Drive Shack (DSHK) 10-K 14 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Feb. 27, 2018	Jun. 30, 2017
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, 2017
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			$ 192
Entity Common Stock, Shares Outstanding		66,977,104
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 167,692	$ 140,140
Restricted cash	5,178	4,992
Accounts receivable, net - Note 2	8,780	8,047
Real estate securities, available-for-sale - Note 8	2,294	629,254
Other current assets - Note 2	23,568	78,687
Total Current Assets	207,512	861,120
Restricted cash, noncurrent	818	1,412
Property and equipment, net of accumulated depreciation - Note 5	241,258	217,611
Intangibles, net of accumulated amortization - Note 6	57,276	65,112
Other investments	21,135	19,256
Other assets - Note 2	8,649	7,447
Total Assets	536,648	1,171,958
Current Liabilities
Obligations under capital leases - Note 7	4,652	3,699
Membership deposit liabilities	8,733	8,491
Repurchase agreements - Note 7	0	600,964
Accounts payable and accrued expenses - Note 2	36,797	26,249
Deferred revenue - Note 2	31,207	29,851
Other current liabilities - Note 2	22,596	28,968
Total Current Liabilities	103,985	698,222
Credit facilities and obligations under capital leases - Note 7	112,105	111,585
Junior subordinated notes payable - Note 7	51,208	51,217
Membership deposit liabilities, noncurrent	86,523	80,549
Deferred revenue, noncurrent - Note 2	6,930	6,256
Other liabilities - Note 2	4,846	6,062
Total Liabilities	365,597	953,891
Commitments and contingencies - Note 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, 2017 and 2016	61,583	61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 66,977,104 and 66,824,304 shares issued and outstanding at December 31, 2017 and 2016, respectively	670	668
Additional paid-in capital	3,173,281	3,172,720
Accumulated deficit	(3,065,853)	(3,018,072)
Accumulated other comprehensive income - Note 2	1,370	1,168
Total Equity	171,051	218,067
Total Liabilities and Equity	$ 536,648	$ 1,171,958

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
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)	66,977,104	66,824,304
Common stock, shares outstanding (in shares)	66,977,104	66,824,304
Series B Cumulative Redeemable 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 Cumulative Redeemable 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 Cumulative Redeemable 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, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Golf course operations	$ 221,737	$ 226,255	$ 224,419
Sales of food and beverages	70,857	72,625	71,437
Total revenues	292,594	298,880	295,856
Operating costs
Operating expenses	247,905	254,353	254,553
Cost of sales - food and beverages	20,959	21,593	22,549
General and administrative expense	16,624	13,842	12,037
Management fee and termination payment to affiliate - Note 13	21,410	10,704	10,692
Depreciation and amortization	24,304	26,496	28,634
Impairment	60	10,381	11,896
Realized and unrealized loss (gain) on investments - Note 2	6,243	685	(22,264)
Total operating costs	337,505	338,054	318,097
Operating (loss) income	(44,911)	(39,174)	(22,241)
Other income (expenses)
Interest and investment income	23,162	91,291	95,891
Interest expense, net	(19,581)	(52,868)	(62,129)
Gain (loss) on extinguishment of debt	(294)	(780)	15,306
Gain on deconsolidation	0	82,130	0
Other income (loss), net - Note 2	388	(3,074)	(5,574)
Total other income	3,675	116,699	43,494
(Loss) Income from continuing operations before income tax	(41,236)	77,525	21,253
Income tax expense - Note 15	965	189	345
(Loss) Income from continuing operations	(42,201)	77,336	20,908
Income from discontinued operations, net of tax - Note 3	0	0	646
Net (Loss) Income	(42,201)	77,336	21,554
Preferred dividends	(5,580)	(5,580)	(5,580)
Net (income) loss attributable to noncontrolling interest	0	(257)	293
(Loss) Income Applicable To Common Stockholders	$ (47,781)	$ 71,499	$ 16,267
(Loss) Income Applicable to Common Stock, per share
Basic (in dollars per share)	$ (0.71)	$ 1.07	$ 0.24
Diluted (in dollars per share)	(0.71)	1.04	0.24
(Loss) Income from Continuing Operations per share of Common Stock, after preferred dividends and noncontrolling interest
Basic (in dollars per share)	(0.71)	1.07	0.23
Diluted (in dollars per share)	(0.71)	1.04	0.23
Income from Discontinued Operations per share of Common Stock
Basic (in dollars per share)	0	0	0.01
Diluted (in dollars per share)	$ 0	$ 0	$ 0.01
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	66,903,457	66,709,925	66,479,321
Diluted (in shares)	66,903,457	68,788,440	68,647,915

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (42,201)	$ 77,336	$ 21,554
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale securities	2,547	(31,658)	(1,868)
Reclassification of net realized (gain) loss on securities into earnings	(2,345)	20,231	(32,537)
Reclassification of net realized gain on deconsolidation of CDO VI	0	(20,682)	0
Net unrealized loss on derivatives designated as cash flow hedges	0	0	(60)
Reclassification of net realized (gain) loss on derivatives designated as cash flow hedges into earnings	0	(20)	1,897
Other comprehensive income (loss)	202	(32,129)	(32,568)
Total comprehensive income (loss)	(41,999)	45,207	(11,014)
Comprehensive income (loss) attributable to Drive Shack Inc. stockholders' equity	(41,999)	44,950	(10,721)
Comprehensive income (loss) attributable to noncontrolling interest	$ 0	$ 257	$ (293)

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 Interest
Balance, beginning at Dec. 31, 2014	$ 258,328	$ 258,292	$ 61,583	$ 664	$ 3,172,060	$ (3,041,880)	$ 65,865	$ 36
Balance, beginning (in 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 (in shares)				230,090
Comprehensive income (loss)
Net income (loss)	21,554	21,847				21,847		(293)
Deconsolidation of net unrealized gain on securities	0
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 (in 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 (in 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 (in shares) at Dec. 31, 2016			2,463,321	66,824,304
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(5,580)	(5,580)				(5,580)
Issuance of common stock	563	563		$ 2	561
Issuance of common stock (in shares)				152,800
Comprehensive income (loss)
Net income (loss)	(42,201)	(42,201)				(42,201)		0
Deconsolidation of net unrealized gain on securities	0
Other comprehensive loss	202	202					202
Total comprehensive income (loss)	(41,999)	(41,999)						0
Balance, ending at Dec. 31, 2017	$ 171,051	$ 171,051	$ 61,583	$ 670	$ 3,173,281	$ (3,065,853)	$ 1,370	$ 0
Balance, ending (in shares) at Dec. 31, 2017			2,463,321	66,977,104

