534 2,897 5,225 420 8 8,550 (1,303 ) 7,247 Summitpointe Milpitas CA 12/30/13 2,511 3,271 128 8 820 2,511 3,580 647 — 6,738 (1,069 ) 5,669 Sunset Hills Thousand Oaks CA 12/30/13 2,125 5,447 383 — 893 2,125 5,713 1,010 — 8,848 (1,798 ) 7,050 Tanoan Albuquerque NM 12/30/13 1,642 7,600 431 364 478 1,642 8,031 822 20 10,515 (2,684 ) 7,831 Trophy Club of Apalachee Dacula GA 12/30/13 483 640 55 — 885 483 1,046 534 — 2,063 (351 ) 1,712 Initial Cost Gross Carrying Amount (A) (C) Date of Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Construction-In-Progress Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Construction-In-Progress Accumulated Depreciation (A)(B) Net Book Value Property Name City State Total Trophy Club of Atlanta Alpharetta GA 12/30/13 483 3,898 60 — 519 483 4,148 327 2 4,960 (994 ) 3,966 Vista Valencia Valencia CA 12/30/13 1,352 5,199 91 — 479 1,352 5,441 323 5 7,121 (1,402 ) 5,719 Wood Ranch Simi Valley CA 12/30/13 2,125 1,951 239 416 903 2,125 2,339 1,041 129 5,634 (1,074 ) 4,560 Other N/A N/A 12/30/13 3,960 — — — (128 ) 3,298 238 285 11 3,832 (100 ) 3,732 Total Owned Properties $ 84,981 $ 86,439 $ 5,016 $ 4,362 $ 17,972 $ 84,319 $ 95,922 $ 16,598 $ 1,931 $ 198,770 $ (29,550 ) $ 169,220 Managed Properties El Cariso Sylmar CA 12/30/13 — — — — 32 — — 32 — 32 (6 ) 26 Fullerton Fullerton CA 12/30/13 — — — — 373 — — 373 — 373 (103 ) 270 John A White Atlanta GA 12/30/13 — — — — — — — — — — — — Lomas Santa Fe Solana Beach CA 12/30/13 — — 8 — 500 — — 508 — 508 (93 ) 415 Paradise Knolls Riverside CA 12/30/13 — — 46 — — — — 46 — 46 (46 ) — Santa Clara Santa Clara CA 12/30/13 — — — — — — — — — — — — Tustin Ranch Tustin CA 10/01/16 — — — — — — — — — — — — Westchester Los Angeles CA 12/30/13 — — — — 53 — — 53 — 53 (10 ) 43 Woodlands Wayne MI 12/30/13 — — — — 8 — — 8 — 8 (2 ) 6 Yorba Linda Yorba Linda CA 12/30/13 — — 5 — 673 — — 678 — 678 (64 ) 614 Total Managed Properties $ — $ — $ 59 $ — $ 1,639 $ — $ — $ 1,698 $ — $ 1,698 $ (324 ) $ 1,374 Total Leased Properties (D) — 46,067 8,067 1,228 20,119 — 48,768 25,976 737 75,481 (29,823 ) 45,658 Corporate N/A N/A — — 3,219 — 3,179 — — 5,704 694 6,398 (5,039 ) 1,359 Total Properties $ 84,981 $ 132,506 $ 16,361 $ 5,590 $ 42,909 $ 84,319 $ 144,690 $ 49,976 $ 3,362 $ 282,347 $ (64,736 ) $ 217,611 Year ended December 31, 2016 2015 2014 Gross Carrying Amount Balance at beginning of year $ 276,119 $ 263,103 $ 250,208 Additions: Acquisitions of real estate — — — Improvements 20,982 14,970 15,109 Disposals: Disposal of long-lived assets (5,500 ) (1,954 ) (2,214 ) Impairments (E) (7,196 ) — — Transferred to assets held-for-sale (F) (2,058 ) — — Balance at end of year $ 282,347 $ 276,119 $ 263,103 Accumulated Depreciation Balance at beginning of year $ (48,212 ) $ (23,820 ) $ — Additions: Depreciation expense (23,351 ) (24,943 ) (24,740 ) Disposals: Disposal of long-lived assets 5,319 551 920 Impairments 1,443 — — Transferred to assets held-for-sale 65 — — Balance at end of year $ (64,736 ) $ (48,212 ) $ (23,820 ) (B) Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2. (C) The aggregate United States federal income tax basis for Drive Shack Inc.’s operating real estate, including furniture, fixtures and equipment at December 31, 2016 was approximately $337.8 million . (D) Total leased properties includes $0.7 million of construction-in-progress for Entertainment Golf. (E) Impairments include a property in Annandale, New Jersey, a property in Gresham, Oregon and a property in San Leandro, California. (F) Includes one owned property in Annandale, New Jersey in the Traditional Golf segment classified as held-for-sale as of December 31, 2016 . Assets held-for-sale are recorded in receivables and other assets in the Consolidated Balance Sheets. See Note 2 for additional information. The real estate assets in Traditional Golf are encumbered by various debt obligations, as described in Note 11, at December 31, 2016 . In January 2016, the lease on a golf property in Oregon expired and we did not renew the lease for such property. In July 2016, the lease on a golf property in California was terminated and we exited the property. In October 2016, the leases of golf properties in Georgia and California expired and we exited the properties. In October 2016, we entered into a management agreement for an 18 -hole golf property in Tustin, California. The management agreement is for a term of 4.5 years . In December 2016, the lease on a golf property in Oklahoma expired and we exited the property.

INTANGIBLES, NET OF ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	INTANGIBLES, NET OF ACCUMULATED AMORTIZATION The following table summarizes Drive Shack Inc.'s intangibles related to Traditional Golf: December 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (70 ) $ 630 $ 700 $ (47 ) $ 653 Leasehold intangibles (A) 48,107 (12,550 ) 35,557 49,962 (9,817 ) 40,145 Management contracts 35,207 (10,434 ) 24,773 36,500 (7,911 ) 28,589 Internally-developed software 800 (480 ) 320 800 (320 ) 480 Membership base 5,236 (2,244 ) 2,992 5,236 (1,496 ) 3,740 Nonamortizable liquor licenses 840 — 840 865 — 865 Total intangibles $ 90,890 $ (25,778 ) $ 65,112 $ 94,063 $ (19,591 ) $ 74,472 (A) The amortization expense for leasehold intangibles is reported in operating expenses in the Consolidated Statements of Operations. Amortization expense for the years ended December 31, 2016 , 2015 , and 2014 was $8.9 million , $10.0 million and $10.8 million , respectively. The unamortized balance of intangible assets at December 31, 2016 is expected to be amortized as follows: 2017 $ 8,244 2018 8,066 2019 7,258 2020 6,714 2021 4,920 Thereafter 29,070 $ 64,272

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES Drive Shack Inc.'s derivative instruments are comprised of interest rate swaps, interest rate caps and TBAs. Derivative assets with a fair value of $0.9 million and $0.1 million as of December 31, 2016 and 2015 , respectively, were recorded within receivables and other assets on the Consolidated Balance Sheets. Derivative liabilities with a fair value of zero and $0.7 million as of December 31, 2016 and 2015 , respectively, were recorded within accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. The following table summarizes (gains) losses recorded in relation to derivatives: Income Statement Location Year Ended December 31, Cash flow hedges 2016 2015 2014 Loss immediately recognized at de-designation Realized/unrealized (gain) loss on investments $ — $ — $ 34 Loss recognized on termination of derivative instruments Realized/unrealized (gain) loss on investments — 612 — Deferred hedge gain reclassified from AOCI into earnings Interest expense (20 ) (78 ) (61 ) Amount of loss reclassified from AOCI into income (effective portion) Interest expense — 1,363 4,379 Amount of unrealized loss recognized in Other Comprehensive Income on derivatives (effective portion) N/A — 60 177 Non-hedge derivatives Unrealized gain on interest rate derivatives Realized/unrealized (gain) loss on investments $ (294 ) $ (284 ) $ (7,131 ) Gain recognized related to linked transactions Realized/unrealized (gain) loss on investments — — (12,498 ) Loss recognized related to linked transactions Interest expense — — 211 Unrealized (gain) loss recognized related to TBAs Realized/unrealized (gain) loss on investments (928 ) (1,474 ) 2,030 Realized (gain) loss on settlement of TBAs Realized/unrealized (gain) loss on investments (18,318 ) 12,907 4,151 As of December 31, 2016 and 2015 , Drive Shack Inc. had zero and less than $0.1 million , respectively, of expected reclassification of deferred hedges from AOCI into earnings over the next 12 months.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE OF FINANCIAL INSTRUMENTS The following table summarizes the carrying values and estimated fair values of Drive Shack Inc.’s financial instruments at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Carrying Estimated Fair Value Method (A) Carrying Estimated Assets Real estate securities, available-for-sale $ 1,950 $ 1,950 Broker/counterparty quotations, pricing services, pricing models $ 59,034 $ 59,034 Real estate securities, pledged as collateral 627,304 627,304 Broker/counterparty quotations, pricing services 105,963 105,963 Real estate related and other loans, held-for-sale, net 55,612 61,144 Pricing models, broker/counterparty quotations, pricing services 149,198 165,270 Residential mortgage loans, held-for-sale, net (B) 231 249 Broker/counterparty quotations, pricing models 532 569 Subprime mortgage loans subject to call option (C) — — (C) 380,806 380,806 Restricted cash 6,404 6,404 4,469 4,469 Cash and cash equivalents 140,140 140,140 45,651 45,651 Non-hedge derivative assets (D) 856 856 Counterparty quotations, pricing services 127 127 Liabilities CDO bonds payable (E) $ — $ — Pricing models $ 92,933 $ 15,193 Other bonds and notes payable (E) — — Pricing models 16,162 16,620 Repurchase agreements 600,964 600,964 Counterparty quotations, market comparables 418,458 418,625 Credit facilities and obligations under capital leases 115,284 115,284 Pricing models 11,258 11,258 Financing of subprime mortgage loans subject to call option (C) — — (C) 380,806 380,806 Junior subordinated notes payable 51,217 26,756 Pricing models 51,225 24,649 Non-hedge derivative liabilities (D) — — Counterparty quotations, pricing services 684 684 (A) Methods are listed in order of priority. In the case of real estate securities and real estate related and other loans, broker quotations are obtained if available and practicable, otherwise counterparty quotations or pricing service valuations are obtained or, finally, internal pricing models are used. Internal pricing models are only used for (i) securities and loans that are not traded in an active market, and, therefore, have little or no price transparency, and for which significant unobservable inputs must be used in estimating fair value, or (ii) loans or debt obligations which are private and untraded. (B) Residential mortgage loans held-for-sale, net is recorded in receivables and other assets on the Consolidated Balance Sheets. (C) Represents an option, not an obligation, to repurchase loans from Drive Shack Inc.’s subprime mortgage loan securitizations (Note 6). (D) Represents derivative assets and liabilities including interest rate swaps and TBA forward contracts (Note 9). (E) Drive Shack Inc. notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other non- recourse structures are generally not available to satisfy obligations outside of such financings, except to the extent Drive Shack Inc. receives net cash flow distributions from such structures. Furthermore, creditors or beneficial interest holders of these structures have no recourse to the general credit of Drive Shack Inc. Therefore, Drive Shack Inc.’s exposure to the economic losses from such structures is limited to its invested equity in them and economically their book value cannot be less than zero. As a result, the fair value of Drive Shack Inc.’s net investments in these non-recourse financing structures is equal to the present value of their expected future net cash flows. Fair Value Measurements Valuation Hierarchy The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Drive Shack Inc. follows this hierarchy for its financial instruments measured at fair value. Level 1 - Quoted prices in active markets for identical instruments. Level 2 - Valuations based principally on observable market parameters, including: • quoted prices for similar assets and liabilities in active markets, • inputs other than quoted prices that are observable for the asset or liability (such as interest rates and yield curves observable at commonly quoted intervals, implied volatilities and credit spreads), and • market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 - Valuations determined using unobservable inputs that are supported by little or no market activity, and that are significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using non-binding market quotations, pricing models, discounted cash flow methodologies, or similar techniques where significant inputs are unobservable, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Fair value may be based upon broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications or management's good faith estimate, and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. A significant portion of Drive Shack Inc.’s loans, securities and debt obligations are currently not traded in active markets and therefore have little or no price transparency. As a result, Drive Shack Inc. has estimated the fair value of these illiquid instruments based on internal pricing models or quotations subject to Drive Shack Inc.'s controls described below. Drive Shack Inc. has various processes and controls in place to ensure that fair value measurements are reasonably estimated. With respect to broker and pricing service quotations, and in order to ensure these quotes represent a reasonable estimate of fair value, Drive Shack Inc.’s quarterly procedures include a comparison of such quotations to quotations from different sources, outputs generated from its internal pricing models and transactions completed, as well as on its knowledge and experience of these markets. With respect to fair value estimates generated based on Drive Shack Inc.’s internal pricing models, Drive Shack Inc.’s management validates the inputs and outputs of the internal pricing models by comparing them to available independent third party market parameters and models, where available, for reasonableness. Drive Shack Inc. believes its valuation methods and the assumptions used are appropriate and consistent with other market participants. Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value and such changes could result in a significant increase or decrease in the fair value. For Drive Shack Inc.’s investments in real estate securities, real estate related and other loans and residential mortgage loans categorized within Level 3 of the fair value hierarchy, the significant unobservable inputs include the discount rates, assumptions relating to prepayments, default rates and loss severities. Significant increases (decreases) in any of the discount rates, default rates or loss severities in isolation would result in a significantly lower (higher) fair value measurement. The impact of changes in prepayment speeds would have differing impacts on fair value, depending on the seniority of the investment. Generally, a change in the default assumption is accompanied by directionally similar changes in the assumptions used for the loss severity and the prepayment speed. Recurring Fair Value Measurements - Real Estate Securities and Derivatives The following table summarizes financial assets and liabilities measured at fair value on a recurring basis at December 31, 2016 : Fair Value Carrying Value Level 2 Level 3 Total Market Quotations Market Quotations (Unobservable) Internal Pricing Models Assets: Real estate securities, available for sale: ABS- Non-Agency RMBS $ 1,950 $ — $ — $ 1,950 $ 1,950 Real estate securities, available for sale total $ 1,950 $ — $ — $ 1,950 $ 1,950 Real estate securities, pledged as collateral: FNMA/FHLMC $ 627,304 $ 627,304 $ — $ — $ 627,304 Real estate securities, pledged as collateral $ 627,304 $ 627,304 $ — $ — $ 627,304 Derivative assets: Interest rate cap, not treated as hedge $ 371 $ 371 $ — $ — $ 371 TBAs, not treated as hedges 485 485 — — 485 Derivative assets total $ 856 $ 856 $ — $ — $ 856 Significant Unobservable Inputs The following table provides quantitative information regarding the significant unobservable inputs used by Drive Shack Inc. for assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 . This table excludes inputs used to measure fair value that are not developed by Drive Shack Inc., such as broker prices and other third-party pricing service valuations. Weighted Average Significant Input Asset Type Amortized Fair Discount Rate Prepayment Speed Cumulative Default Rate Loss Severity ABS - Non-Agency RMBS $ 782 $ 1,950 12.0 % 3.9 % 5.1 % 64.2 % Total $ 782 $ 1,950 All of the inputs used have some degree of market observability, based on Drive Shack Inc.’s knowledge of the market, relationships with market participants, and use of common market data sources. Collateral prepayment, default and loss severity projections are in the form of “curves” or “vectors” that vary for each monthly collateral cash flow projection. Methods used to develop these projections vary by asset class (e.g., CMBS projections are developed differently than home equity ABS projections) but conform to industry conventions. Drive Shack Inc. uses assumptions that generate its best estimate of future cash flows of each respective security. The prepayment speed vector specifies the percentage of the collateral balance that is expected to voluntarily pay off at each point in the future. The prepayment speed vector is based on projections from a widely published investment bank model, which considers factors such as collateral FICO score, loan-to-value ratio, debt-to-income ratio, and vintage on a loan level basis. This vector is scaled up or down to match recent collateral-specific prepayment experience, as obtained from remittance reports and market data services. Loss severities are based on recent collateral-specific experience with additional consideration given to collateral characteristics. Collateral age is taken into consideration because severities tend to initially increase with collateral age before eventually stabilizing. Drive Shack Inc. typically uses projected severities that are higher than the historic experience for collateral that is relatively new to account for this effect. Collateral characteristics such as loan size, lien position, and location (state) also affect loss severity. Drive Shack Inc. considers whether a collateral pool has experienced a significant change in its composition with respect to these factors when assigning severity projections. Default rates are determined from the current “pipeline” of loans that are more than 90 days delinquent, in foreclosure, or are REO. These significantly delinquent loans determine the first 24 months of the default vector. Beyond month 24, the cumulative default vector transitions to a steady-state value that is generally equal to or greater than that given by the widely published investment bank model. The discount rates Drive Shack Inc. uses are derived from a range of observable pricing on securities backed by similar collateral and offered in a live market. As the markets in which Drive Shack Inc. transacts have become less liquid, Drive Shack Inc. has had to rely on fewer data points in this analysis. Drive Shack Inc.’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed as follows: Level 3 Assets CMBS ABS - Non-Agency RMBS Equity/Other Securities Total Balance at December 31, 2014 $ 178,763 $ 45,035 $ 7,956 $ 231,754 Transfers Transfer into Level 3 — — 367 367 Total gains (losses) (A) Included in net income (B) 12,038 14,826 (367 ) 26,497 Included in other comprehensive income (loss) (18,797 ) (12,933 ) 1,775 (29,955 ) Amortization included in interest income 6,866 2,849 — 9,715 Purchases, sales and settlements Purchases — — — — Proceeds from sales (102,607 ) (37,582 ) — (140,189 ) Proceeds from repayments (36,579 ) (2,576 ) — (39,155 ) Balance at December 31, 2015 $ 39,684 $ 9,619 $ 9,731 $ 59,034 CDO VI deconsolidation (37,179 ) (6,710 ) — (43,889 ) Total gains (losses) (A) Included in net income (B) (108 ) 3 11,232 11,127 Included in other comprehensive income (loss) (658 ) (1,015 ) (9,731 ) (11,404 ) Amortization included in interest income 879 278 — 1,157 Purchases, sales and settlements Purchases — — — — Proceeds from sales (2 ) (3 ) (11,232 ) (11,237 ) Proceeds from repayments (2,616 ) (222 ) — (2,838 ) Balance at December 31, 2016 $ — $ 1,950 $ — $ 1,950 (A) None of the gains (losses) recorded in earnings during the periods is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates. (B) These gains (losses) are recorded in the following line items in the Consolidated Statements of Operations: Year Ended December 31, 2016 2015 Realized/unrealized gain on investments $ 11,237 $ 28,854 Impairment (reversal) (110 ) (2,357 ) Total $ 11,127 $ 26,497 Realized/unrealized gain on investments, net, from investments transferred into Level 3 during the period $ — $ — Non Recurring Fair Value Measurements - Loans Loans which Drive Shack Inc. does not have the ability or intent to hold into the foreseeable future are classified as held-for-sale. Held-for-sale loans are carried at the lower of amortized cost or fair value and are therefore recorded at fair value on a non-recurring basis. These loans were written down to fair value at the time of the impairment, based on broker quotations, pricing service quotations or internal pricing models. All the loans were within Level 3 of the fair value hierarchy. For real estate related and other loans, the most significant inputs used in the valuations are the amount and timing of expected future cash flows, market yields and the estimated collateral value of such loan investments. The following tables summarize certain information for real estate related and other loans as of December 31, 2016 : Significant Input Range Weighted Average Loan Type Carrying Value Fair Value Discount Rate Loss Severity Discount Rate Loss Severity Corporate Loans $ 55,612 $ 61,144 0.0% - 22.5% 0.0% - 100.0% 22.5 % 49.3 % Total Real Estate Related and Other Loans Held for Sale, Net (A) $ 55,612 $ 61,144 (A) Excludes $17.8 million face amount of mezzanine loans which have a zero carrying value. Liabilities for Which Fair Value is Only Disclosed The following table summarizes the level of the fair value hierarchy, valuation techniques and inputs used for estimating each class of liabilities not measured at fair value in the statement of financial position but for which fair value is disclosed: Type of Liabilities Not Measured At Fair Value for Which Fair Value Is Disclosed Fair Value Hierarchy Valuation Techniques and Significant Inputs Repurchase agreements Level 2 Valuation technique is based on market comparables. Significant variables include: • Amount and timing of expected future cash flows • Interest rates • Collateral funding spreads Golf credit facilities Level 3 Valuation technique is based on discounted cash flows. Significant inputs include: • Amount and timing of expected future cash flows • Interest rates • Market yields Junior subordinated notes payable Level 3 Valuation technique is based on discounted cash flows. Significant inputs include: • Amount and timing of expected future cash flows • Interest rates • Market yields and the credit spread of Drive Shack Inc.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS The following table presents certain information regarding Drive Shack Inc.'s debt obligations and related hedges: December 31, 2016 December 31, 2015 Debt Obligation/Collateral Month Issued Outstanding Face Amount Carrying Value Final Stated Maturity Weighted Average Coupon (A) Weighted Average Funding Cost (B) Weighted Average Life (Years) Face Amount of Floating Rate Debt Outstanding Face Amount Carrying Value CDO Bonds Payable CDO VI Apr 2005 $ — $ — — —% — % 0.0 $ — $ 92,933 $ 92,933 — — — % 0.0 — 92,933 92,933 Other Bonds & Notes Payable NCT 2013-VI IMM-1 Nov 2013 — — — —% — % 0.0 — 4,984 4,672 Mezzanine Note Payable Oct 2015 — — — —% — % 0.0 — 11,660 11,490 — — — % 0.0 — 16,644 16,162 Repurchase Agreements (C) FNMA/FHLMC securities Dec 2016 600,964 600,964 Jan 2017 1.03% 1.03 % 0.1 — 348,625 348,625 Golf Loans Aug 2015 — — — —% — % 0.0 — 70,000 69,833 600,964 600,964 — % 0.0 — 418,625 418,458 Golf Credit Facilities Golf Term Loan (D)(E) Jun 2016 102,000 98,680 Jul 2019 LIBOR + 4.70% 7.92 % 2.5 102,000 — — Vineyard II Dec 1993 200 200 Dec 2043 2.20% 2.20 % 26.9 200 200 200 Capital Leases (Equipment) May 2014 - Dec 2016 16,404 16,404 Sep 2018 - Jul 2022 3.00% to 16.16% 6.56 % 4.1 — 11,058 11,058 118,604 115,284 7.72 % 2.8 102,200 11,258 11,258 Corporate Junior subordinated notes payable Mar 2006 51,004 51,217 Apr 2035 LIBOR + 2.25% 3.11 % 18.3 51,004 51,004 51,225 51,004 51,217 3.11 % 18.3 51,004 51,004 51,225 Subtotal debt obligation 770,572 767,465 2.17 % 1.7 $ 153,204 590,464 590,036 Financing on subprime mortgage loans subject to call option (F) — — 380,806 380,806 Total debt obligation $ 770,572 $ 767,465 $ 971,270 $ 970,842 See notes on next page. (A) Weighted average, including floating and fixed rate classes. (B) Including the effect of deferred financing cost. (C) These repurchase agreements had $ 0.3 million accrued interest payable at December 31, 2016 . The counterparties on these repurchase agreements are Citi ($ 242.0 million ) and Jeffries ($ 359.0 million ). Drive Shack Inc. has margin exposure on $ 601.0 million of repurchase agreements related to the financing of FNMA/FHLMC securities. The underlying collateral of the repurchase agreements are fixed rate FNMA/FHLMC securities with the following value at December 31, 2016 : $619.8 million outstanding face amount, $627.3 million amortized cost basis, $627.3 million carrying value and a weighted average life of 8.4 years . To the extent that the value of the collateral underlying these repurchase agreements declines, Drive Shack Inc. may be required to post margin, which could significantly impact its liquidity. (D) The golf term loan is collateralized by 22 Traditional Golf properties. The carrying amount of the golf term loan is reported net of deferred financing costs of $3.3 million as of December 31, 2016 . (E) Interest rate based on 30 day LIBOR plus 4.70% with a LIBOR floor of 1.80% . At the time of closing, Drive Shack Inc. purchased a co-terminus LIBOR interest rate cap of 1.80% . (F) See Note 6 regarding the securitizations of Subprime Portfolios I and II. CDO, Other Bonds and Notes Payable During the second quarter of 2015, approximately $60.3 million of CDO VIII notes were repaid primarily due to the sale of securities and loans. See Notes 5 and 6. As a result of the repayment of the CDO VIII notes, Drive Shack Inc. also repaid $13.3 million of repurchase agreements associated with CDO VIII. During the second quarter of 2015, approximately $51.4 million of CDO IX notes were repaid primarily due to the sales and pay down of securities and loans. See Notes 5 and 6. As a result of the repayment of the CDO IX notes, Drive Shack Inc. also repaid $22.3 million of repurchase agreements associated with CDO IX. In June 2015, Drive Shack Inc. repurchased $11.5 million face amount of CDO bonds payable issued by CDO VIII at a price of 95.50% of par for total proceeds of $11.0 million . As a result, Drive Shack Inc. extinguished $11.5 million face amount of CDO bonds payable and recorded a gain on extinguishment of debt of $0.5 million . In October 2015, Drive Shack Inc. financed an unencumbered real estate related loan with a face amount of $19.4 million with a mezzanine note payable for $11.7 million . This note payable bears interest at one month LIBOR + 3.00% , matures in October 2016 and is subject to customary margin provisions. In March 2016, Drive Shack Inc. deconsolidated CDO and other bonds payable, see Variable Interest Entities in Note 2 for additional details. In April 2016, Drive Shack Inc. sold a mezzanine loan with a face amount of $19.4 million at par. Drive Shack Inc. subsequently repaid $11.7 million of notes payable that were collateralized by the loan. See Note 6. Repurchase Agreements See Note 5 for information about the FNMA/FHLMC repurchase agreement activity for the years ended December 31, 2016 and 2015 . Golf Credit Facilities and Repurchase Agreement In December 2013, Traditional Golf entered into two loan agreements (“First Lien Loan” and “Second Lien Loan”) with General Electric Capital Corporation (“GECC”). In August 2015, Drive Shack Inc. acquired from GECC $51.4 million outstanding face amount of the First Lien Loan at a price of 90.0% of par, or $46.3 million , and $105.6 million outstanding face amount of the Second Lien Loan at a price of 90.0% of par, or $95.0 million . The purchases were funded with $71.3 million cash and a $70.0 million repurchase agreement. Drive Shack Inc. recorded a gain on extinguishment of debt of $15.4 million . In February 2016, Drive Shack Inc. extended the repurchase agreement on the golf loans to mature on May 31, 2016, with an option to extend to June 30, 2016. The repurchase agreement bears interest at LIBOR + 4.00% . In May 2016, the option on the repurchase agreement on the golf loans was exercised to extend the maturity to June 30, 2016. In June 2016, Drive Shack Inc. obtained third-party financing on 22 traditional golf properties for a total of $102.0 million at a floating rate of the greater of: (i) 30-day LIBOR + 4.70% or (ii) 6.50% . At the time of closing, Drive Shack Inc. purchased a co-terminus LIBOR interest rate cap of 1.80% . The financing is for a term of three years with the option for two one -year extensions. Drive Shack Inc. used $64.9 million of the proceeds to repay the outstanding balance on the golf loans repurchase agreement. Traditional Golf is obligated under a $0.2 million loan with the City of Escondido, California (“Vineyard II”). The principal amount of the loan is payable in five equal installments upon reaching the "Achievement Date”, which is the date on which the previous 36-month period equals or exceeds 240,000 rounds of golf played on the property. As of December 31, 2016 , 240,000 rounds of golf have not been achieved within an applicable 36 -month period. The interest rate is adjusted annually and is equal to 1% plus a short-term investment return, as defined in the loan agreement. As of December 31, 2016 , the interest rate is 2.20% . Capital Leases - Equipment Traditional Golf leases certain golf carts and other equipment under capital lease agreements. The agreements typically provide for minimum rentals plus executory costs. Lease terms range from 36 - 66 months. Certain leases include bargain purchase options at lease expiration. The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of December 31, 2016 are as follows: 2017 $ 4,666 2018 4,662 2019 4,511 2020 3,203 2021 1,626 Thereafter 157 Total minimum lease payments 18,825 Less: imputed interest 2,421 Present value of net minimum lease payments $ 16,404 Maturity Table Drive Shack Inc.’s debt obligations (gross of $3.1 million of discounts at December 31, 2016 ) have contractual maturities as follows: Nonrecourse Recourse Total 2017 $ 3,699 $ 600,964 $ 604,663 2018 3,945 — 3,945 2019 4,058 — 4,058 2020 104,984 — 104,984 2021 1,564 — 1,564 Thereafter 354 51,004 51,358 Total $ 118,604 $ 651,968 $ 770,572 Debt Covenants Drive Shack Inc.’s golf credit facilities contain various customary loan covenants, including certain coverage ratios. Drive Shack Inc. was in compliance with all of these covenants as of December 31, 2016 .

EQUITY AND EARNINGS PER SHARE

EQUITY AND EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
EQUITY AND EARNINGS PER SHARE	EQUITY AND EARNINGS PER SHARE Earnings per Share Drive Shack Inc. is required to present both basic and diluted earnings per share (“EPS”). The following table shows the amounts used in computing basic and diluted EPS: For Year Ended December 31, 2016 2015 2014 Numerator for basic and diluted earnings per share: Income from continuing operations after preferred dividends and noncontrolling interest $ 71,499 $ 15,621 $ 62,855 Income (loss) from discontinued operations, net of tax — 646 (35,189 ) Income Applicable to Common Stockholders $ 71,499 $ 16,267 $ 27,666 Denominator: Denominator for basic earnings per share - weighted average shares 66,709,925 66,479,321 61,500,913 Effect of dilutive securities Options 2,078,515 2,168,594 1,630,314 Denominator for diluted earnings per share - adjusted weighted average shares 68,788,440 68,647,915 63,131,227 Basic earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ 1.07 $ 0.23 $ 1.02 Income (loss) from discontinued operations per share of common stock $ — $ 0.01 $ (0.57 ) Income Applicable to Common Stock, per share $ 1.07 $ 0.24 $ 0.45 Diluted earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ 1.04 $ 0.23 $ 1.00 Income (loss) from discontinued operations per share of common stock $ — $ 0.01 $ (0.57 ) Income Applicable to Common Stock, per share $ 1.04 $ 0.24 $ 0.44 Basic EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period. Due to rounding, income per share from continuing operations and income per share from discontinued operations may not sum to the income per share of common stock. Drive Shack Inc.’s common stock equivalents are its options. During 2016 , 2015 and 2014 , based on the treasury stock method, Drive Shack Inc. had: 2,078,515 ; 2,168,594 ; and 1,630,314 ; dilutive common stock equivalents, respectively, resulting from its outstanding options. As of December 31, 2016 , 2015 and 2014 , Drive Shack Inc. had: 309,024 ; 259,277 ; and 1,931,257 antidilutive options, respectively. Net income (loss) applicable to common stockholders is equal to net income (loss) less preferred dividends. Common Stock Offerings The following table presents shares of common stock issued by Drive Shack Inc. in connection with public offerings since 2014 : Price per Share Aggregate Shares purchased by Principals of Fortress Options Granted to Manager (A) Date Number To To Underwriters Net Number Price Number Grant Date Strike Grant Date August 2014 7,654,166 N/A $ 25.92 $ 197.9 83,333 $ 26.34 765,416 $ 26.34 $ 1.7 (A) In connection with this offering, Drive Shack Inc. granted options to the Manager for the purpose of compensating the Manager for its role in raising capital for Drive Shack Inc. In December 2015, Drive Shack Inc. issued an aggregate of 18,798 shares of its common stock to its independent directors as part of annual compensation. In May 2016 and July 2016, Drive Shack Inc. issued a total of 57,740 and 21,798 shares, respectively, of its common stock to its independent directors as a component of their annual compensation. See Note 17 for shares issued subsequent to December 31, 2016 . Option Plan In June 2002, (with the approval of our board of directors) we adopted the Newcastle Nonqualified Stock Option and Incentive Award Plan (the "Newcastle Option Plan"), for officers, directors, consultants and advisors, including the Manager and its employees. In May 2012, our board of directors adopted the 2012 Newcastle Nonqualified Stock Option and Incentive Plan (the "2012 Plan") which was approved by our shareholders. The 2012 Plan was adopted as the successor to the Newcastle Option Plan for officers, directors, consultants and advisors, including the Manager and its employees, and facilitated the continued use of long-term equity-based awards and incentives for the benefit of the service providers to us and our Manager. On April 8, 2014, our board of directors adopted the 2014 Plan, which was approved by our shareholders and was amended and restated by our board of directors as of September 17, 2014 to reflect the 1-for- 3 reverse stock split, which was effective after the close of trading on August 18, 2014, and as of November 3, 2014 to reflect the 1-for- 2 reverse stock split, which was effective after the close of trading on October 22, 2014. The 2014 Plan was adopted as the successor to the 2012 Plan for officers, directors, consultants and advisors, including the Manager and its employees, and facilitated the continued use of long-term equity-based awards and incentives for the benefit of the service providers to us and our Manager. On April 16, 2015, our board of directors adopted the 2015 Newcastle Investment Corp. Nonqualified Option and Incentive Award Plan (the “2015 Plan”), which was approved by our shareholders. The 2015 Plan is the successor to the 2014 Plan for officers, directors, consultants and advisors, including the Manager and its employees, and is intended to facilitate the continued use of long-term equity-based awards and incentives for the benefit of the service providers to us and our Manager. The maximum number of shares available for issuance under the 2015 Plan is 300,000 shares, as increased on the date of any equity issuance by us during the one -year term of the 2015 Plan by ten percent of the equity securities issued by us in such equity issuance. On April 7, 2016, our board of directors adopted the 2016 Newcastle Investment Corp. Nonqualified Option and Incentive Award Plan (the “2016 Plan”), which was approved by our shareholders. The 2016 Plan is the successor to the 2015 Plan for officers, directors, consultants and advisors, including the Manager and its employees, and is intended to facilitate the continued use of long-term equity-based awards and incentives for the benefit of the service providers to us and our Manager. The maximum number of shares available for issuance under the 2016 Plan is 300,000 shares, as increased on the date of any equity issuance by us during the one -year term of the 2016 Plan by ten percent of the equity securities issued by us in such equity issuance. All outstanding options granted under the 2015 Plan, 2014 Plan, 2012 Plan and the Newcastle Option Plan will continue to be subject to the terms and conditions set forth in the agreements evidencing such options and the terms of the 2015 Plan, 2014 Plan, 2012 Plan and the Newcastle Option Plan. Our board of directors may also determine to issue options to the Manager that are not subject to the 2016 Plan, provided that the number of shares underlying any options granted to the Manager in connection with capital raising efforts would not exceed 10% of the shares sold in such offering and would be subject to NYSE rules. Upon exercise, all options will be settled in an amount of cash equal to the excess of the fair market value of a share of common stock on the date of exercise over the strike price per share, unless advance approval is made to settle the option in shares of common stock. On May 7, 2015, and pursuant to the anti-dilution provisions of the 2014 Plan, the 2012 Plan and Newcastle Option Plan, as applicable, Drive Shack Inc.’s board of directors approved an equitable adjustment of all outstanding options in order to account for the impact of the 2014 return of capital distributions. The equitable adjustment entails a strike price adjustment and the issuance of additional options which were determined so as to compensate for the loss in value that would have otherwise occurred as a result of the 2014 return of capital distributions. As a result of this adjustment, options relating to a total of 178,740 shares were issued on May 7, 2015 at a strike price of $1.00 per share. Upon joining the board of directors, the non-employee directors were, in accordance with the Newcastle Option Plan or the 2015 Plan, as applicable, automatically granted options relating to an aggregate of 333 shares of common stock. The fair value of such options was not material at the date of grant. For the purpose of compensating the Manager for its role in raising capital for Drive Shack Inc., the Manager has been granted options relating to shares of Drive Shack Inc.’s common stock, with strike prices subject to adjustment as necessary to preserve the value of such options in connection with the occurrence of certain events (including capital dividends and capital distributions made by Drive Shack Inc.). These options represented an amount equal to 10% of the shares of common stock of Drive Shack Inc. sold in its public offerings and the value of such options was recorded as an increase in equity with an offsetting reduction of capital proceeds received. The options granted to the Manager, which may be assigned by Fortress to its employees, were fully vested on the date of grant and one thirtieth of the options become exercisable on the first day of each of the following thirty calendar months, or earlier upon the occurrence of certain events, such as a change in control of Drive Shack Inc. or the termination of the Management Agreement. These options will be settled in an amount of cash equal to the excess of the fair market value of a share of common stock on the date of exercise over the strike price per share, unless a majority of the independent members of Drive Shack Inc.’s board of directors determine to settle the option in shares of common stock. The options expire ten years from the date of issuance. In connection with the spin-off of New Residential on May 15, 2013, 3.6 million options that were held by the Manager, or by the directors, officers or employees of the Manager, were converted into an adjusted Drive Shack Inc. option and a new New Residential option. The strike price of each adjusted Drive Shack Inc. option and New Residential option was set to collectively maintain the intrinsic value of the Drive Shack Inc. option immediately prior to the spin-off of New Residential and to maintain the ratio of the strike price of the adjusted Drive Shack Inc. option and the New Residential option, respectively, to the fair market value of the underlying shares as of the spin-off date, in each case based on the five day average closing price subsequent to the spin-off date. In connection with the spin-off of New Media on February 13, 2014, the strike price of each Drive Shack Inc. option was reduced by $5.34 to reflect the adjusted value of Drive Shack Inc.’s shares as a result of the spin-off. The adjusted value was calculated based on the five day average closing price of the New Media's shares subsequent to the spin-off date. In connection with the spin-off of New Senior on November 6, 2014, 5.5 million options that were held by the Manager, or by the directors, officers or employees of the Manager, were converted into an adjusted Drive Shack Inc. option and a new New Senior option. The strike price of each adjusted Drive Shack Inc. option and New Senior option was set to collectively maintain the intrinsic value of the Drive Shack Inc. option immediately prior to the spin-off of New Senior and to maintain the ratio of the strike price of the adjusted Drive Shack Inc. option and the New Senior option, respectively, to the fair market value of the underlying shares as of the spin-off date, in each case based on the five day average closing price subsequent to the spin-off date. The following is a summary of the changes in Drive Shack Inc.'s outstanding options for the year ended December 31, 2016 . Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2015 5,421,561 $ 2.85 Granted 333 3.78 Exercised (266,657 ) 3.01 Expired (28,331 ) 13.38 Balance at December 31, 2016 5,126,906 $ 2.79 5.91 years Exercisable at December 31, 2016 5,075,878 $ 2.78 5.88 years Drive Shack Inc.'s outstanding options were summarized as follows: Year Ended December 31, 2016 Year Ended December 31, 2015 Issued Prior Issued in 2011 Total Issued Prior to 2011 Issued in 2011 Total Held by the Manager 110,029 5,010,243 5,120,272 115,239 5,010,243 5,125,482 Issued to the Manager and subsequently transferred to certain Manager’s employees 6,301 — 6,301 29,422 266,657 296,079 Issued to the independent directors — 333 333 — — — Total 116,330 5,010,576 5,126,906 144,661 5,276,900 5,421,561 The following table summarizes Drive Shack Inc.’s outstanding options at December 31, 2016 . Note that the last sales price on the New York Stock Exchange for Drive Shack Inc.’s common stock in the year ended December 31, 2016 was $3.76 per share. Recipient Date of Grant/Exercise Number of Options (A) Options Exercisable at Weighted Average Fair Value At Grant Intrinsic Value at Directors Various 3,666 333 $ — Not Material — Manager (C) 2002 - 2007 587,277 116,330 $ 13.13 $ 6.4 — Manager (C) Mar-11 311,853 206,881 $ 1.00 $ 7.0 (J) $ 0.6 Manager (C) Sep-11 524,212 376,268 $ 1.00 $ 5.6 (K) $ 1.0 Manager (C) Apr-12 348,352 279,452 $ 1.00 $ 5.6 (L) $ 0.8 Manager (C) May-12 396,316 316,871 $ 1.00 $ 7.6 (M) $ 0.9 Manager (C) Jul-12 437,991 353,674 $ 1.00 $ 8.3 (N) $ 1.0 Manager (C) Jan-13 958,331 872,528 $ 2.32 $ 18.0 (O) $ 1.3 Manager (C) Feb-13 383,331 349,011 $ 2.95 $ 8.4 (P) $ 0.3 Manager (C) Jun-13 670,829 610,770 $ 3.23 $ 3.8 (Q) 0.4 Manager (C) Nov-13 965,847 879,372 $ 3.57 $ 6.0 (R) 0.5 Manager (C) Aug-14 765,416 714,388 $ 4.01 $ 1.7 (S) 0.3 Exercised (D) Prior to 2008 (173,853 ) N/A $ 14.09 N/A N/A Exercised (E) Oct-12 (15,972 ) N/A $ 1.48 N/A N/A Exercised (F) Sep-13 (51,306 ) N/A $ 1.67 N/A N/A Exercised (G) 2014 (216,186 ) N/A $ 1.46 N/A N/A Exercised (H) 2015 (202,446 ) N/A 1.00 N/A N/A Exercised (I) 2016 (266,657 ) N/A 3.01 N/A N/A Expired unexercised 2002-2006 (300,095 ) N/A N/A N/A N/A Outstanding 5,126,906 5,075,878 (A) The strike prices are subject to adjustment in connection with return of capital dividends and spin-offs. A portion of Drive Shack Inc.’s 2008 dividends was deemed return of capital dividends. The effect on the strike prices was not significant. In the first quarter of 2014, strike prices were adjusted by $0.32 reflecting the portion of Drive Shack Inc.'s 2013 dividends which was deemed return of capital. The strike prices were adjusted for the New Residential, New Media and New Senior spin-offs as described above. On May 7, 2015, and pursuant to the anti-dilution provisions of the 2014 Plan, 2012 Plan and Newcastle Option Plan, as applicable, Drive Shack Inc.’s board of directors approved an equitable adjustment of all outstanding options in order to account for the impact of the 2014 return of capital distributions. The equitable adjustment entails a strike price adjustment and the issuance of additional options which were determined so as to compensate for the loss in value that would have otherwise occurred as a result of the 2014 return of capital distributions. As a result of this adjustment, options relating to a total of 178,740 shares were issued on May 7, 2015 at a strike price of $1.00 per share as detailed below. Grant Date Number of Options Issued Mar-11 24,354 Sep-11 92,963 Apr-12 32,105 May-12 12,987 Jul-12 16,331 Total options issued 178,740 As of December 31, 2016 , the weighted average strike price of the outstanding options issued prior to 2011 was $13.13 . (B) The fair value of the options was estimated using an option valuation model. Since the Newcastle Option Plan, 2012 Plan, 2014 Plan, 2015 Plan and 2016 Plan have characteristics significantly different from those of traded options, and since the assumptions used in such model, particularly the volatility assumption, are subject to significant judgment and variability, the actual value of the options could vary materially from management’s estimate. The volatility assumption for these options was estimated based primarily on the historical volatility of Drive Shack Inc.’s common stock and management’s expectations regarding future volatility. The expected life assumption for options issued prior to 2011 was estimated based on the simplified term method. This simplified method was used because Drive Shack Inc. did not have sufficient historical data to conclude on the appropriate expected life of its options and because historical data to date was consistent with the simplified term method. The expected life assumption for options issued in 2011 and thereafter was estimated based primarily on the historical expected life of applicable previously issued options. (C) The Manager assigned certain of its options to Fortress’s employees as follows: Date of Grant Range of Strike Prices Total Unexercised Inception to Date 2007 $12.44 - $14.44 6,301 Total 6,301 (D) 111,770 of the total options exercised were by the Manager. 61,417 of the total options exercised were by employees of Fortress subsequent to their assignment. 666 of the total options exercised were by directors. (E) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.2 million . (F) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.9 million . (G) 215,853 options were exercised by employees of Fortress subsequent to their assignment with an intrinsic value of $4.1 million . 333 options were exercised by directors with a minimal intrinsic value. (H) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.8 million . (I) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.4 million . As a result of his resignation, the Company's former CEO forfeited 16,748 options and were transferred back to the Manager. (J) The assumptions used in valuing the options were: a 1.7% risk-free rate, 107.8% volatility and a 3.3 year expected term. (K) The assumptions used in valuing the options were: a 1.13% risk-free rate, 13.2% dividend yield, 151.1% volatility and a 4.6 year expected term. (L) The assumptions used in valuing the options were: a 1.3% risk-free rate, 12.9% dividend yield, 149.4% volatility and a 4.7 year expected term. (M) The assumptions used in valuing the options were: a 1.05% risk-free rate, 11.9% dividend yield, 148.4% volatility and a 4.8 year expected term. (N) The assumptions used in valuing the options were: a 0.75% risk-free rate, 11.9% dividend yield, 147.5% volatility and a 4.8 year expected term. (O) The assumptions used in valuing the options were: a 2.0% risk-free rate, 8.8% dividend yield, 56.2% volatility and a 10 year term. (P) The assumptions used in valuing the options were: a 2.1% risk-free rate, 7.8% dividend yield, 55.5% volatility and a 10 year term. (Q) The assumptions used in valuing the options were: a 2.5% risk-free rate, 8.8% dividend yield, 36.9% volatility and a 10 year term. (R) The assumptions used in valuing the options were: a 2.8% risk-free rate, 6.7% dividend yield, 32.0% volatility and a 10 year term. (S) The assumptions used in valuing the options were: a 2.7% risk-free rate, 8.6% dividend yield, 23.4% volatility and a 10 year term. Tax Benefits Preservation Plan On December 7, 2016, our board of directors adopted a Tax Benefits Preservation Plan (the “Plan”) with American Stock Transfer and Trust Company, LLC as rights agent, and the disinterested members of the board of directors declared a dividend distribution of one right for each outstanding share of common stock to stockholders of record at the close of business on December 20, 2016. Each right is governed by the terms of the Plan and entitles the registered holder to purchase from us a unit consisting of one one-thousandth of a share of Series E Junior Participating Preferred Stock, par value $0.01 per share at a purchase price of $27.00 per unit, subject to adjustment. The Plan is intended to help protect our ability to use our tax net operating losses and certain other tax assets by deterring an “ownership change” as defined under Section 382 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder (the “Code”). In connection with the adoption of the Plan, our board of directors approved the Articles Supplementary of Series E Junior Participating Preferred Stock, which was filed with the State Department of Assessments and Taxation of Maryland on December 8, 2016. Preferred Stock In March 2003, Drive Shack Inc. issued 2.5 million shares ( $62.5 million face amount) of its 9.75% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred”). In October 2005, Drive Shack Inc. issued 1.6 million shares ( $40.0 million face amount) of its 8.05% Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred”). In March 2007, Drive Shack Inc. issued 2.0 million shares ( $50.0 million face amount) of its 8.375% Series D Cumulative Redeemable Preferred Stock (the “Series D Preferred”). The Series B Preferred, Series C Preferred and Series D Preferred are non-voting, have a $25 per share liquidation preference, no maturity date and no mandatory redemption. Drive Shack Inc. has the option to redeem the Series B Preferred, the Series C Preferred and the Series D Preferred, at their liquidation preference. If the Series C Preferred or Series D Preferred cease to be listed on the NYSE or the AMEX, or quoted on the NASDAQ, and Drive Shack Inc. is not subject to the reporting requirements of the Exchange Act, Drive Shack Inc. has the option to redeem the Series C Preferred or Series D Preferred, as applicable, at their liquidation preference and, during such time any shares of Series C Preferred or Series D Preferred are outstanding, the dividend will increase to 9.05% or 9.375% per annum, respectively. In connection with the issuance of the Series B Preferred, Series C Preferred and Series D Preferred, Drive Shack Inc. incurred approximately $2.4 million , $1.5 million , and $1.8 million of costs, respectively, which were netted against the proceeds of such offerings. If any series of preferred stock were redeemed, the related costs would be recorded as an adjustment to income available for common stockholders at that time. In March 2010, Drive Shack Inc. settled its offer to exchange (the “Exchange Offer”) shares of its common stock and cash for shares of its preferred stock. After settlement of the Exchange Offer, 1,347,321 shares of Series B Preferred Stock, 496,000 shares of Series C Preferred Stock and 620,000 shares of Series D Preferred Stock remain outstanding for trading on the New York Stock Exchange. As of January 31, 2017, Drive Shack Inc. had paid all current and accrued dividends on its preferred stock. Noncontrolling Interest Drive Shack Inc.’s noncontrolling interest in 2015 and 2016 is related to our Traditional Golf business, a portion of which Drive Shack Inc. does not own. In October 2016, Drive Shack Inc. exited certain golf properties in which the Company had a noncontrolling interest. The noncontrolling interest associated with the remaining golf property has a carrying value of zero .

TRANSACTIONS WITH AFFILIATES AN

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	12 Months Ended
	Dec. 31, 2016
Transactions With Affiliates And Affiliated Entity [Abstract]
TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES Management Agreement Drive Shack Inc. is party to a Management Agreement with FIG, LLC, its Manager and an affiliate of Fortress, which provides for automatically renewing one -year terms subject to certain termination rights. The Manager’s performance is reviewed annually and the Management Agreement may be terminated by Drive Shack Inc. by payment of a termination fee, as defined in the Management Agreement, equal to the amount of management fees earned by the Manager during the 12 consecutive calendar months immediately preceding the termination, upon the affirmative vote of at least two-thirds of the independent directors, or by a majority vote of the holders of common stock. Pursuant to the Management Agreement, the Manager provides for a management team and other professionals who are responsible for implementing our business strategy, subject to the supervision of our board of directors. Our Manager is responsible for, among other things, (i) setting investment criteria in accordance with broad investment guidelines adopted by our board of directors, (ii) sourcing, analyzing and executing acquisitions, (iii) providing financial and accounting management services and (iv) performing other duties as specified in the Management Agreement. For performing these services, Drive Shack Inc. pays the Manager an annual management fee equal to 1.5% of the gross equity of Drive Shack Inc., as defined, including adjustments for return of capital dividends. The Management Agreement provides that Drive Shack Inc. will reimburse the Manager for various expenses incurred by the Manager or its officers, employees and agents on Drive Shack Inc.’s behalf, including costs of legal, accounting, tax, auditing, administrative and other similar services rendered for Drive Shack Inc. by providers retained by the Manager or, if provided by the Manager’s employees, in amounts which are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis. In addition to expense reimbursements for expenses incurred by the Manager, Drive Shack Inc. is responsible for reimbursing the Manager for certain expenses incurred by Drive Shack Inc. that are initially paid by the Manager on behalf of Drive Shack Inc. To provide an incentive for the Manager to enhance the value of the common stock, the Manager is entitled to receive an incentive return (the “Incentive Compensation’’) on a cumulative, but not compounding, basis in an amount equal to the product of (A) 25% of the dollar amount by which (1) (a) the Funds from Operations (defined as the net income applicable to common stockholders before Incentive Compensation, excluding extraordinary items, plus depreciation of operating real estate and after adjustments for unconsolidated subsidiaries, if any) of Drive Shack Inc. per share of common stock (based on the weighted average number of shares of common stock outstanding) plus (b) gains (or losses) from debt restructuring and from sales of property and other assets per share of common stock (based on the weighted average number of shares of common stock outstanding), exceed (2) an amount equal to (a) the weighted average of the price per share of common stock in the initial public offering (“IPO”) and the value attributed to the net assets transferred to Drive Shack Inc. by its predecessor, and in any subsequent offerings by Drive Shack Inc. (adjusted for prior return of capital dividends or capital distributions) multiplied by (b) a simple interest rate of 10% per annum (divided by four to adjust for quarterly calculations) multiplied by (B) the weighted average number of shares of common stock outstanding. Amounts incurred under the Management 2016 2015 2014 Management Fees $ 10,204 $ 10,192 $ 20,539 Expense Reimbursement to the Manager 500 500 500 Incentive Compensation — — — Total management fees to affiliate $ 10,704 $ 10,692 $ 21,039 At December 31, 2016 , Fortress, through its affiliates, and principals of Fortress, owned 4.1 million shares of Drive Shack Inc.’s common stock and Fortress, through its affiliates, had options relating to an additional 5.1 million shares of Drive Shack Inc.’s common stock (Note 12). At December 31, 2016 and 2015 , due to affiliates was comprised of $0.9 million and $0.9 million , respectively, of management fees and expense reimbursements payable to the Manager. Other Affiliated Entities In April 2006, Drive Shack Inc. securitized Subprime Portfolio I and, through Securitization Trust 2006, entered into a servicing agreement with a subprime home equity mortgage lender (the “Subprime Servicer”) to service this portfolio. In July 2006, private equity funds managed by an affiliate of Drive Shack Inc.’s Manager completed the acquisition of the Subprime Servicer. As compensation under the servicing agreement, the Subprime Servicer receives, on a monthly basis, a net servicing fee equal to 0.5% per annum on the unpaid principal balance of the portfolio. In March 2007, through Securitization Trust 2007, Drive Shack Inc. entered into a servicing agreement with the Subprime Servicer to service Subprime Portfolio II under substantially the same terms. At December 31, 2016 , the outstanding unpaid principal balances of Subprime Portfolios I and II were approximately $237.6 million and $349.8 million , respectively. In April 2010, Drive Shack Inc., through two of its CDOs, made a cash investment of $75.0 million in the resorts-related loan to a portfolio company of a private equity fund managed by an affiliate of Drive Shack Inc.’s Manager. Drive Shack Inc.’s chairman is a director of and has an indirect ownership interest in the borrower. This investment improved the applicable CDOs’ results under some of their respective tests, and is expected to yield approximately 22.5% . The maturity of the resorts-related loan has been extended to June 2019. Interest on the loan will be accrued and deferred until maturity. In September 2016, Drive Shack Inc. received a $109.9 million pay down on the loan. As of December 31, 2016 , Drive Shack Inc. held on its balance sheet total investments of $61.0 million face amount of loans issued by affiliates of the Manager. Drive Shack Inc. earned approximately $29.0 million , $25.8 million and $20.0 million of interest on investments issued by affiliates of the Manager for the years ended December 31, 2016 , 2015 and 2014 , respectively. In each instance described above, affiliates of Drive Shack Inc.’s Manager have an investment in the applicable affiliated fund and receive from the fund, in addition to management fees, incentive compensation if the fund’s aggregate investment returns exceed certain thresholds. A principal of the Manager owned or leased aircraft that Drive Shack Inc. chartered from a third-party aircraft operator for business purposes in the course of operations. Drive Shack Inc. paid the aircraft operator market rates for the charters. These amounts totaled $0.1 million and less than $0.1 million for the years ended December 31, 2016 and 2015 , respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation — Drive Shack Inc. is and may become, from time to time, involved in legal actions in the ordinary course of business, including governmental and administrative investigations, inquiries and proceedings concerning employment, labor, environmental and other claims. Although management is unable to predict with certainty the eventual outcome of any legal action, management believes the ultimate liability arising from such actions, individually and in the aggregate, which existed at December 31, 2016 , will not materially affect Drive Shack Inc.’s consolidated results of operations, financial position or cash flow. Given the inherent unpredictability of these types of proceedings, however, it is possible that future adverse outcomes could have a material effect on our financial results. Environmental Costs — As a commercial real estate owner, Drive Shack Inc. is subject to potential environmental costs. At December 31, 2016 , management of Drive Shack Inc. is not aware of any environmental concerns that would have a material adverse effect on Drive Shack Inc.’s consolidated financial position or results of operations. Debt Covenants — Drive Shack Inc.’s debt obligations contain various customary loan covenants, including certain coverage ratios. See Note 11. Operating lease obligations – Traditional Golf leases many of its golf courses and related facilities under long-term operating leases, including triple net leases. In addition to minimum payments, certain leases require the payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments. The triple net leases require the payment of taxes assessed against the leased property and the cost of insurance and maintenance. The majority of the lease terms range from 10 to 20 years and, typically, the leases contain renewal options. Certain leases include minimum scheduled increases in rental payments at various times during the term of the lease. These scheduled rent increases are recognized on a straight-line basis over the term of the lease, resulting in an accrual, which is included in accounts payable, accrued expenses and other liabilities, for the amount by which the cumulative straight-line rent exceeds the contractual cash rent. Traditional Golf is required to maintain bonds under certain third-party agreements, as requested by certain utility providers, and under the rules and regulations of licensing authorities and other governmental agencies. The Golf business had bonds outstanding of approximately $0.9 million as of December 31, 2016 and December 31, 2015 . Traditional Golf leases certain golf carts and equipment under operating leases that range from one to three years. Rental expenses recorded under operating leases for carts and equipment were $3.8 million and $4.6 million for the years ended December 31, 2016 and 2015 , respectively. Traditional Golf has three month-to-month property leases which are cancellable by the parties with 30 days written notice. Traditional Golf also has various month-to-month operating leases for carts and equipment. The aggregate monthly expense of these leases was $0.3 million . The future minimum rental commitments under non-cancellable leases, net of subleases, as of December 31, 2016 were as follows: For the years ending December 31: 2017 $ 31,787 2018 28,442 2019 25,362 2020 22,017 2021 18,384 Thereafter 130,284 Total Minimum lease payments $ 256,276 Membership Deposit Liability – In the Traditional Golf business, private country club members generally pay an advance initiation fee deposit upon their acceptance as a member to the respective country club. Initiation fee deposits are refundable 30 years after the date of acceptance as a member. As of December 31, 2016 , the total face amount of initiation fee deposits was approximately $246.1 million . Restricted Cash – Approximately $6.2 million of restricted cash at December 31, 2016 is used as credit enhancement for Traditional Golf’s obligations related to the performance of lease and loan agreements and certain insurance claims.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The provision for income taxes (including discontinued operations) consists of the following: Year Ended December 31, 2016 2015 2014 Current: Federal $ 28 $ 298 $ 704 State and Local 64 101 318 Total Current Provision $ 92 $ 399 $ 1,022 Deferred Federal $ 83 $ (46 ) $ (1,293 ) State and Local 14 (8 ) (632 ) Total Deferred Provision $ 97 $ (54 ) $ (1,925 ) Total Provision (benefit) for Income Taxes $ 189 $ 345 $ (903 ) Provision (benefit) for income taxes from discontinued operations $ — $ — $ (1,111 ) Provision (benefit) for income taxes from continuing operations $ 189 $ 345 $ 208 On February 23, 2017, Drive Shack Inc. revoked its election to be treated as a REIT effective January 1, 2017. The Company operated in a manner intended to qualify as a REIT for federal income tax purposes through the tax year ending December 31, 2016. Common stock distributions relating to 2016 , 2015 , and 2014 were taxable as follows: Dividends Per Share Ordinary Income Long-term Capital Gain Return of Capital 2016 $ 0.48 0.00 % 100.00 % 0.00 % 2015 $ 0.60 30.41 % 69.59 % 0.00 % 2014 $ 25.76 (A) 32.64 % 7.57 % 59.79 % (A) Includes the distribution of New Media common stock valued at $5.34 per share and the distribution of New Senior common stock valued at $18.02 per share. During 2010 and 2009, Drive Shack Inc. repurchased an aggregate of $ 787.8 million face amount of its outstanding CDO debt and junior subordinated notes at a discount and recorded $521.1 million of aggregate gain. The gain recorded upon such cancellation of indebtedness is characterized as ordinary income for tax purposes. In compliance with current tax laws, Drive Shack Inc. has the ability to defer such ordinary income to future years and has deferred all or a portion of such gain for 2010 and 2009. However, cancellation of indebtedness income recognized on or after January 1, 2011 cannot be deferred and must generally be recognized as ordinary income in the year of such cancellation. During 2011, Drive Shack Inc. repurchased $188.9 million face amount of its outstanding CDO debt and notes payable at a discount and recorded $81.1 million of gain for tax purposes, of which only $66.1 million gain relating to $171.8 million face amount of debt repurchased was recognized for GAAP purposes. During 2012, Drive Shack Inc. repurchased $39.3 million face amount of Drive Shack Inc. CDO debt and notes payable at a discount and recorded a $24.1 million gain on extinguishment of debt for GAAP, of which only $23.2 million of gain relating to $34.1 million face amount of debt repurchased was recognized for tax purposes. During 2013, Drive Shack Inc. repurchased $35.9 million face amount of Drive Shack Inc. CDO debt and notes payable at a discount and recorded a $4.6 million gain on extinguishment of debt for GAAP and tax purposes. During 2014, Drive Shack Inc. did not repurchase any of the outstanding CDO debt and notes payable. During 2015, Drive Shack Inc. repurchased $11.5 million face amount of Drive Shack Inc. CDO debt and notes payable at a discount and recorded a $0.5 million gain on extinguishment of debt for GAAP and tax purposes. In addition, Drive Shack Inc. may recognize material ordinary income from the cancellation of debt within its non-recourse financing, and structures, including its subprime securitizations, while losses on the related collateral may be recognized as capital losses. Through December 31, 2016 , $164.8 million of debt in Drive Shack Inc.’s subprime securitizations has been cancelled as a result of losses incurred on the underlying assets in the securitization trusts. As of December 31, 2015 , Drive Shack Inc. had a net operating loss carryforward of approximately $526.2 million . The net operating loss carryforward can generally be used to offset future taxable income for up to 20 years . The amount of net operating loss carryforward as of December 31, 2016 is subject to the finalization of the 2016 tax returns. The net operating loss carryforward will begin to expire in 2029. Drive Shack Inc. experienced an “ownership change” for purposes of Section 382 of the Code in January 2013. The provisions of Section 382 of the Code will impose an annual limit on the amount of net operating loss and net capital loss carryforwards that Drive Shack Inc. can use to offset future taxable income. The Traditional Golf business is held through TRSs and, as such, is subject to regular corporate income taxes. At December 31, 2016 , Drive Shack Inc.’s TRSs had approximately $68.1 million of net operating loss carryforwards for federal and state income tax purposes which may be available to offset future taxable income, if any. These federal and state net operating loss carryforwards will begin to expire in 2018. A significant portion of these net operating losses are subject to the limitations of Code Section 382. This section provides substantial limitations on the availability of net operating losses to offset current taxable income if significant ownership changes have occurred for federal tax purposes. Drive Shack Inc. and its subsidiaries file income tax returns with the U.S. federal government and various state and local jurisdictions. Generally, Drive Shack Inc. is no longer subject to tax examinations by tax authorities for years prior to 2013. Drive Shack Inc. has assessed its tax positions for all open years and concluded that there are no material uncertainties to be recognized. Drive Shack Inc. does not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within the next twelve months. The 2014 federal income tax return for one of Drive Shack Inc.’s subsidiaries is currently under examination. At this time, Drive Shack Inc. cannot estimate when the examination will conclude or the impact such examination will have on its Consolidated Financial Statements, if any. Drive Shack Inc. is subject to significant tax risks. In light of the revocation of its REIT election, Drive Shack Inc. will be subject to U.S. federal corporate income tax (including any applicable alternative minimum tax), which could be material. During the years ended December 31, 2016 , 2015 and 2014 , Drive Shack Inc.’s subsidiaries recorded approximately $0.2 million , $0.3 million and $(0.9) million , respectively, of income tax expense (benefit). Generally, the Drive Shack Inc.’s effective tax rate differs from the federal statutory rate as a result of state and local taxes. The difference between Drive Shack Inc.'s reported provision for income taxes and the U.S. federal statutory rate of 35% is as follows: December 31, 2016 2015 2014 Provision at the statutory rate 35.00 % 35.00 % 35.00 % Non-taxable REIT income (51.97 )% (86.91 )% (56.20 )% Permanent items 0.23 % 31.24 % — % State and local taxes 0.07 % 0.32 % (1.18 )% Valuation allowance (reversal) 15.56 % 22.04 % 21.70 % Other 1.35 % (0.04 )% (1.80 )% Total provision (benefit) 0.24 % 1.65 % (2.48 )% The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of December 31, 2016 and 2015 are presented below: December 31, 2016 2015 Deferred tax assets: Allowance for loan losses $ 358 $ 399 Depreciation and amortization 38,598 33,495 Accrued expenses 2,885 2,008 Interest 16,503 — Net operating losses 162,629 22,524 Other 2,036 — Total deferred tax assets 223,009 58,426 Less valuation allowance (133,192 ) (42,158 ) Net deferred tax assets $ 89,817 $ 16,268 Deferred tax liabilities: Leaseholds 13,681 15,366 Cancellation of debt 75,632 — Other 504 805 Total deferred tax liabilities $ 89,817 $ 16,171 Net deferred tax assets (A) $ — $ 97 (A) Recorded in receivables and other assets on the Consolidated Balance Sheets. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Drive Shack Inc. recorded a valuation allowance against its deferred tax assets as of December 31, 2016 as management does not believe that it is more likely than not that the deferred tax assets will be realized. The following table summarizes the change in the deferred tax asset valuation allowance: Valuation allowance at December 31, 2015 $ 42,158 Increase due to tax status change 77,342 Current year income 13,692 Valuation allowance at December 31, 2016 $ 133,192

IMPAIRMENT (REVERSAL)

IMPAIRMENT (REVERSAL)	12 Months Ended
	Dec. 31, 2016
Other than Temporary Impairment Losses, Investments [Abstract]
IMPAIRMENT (REVERSAL)	IMPAIRMENT (REVERSAL) The following table summarizes the amounts Drive Shack Inc. recorded in the Consolidated Statements of Operations: Year Ended December 31, 2016 2015 2014 Traditional golf properties (A) $ 6,232 $ — $ — Debt and equity securities 110 2,355 — Valuation allowance (reversal) on loans (B) 4,039 9,541 (2,419 ) Total impairment (reversal) $ 10,381 $ 11,896 $ (2,419 ) (A) Held for Use Impairment: As of December 31, 2016, the Company evaluated the recoverability of the carrying value of its golf properties in Oregon and California using an undiscounted cash flow model. Based on the analysis, it was determined that due primarily to a reduction in management’s intended hold period, the Company would not recover the carrying value of these properties located in our Traditional Golf segment. Accordingly, the Company recorded an impairment charge of $2.7 million at December 31, 2016 reducing the aggregate carrying values of these properties from $4.1 million to their estimated fair values of $1.4 million . The Company determined these impairments based on determination of fair value using internal cash flow models and sales data gathered from market participants. As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value this real estate investments falls within Level 3 for fair value reporting. See Note 7 for additional information. Held for Sale Impairment: On December 2, 2016, the Company entered into a letter of intent to sell a golf property located in New Jersey. As of December 31, 2016, the Company classified the property as held for sale in accordance with applicable accounting standards for long lived assets. The carrying value of the property exceeded the fair value less anticipated costs to sell. As a result, the Company recognized an impairment loss totaling approximately $3.6 million as of December 31, 2016. The fair value measurement was based on the pricing in the letter of intent and determined that the significant inputs used to value this real estate investment falls within Level 3 for fair value reporting. See Note 2 and Note 7 for additional information. (B) See Note 6 for additional information.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS These financial statements include a discussion of material events which have occurred subsequent to December 31, 2016 through the issuance of these Consolidated Financial Statements. On January 3, 2017, Drive Shack Inc. issued an aggregate of 18,074 shares of its common stock to its independent directors as a component of their annual compensation. On February 27, 2017, Drive Shack Inc. declared dividends of $0.609375 , $0.503125 , and $0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375% Series D preferred stock, respectively, for the period beginning February 1, 2017 and ending April 30, 2017. Dividends totaling $1.4 million will be paid on April 28, 2017 to shareholders of record on March 10, 2017.

SUMMARY OF QUARTERLY CONSOLIDAT

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)	SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) 2016 Quarter Ended Year Ended March 31 (A) June 30 (A) September 30 (A) December 31 (B) December 31 Total revenues $ 62,158 $ 84,484 $ 83,162 $ 69,076 $ 298,880 Total operating costs 78,774 89,706 82,382 87,192 338,054 Operating income (loss) (16,616 ) (5,222 ) 780 (18,116 ) (39,174 ) Total other income (expenses) 89,955 8,518 19,677 (1,451 ) 116,699 Income tax expense (benefit) 44 138 (38 ) 45 189 Income (loss) from continuing operations 73,295 3,158 20,495 (19,612 ) 77,336 Income from discontinued operations — — — — — Preferred dividends (1,395 ) (1,395 ) (1,395 ) (1,395 ) (5,580 ) Net loss (income) attributable to noncontrolling interest 124 (112 ) (177 ) (92 ) (257 ) Income (loss) applicable to common stockholders $ 72,024 $ 1,651 $ 18,923 $ (21,099 ) $ 71,499 Income (loss) applicable to common stock, per share Basic $ 1.08 $ 0.02 $ 0.28 $ (0.32 ) $ 1.07 Diluted $ 1.05 $ 0.02 $ 0.27 $ (0.32 ) $ 1.04 Income from discontinued operations per share of common stock Basic $ — $ — $ — $ — $ — Diluted $ — $ — $ — $ — $ — Weighted average number of shares of common stock outstanding Basic 66,654,598 66,681,248 66,730,583 66,772,360 66,709,925 Diluted 68,284,898 68,899,515 69,072,676 66,772,360 68,788,440 2015 Quarter Ended Year Ended March 31 (A) (B) June 30 (A) September 30 (A) December 31 (B) December 31 Total revenues $ 60,826 $ 82,803 $ 82,864 $ 69,363 $ 295,856 Total operating costs 72,639 66,020 97,539 81,899 318,097 Operating income (loss) (11,813 ) 16,783 (14,675 ) (12,536 ) (22,241 ) Total other income (expenses) 10,866 1,085 23,832 7,711 43,494 Income tax expense 46 27 1,257 (985 ) 345 Income (loss) from continuing operations (993 ) 17,841 7,900 (3,840 ) 20,908 Income (loss) from discontinued operations 115 524 7 — 646 Preferred dividends (1,395 ) (1,395 ) (1,395 ) (1,395 ) (5,580 ) Net income attributable to noncontrolling interest 181 49 (13 ) 76 293 Income (loss) applicable to common stockholders $ (2,092 ) $ 17,019 $ 6,499 $ (5,159 ) $ 16,267 Income (loss) applicable to common stock, per share Basic $ (0.03 ) $ 0.26 $ 0.10 $ (0.08 ) $ 0.24 Diluted $ (0.03 ) $ 0.25 $ 0.09 $ (0.08 ) $ 0.24 Income (loss) from discontinued operations per share of common stock Basic $ — $ 0.01 $ — $ — $ 0.01 Diluted $ — $ 0.01 $ — $ — $ 0.01 Weighted average number of shares of common stock outstanding Basic 66,424,508 66,426,980 66,484,962 66,579,072 66,479,321 Diluted 66,424,508 69,204,717 69,069,659 66,579,072 68,647,915 (A) The Income Applicable to Common Stockholders shown agrees with Drive Shack Inc.’s quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the transformation to a leisure and entertainment business (Note 2), operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 3). (B) The options outstanding are excluded from the diluted share calculation as their effect would have been anti-dilutive.