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flows From Operating Activities
Net (loss) income	$ (42,201)	$ 77,336	$ 21,554
Adjustments to reconcile net income to net cash provided by (used in) operating activities (inclusive of amounts related to discontinued operations):
Depreciation and amortization	24,304	26,496	28,645
Amortization of discount and premium	(3,457)	(6,445)	(2,555)
Other amortization	10,564	10,254	10,782
Net interest income on investments accrued to principal balance	(8,458)	(28,886)	(27,246)
Amortization of revenue on golf membership deposit liabilities	(1,264)	(884)	(509)
Amortization of prepaid golf member dues	(28,919)	(28,902)	(29,558)
Impairment	60	10,381	11,896
Equity in (earnings) loss from equity method investment, net of distributions	(1,536)	1,338	6,194
Gain on deconsolidation	0	(82,130)	0
Loss (gain) on settlement of investments, net	5,429	(20,555)	(19,305)
Unrealized loss (gain) on investments	1,128	21,906	(1,758)
Loss (gain) on extinguishment of debt, net	294	780	(15,306)
Non-cash directors' compensation	563	351	313
Change in:
Restricted cash	408	(6,828)	(2,344)
Accounts receivable, net, other current assets and other assets - noncurrent	(2,159)	595	(1,805)
Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent	34,089	28,571	18,361
Net cash (used in) provided by operating activities	(11,155)	3,378	(2,641)
Cash Flows From Investing Activities
Principal repayments from investments	100,020	150,459	128,191
Purchase of real estate securities	0	(3,086,654)	(1,409,693)
Proceeds from sale of securities and loans	595,850	2,777,808	1,425,480
Net (payments for) proceeds from settlement of TBAs	(4,669)	18,318	0
Acquisition and additions of property and equipment and intangibles	(33,451)	(12,571)	(7,637)
Change in restricted cash from investing activities	0	0	56,774
Deposits paid on property and equipment	(841)	0	0
Contributions to equity method investment	(343)	0	0
Net cash provided by (used in) investing activities	656,566	(152,640)	193,115
Cash Flows From Financing Activities
Repurchases of debt obligations	0	0	(152,281)
Borrowings under debt obligations	1,651	3,068,280	1,966,666
Repayments of debt obligations	(606,568)	(2,788,183)	(1,983,438)
Margin deposits under repurchase agreements and derivatives	(89,692)	(131,443)	(130,398)
Return of margin deposits under repurchase agreements and derivatives	87,785	133,991	128,430
Golf membership deposits received	3,431	3,865	4,711
Common stock dividends paid	(8,019)	(32,011)	(31,897)
Preferred stock dividends paid	(5,580)	(5,580)	(5,580)
Payment of deferred financing costs	(22)	(4,248)	(754)
Net payments from settlement of derivative instruments	0	0	(13,519)
Other financing activities	(845)	(920)	(625)
Net cash (used in) provided by financing activities	(617,859)	243,751	(218,685)
Net Increase (Decrease) in Cash and Cash Equivalents	27,552	94,489	(28,211)
Cash and Cash Equivalents of Continuing Operations, Beginning of Period	140,140	45,651	73,727
Cash and Cash Equivalents of Discontinued Operations, Beginning of Period	0	0	135
Cash and Cash Equivalents, End of Period	167,692	140,140	45,651
Cash and Cash Equivalents of Continuing Operations, End of Period	167,692	140,140	45,651
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense	12,414	12,316	16,438
Cash paid during the period for income taxes	1,700	386	268
Supplemental Schedule of Non-Cash Investing and Financing Activities
Common stock dividends declared but not paid	0	8,019	7,999
Preferred stock dividends declared but not paid	930	930	930
Financing costs accrued but not paid	0	22	0
Additions to capital lease assets and liabilities	4,265	8,240	7,182
Additions to property and equipment and accounts payable	8,557	0	0
Option exercise	0	410	752
Property and equipment sold but not settled	$ 800	$ 0	$ 0