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting — The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP’’). The Consolidated Financial Statements include the accounts of Drive Shack Inc. and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. The Company consolidates those entities in which it has an investment of 50% or more and has control over significant operating, financial and investing decisions of the entity as well as those entities deemed to be variable interest entities (“VIEs”) in which Drive Shack Inc. is determined to be the primary beneficiary. For entities over which Drive Shack Inc. exercises significant influence, but which do not meet the requirements for consolidation, Drive Shack Inc. uses the equity method of accounting whereby it records its share of the underlying income of such entities. Noncontrolling interest represents the equity interest in certain consolidated subsidiaries not owned by Drive Shack Inc. This is related to our Traditional Golf business, a portion of which Drive Shack Inc. does not own. In October 2016, Drive Shack Inc. exited certain golf properties in which the Company had a noncontrolling interest. The noncontrolling interest associated with the remaining golf property has a carrying value of zero . See Note 12 for additional information.
Prior Period Reclassifications	Prior Period Reclassifications — Certain prior period amounts have been reclassified to conform to the current period’s presentation. In connection with the Company’s continued transformation from a financial services company to a leisure and entertainment company, including the announcement of the new management team in September 2016, the revocation of its REIT election effective January 1, 2017, as well as the monetization and planned exit of our real estate related debt positions, the Company’s Consolidated Statements of Operations have been changed to reflect an operating company presentation. We have reclassified driving range revenue, including the monthly membership program offered at most of our public properties (“The Players Club’’) and miscellaneous revenue associated with operations from “Other revenue” to “Golf course operations”. We have reclassified expenses associated with the cost of merchandise sold from “Cost of sales - golf” to “Operating expenses.” We have added “Loan and security servicing expense” to “General and administrative expense.” The gains and losses associated with derivative instruments have been reclassified from “Other income (loss), net” to “Realized/unrealized (gain) loss on investments” to include balances as part of our operating income (loss). We have also reclassified other-than- temporary impairment related to our equity method investments from “Impairment” to “Other income” to align with our reporting of equity in earnings (losses) of equity method investees, net. The Company did not make changes to its Consolidated Balance Sheets given the carrying value of the real estate related investments, including agency FNMA/FHLMC securities, held by the Company still represents a significant amount on the Company's Consolidated Balance Sheets at December 31, 2016.
Risks and Uncertainties	Risks and Uncertainties — We plan to develop and construct our Entertainment Golf business through long term land leases, land acquisition and redevelopment of existing golf courses. Developing new entertainment golf venues requires a significant amount of time and resources and poses a number of risks. Construction of new venues may result in cost overruns, delays or unanticipated expenses related to zoning or tax laws. We face competition for potential venue locations. Desirable venues may be unavailable or expensive, and the markets in which new venues are located may deteriorate over time. Additionally, the market potential of venues cannot be precisely determined, and our venues may face competition in new markets from unexpected sources. Constructed venues may not perform up to our expectations. For additional information, see Part I, Item 1A. “Risk Factors - Risk Related to Our Business.”
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Comprehensive Income	Comprehensive Income — Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For Drive Shack Inc.’s purposes, comprehensive income represents primarily net income, as presented in the Consolidated Statements of Operations, adjusted for unrealized gains or losses on securities available for sale for which we do not have the intent to sell and derivatives designated as cash flow hedges. Unrealized losses on securities with the intent to sell have been reclassified from other comprehensive income into income on the Consolidated Statements of Operations.
Golf Course Operations	REVENUE RECOGNITION Golf Course Operations — Revenue from green fees, cart rentals, merchandise sales and other operating activities (consisting primarily of range income, banquets, and club amenities) are generally recognized at the time of sale, when services are rendered and collection is reasonably assured. Revenue from membership dues is recognized in the month earned. Membership dues received in advance are included in deferred revenues and recognized as revenue ratably over the appropriate period, which is generally twelve months or less. The membership dues are generally structured to cover the club operating costs and membership services. Private country club members generally pay an advance initiation fee deposit upon their acceptance as a member to the respective country club. Initiation fee deposits are refundable 30 years after the date of acceptance as a member. The difference between the initiation fee deposit paid by the member and the present value of the refund obligation is deferred and recognized into revenue in the Consolidated Statements of Operations on a straight-line basis over the expected life of an active membership, which is estimated to be seven years . The present value of the refund obligation is recorded as a membership deposit liability in the Consolidated Balance Sheets and accretes over a 30 -year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the Consolidated Statements of Operations.
Revenue Recognition - Real Estate Securities and Loans Receivable	Real Estate Securities and Loans Receivable — Drive Shack Inc. invests in securities, including real estate related asset backed securities and FNMA/FHLMC securities. Income on these securities is recognized using a level yield methodology based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. For securities that are not acquired at a discount for credit quality, these assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults). For securities acquired at a discount for credit quality and with respect to which management has determined at acquisition that it is probable that all contractually required principal and interest payments will not be collected, these assumptions also include expected losses. For these securities, Drive Shack Inc. recognizes the excess of all expected cash flows over the investment in the securities, referred to as accretable yield, as interest income on a loss-adjusted yield basis. The loss adjusted yield is determined based on an evaluation of the credit status of securities, as described in connection with the analysis of impairment. The excess of total contractual cash flows over the cash flows expected to be collected is referred to as the nonaccretable difference and is not recognized as income. The assumptions that impact income recognition are updated on at least a quarterly basis if applicable to reflect changes related to a particular security, actual historical data, and market changes. These uncertainties and contingencies are difficult to predict and are subject to future events, and economic and market conditions, which may alter the assumptions. Drive Shack Inc. no longer invests in commercial mortgage backed securities but still invests in residential mortgage backed securities as of December 31, 2016. Drive Shack Inc. also invests in loans, including real estate related loans, residential mortgage loans and subprime mortgage loans. The Company determines at acquisition whether loans will be aggregated into pools based on common risk characteristics (credit quality, loan type, and date of origination or acquisition); loans aggregated into pools are accounted for as if each pool were a single loan. The loans are evaluated at acquisition for evidence of credit quality deterioration. Interest income on performing loans is accrued and recognized as interest income at the contractual rate of interest. Loans for which it is determined that it is probable that all contractually required principal and interest payments at acquisition will not be collected are categorized as loans acquired at a discount for credit quality. Loans receivable are presented in the Consolidated Balance Sheets net of any unamortized discount (or gross of any unamortized premium) and an allowance for loan losses. Discounts or premiums are accreted into interest income on an effective yield or “interest” method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the security or loan. Depending on the nature of the investment, changes to expected cash flows may result in a prospective change to yield or a retrospective change which would include a catch up adjustment. For loans acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted (non-accretable difference) and is not recognized as income. Probable increases in expected cash flows would first reverse any previously recorded allowance for loan losses with any remaining increases recognized prospectively as a yield adjustment over the remaining expected life of the loan. Drive Shack Inc. discontinues the accretion of discounts and amortization of premium on loans if they are reclassified from held-for-investment to held-for-sale. Interest income with respect to non-discounted securities or loans is recognized on an accrual basis. Deferred fees and costs, if any, are recognized as a reduction to the interest income over the terms of the securities or loans using the interest method. Upon settlement of securities and loans, the excess (or deficiency) of net proceeds over the net carrying value of such security or loan is recognized as a gain (or loss) in the period of settlement.
Impairment Of Securities and Loans	Impairment of Securities and Loans — Drive Shack Inc. continually evaluates securities and loans for impairment. Securities and loans are considered to be other-than-temporarily impaired, for financial reporting purposes, generally when it is probable that Drive Shack Inc. will be unable to collect all principal or interest when due according to the contractual terms of the original agreements, or, for securities or loans purchased at a discount for credit quality, whenever there has been a probable adverse change in the timing or amounts of expected cash flows, or that represent retained beneficial interests in securitizations, when Drive Shack Inc. determines that it is probable that it will be unable to collect as anticipated. The evaluation of a security’s estimated cash flows includes the following, as applicable: (i) review of the credit of the issuer or the borrower, (ii) review of the credit rating of the security, (iii) review of the key terms of the security or loan, (iv) review of the performance of the loan or underlying loans, including debt service coverage and loan to value ratios, (v) analysis of the value of the collateral for the loan or underlying loans, (vi) analysis of the effect of local, industry and broader economic factors, and (vii) analysis of historical and anticipated trends in defaults and loss severities for similar securities or loans. Furthermore, the Company must have the intent and ability to hold loans whose fair value is below carrying value until such fair value recovers, or until maturity, or else a write-down to fair value must be recorded. Similarly for securities, the Company must record a write-down if it has the intent to sell a given security in an unrealized loss position, or if it is more likely than not that it will be required to sell such a security. For certain securities which represent beneficial interests in securitized financial assets and non-Agency RMBS acquired with evidence of deteriorated credit quality for which it was deemed probable, at acquisition, that we would be unable to collect all contractually required payments as they come due, an other-than-temporary impairment also will be deemed to have occurred whenever there is a probable adverse change in the timing or amounts of previously projected estimated cash flows. Upon determination of impairment, Drive Shack Inc. establishes specific valuation allowances for loans or records a direct write-down for securities based on the estimated fair value of the security or underlying collateral using a discounted cash flow analysis or based on an observable market value. It is the Company’s policy to establish an allowance for uncollectible interest on performing securities or loans that are past due more than 90 days or sooner when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. Upon such a determination, those loans are deemed to be non-performing and put on nonaccrual status. Actual losses may differ from the Company’s estimates. Drive Shack Inc. may resume accrual of income on a security or loan if, in management’s opinion, full collection is probable. Subsequent to a determination of impairment on securities, and a related write-down, income is accrued on an effective yield method from the new carrying value to the related expected cash flows, with cash received treated as a reduction of basis. Additionally, Drive Shack Inc. charges off the loan allowance when it determines the corresponding loans to be uncollectable.
Interest Expense	Interest Expense — Drive Shack Inc. finances its Debt Investments and Traditional Golf using both fixed and floating rate debt, including securitizations, mortgage loans, repurchase agreements, and other financing vehicles. Certain of this debt has been issued at a discount. Discounts are accreted into interest expense on the effective yield or interest method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the financing. See Note 11 for additional information.
Operating Expenses	Operating Expenses — Operating expenses for Traditional Golf consist primarily of payroll, equipment and cart leases, utilities, repairs and maintenance, supplies, seed, soil and fertilizer, marketing and operating lease rent expense. Many of the Traditional Golf properties and related facilities are leased under long-term operating leases. In addition to minimum payments, certain leases require payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments. The leases generally require the payment of taxes assessed against the leased property and the cost of insurance and maintenance. The majority of lease terms range from 10 to 20 years, and typically, the leases contain renewal options. Certain leases include scheduled increases or decreases in minimum rental payments at various times during the term of the lease. These scheduled rent increases or decreases are recognized on a straight-line basis over the term of the lease. Increases result in an accrual, which is included in accounts payable, accrued expenses and other liabilities, and decreases result in a receivable, which is included in receivables and other assets, for the amount by which the cumulative straight-line rent differs from the contractual cash rent.
Deferred Costs	Deferred Costs — Deferred costs consist primarily of costs incurred in obtaining financing which are amortized into interest expense over the term of such financing using either the straight-line basis or the interest method. Deferred financing costs are presented as a direct deduction from the carrying amount of the related debt liability.
Derivatives and Hedging Activities	Derivative Assets – All derivative assets on the balance sheet are measured at fair value. Derivatives and Hedging Activities — All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value. Drive Shack Inc. reports the fair value of derivative instruments gross of cash paid or received pursuant to credit support agreements and fair value is reflected on a net counterparty basis when Drive Shack Inc. believes a legal right of offset exists under an enforceable netting agreement. Fair value adjustments affect either equity or net income depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. For those derivative instruments that are designated and qualify as hedging instruments, Drive Shack Inc. designates the hedging instrument, based upon the exposure being hedged, as a cash flow hedge or a fair value hedge. Derivative transactions are entered into by Drive Shack Inc. solely for risk management purposes in the ordinary course of business. In determining whether to hedge a risk, Drive Shack Inc. may consider whether other assets, liabilities, firm commitments and anticipated transactions already offset or reduce the risk. All transactions undertaken as hedges are entered into with a view towards minimizing the potential for economic losses that could be incurred by Drive Shack Inc. As of December 31, 2016 , the Company has no derivative instruments that qualify and are designated as hedging instruments, but has one interest rate cap with a fair value of $0.5 million which is not designated as a hedge. Drive Shack Inc. transacts in the To Be Announced mortgage backed securities (“TBA”) market. TBA contracts are forward contracts to purchase mortgage-backed securities that will be issued by a U.S. government sponsored enterprise in the future. Drive Shack Inc. primarily engages in TBA transactions for purposes of managing interest rate risk and market risk associated with our Agency residential mortgage backed securities (“RMBS”) investments for which we have exposure to interest rate and market risk volatility. Drive Shack Inc. typically does not take delivery of TBAs, but rather settles the associated receivable and payable with its trading counterparties on a net basis. As part of its TBA activities, Drive Shack Inc. may “roll” its TBA positions, whereby it may sell (buy) securities for delivery (receipt) in an earlier month and simultaneously contract to repurchase (sell) similar securities at an agreed-upon price on a fixed date in a later month. Drive Shack Inc. accounts for its TBA transactions as non-hedge instruments, with changes in market value recorded in the Statement of Operations. As of December 31, 2016 , the Company held 3 short TBA contracts totaling $619.5 million in notional amount of Agency RMBS. As of December 31, 2016 and 2015 , The Company funded approximately zero and $1.0 million , respectively, for margin calls related to TBA contracts. Drive Shack Inc.’s derivative financial instruments contain credit risk to the extent that its bank counterparties may be unable to meet the terms of the agreements. Drive Shack Inc. seeks to reduce such risk by limiting its counterparties to major financial institutions. In addition, the potential risk of loss with any one party resulting from this type of credit risk is monitored. Management does not expect any material losses as a result of default by other parties.
Management Fees to Affiliate	Management Fees to Affiliate — These represent amounts due to the Manager pursuant to the Management Agreement.
Acquisition Accounting	Acquisition Accounting — Drive Shack Inc. has determined that all of its acquisitions should be accounted for under the acquisition method. The accounting for acquisitions requires the identification and measurement of all acquired tangible and intangible assets and assumed liabilities at their respective fair values, as of the respective transaction dates. The determination of the fair value of net assets acquired involves significant judgment and estimates, such as Drive Shack Inc.'s estimates of future cash flows based on a number of factors including known and anticipated trends, as well as market and economic conditions. In measuring the fair value of tangible and identified intangible assets acquired and liabilities assumed, management uses information obtained as a result of pre-acquisition due diligence, marketing, leasing activities and independent appraisals. In the case of buildings, the fair value of the tangible assets acquired is determined by valuing the property as if it were vacant. Significant estimates impacting the measurement at fair value of real property includes qualitative selection of comparable market transactions as well as the assessment of the relative quality and condition of the acquired properties.
Investments in Real Estate, Net	Investments in Real Estate, Net — Real estate and related improvements are recorded at cost less accumulated depreciation. Costs that both materially add value to an asset and extend the useful life of an asset by more than a year are capitalized. With respect to golf course improvements (included in buildings and improvements), costs associated with original construction, significant replacements, permanent landscaping, sand traps, fairways, tee boxes or greens are capitalized. All other asset-related costs that do not meet these criteria, such as minor repairs and routine maintenance, are expensed as incurred. Long-lived assets to be disposed of by sale, which meet certain criteria, are reclassified to real estate held-for-sale and measured at the lower of their carrying amount or fair value less costs of sale. A disposal of a component of an entity or a group of components of an entity are reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on Drive Shack Inc.’s operations and financial results. Discontinued operations are retroactively reclassified to income (loss) from discontinued operations for all periods presented. Traditional Golf leases certain golf carts and other equipment that are classified as capital leases. The value of capital leases is recorded as an asset on the balance sheet, along with a liability related to the associated payments. Depreciation of capital lease assets is calculated using the straight-line method over the shorter of the estimated useful lives and the expected lease terms. The cost of equipment under capital leases is included in investments in real estate in the Consolidated Balance Sheets. Payments under the leases are treated as reductions of the liability, with a portion being recorded as interest expense under the effective interest method. 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
Intangibles	Intangibles — Intangible assets and liabilities relating to Traditional Golf consist primarily of leasehold advantages (disadvantages), management contracts and membership base. A leasehold advantage (disadvantage) exists to Drive Shack Inc. when it pays a contracted rent that is below (above) market rents at the date of the transaction. The value of a leasehold advantage (disadvantage) is calculated based on the differential between market and contracted rent, which is tax effected and discounted to present value based on an after-tax discount rate corresponding to each golf property, and is amortized over the term of the underlying lease agreement. The management contract intangible represents Drive Shack Inc.’s golf course management contracts for both leased and managed properties. The management contract intangible for leased and managed properties is valued utilizing a discounted cash flow methodology under the income approach and is amortized over the term of the underlying lease or management agreements, respectively. The membership base intangible represents Drive Shack Inc.’s relationship with its private country club members. The membership base intangible is valued using the multi-period excess earnings method under the income approach, and is amortized over the expected life of an active membership. Amortization of leasehold intangible assets and liabilities is included within operating expenses and amortization of all other intangible assets is included within depreciation and amortization in the Consolidated Statements of Operations. 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
Impairment of Real Estate and Finite-lived Intangible Assets	Impairment of Real Estate and Finite-lived Intangible Assets — Drive Shack Inc. periodically reviews the carrying amounts of its long-lived assets, including real estate and finite-lived intangible assets, to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. The assessment of recoverability is based on management’s estimates by comparing the sum of the estimated undiscounted cash flows generated by the underlying asset, or other appropriate grouping of assets, to its carrying value to determine whether an impairment existed at its lowest level of identifiable cash flows. If the carrying amount of the asset is greater than the expected undiscounted cash flows to be generated by such asset, an impairment is recognized to the extent the carrying value of such asset exceeds its fair value. Drive Shack Inc. generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell.
Membership Deposit Liabilities	Membership Deposit Liabilities — Private country club members generally pay an advance initiation fee deposit upon their acceptance as a member to the respective country club. Initiation fee deposits are refundable 30 years after the date of acceptance as a member. The difference between the initiation fee deposit paid by the member and the present value of the refund obligation is deferred and recognized into golf course operations revenue in the Consolidated Statements of Operations on a straight-line basis over the expected life of an active membership, which is estimated to be seven years. The present value of the refund obligation is recorded as a membership deposit liability in the Consolidated Balance Sheets and accretes over a 30 -year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the Consolidated Statements of Operations.
Investment in Real Estate Securities	Investment in Real Estate Securities — Drive Shack Inc. has classified its investments in securities as available-for-sale. Securities available-for-sale are carried at market value with the net unrealized gains or losses reported as a separate component of accumulated other comprehensive income, to the extent impairment losses are considered temporary. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investments and is included in earnings. Unrealized losses on securities are charged to earnings if there is an intent to sell or if they reflect a decline in value that is other-than-temporary, as described above.
Loans Held-for-Sale	Residential Mortgage Loans Held-for-Sale, net - Loans held-for-sale are marked to the lower of carrying value or fair value. Loans Held-for-Sale — Loans held-for-sale are recorded net of any unamortized discount (or gross of any unamortized premiums), including any fees received and are measured at the lower of cost or fair value. Purchase price discounts or premiums are deferred in a contra loan account until the related loans is sold. The deferred discounts or premiums are an adjustment to the basis of the loan and are included in the quarterly determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale.
Other Investment	Other Investment — Drive Shack Inc. owns a 23% economic interest in a limited liability company which owns preferred equity secured by a commercial real estate project. Drive Shack Inc. accounts for this investment as an equity method investment. As of December 31, 2016 and 2015 , the carrying value of this investment was $19.3 million and $20.6 million , respectively. Drive Shack Inc. evaluates its equity method investment for other than temporary impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. The evaluation of recoverability is based on management’s assessment of the financial condition and near term prospects of the commercial real estate project, the length of time and the extent to which the market value of the investment has been less than cost, availability and cost of financing, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its recoverability analyses may not be realized, and actual losses or impairment may be realized in the future.
Investment in CDO Servicing Rights	Investments in CDO Servicing Rights — In February 2011, Drive Shack Inc., through one of its subsidiaries, purchased the management rights with respect to certain C-BASS Investment Management LLC (“C-BASS”) CDOs for $2.2 million pursuant to a bankruptcy proceeding. Drive Shack Inc. initially recorded the cost of acquiring the collateral management rights as a servicing asset and subsequently amortizes this asset in proportion to, and over the period of, estimated net servicing income. Servicing assets are assessed for impairment on a quarterly basis, with impairment recognized as a valuation allowance. Key economic assumptions used in measuring any potential impairment of the servicing assets include the prepayment speeds of the underlying collateral, default rates, loss severities and discount rates.
Variable Interest Entities	Variable Interest Entities (“VIEs”) — VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Drive Shack Inc.’s subprime securitizations (see Note 6), CDO V, and CDO VI are considered VIEs, but Drive Shack Inc. does not control the decisions that most significantly impact their economic performance and no longer receives a significant portion of their returns.
Repurchase Agreements	Repurchase Agreements — Securities sold under repurchase agreements are treated as collateralized financing transactions. Securities financed through a repurchase agreement remain on the Consolidated Balance Sheets as an asset and cash received from the purchaser is recorded on the Consolidated Balance Sheets as a liability. Interest paid in accordance with repurchase agreements is recorded as interest expense in the Consolidated Statements of Operations.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash — Drive Shack Inc. considers all highly liquid short-term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed insured limits.
Accounts Receivable, Net	Accounts Receivable, Net – Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts. The allowance for doubtful accounts is based upon several factors including the length of time the receivables are past due, historical payment trends and current economic factors. Collateral is generally not required.
Inventory	Inventory – Inventory is valued at the lower of cost or market. Cost is determined on the first-in, first-out (“FIFO”) method. Inventories in Traditional Golf consist primarily of food, beverages and merchandise for sale.
Accounts Payable, Accrued Expenses and Other Liabilities	Accounts Payable and Accrued Expenses – Accounts payable reflect expenses related to goods and services received that have not yet been paid and accrued expenses reflect invoices that have not yet been received. Deferred Revenue – Payments received in advance of the performance of services are recorded as deferred revenue until the services are performed. Security Deposits Payable – Security deposits payable relate to deposits received for events at traditional golf properties. Unfavorable Leasehold Interests – Unfavorable leasehold interests relates to leases acquired as part of Traditional Golf where the terms of the leasehold contracts are less favorable than the estimated market terms of the leases at the acquisition date. Derivative Liabilities – All derivative liabilities on the balance sheet are measured at fair value. Accrued Rent – Traditional golf properties pay rent on certain leased properties in arrears and scheduled rent increases are recognized on a straight-line basis over the term of the lease, resulting in an accrual. Due to Affiliates – Represents amounts due to the Manager pursuant to the Management Agreement.
Options	Options — The fair value of the options issued as compensation to the Manager for its successful efforts in raising capital for Drive Shack Inc. was recorded as an increase in equity with an offsetting reduction of capital proceeds received. Options granted to Drive Shack Inc.’s directors were accounted for using the fair value method.
Income Taxes	Income Taxes – Drive Shack Inc. recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in the Consolidated Statements of Operations. On February 23, 2017, the Company revoked its election to be treated as a REIT effective January 1, 2017. The Company operated in a manner intended to qualify as a REIT for federal income tax purposes through December 31, 2016. The Company recognized in its financial statements the effects of its change in REIT status since the Company completed all significant actions necessary to revoke its election as of December 31, 2016. The change in tax status has had no effect on the Company’s Consolidated Financial Statements as the corresponding net deferred tax asset created as a result of the tax status change has been fully offset with a valuation allowance.
Recent Accounting Pronouncements	Recent Accounting Pronouncements — In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (Topic 606) . The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August 2015, the FASB issued ASU 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which defers the effective date by one year. The standard will be effective for annual and interim periods beginning after December 15, 2017; however, all entities are allowed to adopt the standard as early as the original effective date (annual periods beginning after December 15, 2016). Entities have the option of using either a full retrospective or a modified approach to adopt the guidance. In March 2016, the FASB issued ASU 2016-08 Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations which clarifies how an entity should identify the unit of accounting for the principal versus agent evaluation and how to apply the control principle to certain types of arrangements. In April 2016, the FASB issued ASU 2016-10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which clarifies when a promised good or service is separately identifiable. In May 2016, the FASB issued ASU 2016-12 Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients which amends the new revenue recognition guidance on transition, collectability, noncash consideration and the presentation of sales and other similar taxes. In December 2016, the FASB issued ASU 2016-20 Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers which amends the new revenue recognition guidance on performance obligations and 12 additional technical corrections and improvements. During 2016, the Company began evaluating potential impacts of adopting this standard, and is in the process of reviewing customer contracts and revenue streams, identifying contractual provisions that may result in a change in the timing or the amount of revenue recognized. The Company expects to adopt the requirements of the new standard in the first quarter of 2018, and anticipates using the modified retrospective transition method. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The standard amends the consolidation considerations when evaluating certain limited partnerships, variable interest entities and investment funds. The Company adopted this guidance in the first quarter of 2016. In January 2016, the FASB issued ASU 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The standard addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) . The standard requires lessees to recognize most leases on the balance sheet and addresses certain aspects of lessor accounting. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 and early adoption is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, with an option to use certain relief. The Company is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13 Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The standard changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. For available-for-sale debt securities, entities will be required to record allowances rather than reduce the carrying amount under the other-than-temporary impairment model. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 and early adoption is permitted for annual periods beginning after December 15, 2018. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15 Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. The standard provides specific guidance over eight identified cash flow issues in order to reduce diversity in practice over the presentation and classification of certain types of cash receipts and cash payments. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 and early adoption is permitted. Entities should apply the standard using a retrospective transition method to each period presented. The Company is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements. In November 2016, the FASB issued ASU 2016-18 Statement of Cash Flows (Topic 230), Restricted Cash. The standard requires entities to show the changes in the total of cash, cash equivalents and restricted cash in the statement of cash flows and provide a reconciliation to the related line items in the balance sheet. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 and early adoption is permitted. Entities will be required to apply the guidance retrospectively when adopted and provide the relevant disclosures in ASC 250, in the first interim and annual periods in which the guidance is adopted. The Company is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements. The FASB has recently issued or discussed a number of proposed standards on such topics as financial statement presentation, financial instruments and hedging. Some of the proposed changes are significant and could have a material impact on the Company’s reporting. The Company has not yet fully evaluated the potential impact of these proposals, but will make such an evaluation as the standards are finalized.
Fair Value Measurements	All of the inputs used have some degree of market observability, based on Drive Shack Inc.’s knowledge of the market, relationships with market participants, and use of common market data sources. Collateral prepayment, default and loss severity projections are in the form of “curves” or “vectors” that vary for each monthly collateral cash flow projection. Methods used to develop these projections vary by asset class (e.g., CMBS projections are developed differently than home equity ABS projections) but conform to industry conventions. Drive Shack Inc. uses assumptions that generate its best estimate of future cash flows of each respective security. The prepayment speed vector specifies the percentage of the collateral balance that is expected to voluntarily pay off at each point in the future. The prepayment speed vector is based on projections from a widely published investment bank model, which considers factors such as collateral FICO score, loan-to-value ratio, debt-to-income ratio, and vintage on a loan level basis. This vector is scaled up or down to match recent collateral-specific prepayment experience, as obtained from remittance reports and market data services. Loss severities are based on recent collateral-specific experience with additional consideration given to collateral characteristics. Collateral age is taken into consideration because severities tend to initially increase with collateral age before eventually stabilizing. Drive Shack Inc. typically uses projected severities that are higher than the historic experience for collateral that is relatively new to account for this effect. Collateral characteristics such as loan size, lien position, and location (state) also affect loss severity. Drive Shack Inc. considers whether a collateral pool has experienced a significant change in its composition with respect to these factors when assigning severity projections. Default rates are determined from the current “pipeline” of loans that are more than 90 days delinquent, in foreclosure, or are REO. These significantly delinquent loans determine the first 24 months of the default vector. Beyond month 24, the cumulative default vector transitions to a steady-state value that is generally equal to or greater than that given by the widely published investment bank model. The discount rates Drive Shack Inc. uses are derived from a range of observable pricing on securities backed by similar collateral and offered in a live market. As the markets in which Drive Shack Inc. transacts have become less liquid, Drive Shack Inc. has had to rely on fewer data points in this analysis. Non Recurring Fair Value Measurements - Loans Loans which Drive Shack Inc. does not have the ability or intent to hold into the foreseeable future are classified as held-for-sale. Held-for-sale loans are carried at the lower of amortized cost or fair value and are therefore recorded at fair value on a non-recurring basis. These loans were written down to fair value at the time of the impairment, based on broker quotations, pricing service quotations or internal pricing models. All the loans were within Level 3 of the fair value hierarchy. For real estate related and other loans, the most significant inputs used in the valuations are the amount and timing of expected future cash flows, market yields and the estimated collateral value of such loan investments. Fair Value Measurements Valuation Hierarchy The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Drive Shack Inc. follows this hierarchy for its financial instruments measured at fair value. Level 1 - Quoted prices in active markets for identical instruments. Level 2 - Valuations based principally on observable market parameters, including: • quoted prices for similar assets and liabilities in active markets, • inputs other than quoted prices that are observable for the asset or liability (such as interest rates and yield curves observable at commonly quoted intervals, implied volatilities and credit spreads), and • market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 - Valuations determined using unobservable inputs that are supported by little or no market activity, and that are significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using non-binding market quotations, pricing models, discounted cash flow methodologies, or similar techniques where significant inputs are unobservable, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Fair value may be based upon broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications or management's good faith estimate, and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. A significant portion of Drive Shack Inc.’s loans, securities and debt obligations are currently not traded in active markets and therefore have little or no price transparency. As a result, Drive Shack Inc. has estimated the fair value of these illiquid instruments based on internal pricing models or quotations subject to Drive Shack Inc.'s controls described below. Drive Shack Inc. has various processes and controls in place to ensure that fair value measurements are reasonably estimated. With respect to broker and pricing service quotations, and in order to ensure these quotes represent a reasonable estimate of fair value, Drive Shack Inc.’s quarterly procedures include a comparison of such quotations to quotations from different sources, outputs generated from its internal pricing models and transactions completed, as well as on its knowledge and experience of these markets. With respect to fair value estimates generated based on Drive Shack Inc.’s internal pricing models, Drive Shack Inc.’s management validates the inputs and outputs of the internal pricing models by comparing them to available independent third party market parameters and models, where available, for reasonableness. Drive Shack Inc. believes its valuation methods and the assumptions used are appropriate and consistent with other market participants. Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value and such changes could result in a significant increase or decrease in the fair value. For Drive Shack Inc.’s investments in real estate securities, real estate related and other loans and residential mortgage loans categorized within Level 3 of the fair value hierarchy, the significant unobservable inputs include the discount rates, assumptions relating to prepayments, default rates and loss severities. Significant increases (decreases) in any of the discount rates, default rates or loss severities in isolation would result in a significantly lower (higher) fair value measurement. The impact of changes in prepayment speeds would have differing impacts on fair value, depending on the seniority of the investment. Generally, a change in the default assumption is accompanied by directionally similar changes in the assumptions used for the loss severity and the prepayment speed. Liabilities for Which Fair Value is Only Disclosed The following table summarizes the level of the fair value hierarchy, valuation techniques and inputs used for estimating each class of liabilities not measured at fair value in the statement of financial position but for which fair value is disclosed: Type of Liabilities Not Measured At Fair Value for Which Fair Value Is Disclosed Fair Value Hierarchy Valuation Techniques and Significant Inputs Repurchase agreements Level 2 Valuation technique is based on market comparables. Significant variables include: • Amount and timing of expected future cash flows • Interest rates • Collateral funding spreads Golf credit facilities Level 3 Valuation technique is based on discounted cash flows. Significant inputs include: • Amount and timing of expected future cash flows • Interest rates • Market yields Junior subordinated notes payable Level 3 Valuation technique is based on discounted cash flows. Significant inputs include: • Amount and timing of expected future cash flows • Interest rates • Market yields and the credit spread of Drive Shack Inc.
Earnings Per Share	Basic EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period. Due to rounding, income per share from continuing operations and income per share from discontinued operations may not sum to the income per share of common stock. Drive Shack Inc.’s common stock equivalents are its options.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Schedule of accumulated other comprehensive income	The following table summarizes Drive Shack Inc.’s accumulated other comprehensive income: December 31, 2016 2015 Net unrealized gain on securities $ 1,168 $ 33,277 Net unrealized gain (loss) on derivatives designated as cash flow hedges — 20 Accumulated other comprehensive income $ 1,168 $ 33,297
Schedule of realized/unrealized (gain) loss on investments and other income (loss), net	Realized/Unrealized (Gain) Loss on Investments and Other Income (Loss), Net — These items are comprised of the following: Year Ended December 31, 2016 2015 2014 (Gain) on settlement of real estate securities $ (19,129 ) $ (42,356 ) $ (23,679 ) Loss on settlement of real estate securities 16,178 9,850 — Unrealized loss on securities, intent-to-sell 23,128 — — Realized (gain) loss on settlement of TBAs, net (18,318 ) 12,907 4,151 (Gain) loss on repayment/disposition of loans held-for-sale 48 (1,519 ) (32,500 ) Loss recognized on termination of derivative instruments — 612 — Unrealized (gain) on non-hedge derivative instruments (1,222 ) (1,758 ) (17,599 ) Realized loss recognized upon de-designation of hedges — — 34 Realized/unrealized (gain) loss on investments $ 685 $ (22,264 ) $ (69,593 ) Gain (loss) on lease modifications and terminations $ (62 ) $ 471 $ 7,219 Collateral management fee income, net 592 708 963 Equity in earnings (losses) of equity method investees, net (1,338 ) (6,194 ) 954 (Loss) on disposal of long-lived assets (22 ) (1,403 ) (1,294 ) Other income (loss) (2,244 ) 844 437 Other income (loss), net $ (3,074 ) $ (5,574 ) $ 8,279
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 Statement 2016 2015 2014 Net realized (gain) loss on securities Impairment (reversal) Impairment (reversal) $ 54 $ (31 ) $ — (Gain) on settlement of real estate securities Realized/unrealized (gain) loss on investments (19,129 ) (42,356 ) (23,679 ) Loss on settlement of real estate securities Realized/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/unrealized (gain) loss on investments 23,128 — — $ (451 ) $ (32,537 ) $ (23,679 ) Net realized (gain) loss on derivatives designated as cash flow hedges Realized loss recognized upon de-designation of hedges Realized/unrealized (gain) loss on investments $ — $ — $ 34 Loss recognized on termination of derivative instruments Realized/unrealized (gain) loss on investments — 612 — Amortization of deferred hedge (gain) Interest expense (20 ) (78 ) (61 ) Loss reclassified from AOCI into income, related to effective portion Interest expense — 1,363 4,379 $ (20 ) $ 1,897 $ 4,352 Total reclassifications $ (471 ) $ (30,640 ) $ (19,327 )
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 consolidated VIE	The following table presents certain assets of consolidated VIEs which are included in the Consolidated Balance Sheets and there were no such assets as of December 31, 2016. The assets in the table below include only those assets that can be used to settle obligations of consolidated VIEs, and are equal to or in excess of those obligations. Additionally, the assets in the table below exclude intercompany balances that eliminate in consolidation. December 31, 2015 Assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs Real estate securities, available-for-sale $ 46,392 Subprime mortgage loans subject to call option 380,806 Restricted cash 128 Receivables and other assets 77 Total assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs $ 427,403 The following table presents certain liabilities of consolidated VIEs which are included in the Consolidated Balance Sheets and there were no such liabilities as of December 31, 2016. The liabilities in the table below include third-party liabilities of consolidated VIEs due to third parties only, and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Drive Shack Inc. December 31, 2015 Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Drive Shack Inc. CDO bonds payable $ 92,933 Other bonds and notes payable 4,672 Financing of subprime mortgage loans subject to call option 380,806 Accounts payable, accrued expenses and other liabilities 29 Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Drive Shack Inc. $ 478,440
Schedule of restricted cash from continuing operations	Substantially all amounts on deposit with major financial institutions exceed insured limits. Restricted cash consisted of: December 31, 2016 2015 CDO bond sinking funds $ — $ 51 CDO trustee accounts 192 272 Derivative margin accounts — 887 Restricted cash for construction-in-progress 2,267 2,784 Other restricted cash - traditional golf 3,945 475 $ 6,404 $ 4,469
Schedule of supplemental non-cash investing and financing activities relating to CDOs	Reduction of assets and liabilities relating to spin-offs and acquisitions that are non-cash are disclosed below (there were no such reductions for the years ended December 31, 2016 and 2015 ): Year Ended December 31, 2014 Reduction of Assets and Liabilities relating to the spin-off of New Media and New Senior, non-cash portion Investments in senior housing real estate, net $ 1,574,048 Property, plant and equipment, net $ 266,385 Goodwill and intangibles, net $ 379,008 Restricted cash $ 6,477 Receivables and other assets $ 197,882 Mortgage notes payable $ 1,260,633 Credit facilities - media $ 177,955 Accrued expenses and other liabilities $ 189,940 Supplemental non-cash investing and financing activities relating to CDOs are disclosed below: Year Ended December 31, 2016 2015 2014 Restricted cash generated from sale of securities $ — $ 139,257 $ 125,850 Restricted cash generated from sale of loans $ — $ 55,574 $ — Restricted cash generated from pay downs on securities and loans $ 2,310 $ 78,853 $ 325,932 Restricted cash used for repayments of CDO and other bonds payable $ 2,748 $ 148,966 $ 382,177 CDO VI deconsolidation: Real estate securities $ 43,889 $ — $ — Restricted cash $ 67 $ — $ — CDO and other bonds payable $ 105,423 $ — $ —
Schedule of receivables and other assets	Receivables and other assets are comprised of the following, net of allowances for doubtful accounts of $1.1 million and $1.0 million , as of December 31, 2016 and 2015 : December 31, 2016 2015 Accounts receivable, net $ 8,047 $ 9,889 Prepaid expenses 3,654 3,205 Interest receivable 1,697 1,142 Deposits 4,105 7,437 Inventory 4,496 5,057 Derivative assets 856 127 Residential mortgage loans, held-for-sale, net 231 532 Miscellaneous assets, net (A) 14,931 11,157 $ 38,017 $ 38,546 (A) Includes one owned property in Annandale, New Jersey in the Traditional Golf segment classified as held-for-sale as of December 31, 2016 . The Company recorded an impairment of $3.6 million based on our estimated selling price. We expect to close on this property within the next 12 months.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities are comprised of the following: December 31, 2016 2015 Accounts payable and accrued expenses $ 26,249 $ 26,966 Deferred revenue 36,107 33,926 Security deposits payable 6,073 5,975 Unfavorable leasehold interests 4,225 5,485 Derivative liabilities — 684 Accrued rent 2,613 3,135 Due to affiliates 892 892 Miscellaneous liabilities 12,278 11,876 $ 88,437 $ 88,939
Schedule of accretion of discount 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, 2016 2015 2014 Accretion of net discount on securities, loans and other investments $ (7,926 ) $ (5,802 ) $ (28,638 ) Amortization of net discount on debt obligations and deferred financing costs 1,501 3,325 14,217 Amortization of net deferred hedge gains – debt (20 ) (78 ) (61 ) Amortization of discount and premium $ (6,445 ) $ (2,555 ) $ (14,482 ) Amortization of leasehold intangibles $ 4,451 $ 4,942 $ 5,000 Accretion of membership deposit liability 5,803 5,840 5,663 Other amortization $ 10,254 $ 10,782 $ 10,663

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of results of operations from discontinued operations	Results of operations from discontinued operations were as follows: Year Ended December 31, 2016 2015 2014 Revenues Media income $ — $ — $ 68,212 Rental income — 556 194,729 Care and ancillary income — — 20,428 Total revenues — 556 283,369 Operating Costs Property operating expenses — 187 152,896 General and administrative expense (A) — 30 20,096 Depreciation and amortization — 11 90,627 Management fee to affiliate — — 7,789 Gain on settlement of investments — (318 ) — Total operating costs — (90 ) 271,408 Other Income (Expenses) Interest expense — — (49,705 ) Other income — — 1,444 Total other income (expenses) — — (48,261 ) Income tax (benefit) — — (1,111 ) Income (loss) from discontinued operations, net of tax $ — $ 646 $ (35,189 ) (A) Includes acquisition and spin-off related expenses of $15.8 million for the year ended December 31, 2014 . There were no acquisition and spin-off related expenses for the years ended December 31, 2016 and 2015 .

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Schedule of segment reporting	Summary financial data on Drive Shack Inc.’s segments is given below, together with reconciliation to the same data for Drive Shack Inc. as a whole: Traditional Golf Entertainment Golf Debt Investments (A)(B) Corporate Total Year Ended December 31, 2016 Revenues Golf course operations $ 226,255 $ — $ — $ — $ 226,255 Sales of food and beverages 72,625 — — — 72,625 Total revenues 298,880 — — — 298,880 Operating costs — Operating expenses (C) 254,353 — — — 254,353 Cost of sales - food and beverages 21,593 — — — 21,593 General and administrative expense 2,708 12 93 6,675 9,488 General and administrative expense - acquisition and transaction expenses (D) 1,594 1,555 — 1,205 4,354 Management fee to affiliate — — — 10,704 10,704 Depreciation and amortization 26,496 — — — 26,496 Impairment (reversal) 6,232 — 4,149 — 10,381 Realized/unrealized (gain) loss on investments (294 ) — 979 — 685 Total operating costs 312,682 1,567 5,221 18,584 338,054 Operating loss (13,802 ) (1,567 ) (5,221 ) (18,584 ) (39,174 ) Other income (expenses) — Interest and investment income 134 — 91,107 50 91,291 Interest expense (12,470 ) — (38,112 ) (2,286 ) (52,868 ) Loss on extinguishment of debt (780 ) — — — (780 ) Gain on deconsolidation — — 82,130 — 82,130 Other loss, net (2,379 ) — (695 ) — (3,074 ) Total other income (expenses) (15,495 ) — 134,430 (2,236 ) 116,699 Income tax expense 188 1 — — 189 Income (loss) from continuing operations (29,485 ) (1,568 ) 129,209 (20,820 ) 77,336 Income from discontinued operations, net of tax — — — — — Net income (loss) (29,485 ) (1,568 ) 129,209 (20,820 ) 77,336 Preferred dividends — — — (5,580 ) (5,580 ) Net income attributable to noncontrolling interest (257 ) — — — (257 ) Income (loss) applicable to common stockholders $ (29,742 ) $ (1,568 ) $ 129,209 $ (26,400 ) $ 71,499 December 31, 2016 Investments $ 282,064 $ 659 $ 704,122 $ — $ 986,845 Cash and restricted cash 24,484 — 192 121,868 146,544 Other assets 34,487 766 3,219 97 38,569 Total assets 341,035 1,425 707,533 121,965 1,171,958 Debt, net 115,284 — 600,964 51,217 767,465 Other liabilities 170,718 1,116 2,293 12,299 186,426 Total liabilities 286,002 1,116 603,257 63,516 953,891 Preferred stock — — — 61,583 61,583 Noncontrolling interest — — — — — Equity (deficit) attributable to common stockholders $ 55,033 $ 309 $ 104,276 $ (3,134 ) $ 156,484 Additions to investments in real estate during the year ended December 31, 2016 $ 11,912 $ 659 $ — $ — $ 12,571 Summary segment financial data (continued). Traditional Golf Entertainment Golf Debt Investments (A)(B) Corporate Discontinued Operations Eliminations Total Year Ended December 31, 2015 Revenues Golf course operations $ 224,419 $ — $ — $ — $ — $ — $ 224,419 Sales of food and beverages 71,437 — — — — — 71,437 Total revenues 295,856 — — — — — 295,856 Operating costs Operating expenses (C) 254,553 — — — — — 254,553 Cost of sales - food and beverages 22,549 — — — — — 22,549 General and administrative expense 2,983 — 291 7,640 — — 10,914 General and administrative expense - acquisition and transaction expenses (D) 1,364 — 60 (301 ) — — 1,123 Management fee to affiliate — — — 10,692 — — 10,692 Depreciation and amortization 28,682 — — (48 ) — — 28,634 Impairment (reversal) — — 11,896 — — — 11,896 Realized/unrealized (gain) loss on investments 9 — (22,273 ) — — — (22,264 ) Total operating costs 310,140 — (10,026 ) 17,983 — — 318,097 Operating income (loss) (14,284 ) — 10,026 (17,983 ) — — (22,241 ) Other income (expenses) Interest and investment income 152 — 98,721 23 — (3,005 ) 95,891 Interest expense (16,520 ) — (44,831 ) (3,783 ) — 3,005 (62,129 ) Gain on extinguishment of debt 14,818 — 488 — — — 15,306 Other income (loss), net (1,629 ) — (3,999 ) 54 — — (5,574 ) Inter-segment elimination 3,005 — (3,005 ) — — — — Total other income (expenses) (174 ) — 47,374 (3,706 ) — — 43,494 Income tax expense 345 — — — — — 345 Income (loss) from continuing operations (14,803 ) — 57,400 (21,689 ) — — 20,908 Income from discontinued operations, net of tax — — — — 646 — 646 Net income (loss) (14,803 ) — 57,400 (21,689 ) 646 — 21,554 Preferred dividends — — — (5,580 ) — — (5,580 ) Net loss attributable to noncontrolling interest 293 — — — — — 293 Income (loss) applicable to common stockholders $ (14,510 ) $ — $ 57,400 $ (27,269 ) $ 646 $ — $ 16,267 December 31, 2015 Investments, net $ 302,379 $ — $ 715,596 $ — $ — $ — $ 1,017,975 Cash and restricted cash 19,981 — 1,210 28,929 — — 50,120 Other assets 33,765 — 365,713 409 — — 399,887 Total assets 356,125 — 1,082,519 29,338 — — 1,467,982 Debt, net 81,091 — 838,526 51,225 — — 970,842 Other liabilities 166,973 — 107,154 12,891 — — 287,018 Total liabilities 248,064 — 945,680 64,116 — — 1,257,860 Preferred stock — — — 61,583 — — 61,583 Noncontrolling interest (257 ) — — — — — (257 ) Equity (deficit) attributable to common stockholders $ 108,318 $ — $ 136,839 $ (96,361 ) $ — $ — $ 148,796 Additions to investment in real estate for the year ended December 31, 2015 $ 7,637 $ — $ — $ — $ — $ — $ 7,637 Summary segment financial data (continued). Traditional Golf Entertainment Golf Debt Investments (A)(B) Corporate Discontinued Operations Eliminations Total Year Ended December 31, 2014 Revenues Golf course operations $ 222,983 $ — $ — $ — $ — $ — $ 222,983 Sales of food and beverages 68,554 — — — — — 68,554 Total revenues 291,537 — — — — — 291,537 Operating costs Operating expenses (C) 263,338 — — — — — 263,338 Cost of sales - food and beverages 21,037 — — — — — 21,037 General and administrative expense 1,435 — 1,215 7,722 — — 10,372 General and administrative expense - acquisition and transaction expenses (D) 1,941 — 2,919 619 — — 5,479 Management fee to affiliate — — — 21,039 — — 21,039 Depreciation and amortization 26,880 — — 87 — — 26,967 Impairment (reversal) — — (2,419 ) — — — (2,419 ) Realized/unrealized (gain) loss on investments — — (69,593 ) — — — (69,593 ) Total operating costs 314,631 — (67,878 ) 29,467 — — 276,220 Operating income (loss) (23,094 ) — 67,878 (29,467 ) — — 15,317 Other income (expenses) Interest and investment income 147 — 135,031 44 — (7,595 ) 127,627 Interest expense (19,783 ) — (64,016 ) (3,818 ) — 7,595 (80,022 ) Loss on extinguishment of debt — — (3,410 ) — — — (3,410 ) Other income, net 5,863 — 2,416 — — — 8,279 Inter-segment elimination 5,734 — (5,734 ) — — — — Total other income (expenses) (8,039 ) — 64,287 (3,774 ) — — 52,474 Income tax expense 208 — — — — — 208 Income (loss) from continuing operations (31,341 ) — 132,165 (33,241 ) — — 67,583 Loss from discontinued operations, net of tax — — — — (35,189 ) — (35,189 ) Net income (loss) (31,341 ) — 132,165 (33,241 ) (35,189 ) — 32,394 Preferred dividends — — — (5,580 ) — — (5,580 ) Net loss attributable to noncontrolling interest 329 — — — 523 — 852 Income (loss) applicable to common stockholders $ (31,012 ) $ — $ 132,165 $ (38,821 ) $ (34,666 ) $ — $ 27,666 Additions to investment in real estate during the year ended December 31, 2014 $ 7,925 $ — $ — $ — $ 307,529 $ — $ 315,454 (A) Assets held within non-recourse structures, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of the Company. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Drive Shack Inc.’s investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure. (B) The following table summarizes the investments and debt in the Debt Investments segment: December 31, 2016 December 31, 2015 Investments Debt Investments Debt Non-Recourse Outstanding Carrying Outstanding Carrying Outstanding Carrying Outstanding Carrying Subprime mortgage loans subject to call options — — — — 380,806 380,806 380,806 380,806 Other Unlevered real estate securities 4,000 1,950 — — 107,242 (E) 59,034 97,917 97,605 Levered real estate securities 619,808 627,304 600,964 600,964 102,660 (F) 105,963 348,625 (F) 348,625 Real estate related and other loans (G) 74,695 55,612 — — 174,995 149,198 11,660 11,490 Other investments N/A 19,256 — — N/A 20,595 — — $ 698,503 $ 704,122 $ 600,964 $ 600,964 $ 765,703 $ 715,596 $ 839,008 $ 838,526 (C) Operating expenses includes rental expenses recorded under operating leases for carts and equipment in the amount of $3.8 million , $4.6 million and $5.0 million for the years ended December 31, 2016 , 2015 and 2014, respectively. (D) Acquisition and transaction expense includes costs related to completed and potential acquisitions and transactions which may include advisory, legal, accounting, valuation and other professional or consulting fees. Transaction expense also includes costs which do not qualify for capitalization associated with the development of new entertainment golf venues. (E) Excludes eight securities with zero value, which had an aggregate face amount of $116.0 million . The Company sold these securities during 2016. (F) These investments represent purchases that were traded on December 31, 2015 but settled on January 13, 2016. The debts represent repurchase agreements collateralized by sold investments that were traded on December 31, 2015 and settled on January 13, 2016. See Note 5 for additional detail. (G) Excludes two mezzanine loans with zero value, which had an aggregate face amount of $17.8 million and two corporate loans with zero value, which had an aggregate face amount of $45.7 million .
Schedule of other debt segment investments and debt	The following table summarizes the investments and debt in the Debt Investments segment: December 31, 2016 December 31, 2015 Investments Debt Investments Debt Non-Recourse Outstanding Carrying Outstanding Carrying Outstanding Carrying Outstanding Carrying Subprime mortgage loans subject to call options — — — — 380,806 380,806 380,806 380,806 Other Unlevered real estate securities 4,000 1,950 — — 107,242 (E) 59,034 97,917 97,605 Levered real estate securities 619,808 627,304 600,964 600,964 102,660 (F) 105,963 348,625 (F) 348,625 Real estate related and other loans (G) 74,695 55,612 — — 174,995 149,198 11,660 11,490 Other investments N/A 19,256 — — N/A 20,595 — — $ 698,503 $ 704,122 $ 600,964 $ 600,964 $ 765,703 $ 715,596 $ 839,008 $ 838,526 (C) Operating expenses includes rental expenses recorded under operating leases for carts and equipment in the amount of $3.8 million , $4.6 million and $5.0 million for the years ended December 31, 2016 , 2015 and 2014, respectively. (D) Acquisition and transaction expense includes costs related to completed and potential acquisitions and transactions which may include advisory, legal, accounting, valuation and other professional or consulting fees. Transaction expense also includes costs which do not qualify for capitalization associated with the development of new entertainment golf venues. (E) Excludes eight securities with zero value, which had an aggregate face amount of $116.0 million . The Company sold these securities during 2016. (F) These investments represent purchases that were traded on December 31, 2015 but settled on January 13, 2016. The debts represent repurchase agreements collateralized by sold investments that were traded on December 31, 2015 and settled on January 13, 2016. See Note 5 for additional detail. (G) Excludes two mezzanine loans with zero value, which had an aggregate face amount of $17.8 million and two corporate loans with zero value, which had an aggregate face amount of $45.7 million .