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2017
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.” The Company 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. The Company's Traditional Golf business is one of the largest owners and operators of golf properties in the United States. As of December 31, 2017 , the Company owned, leased or managed 75 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. As of December 31, 2017 , the Company has substantially monetized the remaining loans and securities in its Debt Investments segment (see Notes 8 and 9). 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. On December 21, 2017, the Company announced that it had entered into definitive agreements with FIG LLC (the “Manager”) to internalize the Company’s management (the “Internalization”) effective January 1, 2018. The Company agreed with the Manager to terminate the existing Management Agreement and arrange for the Manager to continue to provide certain services for a transition period. In connection with the termination of the Management Agreement, the Company made a one-time cash payment of $ 10.7 million to the Manager.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2017
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 the Company 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. For entities over which the Company exercises significant influence, but which do not meet the requirements for consolidation, the Company 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 the Company. This is related to our Traditional Golf business, a portion of which the Company does not own. In October 2016, the Company 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. During 2017, the Company monetized and exited its significant real estate related debt positions, including the agency Fannie Mae/Freddie Mac (“FNMA/FHLMC’’) securities and received the final pay down on a corporate loan (“the resorts-related loan”). As such, beginning in September 30, 2017, the Company's Consolidated Balance Sheets were revised to a classified balance sheet presentation, consistent with an operating company presentation, and certain prior period amounts were reclassified to conform to the current period’s presentation. The Company reclassified assets, reasonably expected to be realized in cash during the normal operating cycle of the business, as current assets. The Company reclassified liabilities, whose liquidation is reasonably expected to require the use of current assets, as current liabilities. The Company reclassified “Real estate securities, available-for-sale - pledged as collateral’’ to “Real estate securities, available-for-sale’’ given the substantial monetization of the available-for-sale securities. The Company reclassified “Real estate related and other loans, held-for-sale, net’’ and “Receivables from brokers, dealers and clearing organizations’’ to “Other current assets.” “Investments in real estate, net of accumulated depreciation” was renamed as “Property and equipment, net of accumulated depreciation” under the operating company presentation. The Company reclassified “Dividends payable” to be included in “Other current liabilities.” The change to a classified balance sheet and the related aforementioned reclassifications were made to simplify financial reporting as the Company has substantially exited its real estate related debt positions. 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 and other similar customary real estate agreements. 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 the Company'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. 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 the Company’s accumulated other comprehensive income: December 31, 2017 2016 Net unrealized gain on securities $ 1,370 $ 1,168 Accumulated other comprehensive income $ 1,370 $ 1,168 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 for private club members and The Players Club members is recognized in the month earned. Membership dues received in advance are included in deferred revenue and recognized as revenue ratably over the appropriate period, which is generally twelve months or less for private club members and the following month for The Players Club members. 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. Sales of Food and Beverages — Revenue from food and beverage sales are recorded at the point of service. Real Estate Securities and Loans Receivable — The Company invested 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 were not acquired at a discount for credit quality, these assumptions included the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults). The Company also invested in loans. Interest income on performing loans is accrued and recognized as interest income at the contractual rate of interest. 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. Interest income with respect to non-discounted securities or loans is recognized on an accrual basis. Upon settlement of the sale of securities and loans, the excess (or deficiency) of net proceeds over the net carrying value of such security or loan was recognized as a gain (or loss) in the period of settlement. Impairment of Securities and Loans — The Company 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 the Company 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 the Company determines that it is probable that it will be unable to collect as anticipated. The evaluation of a security’s or loan'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. 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. Upon determination of impairment, the Company 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. Actual losses may differ from the Company’s estimates. Realized and Unrealized (Gain) Loss on Investments and Other Income (Loss), Net — These items are comprised of the following: Year Ended December 31, 2017 2016 2015 (Gain) on settlement of real estate securities $ (2,345 ) $ (19,129 ) $ (42,356 ) Loss on settlement of real estate securities 2,803 16,178 9,850 Realized loss (gain) on settlement of TBAs, net 4,669 (18,318 ) 12,907 (Gain) loss on settlement of loans held-for-sale (12 ) 48 (1,519 ) Loss recognized on termination of derivative instruments — — 612 Unrealized loss on securities, intent-to-sell 558 23,128 — Unrealized loss (gain) on non-hedge derivative instruments 570 (1,222 ) (1,758 ) Realized and unrealized loss (gain) on investments $ 6,243 $ 685 $ (22,264 ) (Loss) gain on lease modifications and terminations $ (161 ) $ (62 ) $ 471 Collateral management fee income, net 387 592 708 Equity in earnings (losses) of equity method investments, net 1,536 (1,338 ) (6,194 ) (Loss) on disposal of long-lived assets (295 ) (22 ) (1,403 ) Other (loss) income (1,079 ) (2,244 ) 844 Other income (loss), net $ 388 $ (3,074 ) $ (5,574 ) 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 2017 2016 2015 Net realized (gain) loss on securities Impairment (reversal) Impairment (reversal) $ — $ 54 $ (31 ) (Gain) on settlement of real estate securities Realized and unrealized (gain) loss on investments (2,345 ) (19,129 ) (42,356 ) Loss on settlement of real estate securities Realized and unrealized (gain) loss on investments — 16,178 9,850 Realized (gain) on deconsolidation of CDO VI Gain on deconsolidation — (20,682 ) — Unrealized loss on real estate securities, intent-to-sell, reclassified from AOCI into income Realized and unrealized (gain) loss on investments — 23,128 — $ (2,345 ) $ (451 ) $ (32,537 ) Net realized (gain) loss on derivatives designated as cash flow hedges Loss recognized on termination of derivative instruments Realized and unrealized (gain) loss on investments — — 612 Amortization of deferred hedge (gain) Interest expense, net — (20 ) (78 ) Loss reclassified from AOCI into income, related to effective portion Interest expense, net — — 1,363 $ — $ (20 ) $ 1,897 Total reclassifications $ (2,345 ) $ (471 ) $ (30,640 ) 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, related facilities and Entertainment Golf venues 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 other current liabilities and other liabilities, and decreases result in a receivable, which is included in other current assets 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, Net — The Company finances 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. The Company 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 the Company believes a legal right of offset exists under an enforceable netting agreement. Changes in fair value are recorded in net income. Derivative transactions are entered into by the Company solely for risk management purposes in the ordinary course of business. The Company no longer transacts in the To Be Announced mortgage backed securities (“TBA”) market following the sale of the remaining Agency FNMA/FHLMC securities. As of December 31, 2017 , the Company has one interest rate cap with a fair value of $0.3 million which is not designated as a hedge. Management Fee and Termination Payment to Affiliate — These represent amounts due or paid to the Manager pursuant to the Management Agreement or the termination of the existing Management Agreement. For further information, see Note 13. BALANCE SHEET MEASUREMENT Property and Equipment, 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. The Company capitalizes to construction in progress, certain costs related to properties under development. Capitalization begins when the activities related to development have begun and ceases when activities are substantially complete and the asset is available for use. Capitalized costs include development, construction-related costs and interest expense. 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. Real estate held-for-sale is recorded in other current assets on the Consolidated Balance Sheets. 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 the Company's operations and financial results. Discontinued operations are retroactively reclassified to income (loss) from discontinued operations for all periods presented. The Company 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 property and equipment in the Consolidated Balance Sheets. Payments under the leases are treated as reductions of the obligations under capital leases, 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, Net — 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 the Company when it pays a contracted rent that is below (above) market rents at the date of the acquisition 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 the Company’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 the Company’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 — The Company 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. The Company 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 — The Company 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. Other Investment — The Company owns an approximately 22% economic interest in a limited liability company which owns preferred equity secured by a commercial real estate project. The Company accounts for this investment as an equity method investment. As of December 31, 2017 and 2016 , the carrying value of this investment was $21.1 million and $19.3 million , respectively. The Company 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. There was no other than temporary impairment recorded during the year ended December 31, 2017 . The other than temporary impairment is recorded in the equity in earnings (loss) in equity method investments, net line item which is reported in the Consolidated Statements of Operations in “Other loss, net.” 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, the Company, through one of its subsidiaries, purchased the management rights with respect to certain C-BASS Investment Management LLC (“C-BASS”) Collateralized Debt Obligations (“CDOs”) pursuant to a bankruptcy proceeding. The Company 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. As of December 31, 2017 , these servicing assets are fully amortized. Acquisition Accounting — The Company has determined that all of its business 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 the Company'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. Cash and Cash Equivalents and Restricted Cash — The Company 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. The Company has not experienced any losses in the accounts and believe that the Company is not exposed to significant credit risk because the accounts are at major financial institutions. Restricted cash consisted of: December 31, 2017 2016 CDO trustee accounts $ 170 $ 192 Restricted cash for construction-in-progress 2,282 2,267 Restricted cash - Traditional Golf 3,362 3,945 Restricted cash - Entertainment Golf 182 — Restricted cash, current and noncurrent $ 5,996 $ 6,404 Supplemental non-cash investing and financing activities relating to CDOs are disclosed below (there was no CDO activity during the year ended December 31, 2017 ): Year Ended December 31, 2016 2015 Restricted cash generated from sale of securities $ — $ 139,257 Restricted cash generated from sale of loans $ — $ 55,574 Restricted cash generated from pay downs on securities and loans $ 2,310 $ 78,853 Restricted cash used for repayments of CDO and other bonds payable $ 2,748 $ 148,966 CDO VI deconsolidation: Real estate securities $ 43,889 $ — Restricted cash $ 67 $ — CDO and other bonds payable $ 105,423 $ — Accounts Receivable, Net — Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts of $0.8 million and $1.1 million as of December 31, 2017 and 2016 , respectively. 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. The allowance for doubtful accounts decreased by $0.3 million and increased by $0.1 million for the years ended December 31, 2017 and 2016 , respectively. Other Current Assets The following table summarizes the Company's other current assets: December 31, 2017 2016 Loans, held-for-sale, net $ 147 $ 55,612 Prepaid expenses 3,081 3,580 Interest receivable — 1,697 Deposits 3,469 1,314 Inventory 4,722 4,496 Derivative assets — 371 Residential mortgage loans, held-for-sale, net — 231 Receivables from brokers, dealers and clearing organizations — 552 Miscellaneous current assets, net (A) 12,149 10,834 Other current assets $ 23,568 $ 78,687 (A) Includes one owned property in New Jersey in the Traditional Golf segment classified as held-for-sale. The Company expects to close on this property within the next 12 months. Other Assets The following table summarizes the Company's other assets: December 31, 2017 2016 Prepaid expenses $ 6 $ 74 Deposits 2,213 2,791 Derivative assets 286 485 Miscellaneous assets, net 6,144 4,097 Other assets $ 8,649 $ 7,447 Loans, Held-for-Sale, Net – Loans are stated at fair value. See Note 9 for additional information. Prepaid Expenses – Prepaid expenses consists primarily of prepaid insurance and prepaid rent and are expensed over the usage period of the goods or services. Interest Receivable – Interest receivable consists primarily of interest earned on real estate securities. Deposits – Deposits consist primarily of property lease security deposits for Traditional Golf. 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. Derivative Assets – All derivative assets on the balance sheet are measured at fair value. Residential Mortgage Loans Held-for-Sale, net - Loans held-for-sale are marked to the lower of carrying value or fair value. Receivables from Brokers, Dealers and Clearing Organizations - Receivables from brokers, dealers and clearing organizations consists of securities traded during the period but not yet settled. 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 expenses related to goods and services received for which invoices 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. Other Current Liabilities The following table summarizes the Company's other current liabilities: December 31, 2017 2016 Security deposits payable $ 6,602 $ 5,978 Accrued rent 2,160 1,930 Due to affiliates 1,786 892 Dividends payable 930 8,949 Miscellaneous current liabilities 11,118 11,219 Other current liabilities $ 22,596 $ 28,968 Other Liabilities The following table summarizes the Company's other liabilities: December 31, 2017 2016 Security deposits payable $ 66 $ 95 Unfavorable leasehold interests 3,374 4,225 Accrued rent 1,057 683 Miscellaneous liabilities 349 1,059 Other liabilities $ 4,846 $ 6,062 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. 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 M