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of real estate securities holdings	The following is a summary of Drive Shack Inc.’s real estate securities at December 31, 2016 and 2015 , all of which are classified as available for sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired. Amortized Cost Basis Gross Unrealized Weighted Average Asset Type Outstanding Before Other-Than- After Gains Losses Carrying Value Number of Rating Coupon Yield Life Principal December 31, 2016 ABS - Non-Agency RMBS $ 4,000 $ 2,303 $ (1,521 ) $ 782 $ 1,168 $ — $ 1,950 1 C 1.15 % 25.45 % 9.0 27.9 % Debt Security Total/Average (F) $ 4,000 $ 2,303 $ (1,521 ) $ 782 $ 1,168 $ — $ 1,950 1 C 1.15 % 25.45 % 9.0 Equity Securities — — — — — — 1 Total Securities, Available-for-Sale $ 2,303 $ (1,521 ) $ 782 $ 1,168 $ — $ 1,950 2 FNMA/FHLMC (A) 619,808 650,432 (23,128 ) 627,304 — — 627,304 15 AAA 3.28 % 2.65 % 8.4 N/A Total Securities, Pledged as Collateral (F) $ 619,808 $ 650,432 $ (23,128 ) $ 627,304 $ — $ — $ 627,304 15 December 31, 2015 CMBS $ 67,669 $ 78,416 $ (55,372 ) $ 23,044 $ 16,673 $ (33 ) $ 39,684 16 B 4.97 % 14.78 % 2.1 26.1 % ABS - Non-Agency RMBS 16,477 23,403 (20,667 ) 2,736 6,958 (75 ) 9,619 9 CC 1.89 % 11.95 % 11.0 9.7 % ABS-Small Business Loans 8,464 7,647 (7,647 ) — — — — 1 C 6.69 % — % — — % CDO (F) 14,632 — — — 9,731 — 9,731 2 C 1.80 % — % 7.2 25.1 % Debt Security Total/Average (F) $ 107,242 $ 109,466 $ (83,686 ) $ 25,780 $ 33,362 $ (108 ) $ 59,034 28 CCC+ 4.20 % 14.48 % 4.0 Equity Securities — — — — — — 2 Total Securities, Available-for-Sale $ 109,466 $ (83,686 ) $ 25,780 $ 33,362 $ (108 ) $ 59,034 30 FNMA/FHLMC 102,660 105,940 — 105,940 23 — 105,963 3 AAA 3.50 % 2.99 % 7.8 N/A Total Securities, Pledged as Collateral (F) $ 102,660 $ 105,940 $ — $ 105,940 $ 23 $ — $ 105,963 3 (A) In December 2016, Drive Shack Inc. reclassified gross unrealized losses of $23.1 million from other comprehensive income into earnings on FNMA/FHLMC securities that the Company intends to sell and recorded in realized/unrealized (gain) loss on investments in the Consolidated Statements of Operations. (B) See Note 10 regarding the estimation of fair value, which is equal to carrying value for all securities. (C) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Drive Shack Inc. used an implied AAA rating for the FNMA/FHLMC securities. Ratings provided were determined by third party rating agencies, represent the most recent credit ratings available as of the reporting date and may not be current. (D) The weighted average life is based on the timing of expected cash flows on the assets. (E) Percentage of the outstanding face amount of securities and residual interests that is subordinate to Drive Shack Inc.’s investments. (F) As of December 31, 2016 and 2015 , the total outstanding face amount of fixed rate securities was $619.8 million and $168.5 million , respectively, and of floating rate securities were $4.0 million and $41.4 million , respectively. (G) Excludes eight CDO securities with zero value which had an aggregate face amount of $116.0 million as of December 31, 2015 . The Company sold these securities during 2016.
Schedule of real estate securities holdings in an unrealized loss position	The following table summarizes Drive Shack Inc.’s securities in an unrealized loss position as of December 31, 2016 . Amortized Cost Basis Gross Unrealized Weighted Average Securities in Outstanding Before Other-than- After Gains Losses Carrying Number Rating Coupon Yield Life Less Than Twelve Months $ 619,808 $ 650,432 $ (23,128 ) $ 627,304 $ — $ — $ 627,304 15 AAA 3.28 % 2.65 % 8.4 Twelve or More Months — — — — — — — — — — — — Total $ 619,808 $ 650,432 $ (23,128 ) $ 627,304 $ — $ — $ 627,304 15 AAA 3.28 % 2.65 % 8.4 Drive Shack Inc. performed an assessment of all of its debt securities that are in an unrealized loss position (unrealized loss position exists when a security’s amortized cost basis, excluding the effect of OTTI, exceeds its fair value) and determined the following: December 31, 2016 Amortized Cost Basis Unrealized Losses Fair Value After Impairment Credit (C) Non-Credit (D) Securities Drive Shack Inc.intends to sell (A) $ 627,304 $ 627,304 $ — N/A Securities Drive Shack Inc. is more likely than not to be required to sell (B) — — — N/A Securities Drive Shack Inc. has no intent to sell and is not more likely than not to be required to sell: Credit impaired securities — — — — Non-credit impaired securities — — — — Total debt securities in an unrealized loss position $ 627,304 $ 627,304 $ — $ — (A) In December 2016, Drive Shack Inc. reclassified gross unrealized losses of $23.1 million from other comprehensive income into earnings on FNMA/FHLMC securities that the Company intends to sell and recorded in realized/unrealized (gain) loss on investments in the Consolidated Statements of Operations. (B) Drive Shack Inc. may, at times, be more likely than not to be required to sell certain securities for liquidity purposes. While the amount of the securities to be sold may be an estimate, and the securities to be sold have not yet been identified, Drive Shack Inc. must make its best estimate, which is subject to significant judgment regarding future events, and may differ materially from actual future sales. (C) This amount is required to be recorded as other-than-temporary impairment through earnings. In measuring the portion of credit losses, Drive Shack Inc.’s management estimates the expected cash flow for each of the securities. This evaluation includes a review of the credit status and the performance of the collateral supporting those securities, including the credit of the issuer, key terms of the securities and the effect of local, industry and broader economic trends. Significant inputs in estimating the cash flows include management’s expectations of prepayment speeds, default rates and loss severities. Credit losses are measured as the decline in the present value of the expected future cash flows discounted at the investment’s effective interest rate. (D) This amount represents unrealized losses on securities that are due to non-credit factors and is required to be recorded through other comprehensive income.
Schedule of credit losses on debt securities	The following table summarizes the activity related to credit losses on debt securities: 2016 2015 Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income $ (3,010 ) $ (4,174 ) Additions for credit losses on securities for which an OTTI was not previously recognized — (1,567 ) Additions to credit losses on securities for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income (110 ) — Additions for credit losses on securities for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income — (1,443 ) Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date — 4,174 Reduction for securities deconsolidated during the period 3,120 — Reduction for securities sold/written off during the period — — Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security — — Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income $ — $ (3,010 )
Schedule of geographic distribution of collateral securing Newcastle's CMBS and ABS	The table below summarizes the geographic distribution of the collateral securing the ABS at December 31, 2016 : ABS - Non-Agency RMBS Geographic Location Outstanding Face Amount Percentage Northeastern U.S. $ 623 15.6 % Southeastern U.S. 1,056 26.4 % Midwestern U.S. 426 10.7 % Western U.S. 1,297 32.4 % Southwestern U.S. 598 14.9 % $ 4,000 100.0 %
Schedule of FNMA/FHLMC activity	The table below summarizes the FNMA/FHLMC activity for the years ended December 31, 2016 and 2015 (dollars in millions): Settlement Date Activity Face Amount of FNMA/FHLMC Purchased (Sold) Average Price % of Par Total Proceeds (Payment) Gain (Loss) Repurchase Agreement Financed (Repaid) March 2015 (A) Sale $ (380.4 ) 104.7 % $ 398.4 $ 5.9 $ (385.6 ) March 2015 Purchase $ 389.1 104.8 % $ (407.6 ) N/A $ 386.1 July 2015 (B) Sale $ (380.4 ) 103.1 % $ 392.3 $ (5.9 ) $ (375.7 ) July 2015 Purchase $ 403.9 102.9 % $ (415.6 ) N/A $ 393.8 July 2015 Purchase $ 201.9 102.9 % $ (207.7 ) N/A $ 196.7 September 2015 (A) Sale $ (250.4 ) 103.8 % $ 260.0 $ 2.5 $ (250.1 ) October 2015 (B) Sale $ (348.9 ) 104.3 % $ 364.0 $ 5.1 $ (345.9 ) October 2015 Purchase $ 354.8 104.4 % $ (370.5 ) N/A $ 352.6 January 2016 (B) Sale $ (350.3 ) 103.2 % $ 361.3 $ (3.9 ) $ (348.6 ) January 2016 Purchase $ 102.7 103.2 % $ (105.9 ) N/A $ 102.2 January 2016 Purchase $ 250.1 103.2 % $ (258.1 ) N/A $ 249.1 April 2016 (B) Sale $ (347.5 ) 104.9 % $ 364.3 $ 5.9 $ (352.0 ) April 2016 Purchase $ 363.1 105.0 % $ (381.1 ) N/A $ 366.4 July 2016 (B) Sale $ (353.6 ) 105.5 % $ 373.1 $ 1.8 $ (361.1 ) July 2016 Purchase $ 428.9 105.7 % $ (453.1 ) N/A $ 434.9 August 2016 Purchase $ 249.6 103.9 % $ (259.3 ) N/A $ 248.7 August 2016 Purchase $ 116.8 105.7 % $ (123.5 ) N/A $ 118.6 September 2016 Purchase $ 35.6 103.8 % $ (37.0 ) N/A $ 35.4 October 2016 Purchase $ 776.9 103.6 % $ (805.1 ) N/A $ 769.6 October 2016 Purchase $ 632.2 104.9 % $ (663.5 ) N/A $ 628.2 October 2016 (B) Sale $ (817.2 ) 105.0 % $ 858.2 $ 0.1 $ (831.7 ) November 2016 (A) Sale $ (779.0 ) 101.5 % $ 790.7 $ (16.2 ) $ (773.7 ) (A) The gain (loss) on these sales was recorded on the trade date. (B) The gain (loss) on these sales was recorded on the trade date which occurred in the month prior to the settlement date.

REAL ESTATE RELATED AND OTHER31

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Tables)	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
Schedule of real estate and other related loans, residential mortgage loans and subprime mortgage loans	The following is a summary of real estate related and other loans, residential mortgage loans and subprime mortgage loans. The loans contain various terms, including fixed and floating rates, self-amortizing and interest only. They are generally subject to prepayment. December 31, 2016 December 31, 2015 Loan Type Outstanding Carrying Valuation Allowance (Reversal) Loan Wtd. Wtd Wtd Floating Rate Delinquent Carrying Loan Count Wtd. Avg. Mezzanine Loans $ 17,767 $ — $ — 2 0.00 % 8.39 % 0.0 100.0 % $ 17,767 $ 19,433 3 8.00 % Corporate Loans 120,381 55,612 3,826 4 22.49 % 15.20 % 0.5 0.0 % 59,384 129,765 4 22.42 % Total Real Estate Related and other Loans Held-for-Sale, Net (D) $ 138,148 $ 55,612 $ 3,826 6 22.49 % 14.32 % 0.5 12.9 % $ 77,151 $ 149,198 7 20.54 % Residential Mortgage Loans Held-for-Sale, Net (E) $ 771 $ 231 $ 213 3 3.40 % 3.05 % 1.8 100.0 % $ 628 $ 532 4 62.02 % Subprime Mortgage Loans Subject to Call Option $ — $ — $ 380,806 (A) The aggregate United States federal income tax basis for such assets at December 31, 2016 was approximately $75.5 million (unaudited). Carrying value includes negligible interest receivable for the residential housing loans. (B) The weighted average maturity is based on the timing of expected cash flows on the assets. (C) Includes loans that are 60 days or more past due (including loans that are in foreclosure and borrowers in bankruptcy) or considered real estate owned (“REO”). As of December 31, 2016 and December 31, 2015 , $77.2 million and $63.5 million face amount of real estate related and other loans, respectively, was on non-accrual status. (D) Loans which are more than 3% of the total current carrying value (or $1.7 million ) at December 31, 2016 are as follows: December 31, 2016 Loan Type Outstanding Carrying Value Prior Liens Loan Yield (1) Coupon (1) Weighted Average Individual Corporate Loan (2) $ 60,997 $ 55,465 $ 554,480 1 22.50 % 22.50 % 0.5 Others (3) 77,151 147 327,234 5 20.00 % 7.85 % 0.5 $ 138,148 $ 55,612 6 22.49 % 14.32 % 0.5 (1) For Others, represents weighted average yield and weighted average coupon. (2) Interest accrued to principal balance over life to maturity. Prior Liens reflect indebtedness and other claims on the assets of the related companies which support the Individual Corporate Loan. (3) Various terms of payment. This represents $59.4 million and $17.8 million of corporate loans and mezzanine loans, respectively. Each of the five loans had a carrying value of less than $1.7 million at December 31, 2016 . Prior Liens reflect face amounts of third party liens that are senior to Drive Shack Inc.’s position for Others. (E) Loans acquired at a discount for credit quality. Residential mortgage loans held-for-sale, net is recorded in receivables and other assets on the Consolidated Balance Sheets.
Schedule of large loans	Loans which are more than 3% of the total current carrying value (or $1.7 million ) at December 31, 2016 are as follows: December 31, 2016 Loan Type Outstanding Carrying Value Prior Liens Loan Yield (1) Coupon (1) Weighted Average Individual Corporate Loan (2) $ 60,997 $ 55,465 $ 554,480 1 22.50 % 22.50 % 0.5 Others (3) 77,151 147 327,234 5 20.00 % 7.85 % 0.5 $ 138,148 $ 55,612 6 22.49 % 14.32 % 0.5 (1) For Others, represents weighted average yield and weighted average coupon. (2) Interest accrued to principal balance over life to maturity. Prior Liens reflect indebtedness and other claims on the assets of the related companies which support the Individual Corporate Loan. (3) Various terms of payment. This represents $59.4 million and $17.8 million of corporate loans and mezzanine loans, respectively. Each of the five loans had a carrying value of less than $1.7 million at December 31, 2016 . Prior Liens reflect face amounts of third party liens that are senior to Drive Shack Inc.’s position for Others.
Schedule of real estate related loans by maturity	The following is a summary of real estate related and other loans by maturity at December 31, 2016 : Year of Maturity (A) Outstanding Carrying Value Number of Delinquent (B) $ 77,151 $ 147 5 2017 — — — 2018 — — — 2019 60,997 55,465 1 2020 — — — 2021 — — — Thereafter — — — Total $ 138,148 $ 55,612 6 (A) Based on the final extended maturity date of each loan investment as of December 31, 2016 . (B) Includes loans that are non-performing, in foreclosure, or under bankruptcy.
Schedule of activity in carrying value of real estate related and other loans and residential mortgage loans	Activities relating to the carrying value of real estate related and other loans and residential mortgage loans are as follows: Held for Sale Held for Investment Real Estate Residential Residential Balance at December 31, 2013 $ 437,530 $ 2,185 $ 255,450 Purchases / additional fundings — — — Interest accrued to principal balance 20,830 — — Principal pay downs (240,937 ) (9,574 ) (9,436 ) Sales — (233,349 ) — Transfer to held-for-sale — 246,121 (246,121 ) Valuation (allowance) reversal on loans 3,303 (51 ) (833 ) Accretion of loan discount and other amortization 8,867 — 115 Other 607 (1,478 ) 825 Balance at December 31, 2014 $ 230,200 $ 3,854 $ — Purchases / additional fundings — — — Interest accrued to principal balance 27,717 — — Principal pay downs (46,696 ) (134 ) — Sales (55,574 ) (2,925 ) — Valuation allowance on loans (9,284 ) (257 ) — Accretion of loan discount and other amortization 3,203 — — Other (368 ) (6 ) — Balance at December 31, 2015 $ 149,198 $ 532 $ — Purchases / additional fundings — — — Interest accrued to principal balance 29,025 — — Principal pay downs (109,892 ) (40 ) — Sales (19,433 ) — — Valuation (allowance) reversal on loans (3,826 ) (213 ) — Accretion of loan discount and other amortization 10,540 — — Loss on settlement of loans — (48 ) — Balance at December 31, 2016 $ 55,612 $ 231 $ — (A) Residential mortgage loans held-for-sale, net is recorded in receivables and other assets on the Consolidated Balance Sheets.
Rollforward of loss allowance for real estate related and other loans and residential mortgage loans	The following is a rollforward of the related loss allowance: Held for Sale Held for Investment Real Estate Related and Other Loans Residential Mortgage Loans (A) Residential Mortgage Loans (B) Balance at December 31, 2013 $ (94,037 ) $ (824 ) $ (12,247 ) Charge-offs (C) 14,808 84 711 Transfer to held-for-sale — (12,369 ) 12,369 Sales — 13,006 — Valuation (allowance) reversal on loans 3,303 (51 ) (833 ) Balance at December 31, 2014 (75,926 ) (154 ) — Charge-offs (C) 14,345 160 — Sales — — — Valuation (allowance) reversal on loans (9,284 ) (257 ) — Balance at December 31, 2015 $ (70,865 ) $ (251 ) $ — Charge-offs (C) — — — Sales — — — Valuation (allowance) reversal on loans (3,826 ) (213 ) — Balance at December 31, 2016 $ (74,691 ) $ (464 ) $ — (A) Residential mortgage loans held-for-sale, net is reported in receivables and other assets on the Consolidated Balance Sheets. (B) The allowance for credit losses was determined based on the guidance for loans acquired with deteriorated credit quality. (C) The charge-offs for real estate related loans represent zero , four and three loans which were written off, sold, restructured, or paid off at a discounted price during 2016 , 2015 and 2014 , respectively.
Schedule of geographic distribution of real estate related and other loans and residential mortgage loans	The table below summarizes the geographic distribution of real estate related and other loans and residential loans at December 31, 2016 : Real Estate Related and Other Loans Residential Mortgage Loans Geographic Location Outstanding Face Amount Percentage Outstanding Face Amount Percentage Northeastern U.S. $ — 0.0 % $ 523 67.8 % Southeastern U.S. — 0.0 % 248 32.2 % Foreign 63,454 100.0 % — — $ 63,454 100.0 % $ 771 100.0 % Other 74,694 (A) $ 138,148 (A) Includes corporate loans which are not directly secured by real estate assets.

INVESTMENTS IN REAL ESTATE, N32

INVESTMENTS IN REAL ESTATE, NET OF ACCUMULATED DEPRECIATION (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Schedule of investments in real estate	The following table summarizes the balances of real estate assets in the Traditional and Entertainment Golf businesses at December 31, 2016 . Initial Cost Gross Carrying Amount (A) (C) Date of Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Construction-In-Progress Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Construction-In-Progress Accumulated Depreciation (A)(B) Net Book Value Property Name City State Total Owned Properties Bear Creek Woodinville WA 12/30/13 $ 3,573 $ 2,178 $ 179 $ 28 $ 907 $ 3,573 $ 2,302 $ 457 $ 533 $ 6,865 $ (783 ) $ 6,082 Bradshaw Farm Woodstock GA 12/30/13 773 1,962 92 — 656 773 2,131 579 — 3,483 (813 ) 2,670 Brookstone Acworth GA 12/30/13 579 2,448 200 — 1,110 579 2,976 675 107 4,337 (966 ) 3,371 Canyon Oaks Chico CA 12/30/13 1,545 4,127 205 13 189 1,545 4,162 367 5 6,079 (1,322 ) 4,757 Casta Del Sol Mission Viejo CA 12/30/13 5,794 — — — 307 5,794 74 218 15 6,101 (77 ) 6,024 El Camino Oceanside CA 12/30/13 4,635 2,960 158 80 950 4,635 3,806 342 — 8,783 (961 ) 7,822 Forrest Crossing Franklin TN 12/30/13 3,187 807 76 55 336 3,187 850 423 1 4,461 (377 ) 4,084 Gettysvue Knoxville TN 12/30/13 2,994 1,428 235 181 336 2,994 1,647 533 — 5,174 (728 ) 4,446 Lomas Santa Fe (Executive) Solana Beach CA 12/30/13 3,766 — — — 158 3,766 102 56 — 3,924 (29 ) 3,895 Marbella SJ Capistrano CA 12/30/13 5,794 9,114 410 — 4,657 5,794 11,586 1,835 760 19,975 (2,931 ) 17,044 Monterey Palm Desert CA 12/30/13 5,698 3,004 202 19 1,094 5,698 3,471 831 17 10,017 (1,266 ) 8,751 Oakhurst Clayton CA 12/30/13 1,449 2,575 428 1,645 (1,100 ) 1,449 2,714 818 16 4,997 (1,206 ) 3,791 Oregon Golf Club West Linn OR 12/30/13 4,828 8,011 416 51 681 4,828 8,187 969 3 13,987 (2,393 ) 11,594 Palm Valley Palm Desert CA 12/30/13 7,531 8,864 379 56 770 7,531 8,822 1,228 19 17,600 (2,603 ) 14,997 Plantation Boise ID 12/30/13 2,607 2,236 262 13 558 2,607 2,326 742 1 5,676 (876 ) 4,800 Rancho San Joaquin Irvine CA 12/30/13 12,650 3,775 279 1,366 980 12,650 5,005 1,116 279 19,050 (1,444 ) 17,606 Seascape Aptos CA 12/30/13 2,897 4,944 108 67 534 2,897 5,225 420 8 8,550 (1,303 ) 7,247 Summitpointe Milpitas CA 12/30/13 2,511 3,271 128 8 820 2,511 3,580 647 — 6,738 (1,069 ) 5,669 Sunset Hills Thousand Oaks CA 12/30/13 2,125 5,447 383 — 893 2,125 5,713 1,010 — 8,848 (1,798 ) 7,050 Tanoan Albuquerque NM 12/30/13 1,642 7,600 431 364 478 1,642 8,031 822 20 10,515 (2,684 ) 7,831 Trophy Club of Apalachee Dacula GA 12/30/13 483 640 55 — 885 483 1,046 534 — 2,063 (351 ) 1,712 Initial Cost Gross Carrying Amount (A) (C) Date of Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Construction-In-Progress Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Construction-In-Progress Accumulated Depreciation (A)(B) Net Book Value Property Name City State Total Trophy Club of Atlanta Alpharetta GA 12/30/13 483 3,898 60 — 519 483 4,148 327 2 4,960 (994 ) 3,966 Vista Valencia Valencia CA 12/30/13 1,352 5,199 91 — 479 1,352 5,441 323 5 7,121 (1,402 ) 5,719 Wood Ranch Simi Valley CA 12/30/13 2,125 1,951 239 416 903 2,125 2,339 1,041 129 5,634 (1,074 ) 4,560 Other N/A N/A 12/30/13 3,960 — — — (128 ) 3,298 238 285 11 3,832 (100 ) 3,732 Total Owned Properties $ 84,981 $ 86,439 $ 5,016 $ 4,362 $ 17,972 $ 84,319 $ 95,922 $ 16,598 $ 1,931 $ 198,770 $ (29,550 ) $ 169,220 Managed Properties El Cariso Sylmar CA 12/30/13 — — — — 32 — — 32 — 32 (6 ) 26 Fullerton Fullerton CA 12/30/13 — — — — 373 — — 373 — 373 (103 ) 270 John A White Atlanta GA 12/30/13 — — — — — — — — — — — — Lomas Santa Fe Solana Beach CA 12/30/13 — — 8 — 500 — — 508 — 508 (93 ) 415 Paradise Knolls Riverside CA 12/30/13 — — 46 — — — — 46 — 46 (46 ) — Santa Clara Santa Clara CA 12/30/13 — — — — — — — — — — — — Tustin Ranch Tustin CA 10/01/16 — — — — — — — — — — — — Westchester Los Angeles CA 12/30/13 — — — — 53 — — 53 — 53 (10 ) 43 Woodlands Wayne MI 12/30/13 — — — — 8 — — 8 — 8 (2 ) 6 Yorba Linda Yorba Linda CA 12/30/13 — — 5 — 673 — — 678 — 678 (64 ) 614 Total Managed Properties $ — $ — $ 59 $ — $ 1,639 $ — $ — $ 1,698 $ — $ 1,698 $ (324 ) $ 1,374 Total Leased Properties (D) — 46,067 8,067 1,228 20,119 — 48,768 25,976 737 75,481 (29,823 ) 45,658 Corporate N/A N/A — — 3,219 — 3,179 — — 5,704 694 6,398 (5,039 ) 1,359 Total Properties $ 84,981 $ 132,506 $ 16,361 $ 5,590 $ 42,909 $ 84,319 $ 144,690 $ 49,976 $ 3,362 $ 282,347 $ (64,736 ) $ 217,611 (A) The following is a rollforward of the gross carrying amount and accumulated depreciation of real estate for the years ended December 31, 2016 , 2015 and 2014 . Year ended December 31, 2016 2015 2014 Gross Carrying Amount Balance at beginning of year $ 276,119 $ 263,103 $ 250,208 Additions: Acquisitions of real estate — — — Improvements 20,982 14,970 15,109 Disposals: Disposal of long-lived assets (5,500 ) (1,954 ) (2,214 ) Impairments (E) (7,196 ) — — Transferred to assets held-for-sale (F) (2,058 ) — — Balance at end of year $ 282,347 $ 276,119 $ 263,103 Accumulated Depreciation Balance at beginning of year $ (48,212 ) $ (23,820 ) $ — Additions: Depreciation expense (23,351 ) (24,943 ) (24,740 ) Disposals: Disposal of long-lived assets 5,319 551 920 Impairments 1,443 — — Transferred to assets held-for-sale 65 — — Balance at end of year $ (64,736 ) $ (48,212 ) $ (23,820 ) (B) Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2. (C) The aggregate United States federal income tax basis for Drive Shack Inc.’s operating real estate, including furniture, fixtures and equipment at December 31, 2016 was approximately $337.8 million . (D) Total leased properties includes $0.7 million of construction-in-progress for Entertainment Golf. (E) Impairments include a property in Annandale, New Jersey, a property in Gresham, Oregon and a property in San Leandro, California. (F) Includes one owned property in Annandale, New Jersey in the Traditional Golf segment classified as held-for-sale as of December 31, 2016 . Assets held-for-sale are recorded in receivables and other assets in the Consolidated Balance Sheets. See Note 2 for additional information.
Schedule of the rollforward of the gross carrying amount and accumulated depreciation of other real estate	The following is a rollforward of the gross carrying amount and accumulated depreciation of real estate for the years ended December 31, 2016 , 2015 and 2014 . Year ended December 31, 2016 2015 2014 Gross Carrying Amount Balance at beginning of year $ 276,119 $ 263,103 $ 250,208 Additions: Acquisitions of real estate — — — Improvements 20,982 14,970 15,109 Disposals: Disposal of long-lived assets (5,500 ) (1,954 ) (2,214 ) Impairments (E) (7,196 ) — — Transferred to assets held-for-sale (F) (2,058 ) — — Balance at end of year $ 282,347 $ 276,119 $ 263,103 Accumulated Depreciation Balance at beginning of year $ (48,212 ) $ (23,820 ) $ — Additions: Depreciation expense (23,351 ) (24,943 ) (24,740 ) Disposals: Disposal of long-lived assets 5,319 551 920 Impairments 1,443 — — Transferred to assets held-for-sale 65 — — Balance at end of year $ (64,736 ) $ (48,212 ) $ (23,820 ) (B) Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2. (C) The aggregate United States federal income tax basis for Drive Shack Inc.’s operating real estate, including furniture, fixtures and equipment at December 31, 2016 was approximately $337.8 million . (D) Total leased properties includes $0.7 million of construction-in-progress for Entertainment Golf. (E) Impairments include a property in Annandale, New Jersey, a property in Gresham, Oregon and a property in San Leandro, California. (F) Includes one owned property in Annandale, New Jersey in the Traditional Golf segment classified as held-for-sale as of December 31, 2016 . Assets held-for-sale are recorded in receivables and other assets in the Consolidated Balance Sheets. See Note 2 for additional information.

INTANGIBLES, NET OF ACCUMULAT33

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	The following table summarizes Drive Shack Inc.'s intangibles related to Traditional Golf: December 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (70 ) $ 630 $ 700 $ (47 ) $ 653 Leasehold intangibles (A) 48,107 (12,550 ) 35,557 49,962 (9,817 ) 40,145 Management contracts 35,207 (10,434 ) 24,773 36,500 (7,911 ) 28,589 Internally-developed software 800 (480 ) 320 800 (320 ) 480 Membership base 5,236 (2,244 ) 2,992 5,236 (1,496 ) 3,740 Nonamortizable liquor licenses 840 — 840 865 — 865 Total intangibles $ 90,890 $ (25,778 ) $ 65,112 $ 94,063 $ (19,591 ) $ 74,472 (A) The amortization expense for leasehold intangibles is reported in operating expenses in the Consolidated Statements of Operations.
Schedule of future amortization expense	The unamortized balance of intangible assets at December 31, 2016 is expected to be amortized as follows: 2017 $ 8,244 2018 8,066 2019 7,258 2020 6,714 2021 4,920 Thereafter 29,070 $ 64,272

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of (gains) losses on derivatives	The following table summarizes (gains) losses recorded in relation to derivatives: Income Statement Location Year Ended December 31, Cash flow hedges 2016 2015 2014 Loss immediately recognized at de-designation Realized/unrealized (gain) loss on investments $ — $ — $ 34 Loss recognized on termination of derivative instruments Realized/unrealized (gain) loss on investments — 612 — Deferred hedge gain reclassified from AOCI into earnings Interest expense (20 ) (78 ) (61 ) Amount of loss reclassified from AOCI into income (effective portion) Interest expense — 1,363 4,379 Amount of unrealized loss recognized in Other Comprehensive Income on derivatives (effective portion) N/A — 60 177 Non-hedge derivatives Unrealized gain on interest rate derivatives Realized/unrealized (gain) loss on investments $ (294 ) $ (284 ) $ (7,131 ) Gain recognized related to linked transactions Realized/unrealized (gain) loss on investments — — (12,498 ) Loss recognized related to linked transactions Interest expense — — 211 Unrealized (gain) loss recognized related to TBAs Realized/unrealized (gain) loss on investments (928 ) (1,474 ) 2,030 Realized (gain) loss on settlement of TBAs Realized/unrealized (gain) loss on investments (18,318 ) 12,907 4,151

FAIR VALUE OF FINANCIAL INSTR35

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of carrying value and estimated fair value of assets and liabilities	The following table summarizes the carrying values and estimated fair values of Drive Shack Inc.’s financial instruments at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Carrying Estimated Fair Value Method (A) Carrying Estimated Assets Real estate securities, available-for-sale $ 1,950 $ 1,950 Broker/counterparty quotations, pricing services, pricing models $ 59,034 $ 59,034 Real estate securities, pledged as collateral 627,304 627,304 Broker/counterparty quotations, pricing services 105,963 105,963 Real estate related and other loans, held-for-sale, net 55,612 61,144 Pricing models, broker/counterparty quotations, pricing services 149,198 165,270 Residential mortgage loans, held-for-sale, net (B) 231 249 Broker/counterparty quotations, pricing models 532 569 Subprime mortgage loans subject to call option (C) — — (C) 380,806 380,806 Restricted cash 6,404 6,404 4,469 4,469 Cash and cash equivalents 140,140 140,140 45,651 45,651 Non-hedge derivative assets (D) 856 856 Counterparty quotations, pricing services 127 127 Liabilities CDO bonds payable (E) $ — $ — Pricing models $ 92,933 $ 15,193 Other bonds and notes payable (E) — — Pricing models 16,162 16,620 Repurchase agreements 600,964 600,964 Counterparty quotations, market comparables 418,458 418,625 Credit facilities and obligations under capital leases 115,284 115,284 Pricing models 11,258 11,258 Financing of subprime mortgage loans subject to call option (C) — — (C) 380,806 380,806 Junior subordinated notes payable 51,217 26,756 Pricing models 51,225 24,649 Non-hedge derivative liabilities (D) — — Counterparty quotations, pricing services 684 684 (A) Methods are listed in order of priority. In the case of real estate securities and real estate related and other loans, broker quotations are obtained if available and practicable, otherwise counterparty quotations or pricing service valuations are obtained or, finally, internal pricing models are used. Internal pricing models are only used for (i) securities and loans that are not traded in an active market, and, therefore, have little or no price transparency, and for which significant unobservable inputs must be used in estimating fair value, or (ii) loans or debt obligations which are private and untraded. (B) Residential mortgage loans held-for-sale, net is recorded in receivables and other assets on the Consolidated Balance Sheets. (C) Represents an option, not an obligation, to repurchase loans from Drive Shack Inc.’s subprime mortgage loan securitizations (Note 6). (D) Represents derivative assets and liabilities including interest rate swaps and TBA forward contracts (Note 9). (E) Drive Shack Inc. notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other non- recourse structures are generally not available to satisfy obligations outside of such financings, except to the extent Drive Shack Inc. receives net cash flow distributions from such structures. Furthermore, creditors or beneficial interest holders of these structures have no recourse to the general credit of Drive Shack Inc. Therefore, Drive Shack Inc.’s exposure to the economic losses from such structures is limited to its invested equity in them and economically their book value cannot be less than zero. As a result, the fair value of Drive Shack Inc.’s net investments in these non-recourse financing structures is equal to the present value of their expected future net cash flows.
Schedule of assets and liabilities measured at fair value on a recurring basis	The following table summarizes financial assets and liabilities measured at fair value on a recurring basis at December 31, 2016 : Fair Value Carrying Value Level 2 Level 3 Total Market Quotations Market Quotations (Unobservable) Internal Pricing Models Assets: Real estate securities, available for sale: ABS- Non-Agency RMBS $ 1,950 $ — $ — $ 1,950 $ 1,950 Real estate securities, available for sale total $ 1,950 $ — $ — $ 1,950 $ 1,950 Real estate securities, pledged as collateral: FNMA/FHLMC $ 627,304 $ 627,304 $ — $ — $ 627,304 Real estate securities, pledged as collateral $ 627,304 $ 627,304 $ — $ — $ 627,304 Derivative assets: Interest rate cap, not treated as hedge $ 371 $ 371 $ — $ — $ 371 TBAs, not treated as hedges 485 485 — — 485 Derivative assets total $ 856 $ 856 $ — $ — $ 856
Schedule of quantitative information about significant unobservable inputs	The following table provides quantitative information regarding the significant unobservable inputs used by Drive Shack Inc. for assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 . This table excludes inputs used to measure fair value that are not developed by Drive Shack Inc., such as broker prices and other third-party pricing service valuations. Weighted Average Significant Input Asset Type Amortized Fair Discount Rate Prepayment Speed Cumulative Default Rate Loss Severity ABS - Non-Agency RMBS $ 782 $ 1,950 12.0 % 3.9 % 5.1 % 64.2 % Total $ 782 $ 1,950
Schedule of change in fair value of Level 3 investments	Drive Shack Inc.’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed as follows: Level 3 Assets CMBS ABS - Non-Agency RMBS Equity/Other Securities Total Balance at December 31, 2014 $ 178,763 $ 45,035 $ 7,956 $ 231,754 Transfers Transfer into Level 3 — — 367 367 Total gains (losses) (A) Included in net income (B) 12,038 14,826 (367 ) 26,497 Included in other comprehensive income (loss) (18,797 ) (12,933 ) 1,775 (29,955 ) Amortization included in interest income 6,866 2,849 — 9,715 Purchases, sales and settlements Purchases — — — — Proceeds from sales (102,607 ) (37,582 ) — (140,189 ) Proceeds from repayments (36,579 ) (2,576 ) — (39,155 ) Balance at December 31, 2015 $ 39,684 $ 9,619 $ 9,731 $ 59,034 CDO VI deconsolidation (37,179 ) (6,710 ) — (43,889 ) Total gains (losses) (A) Included in net income (B) (108 ) 3 11,232 11,127 Included in other comprehensive income (loss) (658 ) (1,015 ) (9,731 ) (11,404 ) Amortization included in interest income 879 278 — 1,157 Purchases, sales and settlements Purchases — — — — Proceeds from sales (2 ) (3 ) (11,232 ) (11,237 ) Proceeds from repayments (2,616 ) (222 ) — (2,838 ) Balance at December 31, 2016 $ — $ 1,950 $ — $ 1,950 (A) None of the gains (losses) recorded in earnings during the periods is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates. (B) These gains (losses) are recorded in the following line items in the Consolidated Statements of Operations: Year Ended December 31, 2016 2015 Realized/unrealized gain on investments $ 11,237 $ 28,854 Impairment (reversal) (110 ) (2,357 ) Total $ 11,127 $ 26,497 Realized/unrealized gain on investments, net, from investments transferred into Level 3 during the period $ — $ —
Schedule of gains losses on fair value of real estate securities	These gains (losses) are recorded in the following line items in the Consolidated Statements of Operations: Year Ended December 31, 2016 2015 Realized/unrealized gain on investments $ 11,237 $ 28,854 Impairment (reversal) (110 ) (2,357 ) Total $ 11,127 $ 26,497 Realized/unrealized gain on investments, net, from investments transferred into Level 3 during the period $ — $ —
Schedule of fair value for real estate related and other loans and residential mortgage loans held for sale	The following tables summarize certain information for real estate related and other loans as of December 31, 2016 : Significant Input Range Weighted Average Loan Type Carrying Value Fair Value Discount Rate Loss Severity Discount Rate Loss Severity Corporate Loans $ 55,612 $ 61,144 0.0% - 22.5% 0.0% - 100.0% 22.5 % 49.3 % Total Real Estate Related and Other Loans Held for Sale, Net (A) $ 55,612 $ 61,144 (A) Excludes $17.8 million face amount of mezzanine loans which have a zero carrying value.

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of debt obligations and related hedges	The following table presents certain information regarding Drive Shack Inc.'s debt obligations and related hedges: December 31, 2016 December 31, 2015 Debt Obligation/Collateral Month Issued Outstanding Face Amount Carrying Value Final Stated Maturity Weighted Average Coupon (A) Weighted Average Funding Cost (B) Weighted Average Life (Years) Face Amount of Floating Rate Debt Outstanding Face Amount Carrying Value CDO Bonds Payable CDO VI Apr 2005 $ — $ — — —% — % 0.0 $ — $ 92,933 $ 92,933 — — — % 0.0 — 92,933 92,933 Other Bonds & Notes Payable NCT 2013-VI IMM-1 Nov 2013 — — — —% — % 0.0 — 4,984 4,672 Mezzanine Note Payable Oct 2015 — — — —% — % 0.0 — 11,660 11,490 — — — % 0.0 — 16,644 16,162 Repurchase Agreements (C) FNMA/FHLMC securities Dec 2016 600,964 600,964 Jan 2017 1.03% 1.03 % 0.1 — 348,625 348,625 Golf Loans Aug 2015 — — — —% — % 0.0 — 70,000 69,833 600,964 600,964 — % 0.0 — 418,625 418,458 Golf Credit Facilities Golf Term Loan (D)(E) Jun 2016 102,000 98,680 Jul 2019 LIBOR + 4.70% 7.92 % 2.5 102,000 — — Vineyard II Dec 1993 200 200 Dec 2043 2.20% 2.20 % 26.9 200 200 200 Capital Leases (Equipment) May 2014 - Dec 2016 16,404 16,404 Sep 2018 - Jul 2022 3.00% to 16.16% 6.56 % 4.1 — 11,058 11,058 118,604 115,284 7.72 % 2.8 102,200 11,258 11,258 Corporate Junior subordinated notes payable Mar 2006 51,004 51,217 Apr 2035 LIBOR + 2.25% 3.11 % 18.3 51,004 51,004 51,225 51,004 51,217 3.11 % 18.3 51,004 51,004 51,225 Subtotal debt obligation 770,572 767,465 2.17 % 1.7 $ 153,204 590,464 590,036 Financing on subprime mortgage loans subject to call option (F) — — 380,806 380,806 Total debt obligation $ 770,572 $ 767,465 $ 971,270 $ 970,842 See notes on next page. (A) Weighted average, including floating and fixed rate classes. (B) Including the effect of deferred financing cost. (C) These repurchase agreements had $ 0.3 million accrued interest payable at December 31, 2016 . The counterparties on these repurchase agreements are Citi ($ 242.0 million ) and Jeffries ($ 359.0 million ). Drive Shack Inc. has margin exposure on $ 601.0 million of repurchase agreements related to the financing of FNMA/FHLMC securities. The underlying collateral of the repurchase agreements are fixed rate FNMA/FHLMC securities with the following value at December 31, 2016 : $619.8 million outstanding face amount, $627.3 million amortized cost basis, $627.3 million carrying value and a weighted average life of 8.4 years . To the extent that the value of the collateral underlying these repurchase agreements declines, Drive Shack Inc. may be required to post margin, which could significantly impact its liquidity. (D) The golf term loan is collateralized by 22 Traditional Golf properties. The carrying amount of the golf term loan is reported net of deferred financing costs of $3.3 million as of December 31, 2016 . (E) Interest rate based on 30 day LIBOR plus 4.70% with a LIBOR floor of 1.80% . At the time of closing, Drive Shack Inc. purchased a co-terminus LIBOR interest rate cap of 1.80% . (F) See Note 6 regarding the securitizations of Subprime Portfolios I and II.
Schedule of future minimum lease payments under capital leases	The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of December 31, 2016 are as follows: 2017 $ 4,666 2018 4,662 2019 4,511 2020 3,203 2021 1,626 Thereafter 157 Total minimum lease payments 18,825 Less: imputed interest 2,421 Present value of net minimum lease payments $ 16,404
Schedule of contractual maturities of debt obligations	Drive Shack Inc.’s debt obligations (gross of $3.1 million of discounts at December 31, 2016 ) have contractual maturities as follows: Nonrecourse Recourse Total 2017 $ 3,699 $ 600,964 $ 604,663 2018 3,945 — 3,945 2019 4,058 — 4,058 2020 104,984 — 104,984 2021 1,564 — 1,564 Thereafter 354 51,004 51,358 Total $ 118,604 $ 651,968 $ 770,572

EQUITY AND EARNINGS PER SHARE (

EQUITY AND EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of amounts used in computing basic and diluted EPS	Drive Shack Inc. is required to present both basic and diluted earnings per share (“EPS”). The following table shows the amounts used in computing basic and diluted EPS: For Year Ended December 31, 2016 2015 2014 Numerator for basic and diluted earnings per share: Income from continuing operations after preferred dividends and noncontrolling interest $ 71,499 $ 15,621 $ 62,855 Income (loss) from discontinued operations, net of tax — 646 (35,189 ) Income Applicable to Common Stockholders $ 71,499 $ 16,267 $ 27,666 Denominator: Denominator for basic earnings per share - weighted average shares 66,709,925 66,479,321 61,500,913 Effect of dilutive securities Options 2,078,515 2,168,594 1,630,314 Denominator for diluted earnings per share - adjusted weighted average shares 68,788,440 68,647,915 63,131,227 Basic earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ 1.07 $ 0.23 $ 1.02 Income (loss) from discontinued operations per share of common stock $ — $ 0.01 $ (0.57 ) Income Applicable to Common Stock, per share $ 1.07 $ 0.24 $ 0.45 Diluted earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ 1.04 $ 0.23 $ 1.00 Income (loss) from discontinued operations per share of common stock $ — $ 0.01 $ (0.57 ) Income Applicable to Common Stock, per share $ 1.04 $ 0.24 $ 0.44
Schedule of shares of common stock issued in connection with public offerings	The following table presents shares of common stock issued by Drive Shack Inc. in connection with public offerings since 2014 : Price per Share Aggregate Shares purchased by Principals of Fortress Options Granted to Manager (A) Date Number To To Underwriters Net Number Price Number Grant Date Strike Grant Date August 2014 7,654,166 N/A $ 25.92 $ 197.9 83,333 $ 26.34 765,416 $ 26.34 $ 1.7 (A) In connection with this offering, Drive Shack Inc. granted options to the Manager for the purpose of compensating the Manager for its role in raising capital for Drive Shack Inc.
Schedule of outstanding options	The following is a summary of the changes in Drive Shack Inc.'s outstanding options for the year ended December 31, 2016 . Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2015 5,421,561 $ 2.85 Granted 333 3.78 Exercised (266,657 ) 3.01 Expired (28,331 ) 13.38 Balance at December 31, 2016 5,126,906 $ 2.79 5.91 years Exercisable at December 31, 2016 5,075,878 $ 2.78 5.88 years
Schedule of outstanding options summary	Drive Shack Inc.'s outstanding options were summarized as follows: Year Ended December 31, 2016 Year Ended December 31, 2015 Issued Prior Issued in 2011 Total Issued Prior to 2011 Issued in 2011 Total Held by the Manager 110,029 5,010,243 5,120,272 115,239 5,010,243 5,125,482 Issued to the Manager and subsequently transferred to certain Manager’s employees 6,301 — 6,301 29,422 266,657 296,079 Issued to the independent directors — 333 333 — — — Total 116,330 5,010,576 5,126,906 144,661 5,276,900 5,421,561
Summary of Drive Shack's outstanding options	The following table summarizes Drive Shack Inc.’s outstanding options at December 31, 2016 . Note that the last sales price on the New York Stock Exchange for Drive Shack Inc.’s common stock in the year ended December 31, 2016 was $3.76 per share. Recipient Date of Grant/Exercise Number of Options (A) Options Exercisable at Weighted Average Fair Value At Grant Intrinsic Value at Directors Various 3,666 333 $ — Not Material — Manager (C) 2002 - 2007 587,277 116,330 $ 13.13 $ 6.4 — Manager (C) Mar-11 311,853 206,881 $ 1.00 $ 7.0 (J) $ 0.6 Manager (C) Sep-11 524,212 376,268 $ 1.00 $ 5.6 (K) $ 1.0 Manager (C) Apr-12 348,352 279,452 $ 1.00 $ 5.6 (L) $ 0.8 Manager (C) May-12 396,316 316,871 $ 1.00 $ 7.6 (M) $ 0.9 Manager (C) Jul-12 437,991 353,674 $ 1.00 $ 8.3 (N) $ 1.0 Manager (C) Jan-13 958,331 872,528 $ 2.32 $ 18.0 (O) $ 1.3 Manager (C) Feb-13 383,331 349,011 $ 2.95 $ 8.4 (P) $ 0.3 Manager (C) Jun-13 670,829 610,770 $ 3.23 $ 3.8 (Q) 0.4 Manager (C) Nov-13 965,847 879,372 $ 3.57 $ 6.0 (R) 0.5 Manager (C) Aug-14 765,416 714,388 $ 4.01 $ 1.7 (S) 0.3 Exercised (D) Prior to 2008 (173,853 ) N/A $ 14.09 N/A N/A Exercised (E) Oct-12 (15,972 ) N/A $ 1.48 N/A N/A Exercised (F) Sep-13 (51,306 ) N/A $ 1.67 N/A N/A Exercised (G) 2014 (216,186 ) N/A $ 1.46 N/A N/A Exercised (H) 2015 (202,446 ) N/A 1.00 N/A N/A Exercised (I) 2016 (266,657 ) N/A 3.01 N/A N/A Expired unexercised 2002-2006 (300,095 ) N/A N/A N/A N/A Outstanding 5,126,906 5,075,878 (A) The strike prices are subject to adjustment in connection with return of capital dividends and spin-offs. A portion of Drive Shack Inc.’s 2008 dividends was deemed return of capital dividends. The effect on the strike prices was not significant. In the first quarter of 2014, strike prices were adjusted by $0.32 reflecting the portion of Drive Shack Inc.'s 2013 dividends which was deemed return of capital. The strike prices were adjusted for the New Residential, New Media and New Senior spin-offs as described above. On May 7, 2015, and pursuant to the anti-dilution provisions of the 2014 Plan, 2012 Plan and Newcastle Option Plan, as applicable, Drive Shack Inc.’s board of directors approved an equitable adjustment of all outstanding options in order to account for the impact of the 2014 return of capital distributions. The equitable adjustment entails a strike price adjustment and the issuance of additional options which were determined so as to compensate for the loss in value that would have otherwise occurred as a result of the 2014 return of capital distributions. As a result of this adjustment, options relating to a total of 178,740 shares were issued on May 7, 2015 at a strike price of $1.00 per share as detailed below. Grant Date Number of Options Issued Mar-11 24,354 Sep-11 92,963 Apr-12 32,105 May-12 12,987 Jul-12 16,331 Total options issued 178,740 As of December 31, 2016 , the weighted average strike price of the outstanding options issued prior to 2011 was $13.13 . (B) The fair value of the options was estimated using an option valuation model. Since the Newcastle Option Plan, 2012 Plan, 2014 Plan, 2015 Plan and 2016 Plan have characteristics significantly different from those of traded options, and since the assumptions used in such model, particularly the volatility assumption, are subject to significant judgment and variability, the actual value of the options could vary materially from management’s estimate. The volatility assumption for these options was estimated based primarily on the historical volatility of Drive Shack Inc.’s common stock and management’s expectations regarding future volatility. The expected life assumption for options issued prior to 2011 was estimated based on the simplified term method. This simplified method was used because Drive Shack Inc. did not have sufficient historical data to conclude on the appropriate expected life of its options and because historical data to date was consistent with the simplified term method. The expected life assumption for options issued in 2011 and thereafter was estimated based primarily on the historical expected life of applicable previously issued options. (C) The Manager assigned certain of its options to Fortress’s employees as follows: Date of Grant Range of Strike Prices Total Unexercised Inception to Date 2007 $12.44 - $14.44 6,301 Total 6,301 (D) 111,770 of the total options exercised were by the Manager. 61,417 of the total options exercised were by employees of Fortress subsequent to their assignment. 666 of the total options exercised were by directors. (E) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.2 million . (F) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.9 million . (G) 215,853 options were exercised by employees of Fortress subsequent to their assignment with an intrinsic value of $4.1 million . 333 options were exercised by directors with a minimal intrinsic value. (H) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.8 million . (I) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.4 million . As a result of his resignation, the Company's former CEO forfeited 16,748 options and were transferred back to the Manager. (J) The assumptions used in valuing the options were: a 1.7% risk-free rate, 107.8% volatility and a 3.3 year expected term. (K) The assumptions used in valuing the options were: a 1.13% risk-free rate, 13.2% dividend yield, 151.1% volatility and a 4.6 year expected term. (L) The assumptions used in valuing the options were: a 1.3% risk-free rate, 12.9% dividend yield, 149.4% volatility and a 4.7 year expected term. (M) The assumptions used in valuing the options were: a 1.05% risk-free rate, 11.9% dividend yield, 148.4% volatility and a 4.8 year expected term. (N) The assumptions used in valuing the options were: a 0.75% risk-free rate, 11.9% dividend yield, 147.5% volatility and a 4.8 year expected term. (O) The assumptions used in valuing the options were: a 2.0% risk-free rate, 8.8% dividend yield, 56.2% volatility and a 10 year term. (P) The assumptions used in valuing the options were: a 2.1% risk-free rate, 7.8% dividend yield, 55.5% volatility and a 10 year term. (Q) The assumptions used in valuing the options were: a 2.5% risk-free rate, 8.8% dividend yield, 36.9% volatility and a 10 year term. (R) The assumptions used in valuing the options were: a 2.8% risk-free rate, 6.7% dividend yield, 32.0% volatility and a 10 year term. (S) The assumptions used in valuing the options were: a 2.7% risk-free rate, 8.6% dividend yield, 23.4% volatility and a 10 year term.
Schedule of options issued	As a result of this adjustment, options relating to a total of 178,740 shares were issued on May 7, 2015 at a strike price of $1.00 per share as detailed below. Grant Date Number of Options Issued Mar-11 24,354 Sep-11 92,963 Apr-12 32,105 May-12 12,987 Jul-12 16,331 Total options issued 178,740
Schedule of assigned options to Fortress's employees	The Manager assigned certain of its options to Fortress’s employees as follows: Date of Grant Range of Strike Prices Total Unexercised Inception to Date 2007 $12.44 - $14.44 6,301 Total 6,301

TRANSACTIONS WITH AFFILIATES 38

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2016
Transactions With Affiliates And Affiliated Entity [Abstract]
Schedule of amounts Incurred under management agreement	To provide an incentive for the Manager to enhance the value of the common stock, the Manager is entitled to receive an incentive return (the “Incentive Compensation’’) on a cumulative, but not compounding, basis in an amount equal to the product of (A) 25% of the dollar amount by which (1) (a) the Funds from Operations (defined as the net income applicable to common stockholders before Incentive Compensation, excluding extraordinary items, plus depreciation of operating real estate and after adjustments for unconsolidated subsidiaries, if any) of Drive Shack Inc. per share of common stock (based on the weighted average number of shares of common stock outstanding) plus (b) gains (or losses) from debt restructuring and from sales of property and other assets per share of common stock (based on the weighted average number of shares of common stock outstanding), exceed (2) an amount equal to (a) the weighted average of the price per share of common stock in the initial public offering (“IPO”) and the value attributed to the net assets transferred to Drive Shack Inc. by its predecessor, and in any subsequent offerings by Drive Shack Inc. (adjusted for prior return of capital dividends or capital distributions) multiplied by (b) a simple interest rate of 10% per annum (divided by four to adjust for quarterly calculations) multiplied by (B) the weighted average number of shares of common stock outstanding. Amounts incurred under the Management 2016 2015 2014 Management Fees $ 10,204 $ 10,192 $ 20,539 Expense Reimbursement to the Manager 500 500 500 Incentive Compensation — — — Total management fees to affiliate $ 10,704 $ 10,692 $ 21,039

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum rental commitments	The future minimum rental commitments under non-cancellable leases, net of subleases, as of December 31, 2016 were as follows: For the years ending December 31: 2017 $ 31,787 2018 28,442 2019 25,362 2020 22,017 2021 18,384 Thereafter 130,284 Total Minimum lease payments $ 256,276

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	The provision for income taxes (including discontinued operations) consists of the following: Year Ended December 31, 2016 2015 2014 Current: Federal $ 28 $ 298 $ 704 State and Local 64 101 318 Total Current Provision $ 92 $ 399 $ 1,022 Deferred Federal $ 83 $ (46 ) $ (1,293 ) State and Local 14 (8 ) (632 ) Total Deferred Provision $ 97 $ (54 ) $ (1,925 ) Total Provision (benefit) for Income Taxes $ 189 $ 345 $ (903 ) Provision (benefit) for income taxes from discontinued operations $ — $ — $ (1,111 ) Provision (benefit) for income taxes from continuing operations $ 189 $ 345 $ 208
Schedule of tax treatment of common stock dividend distribution	Common stock distributions relating to 2016 , 2015 , and 2014 were taxable as follows: Dividends Per Share Ordinary Income Long-term Capital Gain Return of Capital 2016 $ 0.48 0.00 % 100.00 % 0.00 % 2015 $ 0.60 30.41 % 69.59 % 0.00 % 2014 $ 25.76 (A) 32.64 % 7.57 % 59.79 % (A) Includes the distribution of New Media common stock valued at $5.34 per share and the distribution of New Senior common stock valued at $18.02 per share.
Schedule of effective income tax reconciliation	The difference between Drive Shack Inc.'s reported provision for income taxes and the U.S. federal statutory rate of 35% is as follows: December 31, 2016 2015 2014 Provision at the statutory rate 35.00 % 35.00 % 35.00 % Non-taxable REIT income (51.97 )% (86.91 )% (56.20 )% Permanent items 0.23 % 31.24 % — % State and local taxes 0.07 % 0.32 % (1.18 )% Valuation allowance (reversal) 15.56 % 22.04 % 21.70 % Other 1.35 % (0.04 )% (1.80 )% Total provision (benefit) 0.24 % 1.65 % (2.48 )%
Schedule of deferred tax assets	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of December 31, 2016 and 2015 are presented below: December 31, 2016 2015 Deferred tax assets: Allowance for loan losses $ 358 $ 399 Depreciation and amortization 38,598 33,495 Accrued expenses 2,885 2,008 Interest 16,503 — Net operating losses 162,629 22,524 Other 2,036 — Total deferred tax assets 223,009 58,426 Less valuation allowance (133,192 ) (42,158 ) Net deferred tax assets $ 89,817 $ 16,268 Deferred tax liabilities: Leaseholds 13,681 15,366 Cancellation of debt 75,632 — Other 504 805 Total deferred tax liabilities $ 89,817 $ 16,171 Net deferred tax assets (A) $ — $ 97 (A) Recorded in receivables and other assets on the Consolidated Balance Sheets.
Schedule of change in deferred tax asset valuation allowance	The following table summarizes the change in the deferred tax asset valuation allowance: Valuation allowance at December 31, 2015 $ 42,158 Increase due to tax status change 77,342 Current year income 13,692 Valuation allowance at December 31, 2016 $ 133,192

IMPAIRMENT (REVERSAL) (Tables)

IMPAIRMENT (REVERSAL) (Tables)	12 Months Ended
	Dec. 31, 2016
Other than Temporary Impairment Losses, Investments [Abstract]
Summary of amounts recorded in the statement of operations for OTTI	The following table summarizes the amounts Drive Shack Inc. recorded in the Consolidated Statements of Operations: Year Ended December 31, 2016 2015 2014 Traditional golf properties (A) $ 6,232 $ — $ — Debt and equity securities 110 2,355 — Valuation allowance (reversal) on loans (B) 4,039 9,541 (2,419 ) Total impairment (reversal) $ 10,381 $ 11,896 $ (2,419 ) (A) Held for Use Impairment: As of December 31, 2016, the Company evaluated the recoverability of the carrying value of its golf properties in Oregon and California using an undiscounted cash flow model. Based on the analysis, it was determined that due primarily to a reduction in management’s intended hold period, the Company would not recover the carrying value of these properties located in our Traditional Golf segment. Accordingly, the Company recorded an impairment charge of $2.7 million at December 31, 2016 reducing the aggregate carrying values of these properties from $4.1 million to their estimated fair values of $1.4 million . The Company determined these impairments based on determination of fair value using internal cash flow models and sales data gathered from market participants. As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value this real estate investments falls within Level 3 for fair value reporting. See Note 7 for additional information. Held for Sale Impairment: On December 2, 2016, the Company entered into a letter of intent to sell a golf property located in New Jersey. As of December 31, 2016, the Company classified the property as held for sale in accordance with applicable accounting standards for long lived assets. The carrying value of the property exceeded the fair value less anticipated costs to sell. As a result, the Company recognized an impairment loss totaling approximately $3.6 million as of December 31, 2016. The fair value measurement was based on the pricing in the letter of intent and determined that the significant inputs used to value this real estate investment falls within Level 3 for fair value reporting. See Note 2 and Note 7 for additional information. (B) See Note 6 for additional information.

SUMMARY OF QUARTERLY CONSOLID42

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly unaudited summary information	2016 Quarter Ended Year Ended March 31 (A) June 30 (A) September 30 (A) December 31 (B) December 31 Total revenues $ 62,158 $ 84,484 $ 83,162 $ 69,076 $ 298,880 Total operating costs 78,774 89,706 82,382 87,192 338,054 Operating income (loss) (16,616 ) (5,222 ) 780 (18,116 ) (39,174 ) Total other income (expenses) 89,955 8,518 19,677 (1,451 ) 116,699 Income tax expense (benefit) 44 138 (38 ) 45 189 Income (loss) from continuing operations 73,295 3,158 20,495 (19,612 ) 77,336 Income from discontinued operations — — — — — Preferred dividends (1,395 ) (1,395 ) (1,395 ) (1,395 ) (5,580 ) Net loss (income) attributable to noncontrolling interest 124 (112 ) (177 ) (92 ) (257 ) Income (loss) applicable to common stockholders $ 72,024 $ 1,651 $ 18,923 $ (21,099 ) $ 71,499 Income (loss) applicable to common stock, per share Basic $ 1.08 $ 0.02 $ 0.28 $ (0.32 ) $ 1.07 Diluted $ 1.05 $ 0.02 $ 0.27 $ (0.32 ) $ 1.04 Income from discontinued operations per share of common stock Basic $ — $ — $ — $ — $ — Diluted $ — $ — $ — $ — $ — Weighted average number of shares of common stock outstanding Basic 66,654,598 66,681,248 66,730,583 66,772,360 66,709,925 Diluted 68,284,898 68,899,515 69,072,676 66,772,360 68,788,440 2015 Quarter Ended Year Ended March 31 (A) (B) June 30 (A) September 30 (A) December 31 (B) December 31 Total revenues $ 60,826 $ 82,803 $ 82,864 $ 69,363 $ 295,856 Total operating costs 72,639 66,020 97,539 81,899 318,097 Operating income (loss) (11,813 ) 16,783 (14,675 ) (12,536 ) (22,241 ) Total other income (expenses) 10,866 1,085 23,832 7,711 43,494 Income tax expense 46 27 1,257 (985 ) 345 Income (loss) from continuing operations (993 ) 17,841 7,900 (3,840 ) 20,908 Income (loss) from discontinued operations 115 524 7 — 646 Preferred dividends (1,395 ) (1,395 ) (1,395 ) (1,395 ) (5,580 ) Net income attributable to noncontrolling interest 181 49 (13 ) 76 293 Income (loss) applicable to common stockholders $ (2,092 ) $ 17,019 $ 6,499 $ (5,159 ) $ 16,267 Income (loss) applicable to common stock, per share Basic $ (0.03 ) $ 0.26 $ 0.10 $ (0.08 ) $ 0.24 Diluted $ (0.03 ) $ 0.25 $ 0.09 $ (0.08 ) $ 0.24 Income (loss) from discontinued operations per share of common stock Basic $ — $ 0.01 $ — $ — $ 0.01 Diluted $ — $ 0.01 $ — $ — $ 0.01 Weighted average number of shares of common stock outstanding Basic 66,424,508 66,426,980 66,484,962 66,579,072 66,479,321 Diluted 66,424,508 69,204,717 69,069,659 66,579,072 68,647,915 (A) The Income Applicable to Common Stockholders shown agrees with Drive Shack Inc.’s quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the transformation to a leisure and entertainment business (Note 2), operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 3). (B) The options outstanding are excluded from the diluted share calculation as their effect would have been anti-dilutive.

ORGANIZATION (Details)

ORGANIZATION (Details)	Dec. 31, 2016stateproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of premier private and public properties in United States | property	78
Number of states the properties are located | state	13

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	1 Months Ended			4 Months Ended	9 Months Ended	12 Months Ended
	Aug. 31, 2016USD ($)security	Mar. 31, 2016USD ($)	Feb. 28, 2011USD ($)	Dec. 31, 2016USD ($)derivative_instrumentcontract	Dec. 31, 2016USD ($)derivative_instrumentcontract	Dec. 31, 2016USD ($)derivative_instrumentcontract	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Derivative [Line Items]
Consolidation percentage (as percent)				50.00%	50.00%	50.00%
Equity method investment				$ 19,300,000	$ 19,300,000	$ 19,300,000	$ 20,600,000
Refundable term for initiation fees						30 years
Number of days past due						90 days
Ownership in equity investment (as percent)				23.00%	23.00%	23.00%
Other than temporary impairment						$ 2,900,000	7,500,000	$ 0
Acquisition of servicing rights			$ 2,200,000
Amortization of servicing rights						300,000	300,000	300,000
Mortgage servicing rights (MSR) impairment						0	0	0
Servicing assets				$ 400,000	$ 400,000	400,000	700,000
Proceeds from sale of investments						2,777,808,000	1,425,480,000	798,580,000
CDO bonds payable				0	0	0	92,933,000
Other bonds and notes payable				0	0	0	16,162,000
Reclassification of net realized gain on deconsolidation of CDO VI						20,682,000	0	$ 0
VIE assets				0	0	0
VIE liabilities				0	0	0
Allowances for uncollectable amounts				1,100,000	1,100,000	1,100,000	1,000,000
Allowance for Bad Debts
Derivative [Line Items]
Allowances for uncollectable amounts				$ 100,000	$ 100,000	$ 100,000	90,000
VIEs
Derivative [Line Items]
CDO bonds payable							92,933,000
Other bonds and notes payable							4,672,000
CDO VI | VIEs
Derivative [Line Items]
Interest in VIE (as percent)					0.00%
Reclassification of net realized gain on deconsolidation of CDO VI		$ 20,700,000
Gain on sale of securities		82,100,000
CDO VI | VIEs | Real Estate Securities
Derivative [Line Items]
Carrying amount of VIE		43,900,000
CDO VI | VIEs | CDO Bonds Payable
Derivative [Line Items]
CDO bonds payable		93,100,000
CDO VI | VIEs | Other Bonds Payable
Derivative [Line Items]
Other bonds and notes payable		12,400,000
Non-consolidated CDO Securities
Derivative [Line Items]
Face amount of securities sold	$ 14,800,000
Number of securities sold | security	2
Proceeds from sale of investments	$ 9,900,000
Interest in VIE (as percent)				0.00%
NCT 2013-VI Class I-MM-2
Derivative [Line Items]
Face amount of securities sold		$ 11,000,000
Redemption price as percentage of principal amount redeemed (as percent)		93.00%
Hedging derivative
Derivative [Line Items]
Number of instruments held | derivative_instrument				0	0	0
Not designated as hedging instrument | Interest rate cap
Derivative [Line Items]
Number of instruments held | derivative_instrument				1	1	1
Fair value of derivative instrument				$ 500,000	$ 500,000	$ 500,000
Not designated as hedging instrument | TBAs | Short
Derivative [Line Items]
Number of instruments held | contract				3	3	3
Notional amount				$ 619,500,000	$ 619,500,000	$ 619,500,000
Not designated as hedging instrument | TBAs | Forward Contracts | Short
Derivative [Line Items]
Margin calls				0	0	$ 0	$ 1,000,000
Lower Range
Derivative [Line Items]
Operating lease term						10 years
Upper Range
Derivative [Line Items]
Operating lease term						20 years
Golf | Lower Range
Derivative [Line Items]
Operating lease term						10 years
Golf | Upper Range
Derivative [Line Items]
Operating lease term						20 years
Membership base | Golf
Derivative [Line Items]
Amortization period						7 years
Real Estate Investment with a Non-Controlling Interest
Derivative [Line Items]
Equity method investment				$ 0	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN45

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	$ 1,168	$ 33,297
Net unrealized gain on securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	1,168	33,277
Net unrealized gain (loss) on derivatives designated as cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	$ 0	$ 20

SUMMARY OF SIGNIFICANT ACCOUN46

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Gain (Loss) on Settlement of Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Realized/unrealized (gain) loss on investments
Unrealized loss on securities, intent-to-sell	$ 23,128	$ 0	$ 0
Realized (gain) loss on settlement of TBAs, net	(18,318)	12,907	4,151
Loss recognized on termination of derivative instruments	0	612	0
Loss recognized on termination of derivative instruments	(1,222)	(1,758)	(17,599)
Realized loss recognized upon de-designation of hedges	0	0	34
Realized/unrealized (gain) loss on investments	685	(22,264)	(69,593)
Other income (loss), net
Gain (loss) on lease modifications and terminations	(62)	471	7,219
Collateral management fee income, net	592	708	963
Equity in earnings (losses) of equity method investees, net	(1,338)	(6,194)	954
(Loss) on disposal of long-lived assets	(22)	(1,403)	(1,294)
Other income (loss)	(2,244)	844	437
Other Income (Loss), net	(3,074)	(5,574)	8,279
Real Estate Related and other Loans
Realized/unrealized (gain) loss on investments
Gain on settlement of investments	48	(1,519)	(32,500)
Real Estate Securities
Realized/unrealized (gain) loss on investments
Gain on settlement of investments	(19,129)	(42,356)	(23,679)
Loss on settlement of real estate securities	$ 16,178	$ 9,850	$ 0

SUMMARY OF SIGNIFICANT ACCOUN47

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassification from accumulated other comprehensive income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (“AOCI”) Components
Impairment (reversal)	$ (10,381)	$ (11,896)	$ 2,419
Realized/unrealized (gain) loss on investments	685	(22,264)	(69,593)
Gain on deconsolidation	(82,130)	0	0
Interest expense	52,868	62,129	80,022
Reclassification from AOCI into net income
Accumulated Other Comprehensive Income (“AOCI”) Components
Net realized (gain) loss on securities	(471)	(30,640)	(19,327)
Net realized (gain) loss on securities | Reclassification from AOCI into net income
Accumulated Other Comprehensive Income (“AOCI”) Components
Net realized (gain) loss on securities	(451)	(32,537)	(23,679)
Impairment (reversal) | Reclassification from AOCI into net income
Accumulated Other Comprehensive Income (“AOCI”) Components
Impairment (reversal)	(54)	31	0
(Gain) on settlement of real estate securities | Reclassification from AOCI into net income | Real Estate Securities
Accumulated Other Comprehensive Income (“AOCI”) Components
Realized/unrealized (gain) loss on investments	(19,129)	(42,356)	(23,679)
Loss on settlement of real estate securities | Reclassification from AOCI into net income | Real Estate Securities
Accumulated Other Comprehensive Income (“AOCI”) Components
Realized/unrealized (gain) loss on investments	16,178	9,850	0
Realized (gain) on deconsolidation of CDO VI | Reclassification from AOCI into net income
Accumulated Other Comprehensive Income (“AOCI”) Components
Gain on deconsolidation	(20,682)	0	0
Unrealized loss on real estate securities, intent-to-sell, reclassified from AOCI into income | Reclassification from AOCI into net income | Real Estate Securities
Accumulated Other Comprehensive Income (“AOCI”) Components
Realized/unrealized (gain) loss on investments	23,128	0	0
Net realized (gain) loss on derivatives designated as cash flow hedges | Reclassification from AOCI into net income | Hedging derivative | Cash flow hedges
Accumulated Other Comprehensive Income (“AOCI”) Components
Net realized (gain) loss on securities	(20)	1,897	4,352
Realized loss recognized upon de-designation of hedges | Reclassification from AOCI into net income | Hedging derivative | Cash flow hedges
Accumulated Other Comprehensive Income (“AOCI”) Components
Realized/unrealized (gain) loss on investments	0	0	34
Loss recognized on termination of derivative instruments | Reclassification from AOCI into net income | Hedging derivative | Cash flow hedges
Accumulated Other Comprehensive Income (“AOCI”) Components
Realized/unrealized (gain) loss on investments	0	612	0
Amortization of deferred hedge (gain) | Reclassification from AOCI into net income | Hedging derivative | Cash flow hedges
Accumulated Other Comprehensive Income (“AOCI”) Components
Interest expense	(20)	(78)	(61)
Loss reclassified from AOCI into income, related to effective portion | Reclassification from AOCI into net income | Hedging derivative | Cash flow hedges
Accumulated Other Comprehensive Income (“AOCI”) Components
Interest expense	$ 0	$ (1,363)	$ (4,379)

SUMMARY OF SIGNIFICANT ACCOUN48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Lives of Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2016
Building and improvements | Lower Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Building and improvements | Upper Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Capital Leases - equipment | Lower Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Capital Leases - equipment | Upper Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Furniture, fixtures and equipment | Lower Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture, fixtures and equipment | Upper Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

SUMMARY OF SIGNIFICANT ACCOUN49

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Lives for Amortization (Details) - Golf	12 Months Ended
	Dec. 31, 2016
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization period	30 years
Leasehold Intangibles | Lower Range
Finite-Lived Intangible Assets [Line Items]
Amortization period	1 year
Leasehold Intangibles | Upper Range
Finite-Lived Intangible Assets [Line Items]
Amortization period	26 years
Management contracts | Lower Range
Finite-Lived Intangible Assets [Line Items]
Amortization period	1 year
Management contracts | Upper Range
Finite-Lived Intangible Assets [Line Items]
Amortization period	26 years
Internally-developed software
Finite-Lived Intangible Assets [Line Items]
Amortization period	5 years
Membership base
Finite-Lived Intangible Assets [Line Items]
Amortization period	7 years

SUMMARY OF SIGNIFICANT ACCOUN50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Real estate securities, available-for-sale - Note 5	$ 1,950	$ 59,034
Subprime mortgage loans subject to call option	0	380,806
Restricted cash	6,404	4,469
Receivables and other assets	38,017	38,546
Total Assets	1,171,958	1,467,982
CDO bonds payable	0	92,933
Other bonds and notes payable	0	16,162
Financing of subprime mortgage loans subject to call option	0	380,806
Accounts payable, accrued expenses and other liabilities	88,437	88,939
Total Liabilities	$ 953,891	1,257,860
VIEs
Variable Interest Entity [Line Items]
Real estate securities, available-for-sale - Note 5		46,392
Subprime mortgage loans subject to call option		380,806
Restricted cash		128
Receivables and other assets		77
Total Assets		427,403
CDO bonds payable		92,933
Other bonds and notes payable		4,672
Financing of subprime mortgage loans subject to call option		380,806
Accounts payable, accrued expenses and other liabilities		29
Total Liabilities		$ 478,440

SUMMARY OF SIGNIFICANT ACCOUN51

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 6,404	$ 4,469
CDO bond sinking funds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	51
CDO trustee accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	192	272
Derivative margin accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	887
Restricted cash for construction-in-progress
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	2,267	2,784
Other restricted cash - traditional golf
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 3,945	$ 475

SUMMARY OF SIGNIFICANT ACCOUN52

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental non-cash investing and financing activities relating to CDOS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Investments in senior housing real estate, net			$ 1,574,048
Property, plant and equipment, net			266,385
Goodwill and intangibles, net			379,008
Restricted cash			6,477
Receivables and other assets			197,882
Mortgage notes payable			1,260,633
Credit facilities - media			177,955
Accrued expenses and other liabilities			189,940
Restricted Cash activity:
Restricted cash generated from sale of securities	$ 0	$ 139,257	125,850
Restricted cash generated from sale of loans	0	55,574	0
Restricted cash generated from pay downs on securities and loans	2,310	78,853	325,932
Restricted cash used for repayments of CDO and other bonds payable	2,748	148,966	382,177
CDO VI | VIEs
CDO VI deconsolidation:
Real estate securities	43,889	0	0
Restricted cash	67	0	0
CDO and other bonds payable	$ 105,423	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN53

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of receivables and other assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	$ 8,047	$ 9,889
Prepaid expenses	3,654	3,205
Interest receivable	1,697	1,142
Deposits	4,105	7,437
Inventory	4,496	5,057
Derivative assets	856	127
Residential mortgage loans, held-for-sale, net	231	532
Miscellaneous assets, net	14,931	11,157
Receivables and other assets	$ 38,017	38,546
Number of real estate properties | property	78
Valuation allowance (reversal) on loans	$ 4,039	$ 9,541	$ (2,419)
Held-for-sale | Annandale, New Jersey
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	1
Valuation allowance (reversal) on loans	$ 3,600
Expected period to close on property	12 months

SUMMARY OF SIGNIFICANT ACCOUN54

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of accounts payable, accrued expenses and other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Accounts payable and accrued expenses	$ 26,249	$ 26,966
Deferred revenue	36,107	33,926
Security deposits payable	6,073	5,975
Unfavorable leasehold interests	4,225	5,485
Derivative liabilities	0	684
Accrued rent	2,613	3,135
Due to affiliates	892	892
Miscellaneous liabilities	12,278	11,876
Accounts payable, accrued expenses and other liabilities	$ 88,437	$ 88,939

SUMMARY OF SIGNIFICANT ACCOUN55

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accretion of discount and other amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accretion of discount and other amortization
Accretion of net discount on securities, loans and other investments	$ (7,926)	$ (5,802)	$ (28,638)
Amortization of net discount on debt obligations and deferred financing costs	1,501	3,325	14,217
Amortization of net deferred hedge gains – debt	(20)	(78)	(61)
Amortization of discount and premium	(6,445)	(2,555)	(14,482)
Amortization of leasehold intangibles	4,451	4,942	5,000
Accretion of membership deposit liability	5,803	5,840	5,663
Other amortization	$ 10,254	$ 10,782	$ 10,663

DISCONTINUED OPERATIONS (Narrat

DISCONTINUED OPERATIONS (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of investments		$ 2,777,808	$ 1,425,480	$ 798,580
Repayments of debt obligations		$ 2,788,183	$ 1,983,438	$ 831,042
Disposed of by sale | Beavercreek, OH Planned Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of investments	$ 7,000
Gain on sale of properties	300
Repayments of debt obligations	$ 6,000

DISCONTINUED OPERATIONS - Resul

DISCONTINUED OPERATIONS - Results of Operations from Discontinued Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Income (Expenses)
Income tax (benefit)	$ 0	$ 0	$ (1,111,000)
Income (loss) applicable to common stockholders	0
General and administrative expense - acquisition and transaction expenses (D)	4,354,000	1,123,000	5,479,000
Discontinued Operations
Revenues
Media income	0	0	68,212,000
Rental income	0	556,000	194,729,000
Care and ancillary income	0	0	20,428,000
Total revenues	0	556,000	283,369,000
Operating Costs
Property operating expenses	0	187,000	152,896,000
General and administrative expense	0	30,000	20,096,000
Depreciation and amortization	0	11,000	90,627,000
Management fee to affiliate	0	0	7,789,000
Gain on settlement of investments	0	(318,000)	0
Total operating costs	0	(90,000)	271,408,000
Other Income (Expenses)
Interest expense	0	0	(49,705,000)
Other income	0	0	1,444,000
Total other income (expenses)	0	0	(48,261,000)
Income tax (benefit)	0	0	(1,111,000)
Income (loss) applicable to common stockholders	0	646,000	(35,189,000)
General and administrative expense - acquisition and transaction expenses (D)	$ 0	$ 0	$ 15,800,000

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016statepropertysegment
Segment Reporting [Abstract]
Number of reportable segments | segment	4
Number of premier private and public properties in United States | property	78
Number of States in which Entity Operates | state	13