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS In April 2015, the Company closed the sale of its commercial real estate properties in Beavercreek, OH. Results of operations from discontinued operations were as follows (there were no discontinued operations for the years ended December 31, 2017 and 2016 ): Year Ended December 31, 2015 Revenues Rental income 556 Total revenues 556 Operating Costs Property operating expenses 187 General and administrative expense 30 Depreciation and amortization 11 Gain on settlement of investments (318 ) Total operating costs (90 ) Income from discontinued operations $ 646

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company currently has four reportable segments: (i) Traditional Golf properties, (ii) Entertainment Golf venues, (iii) Debt Investments, and (iv) corporate. The Company’s Traditional Golf business is one of the largest owners and operators of golf properties in the United States. As of December 31, 2017 , the Company owned, leased or managed 75 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. The Company’s Debt Investment segment consists primarily of loans and securities which the Company has substantially monetized 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), management fees pursuant to the Management Agreement and termination payment related to the termination of the Management Agreement in December 2017 (Note 13) and income tax expense (Note 15). Summary financial data on the Company’s segments is given below, together with reconciliation to the same data for the Company as a whole: Traditional Golf Entertainment Golf Debt Investments Corporate Total Year Ended December 31, 2017 Revenues Golf course operations $ 221,737 $ — $ — $ — $ 221,737 Sales of food and beverages 70,857 — — — 70,857 Total revenues 292,594 — — — 292,594 Operating costs — Operating expenses (A) 247,585 320 — — 247,905 Cost of sales - food and beverages 20,959 — — — 20,959 General and administrative expense 3,086 347 20 4,434 7,887 General and administrative expense - acquisition and transaction expenses (B) 677 7,139 — 921 8,737 Management fee and termination payment to affiliate — — — 21,410 21,410 Depreciation and amortization 24,260 44 — — 24,304 Impairment — — 60 — 60 Realized and unrealized loss on investments 199 — 6,044 — 6,243 Total operating costs 296,766 7,850 6,124 26,765 337,505 Operating loss (4,172 ) (7,850 ) (6,124 ) (26,765 ) (44,911 ) Other income (expenses) — Interest and investment income 159 — 22,190 813 23,162 Interest expense, net (C) (15,277 ) — (2,532 ) (1,772 ) (19,581 ) Loss on extinguishment of debt (294 ) — — — (294 ) Other (loss) income, net (1,468 ) — 1,856 — 388 Total other income (expenses) (16,880 ) — 21,514 (959 ) 3,675 Income tax expense (D) — — — 965 965 Net (loss) income (21,052 ) (7,850 ) 15,390 (28,689 ) (42,201 ) Preferred dividends — — — (5,580 ) (5,580 ) (Loss) income applicable to common stockholders $ (21,052 ) $ (7,850 ) $ 15,390 $ (34,269 ) $ (47,781 ) Traditional Golf Entertainment Golf Debt Investments (E) Corporate Total December 31, 2017 Total assets 334,925 41,046 23,991 136,686 536,648 Total liabilities 300,176 9,328 165 55,928 365,597 Preferred stock — — — 61,583 61,583 Equity attributable to common stockholders $ 34,749 $ 31,718 $ 23,826 $ 19,175 $ 109,468 Additions to property and equipment (including capital leases) during the year ended December 31, 2017 $ 16,284 $ 27,295 $ — $ 67 $ 43,646 Summary segment financial data (continued). Traditional Golf Entertainment Golf Debt Investments 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 (A) 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 (B) 1,594 1,555 — 1,205 4,354 Management fee and termination payment to affiliate — — — 10,704 10,704 Depreciation and amortization 26,496 — — — 26,496 Impairment 6,232 — 4,149 — 10,381 Realized and 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, net (C) (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 Net (loss) income (29,485 ) (1,568 ) 129,209 (20,820 ) 77,336 Preferred dividends — — — (5,580 ) (5,580 ) Net income attributable to noncontrolling interest (257 ) — — — (257 ) (Loss) income applicable to common stockholders $ (29,742 ) $ (1,568 ) $ 129,209 $ (26,400 ) $ 71,499 Traditional Golf Entertainment Golf Debt Investments (E) Corporate Total December 31, 2016 Total assets 341,035 1,425 707,533 121,965 1,171,958 Total liabilities 286,002 1,116 603,257 63,516 953,891 Preferred stock — — — 61,583 61,583 Equity (deficit) attributable to common stockholders $ 55,033 $ 309 $ 104,276 $ (3,134 ) $ 156,484 Additions to property and equipment (including capital leases) during the year ended December 31, 2016 $ 11,912 $ 659 $ — $ — $ 12,571 Summary segment financial data (continued). Traditional Golf Entertainment Golf Debt Investments Corporate Discontinued Operations Eliminations (F) 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 (A) 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 (B) 1,364 — 60 (301 ) — — 1,123 Management fee and termination payment to affiliate — — — 10,692 — — 10,692 Depreciation and amortization 28,682 — — (48 ) — — 28,634 Impairment — — 11,896 — — — 11,896 Realized and unrealized loss (gain) on investments 9 — (22,273 ) — — — (22,264 ) Total operating costs 310,140 — (10,026 ) 17,983 — — 318,097 Operating (loss) income (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, net (C) (16,520 ) — (44,831 ) (3,783 ) — 3,005 (62,129 ) Gain on extinguishment of debt 14,818 — 488 — — — 15,306 Other (loss) income, net (1,629 ) — (3,999 ) 54 — — (5,574 ) Inter-segment elimination (F) 3,005 — (3,005 ) — — — — Total other income (expenses) (174 ) — 47,374 (3,706 ) — — 43,494 Income tax expense 345 — — — — — 345 (Loss) income from continuing operations (14,803 ) — 57,400 (21,689 ) — — 20,908 Income from discontinued operations, net of tax — — — — 646 — 646 Net (loss) income (14,803 ) — 57,400 (21,689 ) 646 — 21,554 Preferred dividends — — — (5,580 ) — — (5,580 ) Net loss attributable to noncontrolling interest 293 — — — — — 293 (Loss) income applicable to common stockholders $ (14,510 ) $ — $ 57,400 $ (27,269 ) $ 646 $ — $ 16,267 Additions to property and equipment (including capital leases) during the year ended December 31, 2015 $ 7,637 $ — $ — $ — $ — $ — $ 7,637 (A) Operating expenses includes rental expenses recorded under operating leases for carts and equipment in the amount of $3.0 million , $3.8 million and $4.6 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Operating expenses also includes amortization of favorable and unfavorable lease intangibles in the amount of $4.1 million , $4.5 million and $4.9 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. In addition, straight-line rent associated with our Entertainment Golf venues is included in operating expenses. (B) 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 expenses also include personnel and other Entertainment Golf development and business costs which do not qualify for capitalization. (C) Interest expense, net includes the accretion of membership deposit liabilities in the amount of $6.5 million , $5.8 million and $5.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Interest expense is net of $0.2 million related to capitalized interest for Entertainment Golf for the year ended December 31, 2017 . (D) Effective January 1, 2017, the Company revoked its election to be treated as a REIT. As a result, the Company is subject to U.S. federal corporate income tax and the provision for income taxes is recorded in the corporate segment. (E) Total assets in the Debt Investments segment includes an equity method investment in the amount of $21.1 million and $19.3 million as of December 31, 2017 and 2016 , respectively, recorded in other investments on the Consolidated Balance Sheets. See Note 2 for additional information. (F) Represents interest paid by the Traditional Golf segment to the Debt Investments segment related to the Traditional Golf debt which was refinanced by the Company in June 2016 (see Note 7).

PROPERTY AND EQUIPMENT, NET OF

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION	PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION The following table summarizes the balances of property and equipment in the Traditional and Entertainment Golf businesses: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 88,251 $ — $ 88,251 $ 84,319 $ — $ 84,319 Buildings and improvements 154,769 (52,636 ) 102,133 144,690 (39,402 ) 105,288 Furniture, fixtures and equipment 33,109 (23,451 ) 9,658 29,132 (20,516 ) 8,616 Capital leases - equipment 24,949 (8,649 ) 16,300 20,844 (4,818 ) 16,026 Construction in progress 24,916 — 24,916 3,362 — 3,362 Total Property and Equipment $ 325,994 $ (84,736 ) $ 241,258 $ 282,347 $ (64,736 ) $ 217,611 During the years ended December 31, 2017 and 2016 , the Company reported the disposal of gross property and equipment of $2.6 million and $5.5 million , respectively, and a corresponding reduction in accumulated depreciation of $1.0 million and $5.3 million , respectively. Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2. Depreciation expense, which included depreciation of assets recorded under capital leases, was $21.0 million , $23.4 million and $24.9 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Impairments during 2016 include a property in New Jersey, a property in Oregon and a property in California. See Note 16 for additional information. 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 a golf property in California. In December 2016, the lease on a golf property in Oklahoma expired and we exited the property. In May 2017, the management agreement on a golf property in California expired and the Company exited the property. In December 2017, the lease expired on a golf property in Oklahoma and the Company exited the property. In December 2017, the Company closed on the sale of a golf property in Oregon for $ 1.1 million . We recognized a loss of $ 0.5 million on the sale which is included in other loss, net in the Consolidated Statements of Operations. In December 2017, the Company closed on the purchase of land in Raleigh, North Carolina for $5.0 million for the construction of an Entertainment Golf venue. Certain real estate assets in Traditional Golf are encumbered by various debt obligations, as described in Note 7, at December 31, 2017 .

INTANGIBLES, NET OF ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	INTANGIBLES, NET OF ACCUMULATED AMORTIZATION The following table summarizes the Company's intangibles related to the Traditional and Entertainment Golf businesses: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (93 ) $ 607 $ 700 $ (70 ) $ 630 Leasehold intangibles (A) 48,107 (16,716 ) 31,391 48,107 (12,550 ) 35,557 Management contracts 35,111 (13,468 ) 21,643 35,207 (10,434 ) 24,773 Internally-developed software 800 (640 ) 160 800 (480 ) 320 Membership base 5,236 (2,992 ) 2,244 5,236 (2,244 ) 2,992 Nonamortizable liquor licenses 1,231 — 1,231 840 — 840 Total intangibles $ 91,185 $ (33,909 ) $ 57,276 $ 90,890 $ (25,778 ) $ 65,112 (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, 2017 , 2016 , and 2015 was $8.2 million , $8.9 million and $10.0 million , respectively. The unamortized balance of intangible assets at December 31, 2017 is expected to be amortized as follows: 2018 $ 8,055 2019 7,258 2020 6,714 2021 4,762 2022 3,553 Thereafter 25,703 Total amortizable intangible assets 56,045 Nonamortizable liquor licenses 1,231 Total intangible assets $ 57,276

DEBT OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS The following table presents certain information regarding the Company's debt obligations: December 31, 2017 December 31, 2016 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 Repurchase Agreements FNMA/FHLMC securities Dec 2016 $ — $ — — —% — % 0.0 $ — $ 600,964 $ 600,964 Credit Facilities and Capital Leases Traditional Golf term loan (C)(D) Jun 2016 102,000 99,931 Jul 2019 LIBOR + 4.70% 7.92 % 1.5 102,000 102,000 98,680 Vineyard II Dec 1993 200 200 Dec 2043 2.20% 2.20 % 26.0 200 200 200 Capital Leases (Equipment) June 2014 - Dec 2017 16,626 16,626 Sep 2018 - Jul 2023 3.00% to 16.16% 6.55 % 3.6 — 16,404 16,404 118,826 116,757 7.72 % 1.8 102,200 118,604 115,284 Less current portion of obligations under capital leases 4,652 4,652 3,699 3,699 Credit facilities and obligations under capital leases - noncurrent 114,174 112,105 114,905 111,585 Corporate Junior subordinated notes payable (E) Mar 2006 51,004 51,208 Apr 2035 LIBOR + 2.25% 3.60 % 17.3 51,004 51,004 51,217 Total debt obligations $ 169,830 $ 167,965 6.46 % 6.5 $ 153,204 $ 770,572 $ 767,465 See notes on next page. (A) Weighted average, including floating and fixed rate classes. (B) Including the effect of deferred financing cost. (C) The Traditional Golf term loan is collateralized by 22 Traditional Golf properties. The carrying amount of the Traditional Golf term loan is reported net of deferred financing costs of $2.1 million and $3.3 million as of December 31, 2017 and 2016 , respectively. (D) Interest rate based on 30-day LIBOR plus 4.70% with a LIBOR floor of 1.80% . At the time of closing, the Company purchased a co-terminus LIBOR interest rate cap of 1.80% . (E) Interest rate based on 3-month LIBOR plus 2.25% . Repurchase Agreements In August 2017, the Company sold the agency FNMA/FHLMC securities and repaid all remaining repurchase agreements associated with those securities. Credit Facilities In June 2016, the Company 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, the Company 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. 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, 2017 , 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, 2017 , the interest rate is 2.20% . Capital Leases - Equipment The Company 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, 2017 are as follows: 2018 $ 5,600 2019 5,462 2020 4,182 2021 2,607 2022 825 Thereafter 56 Total minimum lease payments 18,732 Less: imputed interest 2,106 Present value of net minimum lease payments $ 16,626 Maturity Table The Company’s debt obligations (gross of $1.9 million of discounts at December 31, 2017 ) have contractual maturities as follows: Nonrecourse Recourse Total 2018 $ 4,652 $ — $ 4,652 2019 106,822 — 106,822 2020 3,829 — 3,829 2021 2,467 — 2,467 2022 801 — 801 Thereafter 255 51,004 51,259 Total $ 118,826 $ 51,004 $ 169,830 Debt Covenants The Company’s credit facilities contain various customary loan covenants, including certain coverage ratios. The Company was in compliance with all of these covenants as of December 31, 2017 .