SEGMENT REPORTING - Segment Rep

SEGMENT REPORTING - Segment Reporting (Details) - USD ($) $ in Thousands	Dec. 29, 2016	Aug. 31, 2015	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Golf course operations											$ 226,255	$ 224,419	$ 222,983
Sales of food and beverages											72,625	71,437	68,554
Total revenues			$ 69,076	$ 83,162	$ 84,484	$ 62,158	$ 69,363	$ 82,864	$ 82,803	$ 60,826	298,880	295,856	291,537
Operating expenses											254,353	254,553	263,338
Cost of sales - food and beverages											21,593	22,549	21,037
General and administrative expense											9,488	10,914	10,372
General and administrative expense - acquisition and transaction expenses (D)											4,354	1,123	5,479
Management fee to affiliate											10,704	10,692	21,039
Depreciation and amortization											26,496	28,634	26,967
Impairment (reversal)											10,381	11,896	(2,419)
Realized/unrealized (gain) loss on investments											685	(22,264)	(69,593)
Total operating costs			87,192	82,382	89,706	78,774	81,899	97,539	66,020	72,639	338,054	318,097	276,220
Operating income (loss)			(18,116)	780	(5,222)	(16,616)	(12,536)	(14,675)	16,783	(11,813)	(39,174)	(22,241)	15,317
Interest and investment income											91,291	95,891	127,627
Interest expense											(52,868)	(62,129)	(80,022)
Gain (loss) on extinguishment of debt		$ 15,400									(780)	15,306	(3,410)
Gain on deconsolidation											82,130	0	0
Other income (loss), net											(3,074)	(5,574)	8,279
Total other income (expenses)	$ 100		(1,451)	19,677	8,518	89,955	7,711	23,832	1,085	10,866	116,699	43,494	52,474
Income tax expense (benefit)			45	(38)	138	44	(985)	1,257	27	46	189	345	208
Income from continuing operations			(19,612)	20,495	3,158	73,295	(3,840)	7,900	17,841	(993)	77,336	20,908	67,583
Income (loss) from discontinued operations, net of tax - Note 3			0	0	0	0	0	7	524	115	0	646	(35,189)
Net Income											77,336	21,554	32,394
Preferred dividends			(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(5,580)	(5,580)	(5,580)
Net loss (income) attributable to noncontrolling interest			(92)	(177)	(112)	124	76	(13)	49	181	(257)	293	852
Income Applicable To Common Stockholders			(21,099)	$ 18,923	$ 1,651	$ 72,024	(5,159)	$ 6,499	$ 17,019	$ (2,092)	71,499	16,267	27,666
Income (loss) applicable to common stockholders											0
Investments			986,845				1,017,975				986,845	1,017,975
Cash and restricted cash			146,544				50,120				146,544	50,120
Other assets			38,569				399,887				38,569	399,887
Total Assets			1,171,958				1,467,982				1,171,958	1,467,982
Debt, net			767,465				970,842				767,465	970,842
Other liabilities			186,426				287,018				186,426	287,018
Total Liabilities			953,891				1,257,860				953,891	1,257,860
Preferred stock			61,583				61,583				61,583	61,583
Noncontrolling interest			0				(257)				0	(257)
Equity (deficit) attributable to common stockholders			156,484				148,796				156,484	148,796
Additions to investments in real estate											12,571	7,637	315,454
Debt Investments
Segment Reporting Information [Line Items]
Investments			704,122				715,596				704,122	715,596
Operating segments | Traditional Golf
Segment Reporting Information [Line Items]
Golf course operations											226,255	224,419	222,983
Sales of food and beverages											72,625	71,437	68,554
Total revenues											298,880	295,856	291,537
Operating expenses											254,353	254,553	263,338
Cost of sales - food and beverages											21,593	22,549	21,037
General and administrative expense											2,708	2,983	1,435
General and administrative expense - acquisition and transaction expenses (D)											1,594	1,364	1,941
Management fee to affiliate											0	0	0
Depreciation and amortization											26,496	28,682	26,880
Impairment (reversal)											6,232	0	0
Realized/unrealized (gain) loss on investments											(294)	9	0
Total operating costs											312,682	310,140	314,631
Operating income (loss)											(13,802)	(14,284)	(23,094)
Interest and investment income											134	152	147
Interest expense											(12,470)	(16,520)	(19,783)
Gain (loss) on extinguishment of debt											(780)	14,818	0
Gain on deconsolidation											0
Other income (loss), net											(2,379)	(1,629)	5,863
Total other income (expenses)											(15,495)	(174)	(8,039)
Income tax expense (benefit)											188	345	208
Income from continuing operations											(29,485)	(14,803)	(31,341)
Net Income											(29,485)	(14,803)	(31,341)
Preferred dividends											0	0	0
Net loss (income) attributable to noncontrolling interest											(257)	293	329
Income Applicable To Common Stockholders											(29,742)	(14,510)	(31,012)
Investments			282,064				302,379				282,064	302,379
Cash and restricted cash			24,484				19,981				24,484	19,981
Other assets			34,487				33,765				34,487	33,765
Total Assets			341,035				356,125				341,035	356,125
Debt, net			115,284				81,091				115,284	81,091
Other liabilities			170,718				166,973				170,718	166,973
Total Liabilities			286,002				248,064				286,002	248,064
Preferred stock			0				0				0	0
Noncontrolling interest			0				(257)				0	(257)
Equity (deficit) attributable to common stockholders			55,033				108,318				55,033	108,318
Additions to investments in real estate											11,912	7,637	7,925
Operating segments | Entertainment Golf
Segment Reporting Information [Line Items]
Golf course operations											0	0	0
Sales of food and beverages											0	0	0
Total revenues											0	0	0
Operating expenses											0	0	0
Cost of sales - food and beverages											0	0	0
General and administrative expense											12	0	0
General and administrative expense - acquisition and transaction expenses (D)											1,555	0	0
Management fee to affiliate											0	0	0
Depreciation and amortization											0	0	0
Impairment (reversal)											0	0	0
Realized/unrealized (gain) loss on investments											0	0	0
Total operating costs											1,567	0	0
Operating income (loss)											(1,567)	0	0
Interest and investment income											0	0	0
Interest expense											0	0	0
Gain (loss) on extinguishment of debt											0	0	0
Gain on deconsolidation											0
Other income (loss), net											0	0	0
Total other income (expenses)											0	0	0
Income tax expense (benefit)											1	0	0
Income from continuing operations											(1,568)	0	0
Net Income											(1,568)	0	0
Preferred dividends											0	0	0
Net loss (income) attributable to noncontrolling interest											0	0	0
Income Applicable To Common Stockholders											(1,568)	0	0
Investments			659				0				659	0
Cash and restricted cash			0				0				0	0
Other assets			766				0				766	0
Total Assets			1,425				0				1,425	0
Debt, net			0				0				0	0
Other liabilities			1,116				0				1,116	0
Total Liabilities			1,116				0				1,116	0
Preferred stock			0				0				0	0
Noncontrolling interest			0				0				0	0
Equity (deficit) attributable to common stockholders			309				0				309	0
Additions to investments in real estate											659	0	0
Operating segments | Debt Investments
Segment Reporting Information [Line Items]
Golf course operations											0	0	0
Sales of food and beverages											0	0	0
Total revenues											0	0	0
Operating expenses											0	0	0
Cost of sales - food and beverages											0	0	0
General and administrative expense											93	291	1,215
General and administrative expense - acquisition and transaction expenses (D)											0	60	2,919
Management fee to affiliate											0	0	0
Depreciation and amortization											0	0	0
Impairment (reversal)											4,149	11,896	(2,419)
Realized/unrealized (gain) loss on investments											979	(22,273)	(69,593)
Total operating costs											5,221	(10,026)	(67,878)
Operating income (loss)											(5,221)	10,026	67,878
Interest and investment income											91,107	98,721	135,031
Interest expense											(38,112)	(44,831)	(64,016)
Gain (loss) on extinguishment of debt											0	488	(3,410)
Gain on deconsolidation											82,130
Other income (loss), net											(695)	(3,999)	2,416
Total other income (expenses)											134,430	47,374	64,287
Income tax expense (benefit)											0	0	0
Income from continuing operations											129,209	57,400	132,165
Net Income											129,209	57,400	132,165
Preferred dividends											0	0	0
Net loss (income) attributable to noncontrolling interest											0	0	0
Income Applicable To Common Stockholders											129,209	57,400	132,165
Investments			704,122				715,596				704,122	715,596
Cash and restricted cash			192				1,210				192	1,210
Other assets			3,219				365,713				3,219	365,713
Total Assets			707,533				1,082,519				707,533	1,082,519
Debt, net			600,964				838,526				600,964	838,526
Other liabilities			2,293				107,154				2,293	107,154
Total Liabilities			603,257				945,680				603,257	945,680
Preferred stock			0				0				0	0
Noncontrolling interest			0				0				0	0
Equity (deficit) attributable to common stockholders			104,276				136,839				104,276	136,839
Additions to investments in real estate											0	0	0
Operating segments | Corporate
Segment Reporting Information [Line Items]
Golf course operations											0	0	0
Sales of food and beverages											0	0	0
Total revenues											0	0	0
Operating expenses											0	0	0
Cost of sales - food and beverages											0	0	0
General and administrative expense											6,675	7,640	7,722
General and administrative expense - acquisition and transaction expenses (D)											1,205	(301)	619
Management fee to affiliate											10,704	10,692	21,039
Depreciation and amortization											0	(48)	87
Impairment (reversal)											0	0	0
Realized/unrealized (gain) loss on investments											0	0	0
Total operating costs											18,584	17,983	29,467
Operating income (loss)											(18,584)	(17,983)	(29,467)
Interest and investment income											50	23	44
Interest expense											(2,286)	(3,783)	(3,818)
Gain (loss) on extinguishment of debt											0	0	0
Gain on deconsolidation											0
Other income (loss), net											0	54	0
Total other income (expenses)											(2,236)	(3,706)	(3,774)
Income tax expense (benefit)											0	0	0
Income from continuing operations											(20,820)	(21,689)	(33,241)
Net Income											(20,820)	(21,689)	(33,241)
Preferred dividends											(5,580)	(5,580)	(5,580)
Net loss (income) attributable to noncontrolling interest											0	0	0
Income Applicable To Common Stockholders											(26,400)	(27,269)	(38,821)
Investments			0				0				0	0
Cash and restricted cash			121,868				28,929				121,868	28,929
Other assets			97				409				97	409
Total Assets			121,965				29,338				121,965	29,338
Debt, net			51,217				51,225				51,217	51,225
Other liabilities			12,299				12,891				12,299	12,891
Total Liabilities			63,516				64,116				63,516	64,116
Preferred stock			61,583				61,583				61,583	61,583
Noncontrolling interest			0				0				0	0
Equity (deficit) attributable to common stockholders			$ (3,134)				(96,361)				(3,134)	(96,361)
Additions to investments in real estate											$ 0	0	0
Segment Reconciling Items
Segment Reporting Information [Line Items]
Income (loss) from discontinued operations, net of tax - Note 3												646	(35,189)
Net loss attributable to noncontrolling interest												0	523
Income (loss) applicable to common stockholders												646	(34,666)
Additions to investments in real estate													307,529
Eliminations
Segment Reporting Information [Line Items]
Golf course operations												0	0
Sales of food and beverages												0	0
Total revenues												0	0
Operating expenses												0	0
Cost of sales - food and beverages												0	0
General and administrative expense												0	0
General and administrative expense - acquisition and transaction expenses (D)												0	0
Management fee to affiliate												0	0
Depreciation and amortization												0	0
Impairment (reversal)												0	0
Realized/unrealized (gain) loss on investments												0	0
Total operating costs												0	0
Operating income (loss)												0	0
Interest and investment income												(3,005)	(7,595)
Interest expense												3,005	7,595
Gain (loss) on extinguishment of debt												0	0
Other income (loss), net												0	0
Total other income (expenses)												0	0
Income tax expense (benefit)												0	0
Income from continuing operations												0	0
Net Income												0	0
Preferred dividends												0	0
Net loss (income) attributable to noncontrolling interest												0	0
Income Applicable To Common Stockholders												0	0
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 interest							0					0
Equity (deficit) attributable to common stockholders							$ 0					0
Additions to investments in real estate												0	0
Eliminations | Traditional Golf
Segment Reporting Information [Line Items]
Other income (loss), net												3,005	5,734
Eliminations | Entertainment Golf
Segment Reporting Information [Line Items]
Other income (loss), net												0	0
Eliminations | Debt Investments
Segment Reporting Information [Line Items]
Other income (loss), net												(3,005)	(5,734)
Eliminations | Corporate
Segment Reporting Information [Line Items]
Other income (loss), net												$ 0	$ 0

SEGMENT REPORTING - Other Debt

SEGMENT REPORTING - Other Debt Segment Investments and Debt (Details)	1 Months Ended	12 Months Ended
	Aug. 31, 2016security	Dec. 31, 2016USD ($)securityloan	Dec. 31, 2015USD ($)securityloan	Dec. 31, 2014USD ($)	Oct. 31, 2015USD ($)	Dec. 31, 2013USD ($)
Segment Reporting Information [Line Items]
Investments Carrying Value		$ 986,845,000	$ 1,017,975,000
Face amount of debt		770,572,000	$ 971,270,000		$ 19,400,000
Non-consolidated CDO Securities
Segment Reporting Information [Line Items]
Principal amount on investment		$ 0
Number of securities sold | security	2
Real Estate Related and other Loans
Segment Reporting Information [Line Items]
Loan Count | loan		6
Carrying Value		$ 55,612,000
Outstanding face amount		$ 138,148,000
Real Estate Related and other Loans | Held-for-sale
Segment Reporting Information [Line Items]
Loan Count | loan		6	7
Carrying Value		$ 55,612,000	$ 149,198,000	$ 230,200,000		$ 437,530,000
Outstanding face amount		$ 138,148,000
Real Estate Related and other Loans | Mezzanine Loans
Segment Reporting Information [Line Items]
Loan Count | loan		2
Carrying Value		$ 0
Outstanding face amount		$ 17,800,000
Real Estate Related and other Loans | Mezzanine Loans | Held-for-sale
Segment Reporting Information [Line Items]
Loan Count | loan		2	3
Carrying Value		$ 0	$ 19,433,000
Outstanding face amount		$ 17,767,000
Real Estate Related and other Loans | Corporate Loans
Segment Reporting Information [Line Items]
Loan Count | loan		2
Outstanding face amount		$ 45,700,000
Real Estate Related and other Loans | Corporate Loans | Held-for-sale
Segment Reporting Information [Line Items]
Loan Count | loan		4	4
Carrying Value		$ 55,612,000	$ 129,765,000
Outstanding face amount		120,381,000
Subprime | Subprime Mortgage Loans Subject to Call Option
Segment Reporting Information [Line Items]
Carrying Value		0	380,806,000
Outstanding face amount		0
Debt Investments
Segment Reporting Information [Line Items]
Principal amount on investment		698,503,000	765,703,000
Investments Carrying Value		704,122,000	715,596,000
Face amount of debt		600,964,000	839,008,000
Debt Carrying Value		600,964,000	838,526,000
Debt Investments | Unlevered real estate securities
Segment Reporting Information [Line Items]
Principal amount on investment		4,000,000	107,242,000
Investments Carrying Value		1,950,000	59,034,000
Face amount of debt		0	97,917,000
Debt Carrying Value		$ 0	$ 97,605,000
Number of securities sold | security		8
Debt Investments | Unlevered real estate securities | Non-consolidated CDO Securities
Segment Reporting Information [Line Items]
Principal amount on investment		$ 0
Number of securities | security			8
Face amount of excluded real estate securities			$ 116,000,000
Debt Investments | Levered real estate securities
Segment Reporting Information [Line Items]
Principal amount on investment		619,808,000	102,660,000
Investments Carrying Value		627,304,000	105,963,000
Face amount of debt		600,964,000	348,625,000
Debt Carrying Value		600,964,000	348,625,000
Debt Investments | Real estate related and other loans
Segment Reporting Information [Line Items]
Principal amount on investment		74,695,000	174,995,000
Investments Carrying Value		55,612,000	149,198,000
Face amount of debt		0	11,660,000
Debt Carrying Value		0	11,490,000
Debt Investments | Other investments
Segment Reporting Information [Line Items]
Investments Carrying Value		19,256,000	20,595,000
Face amount of debt		0	0
Debt Carrying Value		0	0
Debt Investments | Subprime | Subprime Mortgage Loans Subject to Call Option
Segment Reporting Information [Line Items]
Principal amount on investment		0	380,806,000
Investments Carrying Value		0	380,806,000
Face amount of debt		0	380,806,000
Debt Carrying Value		0	380,806,000
Golf
Segment Reporting Information [Line Items]
Operating leases, rent expense		$ 3,800,000	$ 4,600,000	$ 5,000,000

REAL ESTATE SECURITIES - Real E

REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details)	12 Months Ended
	Dec. 31, 2016USD ($)security	Dec. 31, 2015USD ($)security	Dec. 31, 2014USD ($)	Jun. 30, 2016USD ($)
Investment [Line Items]
Other Than Temporary Impairment - Amortized Cost Basis	$ 0	$ (3,010,000)	$ (4,174,000)
Amortized Cost Basis	782,000
Real estate securities	1,950,000	59,034,000
Realized/unrealized (gain) loss on investments	685,000	(22,264,000)	(69,593,000)
Total outstanding face amount of fixed rate securities	619,800,000	168,500,000
Total outstanding face amount of floating rate securities	4,000,000	41,400,000
Debt Investments
Investment [Line Items]
Outstanding Face Amount	698,503,000	765,703,000
Debt Investments | Unlevered real estate securities
Investment [Line Items]
Outstanding Face Amount	4,000,000	107,242,000
Total Securities, Pledged as Collateral (F)
Investment [Line Items]
Outstanding Face Amount	619,808,000	102,660,000
Before Impairment - Amortized Cost Basis	650,432,000	105,940,000
Other Than Temporary Impairment - Amortized Cost Basis	(23,128,000)	0
Amortized Cost Basis	627,304,000	105,940,000
Gains-Gross Unrealized	0	23,000
Losses- Gross Unrealized	0	0
Real estate securities	$ 627,304,000	$ 105,963,000
Number of Securities | security	15	3
Weighted Average Rating	AAA
Total Securities, Available-for-Sale
Investment [Line Items]
Before Impairment - Amortized Cost Basis	$ 2,303,000	$ 109,466,000
Other Than Temporary Impairment - Amortized Cost Basis	(1,521,000)	(83,686,000)
Amortized Cost Basis	782,000	25,780,000
Gains-Gross Unrealized	1,168,000	33,362,000
Losses- Gross Unrealized	0	(108,000)
Real estate securities	$ 1,950,000	$ 59,034,000
Number of Securities | security	2	30
Real Estate Securities | Unrealized loss on real estate securities, intent-to-sell, reclassified from AOCI into income | Reclassification from AOCI into net income
Investment [Line Items]
Realized/unrealized (gain) loss on investments	$ 23,128,000	$ 0	$ 0
CMBS | Total Securities, Available-for-Sale
Investment [Line Items]
Outstanding Face Amount		67,669,000
Before Impairment - Amortized Cost Basis		78,416,000
Other Than Temporary Impairment - Amortized Cost Basis		(55,372,000)
Amortized Cost Basis		23,044,000
Gains-Gross Unrealized		16,673,000
Losses- Gross Unrealized		(33,000)
Real estate securities		$ 39,684,000
Number of Securities | security		16
Weighted Average Rating		B
Weighted Average Coupon (as percent)		4.97%
Weighted Average (as percent)		14.78%
Weighted Average Life (Years)		2 years 1 month 6 days
Weighted Average Principal Subordination (as percent)		26.10%
ABS - Non-Agency RMBS | Total Securities, Available-for-Sale
Investment [Line Items]
Outstanding Face Amount	4,000,000	$ 16,477,000
Before Impairment - Amortized Cost Basis	2,303,000	23,403,000
Other Than Temporary Impairment - Amortized Cost Basis	(1,521,000)	(20,667,000)
Amortized Cost Basis	782,000	2,736,000
Gains-Gross Unrealized	1,168,000	6,958,000
Losses- Gross Unrealized	0	(75,000)
Real estate securities	$ 1,950,000	$ 9,619,000
Number of Securities | security	1	9
Weighted Average Rating	C	CC
Weighted Average Coupon (as percent)	1.15%	1.89%
Weighted Average (as percent)	25.45%	11.95%
Weighted Average Life (Years)	9 years	11 years
Weighted Average Principal Subordination (as percent)	27.90%	9.70%
ABS-Small Business Loans | Total Securities, Available-for-Sale
Investment [Line Items]
Outstanding Face Amount		$ 8,464,000
Before Impairment - Amortized Cost Basis		7,647,000
Other Than Temporary Impairment - Amortized Cost Basis		(7,647,000)
Amortized Cost Basis		0
Gains-Gross Unrealized		0
Losses- Gross Unrealized		0
Real estate securities		$ 0
Number of Securities | security		1
Weighted Average Rating		C
Weighted Average Coupon (as percent)		6.69%
Weighted Average (as percent)		0.00%
Weighted Average Principal Subordination (as percent)		0.00%
Debt securities | Total Securities, Available-for-Sale
Investment [Line Items]
Outstanding Face Amount	$ 4,000,000	$ 107,242,000
Before Impairment - Amortized Cost Basis	2,303,000	109,466,000
Other Than Temporary Impairment - Amortized Cost Basis	(1,521,000)	(83,686,000)
Amortized Cost Basis	782,000	25,780,000
Gains-Gross Unrealized	1,168,000	33,362,000
Losses- Gross Unrealized	0	(108,000)
Real estate securities	$ 1,950,000	$ 59,034,000
Number of Securities | security	1	28
Weighted Average Rating	C	CCC+
Weighted Average Coupon (as percent)	1.15%	4.20%
Weighted Average (as percent)	25.45%	14.48%
Weighted Average Life (Years)	9 years	4 years
CDO
Investment [Line Items]
Outstanding Face Amount				$ 0
CDO | Total Securities, Available-for-Sale
Investment [Line Items]
Outstanding Face Amount		$ 14,632,000
Before Impairment - Amortized Cost Basis		0
Other Than Temporary Impairment - Amortized Cost Basis		0
Amortized Cost Basis		0
Gains-Gross Unrealized		9,731,000
Losses- Gross Unrealized		0
Real estate securities		$ 9,731,000
Number of Securities | security		2
Weighted Average Rating		C
Weighted Average Coupon (as percent)		1.80%
Weighted Average (as percent)		0.00%
Weighted Average Life (Years)		7 years 2 months
Weighted Average Principal Subordination (as percent)		25.10%
Non-consolidated CDO Securities
Investment [Line Items]
Outstanding Face Amount	$ 0
Non-consolidated CDO Securities | Debt Investments | Unlevered real estate securities
Investment [Line Items]
Outstanding Face Amount	0
Number of Securities | security		8
Face amount of excluded real estate securities		$ 116,000,000
Equity Securities | Total Securities, Available-for-Sale
Investment [Line Items]
Before Impairment - Amortized Cost Basis	0	0
Other Than Temporary Impairment - Amortized Cost Basis	0	0
Amortized Cost Basis	0	0
Gains-Gross Unrealized	0	0
Losses- Gross Unrealized	0	0
Real estate securities	$ 0	$ 0
Number of Securities | security	1	2
FNMA/FHLMC (A) | Total Securities, Pledged as Collateral (F)
Investment [Line Items]
Outstanding Face Amount	$ 619,808,000	$ 102,660,000
Before Impairment - Amortized Cost Basis	650,432,000	105,940,000
Other Than Temporary Impairment - Amortized Cost Basis	(23,128,000)	0
Amortized Cost Basis	627,304,000	105,940,000
Gains-Gross Unrealized	0	23,000
Losses- Gross Unrealized	0	0
Real estate securities	$ 627,304,000	$ 105,963,000
Number of Securities | security	15	3
Weighted Average Rating	AAA	AAA
Weighted Average Coupon (as percent)	3.28%	3.50%
Weighted Average (as percent)	2.65%	2.99%
Weighted Average Life (Years)	8 years 5 months 6 days	7 years 9 months

REAL ESTATE SECURITIES (Narrati

REAL ESTATE SECURITIES (Narrative) (Details)	1 Months Ended					12 Months Ended
	Dec. 31, 2016USD ($)security	Oct. 31, 2016USD ($)security	Aug. 31, 2016USD ($)security	Jun. 30, 2016USD ($)	May 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Investment [Line Items]
OTTI recorded						$ 23,100,000	$ 2,400,000	$ 0
OTTI in other comprehensive income						0	100,000	0
Proceeds from sale of securities						2,777,808,000	1,425,480,000	798,580,000
Principal repayments from investments						$ 150,459,000	$ 128,191,000	$ 245,447,000
CMBS
Investment [Line Items]
Face amount of securities sold	$ 10,300,000				$ 98,600,000
Number of securities sold | security	2
Proceeds from sale of securities	$ 100,000				102,600,000
Gain (Loss)	100,000				14,000,000
Principal repayments from investments					$ 25,000,000
Average price percentage - sold (as percent)					104.03%
CDO
Investment [Line Items]
Face amount of securities sold		$ 39,600,000	$ 14,800,000	$ 10,000,000
Number of securities sold | security		4	2
Proceeds from sale of securities		$ 100,000	$ 9,900,000	700,000
Gain (Loss)		$ 100,000	$ 9,900,000	700,000
Principal amount on investment				$ 0
Average price percentage - sold (as percent)			67.30%	7.25%
ABS-Small Business Loans
Investment [Line Items]
Face amount of securities sold	8,500,000
Proceeds from sale of securities	100,000
Gain (Loss)	$ 100,000
May 2015 Sale 1 | ABS - Non-Agency RMBS
Investment [Line Items]
Face amount of securities sold					$ 42,800,000
Proceeds from sale of securities					36,700,000
Gain (Loss)					$ 14,100,000
Average price percentage - sold (as percent)					85.54%
May 2015 Sale 2 | ABS - Non-Agency RMBS
Investment [Line Items]
Face amount of securities sold					$ 3,900,000
Proceeds from sale of securities					900,000
Gain (Loss)					$ 800,000
Average price percentage - sold (as percent)					24.11%

REAL ESTATE SECURITIES - Holdin

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)security	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Investment [Line Items]
Other Than Temporary Impairment - Amortized Cost Basis	$ 0	$ (3,010)	$ (4,174)
Amortized Cost Basis	782
Real estate securities	1,950	$ 59,034
Total debt securities in an unrealized loss position
Investment [Line Items]
Outstanding Face Amount	619,808
Before Impairment - Amortized Cost Basis	650,432
Other Than Temporary Impairment - Amortized Cost Basis	(23,128)
Amortized Cost Basis	627,304
Gains-Gross Unrealized	0
Losses- Gross Unrealized	0
Real estate securities	$ 627,304
Number of Securities | security	15
Weighted Average Rating	AAA
Weighted average coupon rate of loans (as percent)	3.28%
Weighted Average (as percent)	2.65%
Weighted Average Maturity (Years)	8 years 5 months 1 day
Less Than Twelve Months
Investment [Line Items]
Outstanding Face Amount	$ 619,808
Before Impairment - Amortized Cost Basis	650,432
Other Than Temporary Impairment - Amortized Cost Basis	(23,128)
Amortized Cost Basis	627,304
Gains-Gross Unrealized	0
Losses- Gross Unrealized	0
Carrying value - less than twelve months	$ 627,304
Number of Securities | security	15
Weighted Average Rating	AAA
Weighted average coupon rate of loans (as percent)	3.28%
Weighted Average (as percent)	2.65%
Weighted Average Maturity (Years)	8 years 5 months 1 day
Twelve or More Months
Investment [Line Items]
Outstanding Face Amount	$ 0
Before Impairment - Amortized Cost Basis	0
Other Than Temporary Impairment - Amortized Cost Basis	0
Amortized Cost Basis	0
Gains-Gross Unrealized	0
Losses- Gross Unrealized	0
Carrying value - less than twelve months	$ 0
Number of Securities | security	0
Weighted Average Rating	0
Weighted average coupon rate of loans (as percent)	0.00%
Weighted Average (as percent)	0.00%

REAL ESTATE SECURITIES - Hold64

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position and the Associated Intent to Sell (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment [Line Items]
Realized/unrealized gain on investments	$ (685)	$ 22,264	$ 69,593
Securities Drive Shack Inc. intends to sell
Investment [Line Items]
Fair Value	627,304
Amortized Cost Basis	627,304
Unrealized Credit Losses	0
Securities Drive Shack Inc. is more likely than not to be required to sell
Investment [Line Items]
Fair Value	0
Amortized Cost Basis	0
Unrealized Credit Losses	0
Credit impaired securities
Investment [Line Items]
Fair Value	0
Amortized Cost Basis	0
Unrealized Credit Losses	0
Unrealized Non-Credit Losses	0
Non-credit impaired securities
Investment [Line Items]
Fair Value	0
Amortized Cost Basis	0
Unrealized Credit Losses	0
Unrealized Non-Credit Losses	0
Total debt securities in an unrealized loss position
Investment [Line Items]
Fair Value	627,304
Amortized Cost Basis	627,304
Unrealized Credit Losses	0
Unrealized Non-Credit Losses	0
Real Estate Securities | Reclassification from AOCI into net income | Unrealized loss on real estate securities, intent-to-sell, reclassified from AOCI into income
Investment [Line Items]
Realized/unrealized gain on investments	$ (23,128)	$ 0	$ 0

REAL ESTATE SECURITIES - Credit

REAL ESTATE SECURITIES - Credit Losses on Debt Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$ (3,010)	$ (4,174)
Additions for credit losses on securities for which an OTTI was not previously recognized	0	(1,567)
Additions to credit losses on securities for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income	(110)	0
Additions for credit losses on securities for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income	0	(1,443)
Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date	0	4,174
Reduction for securities deconsolidated during the period	3,120	0
Reduction for securities sold/written off during the period	0	0
Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security	0	0
Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$ 0	$ (3,010)

REAL ESTATE SECURITIES - Geogra

REAL ESTATE SECURITIES - Geographic Distribution of Collateral (Details) - ABS - Non-Agency RMBS $ in Thousands	Dec. 31, 2016USD ($)
Investment [Line Items]
Outstanding Face Amount	$ 4,000
Percentage (as percent)	100.00%
Northeastern U.S.
Investment [Line Items]
Outstanding Face Amount	$ 623
Percentage (as percent)	15.60%
Southeastern U.S.
Investment [Line Items]
Outstanding Face Amount	$ 1,056
Percentage (as percent)	26.40%
Midwestern U.S.
Investment [Line Items]
Outstanding Face Amount	$ 426
Percentage (as percent)	10.70%
Western U.S.
Investment [Line Items]
Outstanding Face Amount	$ 1,297
Percentage (as percent)	32.40%
Southwestern U.S.
Investment [Line Items]
Outstanding Face Amount	$ 598
Percentage (as percent)	14.90%

REAL ESTATE SECURITIES REAL EST

REAL ESTATE SECURITIES REAL ESTATE SECURITIES - FNMA/FHLMC Activity (Details) - FNMA/FHLMC (A) - USD ($)

1 Months Ended

Nov. 30, 2016

Oct. 31, 2016

Sep. 30, 2016

Aug. 31, 2016

Jul. 31, 2016

Jun. 30, 2016

Apr. 30, 2016

Mar. 31, 2016

Jan. 31, 2016

Dec. 31, 2015

Oct. 31, 2015

Sep. 30, 2015

Jul. 31, 2015

Jun. 30, 2015

Mar. 31, 2015

March 2015 Sale

Gain (Loss) on Investments [Line Items]

Face amount of securities sold

$ (380,400,000)

Average price percentage - sold (as percent)

104.70%

Total Proceeds (Payment)

$ 398,400,000

Gain (Loss)

5,900,000

Repurchase Agreement Financed (Repaid)

(385,600,000)

March 2015 Purchase

Gain (Loss) on Investments [Line Items]

Face Amount of securities purchased

$ 389,100,000

Average price percentage - purchases (as percent)

104.80%

Total Proceeds (Payment)

$ (407,600,000)

Repurchase Agreement Financed (Repaid)

$ 386,100,000

July 2015 Sale

Gain (Loss) on Investments [Line Items]

Face amount of securities sold

$ (380,400,000)

Average price percentage - sold (as percent)

103.10%

Total Proceeds (Payment)

$ 392,300,000

Gain (Loss)

$ (5,900,000)

Repurchase Agreement Financed (Repaid)

(375,700,000)

July 2015 Purchase

Gain (Loss) on Investments [Line Items]

Face Amount of securities purchased

$ 403,900,000

Average price percentage - purchases (as percent)

102.90%

Total Proceeds (Payment)

$ (415,600,000)

Repurchase Agreement Financed (Repaid)

393,800,000

July 2015 Purchase 1

Gain (Loss) on Investments [Line Items]

Face Amount of securities purchased

$ 201,900,000

Average price percentage - purchases (as percent)

102.90%

Total Proceeds (Payment)

$ (207,700,000)

Repurchase Agreement Financed (Repaid)

$ 196,700,000

September 2015 Sale

Gain (Loss) on Investments [Line Items]

Face amount of securities sold

$ (250,400,000)

Average price percentage - sold (as percent)

103.80%

Total Proceeds (Payment)

$ 260,000,000

Gain (Loss)

2,500,000

Repurchase Agreement Financed (Repaid)

(250,100,000)

October 2015 Sale

Gain (Loss) on Investments [Line Items]

Face amount of securities sold

$ (348,900,000)

Average price percentage - sold (as percent)

104.30%

Total Proceeds (Payment)

$ 364,000,000

Gain (Loss)

$ 5,100,000

Repurchase Agreement Financed (Repaid)

(345,900,000)

October 2015 Purchase

Gain (Loss) on Investments [Line Items]

Face Amount of securities purchased

$ 354,800,000

Average price percentage - purchases (as percent)

104.40%

Total Proceeds (Payment)

$ (370,500,000)

Repurchase Agreement Financed (Repaid)

$ 352,600,000

January 2016 Sale

Gain (Loss) on Investments [Line Items]

Face amount of securities sold

$ (350,300,000)

Average price percentage - sold (as percent)

103.20%

Total Proceeds (Payment)

$ 361,300,000

Gain (Loss)

$ (3,900,000)

Repurchase Agreement Financed (Repaid)

(348,600,000)

January 2016 Purchase 1

Gain (Loss) on Investments [Line Items]

Face Amount of securities purchased

$ 102,700,000

Average price percentage - purchases (as percent)

103.20%

Total Proceeds (Payment)

$ (105,900,000)

Repurchase Agreement Financed (Repaid)

102,200,000

January 2016 Purchase 2

Gain (Loss) on Investments [Line Items]

Face Amount of securities purchased

$ 250,100,000

Average price percentage - purchases (as percent)

103.20%

Total Proceeds (Payment)

$ (258,100,000)

Repurchase Agreement Financed (Repaid)

$ 249,100,000

April 2016 Sale

Gain (Loss) on Investments [Line Items]

Face amount of securities sold

$ (347,500,000)

Average price percentage - sold (as percent)

104.90%

Total Proceeds (Payment)

$ 364,300,000

Gain (Loss)

$ 5,900,000

Repurchase Agreement Financed (Repaid)

(352,000,000)

April 2016 Purchase

Gain (Loss) on Investments [Line Items]

Face Amount of securities purchased

$ 363,100,000

Average price percentage - purchases (as percent)

105.00%

Total Proceeds (Payment)

$ (381,100,000)

Repurchase Agreement Financed (Repaid)

$ 366,400,000

July 2016 Sale

Gain (Loss) on Investments [Line Items]

Face amount of securities sold

$ (353,600,000)

Average price percentage - sold (as percent)

105.50%

Total Proceeds (Payment)

$ 373,100,000

Gain (Loss)

$ 1,800,000

Repurchase Agreement Financed (Repaid)

(361,100,000)

July 2016 Purchase

Gain (Loss) on Investments [Line Items]

Face Amount of securities purchased

$ 428,900,000

Average price percentage - purchases (as percent)

105.70%

Total Proceeds (Payment)

$ (453,100,000)

Repurchase Agreement Financed (Repaid)

$ 434,900,000

August 2016 Purchase 1

Gain (Loss) on Investments [Line Items]

Face Amount of securities purchased

$ 249,600,000

Average price percentage - purchases (as percent)

103.90%

Total Proceeds (Payment)

$ (259,300,000)

Repurchase Agreement Financed (Repaid)

248,700,000

August 2016 Purchase 2

Gain (Loss) on Investments [Line Items]

Face Amount of securities purchased

$ 116,800,000

Average price percentage - purchases (as percent)

105.70%

Total Proceeds (Payment)

$ (123,500,000)

Repurchase Agreement Financed (Repaid)

$ 118,600,000

September 2016 Purchase

Gain (Loss) on Investments [Line Items]

Face Amount of securities purchased

$ 35,600,000

Average price percentage - purchases (as percent)

103.80%

Total Proceeds (Payment)

$ (37,000,000)

Repurchase Agreement Financed (Repaid)

35,400,000

October 2016 Purchase 1

Gain (Loss) on Investments [Line Items]

Face Amount of securities purchased

$ 776,900,000

Average price percentage - purchases (as percent)

103.60%

Total Proceeds (Payment)

$ (805,100,000)

Repurchase Agreement Financed (Repaid)

769,600,000

October 2016 Purchase 2

Gain (Loss) on Investments [Line Items]

Face Amount of securities purchased

$ 632,200,000

Average price percentage - purchases (as percent)

104.90%

Total Proceeds (Payment)

$ (663,500,000)

Repurchase Agreement Financed (Repaid)

628,200,000

October 2016 Sale

Gain (Loss) on Investments [Line Items]

Face amount of securities sold

$ (817,200,000)

Average price percentage - sold (as percent)

105.00%

Total Proceeds (Payment)

$ 858,200,000

Gain (Loss)

$ 100,000

Repurchase Agreement Financed (Repaid)

$ (831,700,000)

November 2016 Sale

Gain (Loss) on Investments [Line Items]

Face amount of securities sold

$ (779,000,000)

Average price percentage - sold (as percent)

101.50%

Total Proceeds (Payment)

$ 790,700,000

Gain (Loss)

(16,200,000)

Repurchase Agreement Financed (Repaid)

$ (773,700,000)

REAL ESTATE RELATED AND OTHER68

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Schedule of Loans (Details)	12 Months Ended
	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Real Estate Related and other Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 138,148,000
Carrying Value	$ 55,612,000
Loan Count | loan	6
Delinquent Face Amount	$ 77,151,000
Real Estate Related and other Loans | Held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	138,148,000
Carrying Value	55,612,000	$ 149,198,000	$ 230,200,000	$ 437,530,000
Valuation Allowance (Reversal)	$ 3,826,000
Loan Count | loan	6	7
Weighted Average (as percent)	22.49%	20.54%
Wtd Avg Coupon (as percent)	14.32%
Weighted Average Life (Years)	6 months 6 days
Floating Rate Loans as a % of Face Amount (as percent)	12.90%
Delinquent Face Amount	$ 77,151,000
Real Estate Related and other Loans | Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	17,800,000
Carrying Value	$ 0
Loan Count | loan	2
Real Estate Related and other Loans | Mezzanine Loans | Held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 17,767,000
Carrying Value	0	$ 19,433,000
Valuation Allowance (Reversal)	$ 0
Loan Count | loan	2	3
Weighted Average (as percent)	0.00%	8.00%
Wtd Avg Coupon (as percent)	8.39%
Weighted Average Life (Years)	6 days
Floating Rate Loans as a % of Face Amount (as percent)	100.00%
Delinquent Face Amount	$ 17,767,000
Real Estate Related and other Loans | Corporate Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 45,700,000
Loan Count | loan	2
Real Estate Related and other Loans | Corporate Loans | Held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 120,381,000
Carrying Value	55,612,000	$ 129,765,000
Valuation Allowance (Reversal)	$ 3,826,000
Loan Count | loan	4	4
Weighted Average (as percent)	22.49%	22.42%
Wtd Avg Coupon (as percent)	15.20%
Weighted Average Life (Years)	6 months 6 days
Floating Rate Loans as a % of Face Amount (as percent)	0.00%
Delinquent Face Amount	$ 59,384,000
Residential Loans | Held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	771,000
Carrying Value	231,000	$ 532,000
Valuation Allowance (Reversal)	$ 213,000
Loan Count | loan	3	4
Weighted Average (as percent)	3.40%	62.02%
Wtd Avg Coupon (as percent)	3.05%
Weighted Average Life (Years)	1 year 10 months 6 days
Floating Rate Loans as a % of Face Amount (as percent)	100.00%
Delinquent Face Amount	$ 628,000
Subprime Mortgage Loans Subject to Call Option | Subprime
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	0
Carrying Value	$ 0	$ 380,806,000

REAL ESTATE RELATED AND OTHER69

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Large Loans (Details) - Real Estate Related and other Loans $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 138,148
Carrying Value	$ 55,612
Loan Count | loan	6
Held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 138,148
Carrying Value	$ 55,612	$ 149,198	$ 230,200	$ 437,530
Loan Count | loan	6	7
Weighted Average (as percent)	22.49%	20.54%
Wtd Avg Coupon (as percent)	14.32%
Weighted Average Life (Years)	6 months 6 days
Held-for-sale | Individual Corporate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 60,997
Carrying Value	55,465
Prior Liens	$ 554,480
Loan Count | loan	1
Weighted Average (as percent)	22.50%
Wtd Avg Coupon (as percent)	22.50%
Weighted Average Life (Years)	6 months 6 days
Held-for-sale | Others
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 77,151
Carrying Value	147
Prior Liens	$ 327,234
Loan Count | loan	5
Weighted Average (as percent)	20.00%
Wtd Avg Coupon (as percent)	7.85%
Weighted Average Life (Years)	6 months 6 days

REAL ESTATE RELATED AND OTHER70

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Narrative) (Details)	Dec. 29, 2016USD ($)	Sep. 30, 2016USD ($)	Apr. 30, 2016USD ($)	Aug. 31, 2015USD ($)loan	Jun. 30, 2015USD ($)	Dec. 31, 2016USD ($)loan	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)loan	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Dec. 31, 2011USD ($)	Dec. 31, 2010USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Federal income tax basis						$ 75,500,000								$ 75,500,000
Proceeds from sale of investments														2,777,808,000	$ 1,425,480,000	$ 798,580,000
Repayment of debt				$ 71,300,000											11,500,000		$ 35,900,000	$ 39,300,000	$ 188,900,000	$ 787,800,000
Proceeds from notes receivable		$ 109,900,000
Interest income														91,291,000	95,891,000	127,627,000
Gain on sale of call option	$ 100,000
Gain on sale of call option (amount less than)	$ 100,000					$ (1,451,000)	$ 19,677,000	$ 8,518,000	$ 89,955,000	$ 7,711,000	$ 23,832,000	$ 1,085,000	$ 10,866,000	$ 116,699,000	43,494,000	52,474,000
Subprime
Accounts, Notes, Loans and Financing Receivable [Line Items]
Original number of loans (approximate) | loan						2								2
Annual servicing fee, as a percentage of unpaid principal balances (as percent)						0.50%								0.50%
Mezzanine Note Payable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount of securities sold			$ 19,400,000
Repayment of debt			11,700,000
Real Estate Related and other Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount of real estate related loans on non-accrual status						$ 77,200,000				63,500,000				$ 77,200,000	63,500,000
Loan Count | loan						6								6
Outstanding face amount						$ 138,148,000								$ 138,148,000
Average carrying value of receivables						$ 116,600,000				$ 172,800,000				116,600,000	172,800,000	270,100,000
Interest income														$ 40,100,000	$ 36,800,000	49,300,000
Real Estate Related and other Loans | Corporate Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Count | loan						2								2
Outstanding face amount						$ 45,700,000								$ 45,700,000
Proceeds from notes receivable		$ 109,900,000
Financing receivable						$ 61,000,000								$ 61,000,000
Real Estate Related and other Loans | Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Count | loan						2								2
Outstanding face amount						$ 17,800,000								$ 17,800,000
Real Estate Related and other Loans | Held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Large loan reporting, percentage threshold (as percent)						3.00%								3.00%
Loan Count | loan						6				7				6	7
Outstanding face amount						$ 138,148,000								$ 138,148,000
Accretion of loan discount and other amortization														10,540,000	$ 3,203,000	8,867,000
Real Estate Related and other Loans | Held-for-sale | Corporate Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Large Loans reporting in the other category - Bank Loans Face Amount						$ 59,400,000								$ 59,400,000
Loan Count | loan						4				4				4	4
Outstanding face amount						$ 120,381,000								$ 120,381,000
Real Estate Related and other Loans | Held-for-sale | Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Large Loans reporting in the other category - Mezzanine Loans Face Amount						$ 17,800,000								$ 17,800,000
Loan Count | loan						2				3				2	3
Face amount of securities sold			19,400,000
Outstanding face amount						$ 17,767,000								$ 17,767,000
Real Estate Related and other Loans | Held-for-sale | Mezzanine Loans | Mezzanine Note Payable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment of debt			$ 11,700,000
Real Estate Related and other Loans | Held-for-sale | Others
Accounts, Notes, Loans and Financing Receivable [Line Items]
Large loan reporting, dollar threshold						$ 1,700,000								$ 1,700,000
Loan Count | loan						5								5
Outstanding face amount						$ 77,151,000								$ 77,151,000
Commercial Loans | Commercial Real Estate Loans - CDO VIII
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount of securities sold					$ 12,000,000
Average price percentage - sold (as percent)					100.01%
Proceeds from sale of investments					$ 12,000,000
Gain (Loss)					900,000
Commercial Loans | Commercial Real Estate Loans - CDO IX
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount of securities sold					$ 45,700,000
Average price percentage - sold (as percent)					95.35%
Proceeds from sale of investments					$ 43,500,000
Gain (Loss)					$ 600,000
Residential Loans | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans - charge-offs, sold | loan				2
Outstanding face amount				$ 3,300,000		771,000								771,000
Proceeds from sale of mortgage loans held-for-sale				$ 2,900,000
Average carrying value of receivables						$ 400,000				$ 2,400,000				400,000	$ 2,400,000	90,500,000
Interest income														100,000	100,000	8,300,000
Accretion of loan discount and other amortization														$ 0	$ 0	115,000
Residential Loans | Held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Count | loan						3				4				3	4
Outstanding face amount						$ 771,000								$ 771,000
Residential Loans | Held-for-sale | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accretion of loan discount and other amortization														0	$ 0	$ 0
Subprime Mortgage Loans Subject to Call Option | Subprime
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding face amount						$ 0								$ 0
Subprime Mortgage Loans Subject to Call Option | Subprime Portfolio I | Subprime
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of aggregate principal balance (as percent) for redemption of option						20.00%								20.00%
Weighted average coupon rate (as percent)						9.24%								9.24%
Subprime Mortgage Loans Subject to Call Option | Subprime Portfolio II | Subprime
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of aggregate principal balance (as percent) for redemption of option						10.00%								10.00%
Weighted average coupon rate (as percent)						8.68%								8.68%