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	12 Months Ended
	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE SECURITIES	REAL ESTATE SECURITIES The following is a summary of the Company’s real estate securities at December 31, 2017 and 2016 , 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, 2017 ABS - Non-Agency RMBS $ 4,000 $ 2,445 $ (1,521 ) $ 924 $ 1,370 $ — $ 2,294 1 CCC 1.94 % 22.69 % 7.5 33.0 % Total Securities, Available-for-Sale (F) $ 4,000 $ 2,445 $ (1,521 ) $ 924 $ 1,370 $ — $ 2,294 1 CCC 1.94 % 22.69 % 7.5 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 % 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, Available-for-Sale (F) $ 623,808 $ 652,735 $ (24,649 ) $ 628,086 $ 1,168 $ — $ 629,254 16 (A) In December 2016, the Company 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 and unrealized (gain) loss on investments in the Consolidated Statements of Operations. (B) See Note 11 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. The Company 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 the Company’s investments. (F) As of December 31, 2017 and 2016 , the total outstanding face amount of fixed rate securities was zero and $619.8 million , respectively, and of floating rate securities were $4.0 million for both years. The collateral securing the ABS - Non-Agency RMBS is located in various geographic regions in the US. The Company does not have significant investments in any geographic region, thus a downturn in market conditions would not have a material negative impact on the Company. Unrealized losses that are considered other-than-temporary are recognized currently in earnings. During the years ended December 31, 2017 , 2016 and 2015 , the Company recorded other-than-temporary impairment charges (“OTTI”) of $0.6 million , $23.1 million and $2.4 million , respectively, (gross of less than $0.1 million of other-than-temporary impairment recognized in other comprehensive income in 2015 , with no amounts recognized in 2017 and 2016). Based on management’s analysis of the securities, the performance of the underlying loans and changes in market factors, the Company noted adverse changes in the expected cash flows on certain of these securities and concluded that they were other-than-temporarily impaired. The Company had no securities in an unrealized loss position as of December 31, 2017 . The Company had no activity related to credit losses on securities for the year ended December 31, 2017 . The following table summarizes the activity related to credit losses on debt securities (the Company had no activity related to credit losses on securities for the year ended December 31, 2017 ). 2016 Credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income, Balance at January 1, 2016 $ (3,010 ) 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 ) Reduction for securities deconsolidated during the period 3,120 Credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income, Balance at December 31, 2016 $ — The table below summarizes the FNMA/FHLMC activity for the years ended December 31, 2017 and 2016 (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) 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 ) March 2017 (A) Sale $ (289.7 ) 98.8 % $ 286.1 $ (2.8 ) $ (277.8 ) August 2017 (A) Sale $ (299.5 ) 103.2 % $ 309.0 $ 2.3 $ (302.1 ) (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. FNMA/FHLMC Agency Securities 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 the Company's Consolidated Balance Sheets as an asset and cash received from the purchaser is recorded on the Company's Consolidated Balance Sheets as a liability.