REAL ESTATE RELATED AND OTHER71

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loans By Maturity (Details) - Real Estate Related and other Loans $ in Thousands	Dec. 31, 2016USD ($)loan
Outstanding Face Amount
Delinquent	$ 77,151
2,017	0
2,018	0
2,019	60,997
2,020	0
2,021	0
Thereafter	0
Outstanding Face Amount	138,148
Carrying Value
Delinquent	147
2,017	0
2,018	0
2,019	55,465
2,020	0
2,021	0
Thereafter	0
Total	$ 55,612
Number of Loans
Delinquent | loan	5
2017 | loan	0
2018 | loan	0
2019 | loan	1
2020 | loan	0
2021 | loan	0
Thereafter | loan	0
Total | loan	6

REAL ESTATE RELATED AND OTHER72

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Activity in Carrying Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Loans and Leases Receivable [Roll Forward]
Valuation (allowance) reversal on loans	$ (4,039)	$ (9,541)	$ 2,419
Real Estate Related and other Loans
Loans and Leases Receivable [Roll Forward]
Carrying Value	55,612
Residential Loans | Residential mortgage loans
Loans and Leases Receivable [Roll Forward]
Carrying value	0	0	255,450
Purchases / additional fundings	0	0	0
Interest accrued to principal balance	0	0	0
Principal pay downs	0	0	(9,436)
Sales	0	0	0
Transfer to held-for-sale			(246,121)
Valuation (allowance) reversal on loans	0	0	(833)
Accretion of loan discount and other amortization	0	0	115
Loss on settlement of loans	0
Other		0	825
Carrying Value	0	0	0
Held-for-sale | Real Estate Related and other Loans
Loans and Leases Receivable [Roll Forward]
Carrying value	149,198	230,200	437,530
Purchases / additional fundings	0	0	0
Interest accrued to principal balance	29,025	27,717	20,830
Principal pay downs	(109,892)	(46,696)	(240,937)
Sales	(19,433)	(55,574)	0
Transfer to held-for-sale			0
Valuation (allowance) reversal on loans	(3,826)	(9,284)	3,303
Accretion of loan discount and other amortization	10,540	3,203	8,867
Loss on settlement of loans	0
Other		(368)	607
Carrying Value	55,612	149,198	230,200
Held-for-sale | Residential Loans
Loans and Leases Receivable [Roll Forward]
Carrying value	532
Carrying Value	231	532
Held-for-sale | Residential Loans | Residential mortgage loans
Loans and Leases Receivable [Roll Forward]
Carrying value	532	3,854	2,185
Purchases / additional fundings	0	0	0
Interest accrued to principal balance	0	0	0
Principal pay downs	(40)	(134)	(9,574)
Sales	0	(2,925)	(233,349)
Transfer to held-for-sale			246,121
Valuation (allowance) reversal on loans	(213)	(257)	(51)
Accretion of loan discount and other amortization	0	0	0
Loss on settlement of loans	(48)
Other		(6)	(1,478)
Carrying Value	$ 231	$ 532	$ 3,854

REAL ESTATE RELATED AND OTHER73

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loss Allowance Rollforward (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)loan
Allowance for Loan and Lease Losses [Roll Forward]
Valuation (allowance) reversal on loans	$ (4,039)	$ (9,541)	$ 2,419
Number of loans - total charge-offs | loan	0	4	3
Residential Loans | Residential mortgage loans
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 0	$ 0	$ (12,247)
Charge-offs	0	0	711
Transfer to held-for-sale			12,369
Sales	0	0	0
Valuation (allowance) reversal on loans	0	0	(833)
Ending balance	0	0	0
Held-for-sale | Real Estate Related and other Loans
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	(70,865)	(75,926)	(94,037)
Charge-offs	0	14,345	14,808
Transfer to held-for-sale			0
Sales	0	0	0
Valuation (allowance) reversal on loans	(3,826)	(9,284)	3,303
Ending balance	(74,691)	(70,865)	(75,926)
Held-for-sale | Residential Loans | Residential mortgage loans
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	(251)	(154)	(824)
Charge-offs	0	160	84
Transfer to held-for-sale			(12,369)
Sales	0	0	13,006
Valuation (allowance) reversal on loans	(213)	(257)	(51)
Ending balance	$ (464)	$ (251)	$ (154)

REAL ESTATE RELATED AND OTHER74

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Geographic Distribution (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Aug. 31, 2015
Real Estate Related and other Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 138,148
Percentage of loans (as percent)	100.00%
Real Estate Related and other Loans | Northeastern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loans (as percent)	0.00%
Real Estate Related and other Loans | Southeastern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loans (as percent)	0.00%
Real Estate Related and other Loans | Foreign
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loans (as percent)	100.00%
Real Estate Related and other Loans | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 63,454
Real Estate Related and other Loans | Real Estate | Northeastern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	0
Real Estate Related and other Loans | Real Estate | Southeastern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	0
Real Estate Related and other Loans | Real Estate | Foreign
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	63,454
Real Estate Related and other Loans | Other | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	74,694
Residential Loans | Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 771	$ 3,300
Percentage of loans (as percent)	100.00%
Residential Loans | Residential Mortgage Loans | Northeastern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 523
Percentage of loans (as percent)	67.80%
Residential Loans | Residential Mortgage Loans | Southeastern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 248
Percentage of loans (as percent)	32.20%
Residential Loans | Residential Mortgage Loans | Foreign
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 0
Percentage of loans (as percent)	0.00%

INVESTMENTS IN REAL ESTATE, N75

INVESTMENTS IN REAL ESTATE, NET OF ACCUMULATED DEPRECIATION - Investments in Other Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment [Line Items]
Initial cost - land	$ 84,981
Initial cost - building and improvements	132,506
Initial cost - furniture, fixtures and equipment	16,361
Initial cost - construction In-progress	5,590
Costs Capitalized Subsequent to Acquisition	42,909
Gross Carrying Amount - land and improvements	84,319
Gross Carrying Amount - buildings and improvements	144,690
Gross Carrying Amount - furniture, fixtures and equipment	49,976
Gross Carrying Amount - Construction in-progress	3,362
Gross Carrying Amount - total	282,347	$ 276,119	$ 263,103	$ 250,208
Accumulated depreciation	(64,736)	$ (48,212)	$ (23,820)	$ 0
Net Book Value	217,611
Owned Properties
Investment [Line Items]
Initial cost - land	84,981
Initial cost - building and improvements	86,439
Initial cost - furniture, fixtures and equipment	5,016
Initial cost - construction In-progress	4,362
Costs Capitalized Subsequent to Acquisition	17,972
Gross Carrying Amount - land and improvements	84,319
Gross Carrying Amount - buildings and improvements	95,922
Gross Carrying Amount - furniture, fixtures and equipment	16,598
Gross Carrying Amount - Construction in-progress	1,931
Gross Carrying Amount - total	198,770
Accumulated depreciation	(29,550)
Net Book Value	169,220
Owned Properties | Bear Creek | Woodville, WA
Investment [Line Items]
Initial cost - land	3,573
Initial cost - building and improvements	2,178
Initial cost - furniture, fixtures and equipment	179
Initial cost - construction In-progress	28
Costs Capitalized Subsequent to Acquisition	907
Gross Carrying Amount - land and improvements	3,573
Gross Carrying Amount - buildings and improvements	2,302
Gross Carrying Amount - furniture, fixtures and equipment	457
Gross Carrying Amount - Construction in-progress	533
Gross Carrying Amount - total	6,865
Accumulated depreciation	(783)
Net Book Value	6,082
Owned Properties | Bradshaw Farm | Woodstock, GA
Investment [Line Items]
Initial cost - land	773
Initial cost - building and improvements	1,962
Initial cost - furniture, fixtures and equipment	92
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	656
Gross Carrying Amount - land and improvements	773
Gross Carrying Amount - buildings and improvements	2,131
Gross Carrying Amount - furniture, fixtures and equipment	579
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	3,483
Accumulated depreciation	(813)
Net Book Value	2,670
Owned Properties | Brookstone | Acworth, GA
Investment [Line Items]
Initial cost - land	579
Initial cost - building and improvements	2,448
Initial cost - furniture, fixtures and equipment	200
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	1,110
Gross Carrying Amount - land and improvements	579
Gross Carrying Amount - buildings and improvements	2,976
Gross Carrying Amount - furniture, fixtures and equipment	675
Gross Carrying Amount - Construction in-progress	107
Gross Carrying Amount - total	4,337
Accumulated depreciation	(966)
Net Book Value	3,371
Owned Properties | Canyon Oaks | Chico, CA
Investment [Line Items]
Initial cost - land	1,545
Initial cost - building and improvements	4,127
Initial cost - furniture, fixtures and equipment	205
Initial cost - construction In-progress	13
Costs Capitalized Subsequent to Acquisition	189
Gross Carrying Amount - land and improvements	1,545
Gross Carrying Amount - buildings and improvements	4,162
Gross Carrying Amount - furniture, fixtures and equipment	367
Gross Carrying Amount - Construction in-progress	5
Gross Carrying Amount - total	6,079
Accumulated depreciation	(1,322)
Net Book Value	4,757
Owned Properties | Casta Del Sol | Mission Viejo, CA
Investment [Line Items]
Initial cost - land	5,794
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	307
Gross Carrying Amount - land and improvements	5,794
Gross Carrying Amount - buildings and improvements	74
Gross Carrying Amount - furniture, fixtures and equipment	218
Gross Carrying Amount - Construction in-progress	15
Gross Carrying Amount - total	6,101
Accumulated depreciation	(77)
Net Book Value	6,024
Owned Properties | El Camino | Oceanside, CA
Investment [Line Items]
Initial cost - land	4,635
Initial cost - building and improvements	2,960
Initial cost - furniture, fixtures and equipment	158
Initial cost - construction In-progress	80
Costs Capitalized Subsequent to Acquisition	950
Gross Carrying Amount - land and improvements	4,635
Gross Carrying Amount - buildings and improvements	3,806
Gross Carrying Amount - furniture, fixtures and equipment	342
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	8,783
Accumulated depreciation	(961)
Net Book Value	7,822
Owned Properties | Forrest Crossing | Franklin, TN
Investment [Line Items]
Initial cost - land	3,187
Initial cost - building and improvements	807
Initial cost - furniture, fixtures and equipment	76
Initial cost - construction In-progress	55
Costs Capitalized Subsequent to Acquisition	336
Gross Carrying Amount - land and improvements	3,187
Gross Carrying Amount - buildings and improvements	850
Gross Carrying Amount - furniture, fixtures and equipment	423
Gross Carrying Amount - Construction in-progress	1
Gross Carrying Amount - total	4,461
Accumulated depreciation	(377)
Net Book Value	4,084
Owned Properties | Gettysvue | Knoxville, TN
Investment [Line Items]
Initial cost - land	2,994
Initial cost - building and improvements	1,428
Initial cost - furniture, fixtures and equipment	235
Initial cost - construction In-progress	181
Costs Capitalized Subsequent to Acquisition	336
Gross Carrying Amount - land and improvements	2,994
Gross Carrying Amount - buildings and improvements	1,647
Gross Carrying Amount - furniture, fixtures and equipment	533
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	5,174
Accumulated depreciation	(728)
Net Book Value	4,446
Owned Properties | Lomas Santa Fe (Executive) | Solana Beach, CA
Investment [Line Items]
Initial cost - land	3,766
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	158
Gross Carrying Amount - land and improvements	3,766
Gross Carrying Amount - buildings and improvements	102
Gross Carrying Amount - furniture, fixtures and equipment	56
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	3,924
Accumulated depreciation	(29)
Net Book Value	3,895
Owned Properties | Marbella | SJ Capistrano, CA
Investment [Line Items]
Initial cost - land	5,794
Initial cost - building and improvements	9,114
Initial cost - furniture, fixtures and equipment	410
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	4,657
Gross Carrying Amount - land and improvements	5,794
Gross Carrying Amount - buildings and improvements	11,586
Gross Carrying Amount - furniture, fixtures and equipment	1,835
Gross Carrying Amount - Construction in-progress	760
Gross Carrying Amount - total	19,975
Accumulated depreciation	(2,931)
Net Book Value	17,044
Owned Properties | Monterey | Palm Desert, CA
Investment [Line Items]
Initial cost - land	5,698
Initial cost - building and improvements	3,004
Initial cost - furniture, fixtures and equipment	202
Initial cost - construction In-progress	19
Costs Capitalized Subsequent to Acquisition	1,094
Gross Carrying Amount - land and improvements	5,698
Gross Carrying Amount - buildings and improvements	3,471
Gross Carrying Amount - furniture, fixtures and equipment	831
Gross Carrying Amount - Construction in-progress	17
Gross Carrying Amount - total	10,017
Accumulated depreciation	(1,266)
Net Book Value	8,751
Owned Properties | Oakhurst | Clayton, CA
Investment [Line Items]
Initial cost - land	1,449
Initial cost - building and improvements	2,575
Initial cost - furniture, fixtures and equipment	428
Initial cost - construction In-progress	1,645
Costs Capitalized Subsequent to Acquisition	(1,100)
Gross Carrying Amount - land and improvements	1,449
Gross Carrying Amount - buildings and improvements	2,714
Gross Carrying Amount - furniture, fixtures and equipment	818
Gross Carrying Amount - Construction in-progress	16
Gross Carrying Amount - total	4,997
Accumulated depreciation	(1,206)
Net Book Value	3,791
Owned Properties | Oregon Golf Club | West Linn, OR
Investment [Line Items]
Initial cost - land	4,828
Initial cost - building and improvements	8,011
Initial cost - furniture, fixtures and equipment	416
Initial cost - construction In-progress	51
Costs Capitalized Subsequent to Acquisition	681
Gross Carrying Amount - land and improvements	4,828
Gross Carrying Amount - buildings and improvements	8,187
Gross Carrying Amount - furniture, fixtures and equipment	969
Gross Carrying Amount - Construction in-progress	3
Gross Carrying Amount - total	13,987
Accumulated depreciation	(2,393)
Net Book Value	11,594
Owned Properties | Palm Valley | Palm Desert, CA
Investment [Line Items]
Initial cost - land	7,531
Initial cost - building and improvements	8,864
Initial cost - furniture, fixtures and equipment	379
Initial cost - construction In-progress	56
Costs Capitalized Subsequent to Acquisition	770
Gross Carrying Amount - land and improvements	7,531
Gross Carrying Amount - buildings and improvements	8,822
Gross Carrying Amount - furniture, fixtures and equipment	1,228
Gross Carrying Amount - Construction in-progress	19
Gross Carrying Amount - total	17,600
Accumulated depreciation	(2,603)
Net Book Value	14,997
Owned Properties | Plantation | Boise, ID
Investment [Line Items]
Initial cost - land	2,607
Initial cost - building and improvements	2,236
Initial cost - furniture, fixtures and equipment	262
Initial cost - construction In-progress	13
Costs Capitalized Subsequent to Acquisition	558
Gross Carrying Amount - land and improvements	2,607
Gross Carrying Amount - buildings and improvements	2,326
Gross Carrying Amount - furniture, fixtures and equipment	742
Gross Carrying Amount - Construction in-progress	1
Gross Carrying Amount - total	5,676
Accumulated depreciation	(876)
Net Book Value	4,800
Owned Properties | Rancho San Joaquin | Irvine, CA
Investment [Line Items]
Initial cost - land	12,650
Initial cost - building and improvements	3,775
Initial cost - furniture, fixtures and equipment	279
Initial cost - construction In-progress	1,366
Costs Capitalized Subsequent to Acquisition	980
Gross Carrying Amount - land and improvements	12,650
Gross Carrying Amount - buildings and improvements	5,005
Gross Carrying Amount - furniture, fixtures and equipment	1,116
Gross Carrying Amount - Construction in-progress	279
Gross Carrying Amount - total	19,050
Accumulated depreciation	(1,444)
Net Book Value	17,606
Owned Properties | Seascape | Aptos, CA
Investment [Line Items]
Initial cost - land	2,897
Initial cost - building and improvements	4,944
Initial cost - furniture, fixtures and equipment	108
Initial cost - construction In-progress	67
Costs Capitalized Subsequent to Acquisition	534
Gross Carrying Amount - land and improvements	2,897
Gross Carrying Amount - buildings and improvements	5,225
Gross Carrying Amount - furniture, fixtures and equipment	420
Gross Carrying Amount - Construction in-progress	8
Gross Carrying Amount - total	8,550
Accumulated depreciation	(1,303)
Net Book Value	7,247
Owned Properties | Summitpointe | Milpitas, CA
Investment [Line Items]
Initial cost - land	2,511
Initial cost - building and improvements	3,271
Initial cost - furniture, fixtures and equipment	128
Initial cost - construction In-progress	8
Costs Capitalized Subsequent to Acquisition	820
Gross Carrying Amount - land and improvements	2,511
Gross Carrying Amount - buildings and improvements	3,580
Gross Carrying Amount - furniture, fixtures and equipment	647
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	6,738
Accumulated depreciation	(1,069)
Net Book Value	5,669
Owned Properties | Sunset Hills | Thousand Oaks, CA
Investment [Line Items]
Initial cost - land	2,125
Initial cost - building and improvements	5,447
Initial cost - furniture, fixtures and equipment	383
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	893
Gross Carrying Amount - land and improvements	2,125
Gross Carrying Amount - buildings and improvements	5,713
Gross Carrying Amount - furniture, fixtures and equipment	1,010
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	8,848
Accumulated depreciation	(1,798)
Net Book Value	7,050
Owned Properties | Tanoan | Albuquerque, NM
Investment [Line Items]
Initial cost - land	1,642
Initial cost - building and improvements	7,600
Initial cost - furniture, fixtures and equipment	431
Initial cost - construction In-progress	364
Costs Capitalized Subsequent to Acquisition	478
Gross Carrying Amount - land and improvements	1,642
Gross Carrying Amount - buildings and improvements	8,031
Gross Carrying Amount - furniture, fixtures and equipment	822
Gross Carrying Amount - Construction in-progress	20
Gross Carrying Amount - total	10,515
Accumulated depreciation	(2,684)
Net Book Value	7,831
Owned Properties | Trophy Club of Apalachee | Dacula, GA
Investment [Line Items]
Initial cost - land	483
Initial cost - building and improvements	640
Initial cost - furniture, fixtures and equipment	55
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	885
Gross Carrying Amount - land and improvements	483
Gross Carrying Amount - buildings and improvements	1,046
Gross Carrying Amount - furniture, fixtures and equipment	534
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	2,063
Accumulated depreciation	(351)
Net Book Value	1,712
Owned Properties | Trophy Club of Atlanta | Alpharetta, GA
Investment [Line Items]
Initial cost - land	483
Initial cost - building and improvements	3,898
Initial cost - furniture, fixtures and equipment	60
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	519
Gross Carrying Amount - land and improvements	483
Gross Carrying Amount - buildings and improvements	4,148
Gross Carrying Amount - furniture, fixtures and equipment	327
Gross Carrying Amount - Construction in-progress	2
Gross Carrying Amount - total	4,960
Accumulated depreciation	(994)
Net Book Value	3,966
Owned Properties | Vista Valencia | Valencia, CA
Investment [Line Items]
Initial cost - land	1,352
Initial cost - building and improvements	5,199
Initial cost - furniture, fixtures and equipment	91
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	479
Gross Carrying Amount - land and improvements	1,352
Gross Carrying Amount - buildings and improvements	5,441
Gross Carrying Amount - furniture, fixtures and equipment	323
Gross Carrying Amount - Construction in-progress	5
Gross Carrying Amount - total	7,121
Accumulated depreciation	(1,402)
Net Book Value	5,719
Owned Properties | Wood Ranch | Sim Valley, CA
Investment [Line Items]
Initial cost - land	2,125
Initial cost - building and improvements	1,951
Initial cost - furniture, fixtures and equipment	239
Initial cost - construction In-progress	416
Costs Capitalized Subsequent to Acquisition	903
Gross Carrying Amount - land and improvements	2,125
Gross Carrying Amount - buildings and improvements	2,339
Gross Carrying Amount - furniture, fixtures and equipment	1,041
Gross Carrying Amount - Construction in-progress	129
Gross Carrying Amount - total	5,634
Accumulated depreciation	(1,074)
Net Book Value	4,560
Owned Properties | Other
Investment [Line Items]
Initial cost - land	3,960
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	(128)
Gross Carrying Amount - land and improvements	3,298
Gross Carrying Amount - buildings and improvements	238
Gross Carrying Amount - furniture, fixtures and equipment	285
Gross Carrying Amount - Construction in-progress	11
Gross Carrying Amount - total	3,832
Accumulated depreciation	(100)
Net Book Value	$ 3,732

INVESTMENTS IN REAL ESTATE, N76

INVESTMENTS IN REAL ESTATE, NET OF ACCUMULATED DEPRECIATION - Investments in Other Real Estate 1 (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment [Line Items]
Initial cost - land	$ 84,981
Initial cost - building and improvements	132,506
Initial cost - furniture, fixtures and equipment	16,361
Initial cost - construction In-progress	5,590
Costs Capitalized Subsequent to Acquisition	42,909
Gross Carrying Amount - land and improvements	84,319
Gross Carrying Amount - buildings and improvements	144,690
Gross Carrying Amount - furniture, fixtures and equipment	49,976
Gross Carrying Amount - Construction in-progress	3,362
Gross Carrying Amount - total	282,347	$ 276,119	$ 263,103	$ 250,208
Accumulated depreciation	(64,736)	$ (48,212)	$ (23,820)	$ 0
Net Book Value	217,611
Managed Properties
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	59
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	1,639
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	1,698
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	1,698
Accumulated depreciation	(324)
Net Book Value	1,374
Managed Properties | El Cariso | Sylmar, CA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	32
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	32
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	32
Accumulated depreciation	(6)
Net Book Value	26
Managed Properties | Fullerton | Fullerton, CA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	373
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	373
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	373
Accumulated depreciation	(103)
Net Book Value	270
Managed Properties | John A White | Atlanta, GA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	0
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	0
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	0
Accumulated depreciation	0
Net Book Value	0
Managed Properties | Lomas Santa Fe | Solana Beach, CA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	8
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	500
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	508
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	508
Accumulated depreciation	(93)
Net Book Value	415
Managed Properties | Paradise Knolls | Riverdale, CA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	46
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	0
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	46
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	46
Accumulated depreciation	(46)
Net Book Value	0
Managed Properties | Santa Clara | Santa Clara, CA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	0
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	0
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	0
Accumulated depreciation	0
Net Book Value	0
Managed Properties | Tustin Ranch | Tustin, CA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	0
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	0
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	0
Accumulated depreciation	0
Net Book Value	0
Managed Properties | Westchester | Los Angeles, CA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	53
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	53
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	53
Accumulated depreciation	(10)
Net Book Value	43
Managed Properties | Woodlands | Wayne, MI
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	8
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	8
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	8
Accumulated depreciation	(2)
Net Book Value	6
Managed Properties | Yorba Linda | Yorba Linda, CA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	5
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	673
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	678
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	678
Accumulated depreciation	(64)
Net Book Value	614
Total Leased Properties (D)
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	46,067
Initial cost - furniture, fixtures and equipment	8,067
Initial cost - construction In-progress	1,228
Costs Capitalized Subsequent to Acquisition	20,119
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	48,768
Gross Carrying Amount - furniture, fixtures and equipment	25,976
Gross Carrying Amount - Construction in-progress	737
Gross Carrying Amount - total	75,481
Accumulated depreciation	(29,823)
Net Book Value	45,658
Corporate
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	3,219
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	3,179
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	5,704
Gross Carrying Amount - Construction in-progress	694
Gross Carrying Amount - total	6,398
Accumulated depreciation	(5,039)
Net Book Value	$ 1,359

INVESTMENTS IN REAL ESTATE, N77

INVESTMENTS IN REAL ESTATE, NET OF ACCUMULATED DEPRECIATION - Rollforward of Investments in Other Real Estate 2 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Gross Carrying Amount
Balance at beginning of year	$ 276,119	$ 263,103	$ 250,208
Additions:
Acquisitions of real estate	0	0	0
Improvements	20,982	14,970	15,109
Disposals:
Disposal of long-lived assets	(5,500)	(1,954)	(2,214)
Impairments	(7,196)	0	0
Transferred to assets held-for-sale	(2,058)	0	0
Balance at end of year	282,347	276,119	263,103
Accumulated Depreciation
Balance at beginning of year	(48,212)	(23,820)	0
Additions:
Depreciation expense	(23,351)	(24,943)	(24,740)
Disposals:
Disposal of long-lived assets	5,319	551	920
Impairments	1,443	0	0
Transferred to assets held-for-sale	65	0	0
Balance at end of year	$ (64,736)	$ (48,212)	$ (23,820)

INVESTMENTS IN REAL ESTATE, N78

INVESTMENTS IN REAL ESTATE, NET OF ACCUMULATED DEPRECIATION (Narrative) (Details) $ in Thousands	1 Months Ended
	Oct. 31, 2016hole	Dec. 31, 2016USD ($)property
Investment [Line Items]
Federal income tax basis		$ 337,800
Construction in progress		$ 3,362
Number of premier private and public properties in United States | property		78
Tustin, California
Investment [Line Items]
Number of holes in leased golf property | hole	18
Operating lease term	4 years 6 months
Held-for-sale | Annandale, New Jersey
Investment [Line Items]
Number of premier private and public properties in United States | property		1
Leased properties
Investment [Line Items]
Construction in progress		$ 737

INTANGIBLES, NET OF ACCUMULAT79

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment [Line Items]
Total intangibles, Net Carrying Value	$ 65,112	$ 74,472
Amortization of Intangible Assets	8,900	10,000	$ 10,800
Golf Investments
Investment [Line Items]
Accumulated Amortization	(25,778)	(19,591)
Nonamortizable liquor licenses	840	865
Total intangibles, Gross Carrying Amount	90,890	94,063
Total intangibles, Net Carrying Value	65,112	74,472
Golf Investments | Trade name
Investment [Line Items]
Gross Carrying Amount	700	700
Accumulated Amortization	(70)	(47)
Net Carrying Value	630	653
Golf Investments | Leasehold Intangibles
Investment [Line Items]
Gross Carrying Amount	48,107	49,962
Accumulated Amortization	(12,550)	(9,817)
Net Carrying Value	35,557	40,145
Golf Investments | Management contracts
Investment [Line Items]
Gross Carrying Amount	35,207	36,500
Accumulated Amortization	(10,434)	(7,911)
Net Carrying Value	24,773	28,589
Golf Investments | Internally-developed software
Investment [Line Items]
Gross Carrying Amount	800	800
Accumulated Amortization	(480)	(320)
Net Carrying Value	320	480
Golf Investments | Membership base
Investment [Line Items]
Gross Carrying Amount	5,236	5,236
Accumulated Amortization	(2,244)	(1,496)
Net Carrying Value	$ 2,992	$ 3,740

INTANGIBLES, NET OF ACCUMULAT80

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION - Schedule of Future Amortization Expense (Details 1) $ in Thousands	Dec. 31, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,017	$ 8,244
2,018	8,066
2,019	7,258
2,020	6,714
2,021	4,920
Thereafter	29,070
Total	$ 64,272

DERIVATIVES (Narrative) (Detail

DERIVATIVES (Narrative) (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative assets	$ 856,000	$ 127,000
Derivative liabilities	0	684,000
Receivables and Other Assets
Derivative [Line Items]
Derivative assets	900,000	100,000
Accounts Payable, Accrued Expenses and Other Liabilities
Derivative [Line Items]
Derivative liabilities	$ 0	$ 700,000

DERIVATIVES - Schedule of (gain

DERIVATIVES - Schedule of (gains) losses recorded in relation to derivatives (Details) - USD ($) $ in Thousands	Dec. 29, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Gain recognized related to non-hedge	$ (100)
Unrealized (gain) loss recognized related to TBAs		$ (1,222)	$ (1,758)	$ (17,565)
Hedging derivative | Cash flow hedges | Net unrealized gain (loss) on derivatives designated as cash flow hedges
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Amount of unrealized loss recognized in Other Comprehensive Income on derivatives (effective portion)		0	60	177
Hedging derivative | Cash flow hedges | Realized/unrealized (gain) loss on investments | Net unrealized gain (loss) on derivatives designated as cash flow hedges
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Loss immediately recognized at de-designation		0	0	34
Loss recognized on termination of derivative instruments		0	612	0
Hedging derivative | Cash flow hedges | Reclassification from AOCI into income/earnings | Interest expense | Net unrealized gain (loss) on derivatives designated as cash flow hedges
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Deferred hedge gain reclassified from AOCI into earnings		(20)	(78)	(61)
Amount of loss reclassified from AOCI into income (effective portion)		0	1,363	4,379
Non-hedge derivatives | Realized/unrealized (gain) loss on investments | Interest rate
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Unrealized gain on interest rate derivatives		(294)	(284)	(7,131)
Non-hedge derivatives | Realized/unrealized (gain) loss on investments | Linked transactions
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Gain recognized related to non-hedge		0	0	(12,498)
Non-hedge derivatives | Realized/unrealized (gain) loss on investments | TBAs
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Gain recognized related to non-hedge		(18,318)	12,907	4,151
Unrealized (gain) loss recognized related to TBAs		(928)	(1,474)	2,030
Non-hedge derivatives | Interest expense | Linked transactions
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Loss recognized related to linked transactions		$ 0	$ 0	$ 211

DERIVATIVES - Schedule of addit

DERIVATIVES - Schedule of additional information about cash flow hedges (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Expected reclassification of deferred hedges from accumulated other comprehensive income (“AOCI”) into earnings over the next 12 months | Designated as hedging instrument
Cash flow hedges
Cash flow hedges	$ 0	$ 100,000

FAIR VALUE OF FINANCIAL INSTR84

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Financial Instruments
Real estate securities	$ 1,950	$ 59,034
Real estate securities, pledged as collateral	627,304	105,963
Real estate related and other loans, held-for-sale, net	55,612	149,198
Subprime mortgage loans subject to call option	0	380,806
Restricted cash	6,404	4,469
Cash and cash equivalents	140,140	45,651	$ 73,727	$ 42,721
Non-hedge derivative assets	856	127
Financial Instruments
CDO bonds payable	0	92,933
Other bonds and notes payable	0	16,162
Repurchase agreements	600,964	418,458
Credit facilities and obligations under capital leases	115,284	11,258
Financing of subprime mortgage loans subject to call option	0	380,806
Junior subordinated notes payable	51,217	51,225
Carrying Value
Financial Instruments
Real estate securities	1,950	59,034
Real estate securities, pledged as collateral	627,304	105,963
Real estate related and other loans, held-for-sale, net	55,612	149,198
Residential mortgage loans, held-for-sale, net	231	532
Subprime mortgage loans subject to call option	0	380,806
Restricted cash	6,404	4,469
Cash and cash equivalents	140,140	45,651
Non-hedge derivative assets	856	127
Financial Instruments
CDO bonds payable	0	92,933
Other bonds and notes payable	0	16,162
Repurchase agreements	600,964	418,458
Credit facilities and obligations under capital leases	115,284	11,258
Financing of subprime mortgage loans subject to call option	0	380,806
Junior subordinated notes payable	51,217	51,225
Non-hedge derivative liabilities	0	684
Estimated Fair Value
Financial Instruments
Real estate securities	1,950	59,034
Real estate securities, pledged as collateral	627,304	105,963
Real estate related and other loans, held-for-sale, net	61,144	165,270
Residential mortgage loans, held-for-sale, net	249	569
Subprime mortgage loans subject to call option	0	380,806
Restricted cash	6,404	4,469
Cash and cash equivalents	140,140	45,651
Non-hedge derivative assets	856	127
Financial Instruments
CDO bonds payable	0	15,193
Other bonds and notes payable	0	16,620
Repurchase agreements	600,964	418,625
Credit facilities and obligations under capital leases	115,284	11,258
Financing of subprime mortgage loans subject to call option	0	380,806
Junior subordinated notes payable	26,756	24,649
Non-hedge derivative liabilities	$ 0	$ 684

FAIR VALUE OF FINANCIAL INSTR85

FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets:
Real estate securities	$ 1,950	$ 59,034
Real estate securities, pledged as collateral	627,304	105,963
Derivative assets total	856	127
Carrying Value
Assets:
Real estate securities	1,950	59,034
Real estate securities, pledged as collateral	627,304	105,963
Derivative assets total	856	127
Estimated Fair Value
Assets:
Real estate securities	1,950	59,034
Real estate securities, pledged as collateral	627,304	105,963
Derivative assets total	856	$ 127
Measured on a Recurring Basis | Interest rate cap
Assets:
Derivative assets not treated as hedge	371
Measured on a Recurring Basis | Carrying Value
Assets:
Real estate securities	1,950
Real estate securities, pledged as collateral	627,304
Derivative assets total	856
Measured on a Recurring Basis | Carrying Value | TBAs
Assets:
Derivative assets not treated as hedge	485
Measured on a Recurring Basis | Estimated Fair Value
Assets:
Real estate securities	1,950
Real estate securities, pledged as collateral	627,304
Derivative assets not treated as hedge	485
Derivative assets total	856
Measured on a Recurring Basis | Estimated Fair Value | Interest rate cap
Assets:
Derivative assets not treated as hedge	371
Measured on a Recurring Basis | Market Quotations (Unobservable) | Estimated Fair Value | Interest rate cap
Assets:
Derivative assets not treated as hedge	0
Measured on a Recurring Basis | Internal Pricing Models | Estimated Fair Value | Interest rate cap
Assets:
Derivative assets not treated as hedge	0
Measured on a Recurring Basis | Level 2 | Market Quotations (Unobservable) | Estimated Fair Value
Assets:
Real estate securities	0
Real estate securities, pledged as collateral	627,304
Derivative assets total	856
Measured on a Recurring Basis | Level 2 | Market Quotations (Unobservable) | Estimated Fair Value | Interest rate cap
Assets:
Derivative assets not treated as hedge	371
Measured on a Recurring Basis | Level 2 | Market Quotations (Unobservable) | Estimated Fair Value | TBAs
Assets:
Derivative assets not treated as hedge	485
Measured on a Recurring Basis | Level 3 | Market Quotations (Unobservable) | Estimated Fair Value
Assets:
Real estate securities	0
Real estate securities, pledged as collateral	0
Derivative assets total	0
Measured on a Recurring Basis | Level 3 | Market Quotations (Unobservable) | Estimated Fair Value | TBAs
Assets:
Derivative assets not treated as hedge	0
Measured on a Recurring Basis | Level 3 | Internal Pricing Models | Estimated Fair Value
Assets:
Real estate securities	1,950
Real estate securities, pledged as collateral	0
Derivative assets total	0
Measured on a Recurring Basis | Level 3 | Internal Pricing Models | Estimated Fair Value | TBAs
Assets:
Derivative assets not treated as hedge	0
ABS - Non-Agency RMBS | Measured on a Recurring Basis | Carrying Value
Assets:
Real estate securities	1,950
ABS - Non-Agency RMBS | Measured on a Recurring Basis | Estimated Fair Value
Assets:
Real estate securities	1,950
ABS - Non-Agency RMBS | Measured on a Recurring Basis | Level 2 | Market Quotations (Unobservable) | Estimated Fair Value
Assets:
Real estate securities	0
ABS - Non-Agency RMBS | Measured on a Recurring Basis | Level 3 | Market Quotations (Unobservable) | Estimated Fair Value
Assets:
Real estate securities	0
ABS - Non-Agency RMBS | Measured on a Recurring Basis | Level 3 | Internal Pricing Models | Estimated Fair Value
Assets:
Real estate securities	1,950
FNMA/FHLMC (A) | Measured on a Recurring Basis | Carrying Value
Assets:
Real estate securities, pledged as collateral	627,304
FNMA/FHLMC (A) | Measured on a Recurring Basis | Estimated Fair Value
Assets:
Real estate securities, pledged as collateral	627,304
FNMA/FHLMC (A) | Measured on a Recurring Basis | Level 2 | Market Quotations (Unobservable) | Estimated Fair Value
Assets:
Real estate securities, pledged as collateral	627,304
FNMA/FHLMC (A) | Measured on a Recurring Basis | Level 3 | Market Quotations (Unobservable) | Estimated Fair Value
Assets:
Real estate securities, pledged as collateral	0
FNMA/FHLMC (A) | Measured on a Recurring Basis | Level 3 | Internal Pricing Models | Estimated Fair Value
Assets:
Real estate securities, pledged as collateral	$ 0

FAIR VALUE OF FINANCIAL INSTR86

FAIR VALUE OF FINANCIAL INSTRUMENTS - Quantitative Information about Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost Basis	$ 782
Real estate securities	$ 1,950	$ 59,034
Weighted Average Significant Input
Discount Rate (as percent)	12.00%
Prepayment Speed (as percent)	3.90%
Cumulative Default Rate (as percent)	5.10%
Loss Severity (as percent)	64.20%
Real Estate Securities Available For Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost Basis	$ 782	25,780
Real estate securities	1,950	59,034
Real Estate Securities Available For Sale | ABS - Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost Basis	782	2,736
Real estate securities	$ 1,950	$ 9,619

FAIR VALUE OF FINANCIAL INSTR87

FAIR VALUE OF FINANCIAL INSTRUMENTS - Change in Fair Value of Level 3 Investments (Details) - Measured on a Recurring Basis - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	$ 59,034	$ 231,754
Transfers
Transfer into Level 3		367
CDO VI deconsolidation	(43,889)
Total gains (losses)
Included in net income	11,127	26,497
Included in other comprehensive income (loss)	(11,404)	(29,955)
Amortization included in interest income	1,157	9,715
Purchases, sales and settlements
Purchases	0	0
Proceeds from sales	(11,237)	(140,189)
Proceeds from repayments	(2,838)	(39,155)
Balance, ending	1,950	59,034
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	39,684	178,763
Transfers
Transfer into Level 3		0
CDO VI deconsolidation	(37,179)
Total gains (losses)
Included in net income	(108)	12,038
Included in other comprehensive income (loss)	(658)	(18,797)
Amortization included in interest income	879	6,866
Purchases, sales and settlements
Purchases	0	0
Proceeds from sales	(2)	(102,607)
Proceeds from repayments	(2,616)	(36,579)
Balance, ending	0	39,684
ABS - Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	9,619	45,035
Transfers
Transfer into Level 3		0
CDO VI deconsolidation	(6,710)
Total gains (losses)
Included in net income	3	14,826
Included in other comprehensive income (loss)	(1,015)	(12,933)
Amortization included in interest income	278	2,849
Purchases, sales and settlements
Purchases	0	0
Proceeds from sales	(3)	(37,582)
Proceeds from repayments	(222)	(2,576)
Balance, ending	1,950	9,619
Equity/Other Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	9,731	7,956
Transfers
Transfer into Level 3		367
CDO VI deconsolidation	0
Total gains (losses)
Included in net income	11,232	(367)
Included in other comprehensive income (loss)	(9,731)	1,775
Amortization included in interest income	0	0
Purchases, sales and settlements
Purchases	0	0
Proceeds from sales	(11,232)	0
Proceeds from repayments	0	0
Balance, ending	$ 0	$ 9,731

FAIR VALUE OF FINANCIAL INSTR88

FAIR VALUE OF FINANCIAL INSTRUMENTS - Gains (Losses) Recorded (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment [Line Items]
Realized/unrealized gain on investments	$ (685)	$ 22,264	$ 69,593
Measured on a Recurring Basis | Level 3
Investment [Line Items]
Realized/unrealized gain on investments	11,237	28,854
Impairment (reversal)	(110)	(2,357)
Total	11,127	26,497
Realized/unrealized gain on investments, net, from investments transferred into Level 3 during the period	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR89

FAIR VALUE OF FINANCIAL INSTRUMENTS - Loans (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount Rate (as percent)	12.00%
Loss Severity (as percent)	64.20%
Prepayment Speed (as percent)	3.90%
Constant Default Rate (as percent)	5.10%
Real Estate Related and other Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 55,612,000
Outstanding face amount	138,148,000
Real Estate Related and other Loans | Held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	55,612,000
Fair Value	61,144,000
Outstanding face amount	138,148,000
Real Estate Related and other Loans | Corporate Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding face amount	45,700,000
Real Estate Related and other Loans | Corporate Loans | Held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	55,612,000
Fair Value	$ 61,144,000
Discount Rate (as percent)	22.50%
Loss Severity (as percent)	49.30%
Outstanding face amount	$ 120,381,000
Real Estate Related and other Loans | Corporate Loans | Lower Range
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount Rate (as percent)	0.00%
Loss Severity (as percent)	0.00%
Real Estate Related and other Loans | Corporate Loans | Upper Range
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount Rate (as percent)	22.50%
Loss Severity (as percent)	100.00%
Real Estate Related and other Loans | Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 0
Outstanding face amount	17,800,000
Real Estate Related and other Loans | Mezzanine Loans | Held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	0
Outstanding face amount	$ 17,767,000

DEBT OBLIGATIONS - Debt Obligat

DEBT OBLIGATIONS - Debt Obligations (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jun. 30, 2016	Oct. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Aug. 31, 2015
Debt Instrument [Line Items]
Outstanding Face Amount		$ 19,400,000	$ 770,572,000	$ 971,270,000
Carrying Value			$ 767,465,000	970,842,000
Weighted Average Coupon - Basis for Variable Rate			LIBOR
Subtotal debt obligation
Debt Instrument [Line Items]
Outstanding Face Amount			$ 770,572,000	590,464,000
Carrying Value			$ 767,465,000	590,036,000
Weighted Average Funding Cost			2.17%
Weighted Average Life (Years)			1 year 8 months 6 days
Face Amount of Floating Rate Debt			$ 153,204,000
CDO Bonds Payable
Debt Instrument [Line Items]
Outstanding Face Amount			0	92,933,000
Carrying Value			$ 0	92,933,000
Weighted Average Funding Cost			0.00%
Weighted Average Life (Years)			0 years
Face Amount of Floating Rate Debt			$ 0
CDO VI
Debt Instrument [Line Items]
Outstanding Face Amount			0	92,933,000
Carrying Value			$ 0	92,933,000
Weighted Average Funding Cost			0.00%
Weighted Average Life (Years)			0 years
Face Amount of Floating Rate Debt			$ 0
Other Bonds & Notes Payable
Debt Instrument [Line Items]
Outstanding Face Amount			0	16,644,000
Carrying Value			$ 0	16,162,000
Weighted Average Funding Cost			0.00%
Weighted Average Life (Years)			0 years
Face Amount of Floating Rate Debt			$ 0
NCT 2013-VI IMM-1
Debt Instrument [Line Items]
Outstanding Face Amount			0	4,984,000
Carrying Value			$ 0	4,672,000
Weighted Average Funding Cost			0.00%
Weighted Average Life (Years)			0 years
Face Amount of Floating Rate Debt			$ 0
Mezzanine Note Payable
Debt Instrument [Line Items]
Outstanding Face Amount		$ 11,700,000	0	11,660,000
Carrying Value			$ 0	11,490,000
Weighted Average Coupon - Spread on Basis for Variable Rate (as percent)		3.00%
Weighted Average Funding Cost			0.00%
Weighted Average Life (Years)			0 years
Face Amount of Floating Rate Debt			$ 0
Repurchase Agreements
Debt Instrument [Line Items]
Outstanding Face Amount			600,964,000	418,625,000
Carrying Value			$ 600,964,000	418,458,000
Weighted Average Funding Cost			0.00%
Weighted Average Life (Years)			6 days
Face Amount of Floating Rate Debt			$ 0
FNMA/FHLMC securities
Debt Instrument [Line Items]
Outstanding Face Amount			600,964,000	348,625,000
Carrying Value			$ 600,964,000	348,625,000
Weighted Average Coupon - Rate			1.03%
Weighted Average Funding Cost			1.03%
Weighted Average Life (Years)			1 month
Face Amount of Floating Rate Debt			$ 0
Golf Loans
Debt Instrument [Line Items]
Outstanding Face Amount	$ 102,000,000		0	70,000,000
Carrying Value			$ 0	69,833,000
Weighted Average Coupon - Basis for Variable Rate			LIBOR
Weighted Average Funding Cost			0.00%
Weighted Average Life (Years)			6 days
Face Amount of Floating Rate Debt			$ 0
Golf Loans | LIBOR
Debt Instrument [Line Items]
Weighted Average Coupon - Spread on Basis for Variable Rate (as percent)	4.70%		4.70%
Golf Credit Facilities
Debt Instrument [Line Items]
Outstanding Face Amount			$ 118,604,000	11,258,000
Carrying Value			$ 115,284,000	11,258,000
Weighted Average Funding Cost			7.72%
Weighted Average Life (Years)			2 years 9 months 6 days
Face Amount of Floating Rate Debt			$ 102,200,000
Golf Term Loan
Debt Instrument [Line Items]
Outstanding Face Amount			102,000,000	0	$ 105,600,000
Carrying Value			$ 98,680,000	0
Weighted Average Funding Cost			7.92%
Weighted Average Life (Years)			2 years 6 months
Face Amount of Floating Rate Debt			$ 102,000,000
Vineyard II
Debt Instrument [Line Items]
Outstanding Face Amount			200,000	200,000
Carrying Value			$ 200,000	200,000
Weighted Average Coupon - Rate			2.20%
Weighted Average Funding Cost			2.20%
Weighted Average Life (Years)			26 years 11 months 6 days
Face Amount of Floating Rate Debt			$ 200,000
Capital Leases (Equipment)
Debt Instrument [Line Items]
Outstanding Face Amount			16,404,000	11,058,000
Carrying Value			$ 16,404,000	11,058,000
Weighted Average Funding Cost			6.56%
Weighted Average Life (Years)			4 years 1 month 6 days
Face Amount of Floating Rate Debt			$ 0
Capital Leases (Equipment) | Lower Range
Debt Instrument [Line Items]
Weighted Average Coupon - Rate			3.00%
Capital Leases (Equipment) | Upper Range
Debt Instrument [Line Items]
Weighted Average Coupon - Rate			16.16%
Corporate
Debt Instrument [Line Items]
Outstanding Face Amount			$ 51,004,000	51,004,000
Carrying Value			$ 51,217,000	51,225,000
Weighted Average Funding Cost			3.11%
Weighted Average Life (Years)			18 years 3 months 1 day
Face Amount of Floating Rate Debt			$ 51,004,000
Junior subordinated notes payable
Debt Instrument [Line Items]
Outstanding Face Amount			51,004,000	51,004,000
Carrying Value			$ 51,217,000	51,225,000
Weighted Average Funding Cost			3.11%
Weighted Average Life (Years)			18 years 3 months 1 day
Face Amount of Floating Rate Debt			$ 51,004,000
Junior subordinated notes payable | LIBOR
Debt Instrument [Line Items]
Weighted Average Coupon - Spread on Basis for Variable Rate (as percent)			2.25%
Financing on subprime mortgage loans subject to call option
Debt Instrument [Line Items]
Outstanding Face Amount			$ 0	380,806,000
Carrying Value			$ 0	$ 380,806,000

DEBT OBLIGATIONS DEBT OBLIGATIO

DEBT OBLIGATIONS DEBT OBLIGATIONS - Debt Obligations Narrative (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2016property	Dec. 31, 2016USD ($)property
Debt Instrument [Line Items]
Number of real estate properties | property		78
Repurchase Agreements
Debt Instrument [Line Items]
Margin exposure		$ 300,000
CDO Securities
Debt Instrument [Line Items]
Margin exposure		601,000,000
Face amount of collateral		619,800,000
Amortized cost basis of collateral		627,300,000
Carrying amount of securities held		$ 627,300,000
Weighted Average Maturity (Years) Of Collateral		8 years 5 months 6 days
Golf Loans
Debt Instrument [Line Items]
Number of real estate properties | property	22	22
Deferred finance costs		$ 3,300,000
Golf Loans | LIBOR
Debt Instrument [Line Items]
Basis spread (as percent)	4.70%	4.70%
Variable rate (as percent)		1.80%
Golf Loans | LIBOR | Interest rate cap
Debt Instrument [Line Items]
Variable rate (as percent)		1.80%
Vineyard II
Debt Instrument [Line Items]
Variable rate (as percent)		1.00%
Citi | Repurchase Agreements
Debt Instrument [Line Items]
Repurchase agreements		$ 242,000,000
Jeffries | Repurchase Agreements
Debt Instrument [Line Items]
Repurchase agreements		$ 359,000,000

DEBT OBLIGATIONS DEBT OBLIGAT92

DEBT OBLIGATIONS DEBT OBLIGATIONS - Narrative (Details) round in Thousands, Rounds in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

24 Months Ended

Jun. 30, 2016USD ($)propertyrenewal

Apr. 30, 2016USD ($)

Feb. 29, 2016

Oct. 31, 2015USD ($)

Aug. 31, 2015USD ($)

Jun. 30, 2015USD ($)

Jun. 30, 2015USD ($)

Dec. 31, 2016USD ($)property

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2013USD ($)debt_instrument

Dec. 31, 2012USD ($)

Dec. 31, 2011USD ($)

Dec. 31, 2010USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2016

Dec. 31, 2016Rounds

Dec. 31, 2016round

Debt Instrument [Line Items]

Repayments of debt obligations

$ 2,788,183,000

$ 1,983,438,000

$ 831,042,000

Face amount of debt

$ 19,400,000

971,270,000

$ 770,572,000

Gain on extinguishment of debt

$ 15,400,000

$ (780,000)

15,306,000

$ (3,410,000)

Repurchase of debt

71,300,000

11,500,000

$ 35,900,000

$ 39,300,000

$ 188,900,000

$ 787,800,000

Payment for repurchase agreement

70,000,000

Number of real estate properties | property

78

Lease term

1 year

Lower Range | Capital leases - equipment | Golf Investments

Debt Instrument [Line Items]

Lease term

36 months

Upper Range | Capital leases - equipment | Golf Investments

Debt Instrument [Line Items]

Lease term

66 months

CDO VIII

Debt Instrument [Line Items]

Repayments of debt obligations

$ 60,300,000

Repayments of repurchase agreements

13,300,000

Face amount of debt

$ 11,500,000

11,500,000

Average price percentage - purchases (as percent)

95.50%

Repayments of debt

$ 11,000,000

Debt extinguished

11,500,000

Gain on extinguishment of debt

$ 500,000

CDO IX

Debt Instrument [Line Items]

Repayments of debt obligations

51,400,000

Repayments of repurchase agreements

$ 22,300,000

Mezzanine Note Payable

Debt Instrument [Line Items]

Face amount of debt

$ 11,700,000

11,660,000

0

Basis spread (as percent)

3.00%

Face amount of securities sold

$ 19,400,000

Repurchase of debt

$ 11,700,000

Golf Credit Facilities

Debt Instrument [Line Items]

Face amount of debt

11,258,000

118,604,000

Number of debt instruments | debt_instrument

2

First Lien Loan

Debt Instrument [Line Items]

Face amount of debt

$ 51,400,000

Average price percentage - purchases (as percent)

90.00%

Basis spread (as percent)

4.00%

Payments to acquire investments

$ 46,300,000

Second Lien Loan

Debt Instrument [Line Items]

Face amount of debt

105,600,000

0

102,000,000

Payments to acquire investments

$ 95,000,000

Golf Loans

Debt Instrument [Line Items]

Repayments of repurchase agreements

$ (64,900,000)

Face amount of debt

$ 102,000,000

70,000,000

0

Number of real estate properties | property

22

22

Debt term

3 years

Number of renewals | renewal

2

Renewal period

1 year

Golf Loans | LIBOR

Debt Instrument [Line Items]

Basis spread (as percent)

4.70%

4.70%

Variable rate (as percent)

1.80%

Golf Loans | LIBOR | Interest rate cap

Debt Instrument [Line Items]

Variable rate (as percent)

1.80%

Golf Loans | Lower Range

Debt Instrument [Line Items]

Effective interest rate (as percent)

6.50%

Golf Loans | Upper Range | LIBOR | Interest rate cap

Debt Instrument [Line Items]

Variable rate (as percent)

1.80%

Vineyard II

Debt Instrument [Line Items]

Face amount of debt

$ 200,000

$ 200,000

Effective interest rate (as percent)

2.20%

Variable rate (as percent)

1.00%

Debt term

5 years

Rounds of golf

240

240

Achievement period

36 months

DEBT OBLIGATIONS - Future Minim

DEBT OBLIGATIONS - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2016USD ($)
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,017	$ 4,666
2,018	4,662
2,019	4,511
2,020	3,203
2,021	1,626
Thereafter	157
Total minimum lease payments	18,825
Less: imputed interest	2,421
Present value of net minimum lease payments	$ 16,404

DEBT OBLIGATIONS - Maturities o

DEBT OBLIGATIONS - Maturities of Debt Obligations (Details) $ in Thousands	Dec. 31, 2016USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2,017	$ 604,663
2,018	3,945
2,019	4,058
2,020	104,984
2,021	1,564
Thereafter	51,358
Total	770,572
Debt discounts	3,100
Nonrecourse
Long-term Debt, Fiscal Year Maturity [Abstract]
2,017	3,699
2,018	3,945
2,019	4,058
2,020	104,984
2,021	1,564
Thereafter	354
Total	118,604
Recourse
Long-term Debt, Fiscal Year Maturity [Abstract]
2,017	600,964
2,018	0
2,019	0
2,020	0
2,021	0
Thereafter	51,004
Total	$ 651,968

EQUITY AND EARNINGS PER SHARE E

EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator for basic and diluted earnings per share:
Income from continuing operations after preferred dividends and noncontrolling interest									$ 71,499	$ 15,621	$ 62,855
Income (loss) from discontinued operations, net of tax - Note 3	$ 0	$ 0	$ 0	$ 0	$ 0	$ 7	$ 524	$ 115	0	646	(35,189)
Income Applicable To Common Stockholders	$ (21,099)	$ 18,923	$ 1,651	$ 72,024	$ (5,159)	$ 6,499	$ 17,019	$ (2,092)	$ 71,499	$ 16,267	$ 27,666
Denominator:
Denominator for basic earnings per share - weighted average shares	66,772,360	66,730,583	66,681,248	66,654,598	66,579,072	66,484,962	66,426,980	66,424,508	66,709,925	66,479,321	61,500,913
Effect of dilutive securities
Options									2,078,515	2,168,594	1,630,314
Denominator for diluted earnings per share - adjusted weighted average shares	66,772,360	69,072,676	68,899,515	68,284,898	66,579,072	69,069,659	69,204,717	66,424,508	68,788,440	68,647,915	63,131,227
Basic earnings per share:
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest (in dollars per share)									$ 1.07	$ 0.23	$ 1.02
Income (loss) from Discontinued Operations per share of Common Stock, basic (in dollars per share)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0.01	$ 0	0	0.01	(0.57)
Income Applicable to Common Stock, per share (in dollars per share)	(0.32)	0.28	0.02	1.08	(0.08)	0.10	0.26	(0.03)	1.07	0.24	0.45
Diluted earnings per share:
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest (in dollars per share)									1.04	0.23	1
Income (loss) from Discontinued Operations per share of Common Stock, diluted (in dollars per share)	0	0	0	0	0	0	0.01	0	0	0.01	(0.57)
Income Applicable to Common Stock, per share (in dollars per share)	$ (0.32)	$ 0.27	$ 0.02	$ 1.05	$ (0.08)	$ 0.09	$ 0.25	$ (0.03)	$ 1.04	$ 0.24	$ 0.44

EQUITY AND EARNINGS PER SHARE96

EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Narrative (Details)	May 07, 2015$ / sharesshares	Nov. 06, 2014shares	Oct. 22, 2014	Aug. 18, 2014	Feb. 13, 2014$ / shares	May 15, 2013shares	Jul. 31, 2016shares	May 31, 2016shares	Dec. 31, 2015USD ($)$ / sharesshares	Mar. 31, 2007USD ($)shares	Oct. 31, 2005USD ($)shares	Mar. 31, 2003USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)shares	Dec. 07, 2016right$ / sharesshares	Apr. 07, 2016shares	Apr. 16, 2015shares	Mar. 31, 2010shares
Class of Stock [Line Items]
Dilutive common stock equivalents (in shares)													2,078,515	2,168,594	1,630,314
Antidilutive common stock equivalents													309,024	259,277	1,931,257
Conversion ratio													0.167
Options granted to managers as percentage of shares sold in public offerings (as percent)													10.00%
Director awards granted on joining the board, per director													333
Share Price (in dollars per share) | $ / shares													$ 3.76
Preferred stock, par value (in dollars per share) | $ / shares									$ 0.01				0.01	$ 0.01
Preferred stock liquidation preference (in dollars per share) | $ / shares									$ 25				$ 25	$ 25
Cost incurred with stock issuance | $													$ 0	$ 0	$ 595,000
Equity method investment | $									$ 20,600,000				19,300,000	$ 20,600,000
Real Estate Investment with a Non-Controlling Interest
Class of Stock [Line Items]
Equity method investment | $													$ 0
Series B Preferred Stock
Class of Stock [Line Items]
Stock issued during period, shares, other												2,500,000
Issuance of preferred stock | $												$ 62,500,000
Preferred stock, dividend rate (as percent)												9.75%	9.75%	9.75%
Preferred stock liquidation preference (in dollars per share) | $ / shares												$ 25
Cost incurred with stock issuance | $												$ 2,400,000
Preferred stock, shares outstanding (in shares)									1,347,321				1,347,321	1,347,321					1,347,321
Series C Preferred Stock
Class of Stock [Line Items]
Stock issued during period, shares, other											1,600,000
Issuance of preferred stock | $											$ 40,000,000
Preferred stock, dividend rate (as percent)											8.05%		8.05%	8.05%
Increased dividend rate of preferred stock, if delisting occurs (as percent)											9.05%
Cost incurred with stock issuance | $											$ 1,500,000
Preferred stock, shares outstanding (in shares)									496,000				496,000	496,000					496,000
Series D Preferred Stock
Class of Stock [Line Items]
Stock issued during period, shares, other										2,000,000
Issuance of preferred stock | $										$ 50,000,000
Preferred stock, dividend rate (as percent)										8.375%			8.375%	8.375%
Increased dividend rate of preferred stock, if delisting occurs (as percent)										9.375%
Cost incurred with stock issuance | $										$ 1,800,000
Preferred stock, shares outstanding (in shares)									620,000				620,000	620,000					620,000
Directors
Class of Stock [Line Items]
Shares of common stock issued for compensation (in shares)							21,798	57,740	18,798
Manager
Class of Stock [Line Items]
Vested options that become exercisable													0.0769
Maximum percent of shares sold in offering to be award to Manager (as percent)													10.00%
Expiration period													10 years
Exercisable period options granted to managers													30 months
Stock Option
Class of Stock [Line Items]
Issuance of stock options - equitable adjustment (in shares)	178,740
Share Price (in dollars per share) | $ / shares	$ 1
New Residential Spin-Off
Class of Stock [Line Items]
Stock options converted in spin-off (in shares)						3,600,000
New Senior Spin-Off
Class of Stock [Line Items]
Stock options converted in spin-off (in shares)		5,500,000
Strike price adjustment for spin-off (in dollars per share) | $ / shares					$ 5.34
Period used to determine average closing price					5 days
2014 Plan
Class of Stock [Line Items]
Conversion ratio			0.5	0.3333333333
2015 Plan
Class of Stock [Line Items]
Authorized shares under Plan (in share)																		300,000
Options granted to managers as percentage of shares sold in public offerings (as percent)													10.00%
Expiration period													1 year
2016 Plan
Class of Stock [Line Items]
Authorized shares under Plan (in share)																	300,000
Options granted to managers as percentage of shares sold in public offerings (as percent)													10.00%
Expiration period													1 year
Tax Benefits Preservation Plan | Common Stock
Class of Stock [Line Items]
Number of rights for each common stock outstanding | right																1
Tax Benefits Preservation Plan | Series E Preferred Stock
Class of Stock [Line Items]
Number of securities for each right (as share)																0.0010
Preferred stock, par value (in dollars per share) | $ / shares																$ 0.01
Purchase price per unit (in dollars per share) | $ / shares																$ 27

EQUITY AND EARNINGS PER SHARE -

EQUITY AND EARNINGS PER SHARE - Shares Issued in Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Net proceeds		$ 0	$ 0	$ 198,702
Options, Grant Date Strike Price (in dollars per share)		$ 2.79	$ 2.85
Principals of Fortress
Class of Stock [Line Items]
Number of Shares Issued (in shares)	83,333
Price per Share (in dollars per share)	$ 26.34
Manager
Class of Stock [Line Items]
Options, Number of Shares (in shares)	765,416
Options, Grant Date Strike Price (in dollars per share)	$ 26.34
Options, Grant Date Value	$ 1,700
Underwriter
Class of Stock [Line Items]
Number of Shares Issued (in shares)	7,654,166
Price per Share (in dollars per share)	$ 25.92
Net proceeds	$ 197,900

EQUITY AND EARNINGS PER SHARE98

EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Changes in Outstanding Options (Details)	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Number of Options
Beginning Balance (in shares) | shares	5,421,561
Granted (in shares) | shares	333
Exercised (in shares) | shares	(266,657)
Expired (in shares) | shares	(28,331)
Ending Balance (in shares) | shares	5,126,906
Weighted Average Strike Price
Beginning Balance (in dollars per share) | $ / shares	$ 2.85
Granted (in dollars per share) | $ / shares	3.78
Exercised (in dollars per share) | $ / shares	3.01
Expired (in dollars per share) | $ / shares	13.38
Ending Balance (in dollars per share) | $ / shares	$ 2.79
Weighted Average Life Remaining
Exercisable at December 31, 2016, Number of Options (in shares) | shares	5,075,878
Exercisable at December 31, 2016, Weighted Average Strike Price (in shares) | $ / shares	$ 2.78
Weighted Average Life Remaining (in years)	5 years 10 months 29 days
Weighted Average Life Remaining (in years)	5 years 10 months 18 days

EQUITY AND EARNINGS PER SHARE99

EQUITY AND EARNINGS PER SHARE - Outstanding Options Summary (Details) - shares	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	5,126,906	5,421,561
Issued Prior to 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	116,330	144,661
Issued in 2011 and thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	5,010,576	5,276,900
Manager
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	5,120,272	5,125,482
Manager | Issued Prior to 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	110,029	115,239
Manager | Issued in 2011 and thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	5,010,243	5,010,243
Management employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	6,301	296,079
Management employees | Issued Prior to 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	6,301	29,422
Management employees | Issued in 2011 and thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	0	266,657
Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	333	0
Directors | Issued Prior to 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	0	0
Directors | Issued in 2011 and thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	333	0

EQUITY AND EARNINGS PER SHAR100

EQUITY AND EARNINGS PER SHARE - Outstanding Options (Details) - USD ($) $ / shares in Units, $ in Millions	May 07, 2015	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		5,126,906	5,421,561
Options exercisable (in shares)		5,075,878
Ending Balance (in dollars per share)		$ 2.79
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		6,301
Stock Option | Various
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		3,666
Options exercisable (in shares)		333
Ending Balance (in dollars per share)		$ 0
Intrinsic value		$ 0
Stock Option | 2002 - 2007
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		587,277
Options exercisable (in shares)		116,330
Ending Balance (in dollars per share)		$ 13.13
Fair value at date of grant		$ 6.4
Intrinsic value		$ 0
Stock Option | Mar-11
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		311,853
Options exercisable (in shares)		206,881
Ending Balance (in dollars per share)		$ 1
Fair value at date of grant		$ 7
Intrinsic value		$ 0.6
Stock Option | Sep-11
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		524,212
Options exercisable (in shares)		376,268
Ending Balance (in dollars per share)		$ 1
Fair value at date of grant		$ 5.6
Intrinsic value		$ 1
Stock Option | Apr-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		348,352
Options exercisable (in shares)		279,452
Ending Balance (in dollars per share)		$ 1
Fair value at date of grant		$ 5.6
Intrinsic value		$ 0.8
Stock Option | May-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		396,316
Options exercisable (in shares)		316,871
Ending Balance (in dollars per share)		$ 1
Fair value at date of grant		$ 7.6
Intrinsic value		$ 0.9
Stock Option | Jul-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		437,991
Options exercisable (in shares)		353,674
Ending Balance (in dollars per share)		$ 1
Fair value at date of grant		$ 8.3
Intrinsic value		$ 1
Stock Option | Jan-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		958,331
Options exercisable (in shares)		872,528
Ending Balance (in dollars per share)		$ 2.32
Fair value at date of grant		$ 18
Intrinsic value		$ 1.3
Stock Option | Feb-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		383,331
Options exercisable (in shares)		349,011
Ending Balance (in dollars per share)		$ 2.95
Fair value at date of grant		$ 8.4
Intrinsic value		$ 0.3
Stock Option | Jun-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		670,829
Options exercisable (in shares)		610,770
Ending Balance (in dollars per share)		$ 3.23
Fair value at date of grant		$ 3.8
Intrinsic value		$ 0.4
Stock Option | Nov-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		965,847
Options exercisable (in shares)		879,372
Ending Balance (in dollars per share)		$ 3.57
Fair value at date of grant		$ 6
Intrinsic value		$ 0.5
Stock Option | Aug-14
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		765,416
Options exercisable (in shares)		714,388
Ending Balance (in dollars per share)		$ 4.01
Fair value at date of grant		$ 1.7
Intrinsic value		$ 0.3
Stock Option | Prior to 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		(173,853)
Ending Balance (in dollars per share)		$ 14.09
Stock Option | Oct-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		(15,972)
Ending Balance (in dollars per share)		$ 1.48
Stock Option | Sep-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		(51,306)
Ending Balance (in dollars per share)		$ 1.67
Stock Option | 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		(216,186)
Ending Balance (in dollars per share)		$ 1.46
Stock Option | 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		(202,446)
Ending Balance (in dollars per share)		$ 1
Stock Option | 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		(266,657)
Ending Balance (in dollars per share)		$ 3.01
Stock Option | 2002-2006
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		(300,095)
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock options - equitable adjustment (in shares)	178,740
Stock Option | Mar-11
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock options - equitable adjustment (in shares)	24,354
Stock Option | Sep-11
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock options - equitable adjustment (in shares)	92,963
Stock Option | Apr-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock options - equitable adjustment (in shares)	32,105
Stock Option | May-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock options - equitable adjustment (in shares)	12,987
Stock Option | Jul-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock options - equitable adjustment (in shares)	16,331

EQUITY AND EARNINGS PER SHAR101

EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Outstanding Options Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Aug. 31, 2014
Class of Stock [Line Items]
Strike price adjustment for dividends (in dollars per share)	$ 0.32
Grant Date Strike Price (in dollars per share)		$ 2.79	$ 2.85
Exercised (in shares)		266,657
Issued Prior to 2011
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 13.13
Stock Option | Prior to 2008
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		14.09
Stock Option | Oct-12
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		1.48
Stock Option | Sep-13
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		1.67
Stock Option | 2014
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		1.46
Stock Option | 2015
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 1
Intrinsic value of options exercised		$ 0.8
Stock Option | 2016
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 3.01
Intrinsic value of options exercised		$ 0.4
Stock Option | Mar-11
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 1
Risk free rate (as percent)		1.70%
Volatility (as percent)		107.80%
Expected term		3 years 3 months 19 days
Stock Option | Sep-11
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 1
Risk free rate (as percent)		1.13%
Dividend yield (as percent)		13.20%
Volatility (as percent)		151.10%
Expected term		4 years 7 months 6 days
Stock Option | Apr-12
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 1
Risk free rate (as percent)		1.30%
Dividend yield (as percent)		12.90%
Volatility (as percent)		149.40%
Expected term		4 years 8 months 12 days
Stock Option | May-12
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 1
Risk free rate (as percent)		1.05%
Dividend yield (as percent)		11.90%
Volatility (as percent)		148.40%
Expected term		4 years 9 months 18 days
Stock Option | Jul-12
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 1
Risk free rate (as percent)		0.75%
Dividend yield (as percent)		11.90%
Volatility (as percent)		147.50%
Expected term		4 years 9 months 18 days
Stock Option | Jan-13
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 2.32
Risk free rate (as percent)		2.00%
Dividend yield (as percent)		8.80%
Volatility (as percent)		56.20%
Expected term		10 years
Stock Option | Feb-13
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 2.95
Risk free rate (as percent)		2.10%
Dividend yield (as percent)		7.80%
Volatility (as percent)		55.50%
Expected term		10 years
Stock Option | Jun-13
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 3.23
Risk free rate (as percent)		2.50%
Dividend yield (as percent)		8.80%
Volatility (as percent)		36.90%
Expected term		10 years
Stock Option | Nov-13
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 3.57
Risk free rate (as percent)		2.80%
Dividend yield (as percent)		6.70%
Volatility (as percent)		32.00%
Expected term		10 years
Stock Option | Aug-14
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 4.01
Risk free rate (as percent)		2.70%
Dividend yield (as percent)		8.60%
Volatility (as percent)		23.40%
Expected term		10 years
Manager
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)				$ 26.34
Manager | Stock Option | Prior to 2008
Class of Stock [Line Items]
Exercised (in shares)		111,770
Management employees | Stock Option | Prior to 2008
Class of Stock [Line Items]
Exercised (in shares)		61,417
Management employees | Stock Option | Oct-12
Class of Stock [Line Items]
Intrinsic value of options exercised		$ 0.2
Management employees | Stock Option | Sep-13
Class of Stock [Line Items]
Intrinsic value of options exercised		$ 0.9
Management employees | Stock Option | 2014
Class of Stock [Line Items]
Exercised (in shares)		215,853
Intrinsic value of options exercised		$ 4.1
Management employees | Stock Option | 2016
Class of Stock [Line Items]
Options forfeited (in shares)		16,748
Directors | Stock Option | Prior to 2008
Class of Stock [Line Items]
Exercised (in shares)		666
Directors | Stock Option | 2014
Class of Stock [Line Items]
Exercised (in shares)		333

EQUITY AND EARNINGS PER SHAR102

EQUITY AND EARNINGS PER SHARE - Outstanding Options by Strike Price (Details) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Option Indexed to Issuer's Equity [Line Items]
Grant Date Strike Price (in dollars per share)	$ 2.79	$ 2.85
Total Unexercised Inception to Date (in shares)	5,126,906	5,421,561
Stock Option
Option Indexed to Issuer's Equity [Line Items]
Total Unexercised Inception to Date (in shares)	6,301
Stock Option | 2007
Option Indexed to Issuer's Equity [Line Items]
Total Unexercised Inception to Date (in shares)	6,301
Stock Option | 2007 | Lower Range
Option Indexed to Issuer's Equity [Line Items]
Grant Date Strike Price (in dollars per share)	$ 12.44
Stock Option | 2007 | Upper Range
Option Indexed to Issuer's Equity [Line Items]
Grant Date Strike Price (in dollars per share)	$ 14.44

TRANSACTIONS WITH AFFILIATES103

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES - Narrative (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)	Apr. 30, 2010USD ($)security	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)
Related Party Transaction [Line Items]
Lease term			1 year
Period management fee earned			12 months
Manager advisory fee (as percent)			1.50%
Incentive compensation percentage (as percent)			25.00%
Simple interest rate in incentive calculation (as percent)			10.00%
Shares held by Fortress and affiliates in Newcastle (in shares) | shares			4,100,000
Stock options outstanding (in shares) | shares			5,126,906	5,421,561
Due to affiliates			$ 892	$ 892
Cash investments made in affiliates or related companies		$ 75,000
Expected yield (as percent)		22.50%
Proceeds from notes receivable	$ 109,900
Interest income			91,291	95,891	$ 127,627
Amount payable to aircraft operator for aircraft charter			$ 100	100
Affiliates
Related Party Transaction [Line Items]
Stock options outstanding (in shares) | shares			5,100,000
Loan to affiliate			$ 61,000
Interest income			$ 29,000	$ 25,800	$ 20,000
CDO
Related Party Transaction [Line Items]
Number of Securities | security		2
Subprime Portfolio II
Related Party Transaction [Line Items]
Servicing fee percentage (as percent)			0.50%
Subprime Mortgage Loans Subject to Call Option | Subprime Portfolio I
Related Party Transaction [Line Items]
Servicing fee percentage (as percent)			0.50%
Loan unpaid principal balance			$ 237,600
Subprime Mortgage Loans Subject to Call Option | Subprime Portfolio II
Related Party Transaction [Line Items]
Loan unpaid principal balance			$ 349,800

TRANSACTIONS WITH AFFILIATES104

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES - Amounts Incurred Under Management Agreement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Transactions With Affiliates And Affiliated Entity [Abstract]
Management Fees	$ 10,204	$ 10,192	$ 20,539
Expense Reimbursement to the Manager	500	500	500
Incentive Compensation	0	0	0
Total management fees to affiliate	$ 10,704	$ 10,692	$ 21,039

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Written notice period to cancel lease	30 days
Restricted cash	$ 6,404	$ 4,469
Other restricted cash - traditional golf
Segment Reporting Information [Line Items]
Restricted cash	3,945	475
Golf
Segment Reporting Information [Line Items]
Regulatory bonds outstanding	900	900
Operating leases, rent expense	3,800	$ 4,600	$ 5,000
Aggregate monthly expense	$ 300
Membership deposit term	30 years
Membership deposits, face amount	$ 246,100
Golf | Other restricted cash - traditional golf
Segment Reporting Information [Line Items]
Restricted cash	$ 6,200
Minimum
Segment Reporting Information [Line Items]
Operating lease term	10 years
Minimum | Golf
Segment Reporting Information [Line Items]
Operating lease term	10 years
Minimum | Golf | Property Under Operating Lease | Golf Carts and Equipment
Segment Reporting Information [Line Items]
Useful life of property under operating leases	1 year
Maximum
Segment Reporting Information [Line Items]
Operating lease term	20 years
Maximum | Golf
Segment Reporting Information [Line Items]
Operating lease term	20 years
Maximum | Golf | Property Under Operating Lease | Golf Carts and Equipment
Segment Reporting Information [Line Items]
Useful life of property under operating leases	3 years

COMMITMENTS AND CONTINGENCIE106

COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Commitments (Details) $ in Thousands	Dec. 31, 2016USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,017	$ 31,787
2,018	28,442
2,019	25,362
2,020	22,017
2,021	18,384
Thereafter	130,284
Total Minimum lease payments	$ 256,276

INCOME TAXES - Provision for In

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current:
Federal	$ 28	$ 298	$ 704
State and Local	64	101	318
Total Current Provision	92	399	1,022
Deferred
Federal	83	(46)	(1,293)
State and Local	14	(8)	(632)
Total Deferred Provision	97	(54)	(1,925)
Total Provision (benefit) for Income Taxes	189	345	(903)
Provision (benefit) for income taxes from discontinued operations	0	0	(1,111)
Provision (benefit) for income taxes from continuing operations	$ 189	$ 345	$ 208

INCOME TAXES - Tax Treatment of

INCOME TAXES - Tax Treatment of Common Stock Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Contingency [Line Items]
Dividends Per Share (in dollars per share)	$ 0.48	$ 0.60	$ 25.76
Ordinary Income	0.00%	30.41%	32.64%
Long-term Capital Gain	100.00%	69.59%	7.57%
Return of Capital	0.00%	0.00%	59.79%
New Media Spin-Off
Income Tax Contingency [Line Items]
Common stock value per share (in dollars per share)		$ 5.34
New Senior Spin-Off
Income Tax Contingency [Line Items]
Common stock value per share (in dollars per share)		$ 18.02

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended						24 Months Ended
	Aug. 31, 2015	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Operating Loss Carryforwards [Line Items]
Repurchase of debt	$ 71,300										$ 11,500		$ 35,900	$ 39,300	$ 188,900	$ 787,800
Gain on extinguishment of debt											500		$ 4,600	24,100	81,100	$ 521,100
GAAP gain														23,200	66,100
Face value of debt repurchased related to GAAP portion														$ 34,100	$ 171,800
Debt cancelled in securitization										$ 164,800
Net operating loss carryforwards						$ 526,200					$ 526,200
Net operating loss carryforwards expiration											20 years
Income tax expense (benefit)		$ 45	$ (38)	$ 138	$ 44	$ (985)	$ 1,257	$ 27	$ 46	189	$ 345	$ 208
TRSs [Member]
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)										200	$ 300	$ (900)
TRSs [Member] | Federal and State Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		$ 68,100								$ 68,100

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Provision at the statutory rate	35.00%	35.00%	35.00%
Non-taxable REIT income	(51.97%)	(86.91%)	(56.20%)
Permanent items	0.23%	31.24%	0.00%
State and local taxes	0.07%	0.32%	(1.18%)
Valuation allowance (reversal)	15.56%	22.04%	21.70%
Other	1.35%	(0.04%)	(1.80%)
Total provision (benefit)	0.24%	1.65%	(2.48%)

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Allowance for loan losses	$ 358	$ 399
Depreciation and amortization	38,598	33,495
Accrued expenses	2,885	2,008
Interest	16,503	0
Net operating losses	162,629	22,524
Other	2,036	0
Total deferred tax assets	223,009	58,426
Less valuation allowance	(133,192)	(42,158)
Net deferred tax assets	89,817	16,268
Deferred tax liabilities:
Leaseholds	13,681	15,366
Cancellation of debt	75,632	0
Other	504	805
Total deferred tax liabilities	89,817	16,171
Net deferred tax assets	$ 0	$ 97

INCOME TAXES - Change in Deferr

INCOME TAXES - Change in Deferred Tax Asset Valuation Allowance (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Changes in deferred tax asset valuation allowance:
December 31, 2015	$ 42,158
December 31, 2016	133,192
Increase due to tax status change
Changes in deferred tax asset valuation allowance:
Increase in valuation allowance	77,342
Current year income
Changes in deferred tax asset valuation allowance:
Increase in valuation allowance	$ 13,692

IMPAIRMENT (REVERSAL) (Details)

IMPAIRMENT (REVERSAL) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Valuation allowance (reversal) on loans (B)	$ 4,039	$ 9,541	$ (2,419)
Total impairment (reversal)	10,381	11,896	(2,419)
Real estate properties	282,347	276,119	263,103	$ 250,208
Traditional golf properties
Schedule of Investments [Line Items]
Total impairment (reversal)	6,232	0	0
Real estate properties	198,770
Traditional golf properties | Oregon and California
Schedule of Investments [Line Items]
Impairment of assets held for use	2,700
Traditional golf properties | New Jersey | Held-for-sale
Schedule of Investments [Line Items]
Impairment of assets held for sale	3,600
Traditional golf properties | Carrying Value | Oregon and California
Schedule of Investments [Line Items]
Real estate properties	4,100
Traditional golf properties | Estimated Fair Value | Oregon and California
Schedule of Investments [Line Items]
Real estate properties	1,400
Debt and equity securities
Schedule of Investments [Line Items]
Total impairment (reversal)	$ 110	$ 2,355	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 27, 2017	Jan. 03, 2017	Jul. 31, 2016	May 31, 2016	Dec. 31, 2015	Mar. 31, 2007	Oct. 31, 2005	Mar. 31, 2003	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Dividends payable					$ 8,929				$ 8,949	$ 8,929
Series B Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividend rate (as percent)								9.75%	9.75%	9.75%
Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividend rate (as percent)							8.05%		8.05%	8.05%
Series D Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividend rate (as percent)						8.375%			8.375%	8.375%
Directors
Subsequent Event [Line Items]
Shares of common stock issued for compensation (in shares)			21,798	57,740	18,798
Subsequent Event
Subsequent Event [Line Items]
Dividends payable	$ 1,400
Subsequent Event | Series B Preferred Stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.609375
Preferred stock, dividend rate (as percent)	9.75%
Subsequent Event | Series C Preferred Stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.503125
Preferred stock, dividend rate (as percent)	8.05%
Subsequent Event | Series D Preferred Stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.523438
Preferred stock, dividend rate (as percent)	8.375%
Subsequent Event | Directors
Subsequent Event [Line Items]
Shares of common stock issued for compensation (in shares)		18,074

SUMMARY OF QUARTERLY CONSOLI115

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 29, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Total revenues		$ 69,076	$ 83,162	$ 84,484	$ 62,158	$ 69,363	$ 82,864	$ 82,803	$ 60,826	$ 298,880	$ 295,856	$ 291,537
Total operating costs		87,192	82,382	89,706	78,774	81,899	97,539	66,020	72,639	338,054	318,097	276,220
Operating income (loss)		(18,116)	780	(5,222)	(16,616)	(12,536)	(14,675)	16,783	(11,813)	(39,174)	(22,241)	15,317
Total other income (expense)	$ 100	(1,451)	19,677	8,518	89,955	7,711	23,832	1,085	10,866	116,699	43,494	52,474
Income tax expense (benefit)		45	(38)	138	44	(985)	1,257	27	46	189	345	208
Income from continuing operations		(19,612)	20,495	3,158	73,295	(3,840)	7,900	17,841	(993)	77,336	20,908	67,583
Income from discontinued operations		0	0	0	0	0	7	524	115	0	646	(35,189)
Preferred dividends		(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(5,580)	(5,580)	(5,580)
Net loss (income) attributable to noncontrolling interest		(92)	(177)	(112)	124	76	(13)	49	181	(257)	293	852
Income Applicable To Common Stockholders		$ (21,099)	$ 18,923	$ 1,651	$ 72,024	$ (5,159)	$ 6,499	$ 17,019	$ (2,092)	$ 71,499	$ 16,267	$ 27,666
Income (loss) applicable to common stock, per share
Income Applicable to Common Stock (in dollars per share)		$ (0.32)	$ 0.28	$ 0.02	$ 1.08	$ (0.08)	$ 0.10	$ 0.26	$ (0.03)	$ 1.07	$ 0.24	$ 0.45
Income Applicable to Common Stock (in dollars per share)		(0.32)	0.27	0.02	1.05	(0.08)	0.09	0.25	(0.03)	1.04	0.24	0.44
Income from discontinued operations per share of common stock
Basic (in dollars per share)		0	0	0	0	0	0	0.01	0	0	0.01	(0.57)
Diluted (in dollars per share)		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0.01	$ 0	$ 0	$ 0.01	$ (0.57)
Weighted average number of shares of common stock outstanding
Weighted Average Number of Shares of Common Stock Outstanding, basic (in shares)		66,772,360	66,730,583	66,681,248	66,654,598	66,579,072	66,484,962	66,426,980	66,424,508	66,709,925	66,479,321	61,500,913
Weighted Average Number of Shares of Common Stock Outstanding, diluted (in shares)		66,772,360	69,072,676	68,899,515	68,284,898	66,579,072	69,069,659	69,204,717	66,424,508	68,788,440	68,647,915	63,131,227