LOANS

LOANS	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS	LOANS The following is a summary of corporate and residential 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, 2017 December 31, 2016 Loan Type Outstanding Carrying Loan Wtd. Wtd Wtd Floating Rate Delinquent Carrying Loan Count Wtd. Avg. Corporate Loans (D) $ 13,697 $ 147 1 20.00 % 10.00 % 1.5 0.0 % $ 13,697 $ 55,612 4 22.49 % Total Loans Held-for-Sale, Net (E) $ 13,697 $ 147 1 20.00 % 10.00 % 1.5 0.0 % $ 13,697 $ 55,612 4 22.49 % Residential Mortgage Loans Held-for-Sale, Net (F) $ — $ — — — % — % 0.0 — % $ — $ 231 3 3.40 % (A) The aggregate United States federal income tax basis for such assets at December 31, 2017 was approximately $12.9 million (unaudited). (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, 2017 and 2016 , $13.7 million and $77.2 million face amount of corporate loans, respectively, was on non-accrual status. (D) Corporate loans are not directly secured by real estate assets. (E) Loans held-for-sale, net is recorded in other current assets on the Consolidated Balance Sheets. (F) Residential mortgage loans held-for-sale, net is recorded in other current assets on the Consolidated Balance Sheets. The Company's investments in loans were classified as held-for-sale as of December 31, 2017 and December 31, 2016 . Loans held-for-sale are carried on the Consolidated Balance Sheets at the lower of cost or fair value. In April 2016, the Company sold a mezzanine loan with a face amount of $19.4 million at par. The Company subsequently repaid $11.7 million of notes payable that were collateralized by the loan. In September 2016, the Company received a pay down on the resorts-related loan in the amount of $109.9 million . In August 2017, the Company received the final pay down on the resorts-related loan in the amount of $ 69.5 million including accrued interest. The Company recognized discount accretion of $ 5.5 million as part of the payoff, recorded in interest and investment income on the Consolidated Statements of Operations. Activities relating to the carrying value of loans, held-for-sale and residential mortgage loans, held-for-sale are as follows: Loans, Held-for-Sale (A) Residential 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 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 Purchases / additional fundings — — Interest accrued to principal balance 8,458 — Settlements (69,455 ) (183 ) Valuation allowance on loans — (60 ) Accretion of loan discount and other amortization 5,532 — Other income — 12 Balance at December 31, 2017 $ 147 $ — (A) Recorded in other current assets on the Consolidated Balance Sheets. The following is a rollforward of the related loss allowance: Loans, Held-for-Sale Residential Mortgage Loans, Held-for-Sale Balance at December 31, 2014 $ (75,926 ) $ (154 ) Charge-offs (A) 14,345 160 Valuation allowance on loans (9,284 ) (257 ) Balance at December 31, 2015 $ (70,865 ) $ (251 ) Charge-offs (A) — — Valuation allowance on loans (3,826 ) (213 ) Balance at December 31, 2016 $ (74,691 ) $ (464 ) Charge-offs (A) 63,453 524 Valuation allowance on loans — (60 ) Balance at December 31, 2017 $ (11,238 ) $ — (A) The charge-offs for loans, held-for-sale represent five , zero and four loans which were written off, sold, restructured, or paid off at a discounted price during 2017 , 2016 and 2015 , respectively.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company’s derivative instrument is an interest rate cap with a fair value of $0.3 million as of December 31, 2017 and is recorded within other assets on the Consolidated Balance Sheets. As of December 31, 2016 , derivative assets with a fair value of $0.4 million and $0.5 million were recorded within other current assets and other assets, respectively, on the Consolidated Balance Sheets. The Company had no derivative liabilities as of both December 31, 2017 and 2016 . The following table summarizes (gains) losses recorded in relation to derivatives: Income Statement Location Year Ended December 31, Cash flow hedges 2017 2016 2015 Loss recognized on termination of derivative instruments Realized and unrealized (gain) loss on investments $ — $ — $ 612 Deferred hedge gain reclassified from AOCI into earnings Interest expense, net — (20 ) (78 ) Amount of loss reclassified from AOCI into income (effective portion) Interest expense, net — — 1,363 Amount of unrealized loss recognized in Other Comprehensive Income on derivatives (effective portion) N/A — — 60 Non-hedge derivatives Unrealized loss (gain) on interest rate derivatives Realized and unrealized (gain) loss on investments $ 199 $ (294 ) $ (284 ) Unrealized loss (gain) recognized related to TBAs Realized and unrealized (gain) loss on investments 371 (928 ) (1,474 ) Realized loss (gain) on settlement of TBAs Realized and unrealized (gain) loss on investments 4,669 (18,318 ) 12,907 As of December 31, 2017 and 2016 , the Company had no 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, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The following table summarizes the carrying values and estimated fair values of the Company’s financial instruments at December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Carrying Estimated Fair Value Method (A) Carrying Estimated Assets Real estate securities, available-for-sale $ 2,294 $ 2,294 Pricing models $ 629,254 $ 629,254 Loans, held-for-sale, net (B) 147 147 Pricing models 55,612 61,144 Residential mortgage loans, held-for-sale, net (C) — — Broker/counterparty quotations, pricing models 231 249 Cash and cash equivalents 167,692 167,692 140,140 140,140 Restricted cash - current and noncurrent 5,996 5,996 6,404 6,404 Non-hedge derivative assets (D) 286 286 Counterparty quotations 856 856 Liabilities Repurchase agreements — — Counterparty quotations, market comparables 600,964 600,964 Credit facilities - Traditional Golf term loan 99,931 103,199 Pricing models 98,680 98,680 Junior subordinated notes payable 51,208 27,531 Pricing models 51,217 26,756 (A) Pricing models are used for (i) real estate 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) debt obligations which are private and untraded. (B) Loans held-for-sale, net are recorded in other current assets on the Consolidated Balance Sheets. (C) Residential mortgage loans held-for-sale, net is recorded in other current assets on the Consolidated Balance Sheets. (D) Represents an interest rate cap and TBA forward contracts (Note 10). 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). The Company 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 or 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. The Company’s real estate securities and loans, and debt obligations are currently not traded in active markets and therefore have little or no price transparency. As a result, the Company has estimated the fair value of these illiquid instruments based on internal pricing models subject to the Company's controls described below. The Company 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, the Company’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 the Company’s internal pricing models, the Company’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. The Company 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 the Company’s investments in real estate securities and 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. 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, 2017 : 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 $ 2,294 $ — $ — $ 2,294 $ 2,294 Derivative assets: Interest rate cap, not treated as hedge $ 286 $ 286 $ — $ — $ 286 Significant Unobservable Inputs The following table provides quantitative information regarding the significant unobservable inputs used by the Company for assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 . Weighted Average Significant Input Asset Type Amortized Fair Discount Rate Prepayment Speed Cumulative Default Rate Loss Severity ABS - Non-Agency RMBS $ 924 $ 2,294 12.0 % 4.8 % 4.5 % 69.6 % Total $ 924 $ 2,294 All of the inputs used have some degree of market observability, based on the Company’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 but conform to industry conventions. The Company uses assumptions that generate its best estimate of future cash flows of each respective security. The Company’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, 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 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 Total gains (losses) (A) Included in net income (B) — — — — Included in other comprehensive income (loss) — 202 — 202 Amortization included in interest income — 196 — 196 Purchases, sales and settlements Proceeds from repayments — (54 ) — (54 ) Balance at December 31, 2017 $ — $ 2,294 $ — $ 2,294 (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. There were no purchases or sales during the year ended December 31, 2017 . There were no transfers into or out of Level 3 during the years ended December 31, 2017 and 2016 . (B) These gains (losses) are recorded in the following line items in the Consolidated Statements of Operations: Year Ended December 31, 2017 2016 Realized and unrealized gain on investments $ — $ 11,237 Impairment (reversal) — (110 ) Total $ — $ 11,127 Realized and unrealized gain on investments, net, from investments transferred into Level 3 during the period $ — $ — Non-Recurring Fair Value Measurements - Loans Loans, held-for-sale 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 internal pricing models. All the loans were within Level 3 of the fair value hierarchy. 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. 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 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 the Company

EQUITY AND EARNINGS PER SHARE

EQUITY AND EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
EQUITY AND EARNINGS PER SHARE	EQUITY AND EARNINGS PER SHARE Earnings per Share The Company 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, 2017 2016 2015 Numerator for basic and diluted earnings per share: (Loss) income from continuing operations after preferred dividends and noncontrolling interest $ (47,781 ) $ 71,499 $ 15,621 Income from discontinued operations, net of tax — — 646 (Loss) Income Applicable to Common Stockholders $ (47,781 ) $ 71,499 $ 16,267 Denominator: Denominator for basic earnings per share - weighted average shares 66,903,457 66,709,925 66,479,321 Effect of dilutive securities Options — 2,078,515 2,168,594 Denominator for diluted earnings per share - adjusted weighted average shares 66,903,457 68,788,440 68,647,915 Basic earnings per share: (Loss) income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ (0.71 ) $ 1.07 $ 0.23 Income from discontinued operations per share of common stock $ — $ — $ 0.01 (Loss) Income Applicable to Common Stock, per share $ (0.71 ) $ 1.07 $ 0.24 Diluted earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ (0.71 ) $ 1.04 $ 0.23 Income from discontinued operations per share of common stock $ — $ — $ 0.01 Income Applicable to Common Stock, per share $ (0.71 ) $ 1.04 $ 0.24 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. The Company’s common stock equivalents are its options. During 2017 , based on the treasury stock method, the Company had 1,749,596 potentially dilutive common stock equivalents which were excluded due to the Company's loss position. During 2016 and 2015 , based on the treasury stock method, the Company had: 2,078,515 ; and 2,168,594 ; dilutive common stock equivalents, respectively, resulting from its outstanding options. During 2017 , 2016 and 2015 , the Company had: 201,430 ; 309,024 ; and 259,277 antidilutive options, respectively. Net income (loss) applicable to common stockholders is equal to net income (loss) less preferred dividends. Common Stock Issuances In June 2015 and December 2015, the Company issued a total of 51,777 and 18,798 shares, respectively, of its common stock to its independent directors as a component of their 2015 annual compensation. In May 2016 and July 2016, the Company 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. In January 2017, May 2017, October 2017 and December 2017, the Company issued a total of 18,074 ; 90,366 ; 30,822 and 13,538 shares, respectively, of its common stock to its independent directors as a component of their annual compensation. 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. On April 11, 2017, our board of directors adopted the 2017 Drive Shack Inc. Nonqualified Option and Incentive Award Plan (the “2017 Plan”), which was approved by our shareholders. The 2017 Plan is the successor to the 2016 Plan for officers, directors, consultants and advisors, including the Manager and its employees (through January 1, 2018), and is intended to facilitate the continued use of long-term equity-based awards and incentives for the benefit of our service providers. The maximum number of shares available for issuance under the 2017 Plan is 300,000 shares, as increased on the date of any equity issuance by us during the one-year term of the 2017 Plan by ten percent of the equity securities issued by us in such equity issuance. Effective as of January 1, 2018, no awards will be granted or otherwise awarded to the Manager under the 2017 Plan. All outstanding options granted under the 2016 Plan, 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 2016 Plan, 2015 Plan, 2014 Plan, 2012 Plan and the Newcastle Option Plan. 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, the Company’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 the Company, the Manager has been granted options relating to shares of the Company’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 the Company). These options represented an amount equal to 10% of the shares of common stock of the Company 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 Investment Group LLC (“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 the Company 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 the Company’s board of directors determine to settle the option in shares of common stock. The options expire ten years from the date of issuance. Effective as of January 1, 2018, no awards will be granted or otherwise awarded to the Manager. 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 Company option and a new New Residential option. The strike price of each adjusted Company option and New Residential option was set to collectively maintain the intrinsic value of the Company option immediately prior to the spin-off of New Residential and to maintain the ratio of the strike price of the adjusted Company 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 Company option was reduced by $5.34 to reflect the adjusted value of the Company’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 Company option and a new New Senior option. The strike price of each adjusted Company option and New Senior option was set to collectively maintain the intrinsic value of the Company option immediately prior to the spin-off of New Senior and to maintain the ratio of the strike price of the adjusted Company 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 the Company's outstanding options for the year ended December 31, 2017 . Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2016 5,126,906 $ 2.79 Expired (116,330 ) 13.13 Balance at December 31, 2017 5,010,576 $ 2.55 5.59 years Exercisable at December 31, 2017 3,858,081 $ 2.58 5.61 years The Company's outstanding options were summarized as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 Issued in 2011 Total Issued Prior to 2011 Issued in 2011 Total Held by the Manager 3,857,748 3,857,748 110,029 5,010,243 5,120,272 Issued to the Manager and subsequently transferred to certain Manager’s employees (A) 1,152,495 1,152,495 6,301 — 6,301 Issued to the independent directors 333 333 — 333 333 Total 5,010,576 5,010,576 116,330 5,010,576 5,126,906 (A) The Company and the Manager agreed that options held by certain employees formerly employed by the Manager will not terminate or be forfeited as a result of the Termination and Cooperation Agreement, and the vesting of such options will relate to the relevant holder’s employment with the Company and its affiliates following January 1, 2018. The following table summarizes the Company’s outstanding options at December 31, 2017 . Note that the last sales price on the New York Stock Exchange for the Company’s common stock in the year ended December 31, 2017 was $5.53 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 — $ 0.00 $ 6.4 — Manager (C) Mar-11 311,853 144,511 $ 1.00 $ 7.0 (J) $ 1.0 Manager (C) Sep-11 524,212 271,425 $ 1.00 $ 5.6 (K) $ 1.7 Manager (C) Apr-12 348,352 209,782 $ 1.00 $ 5.6 (L) $ 1.3 Manager (C) May-12 396,316 237,608 $ 1.00 $ 7.6 (M) $ 1.5 Manager (C) Jul-12 437,991 266,076 $ 1.00 $ 8.3 (N) $ 1.6 Manager (C) Jan-13 958,331 680,862 $ 2.32 $ 18.0 (O) $ 3.2 Manager (C) Feb-13 383,331 272,345 $ 2.95 $ 8.4 (P) $ 1.1 Manager (C) Jun-13 670,829 476,604 $ 3.23 $ 3.8 (Q) 1.9 Manager (C) Nov-13 965,847 686,202 $ 3.57 $ 6.0 (R) 2.7 Manager (C) Aug-14 765,416 612,333 $ 4.01 $ 1.7 (S) 2.3 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 2002-2007 (416,425 ) N/A N/A N/A N/A Outstanding 5,010,576 3,858,081 (A) The strike prices are subject to adjustment in connection with return of capital dividends and spin-offs. A portion of the Company’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 the Company'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, the Company’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 (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, 2016 Plan and 2017 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 the Company’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 the Company 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 Strike Prices Total Unexercised Inception to Date Mar-11 $1.00 62,370 Sep-11 $1.00 104,843 Apr-12 $1.00 69,670 May-12 $1.00 79,263 Jul-12 $1.00 87,598 Jan-13 $2.32 191,666 Feb-13 $2.95 76,666 Jun-13 $3.23 134,166 Nov-13 $3.57 193,170 Aug-14 $4.01 153,083 Total 1,152,495 The Company and the Manager agreed that options held by certain employees formerly employed by the Manager will not terminate or be forfeited as a result of the Termination and Cooperation Agreement, and the vesting of such options will relate to the relevant holder’s employment with the Company and its affiliates following January 1, 2018. (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 was governed by the terms of the Plan and entitled 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 was 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. The Plan terminated on December 6, 2017. On December 6, 2017, our board of directors adopted a Tax Benefits Preservation Plan (the “Tax 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, 2017. 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 $36.00 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 the Code. Preferred Stock In March 2003, the Company 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, the Company 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, the Company 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. The Company 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 the Company is not subject to the reporting requirements of the Exchange Act, the Company 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, the Company 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, the Company 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, 2018, Drive Shack Inc. had paid all current and accrued dividends on its preferred stock. Noncontrolling Interest The Company’s noncontrolling interest in 2016 and 2017 is related to our Traditional Golf business, a portion of which the Company does not own. In October 2016, the Company 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, 2017
Transactions With Affiliates And Affiliated Entity [Abstract]
TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES Management Agreement The Company was party to a Management Agreement with FIG, LLC, its Manager and an affiliate of Fortress, which provided for automatically renewing one -year terms subject to certain termination rights. The Manager’s performance was reviewed annually and the Management Agreement may be terminated by the Company 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 provided for a management team and other professionals who were responsible for implementing our business strategy, subject to the supervision of our board of directors. Our Manager was 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, the Company paid the Manager an annual management fee equal to 1.5% of the gross equity of the Company, as defined, including adjustments for return of capital dividends. The Management Agreement provided that the Company would reimburse the Manager for various expenses incurred by the Manager or its officers, employees and agents on the Company’s behalf, including costs of legal, accounting, tax, auditing, administrative and other similar services rendered for the Company by providers retained by the Manager or, if provided by the Manager’s employees, in amounts which were 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, the Company was responsible for reimbursing the Manager for certain expenses incurred by the Company that were initially paid by the Manager on behalf of the Company. To provide an incentive for the Manager to enhance the value of the common stock, the Manager was 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 the Company 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 the Company by its predecessor, and in any subsequent offerings by the Company (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. On December 21, 2017, the Company entered into definitive agreements with the Manager to internalize the Company’s management (the “Internalization”). In connection with the termination of the existing Management Agreement, the Company made a payment of $ 10.7 million to the Manager in December 2017. The Internalization became effective on January 1, 2018. Amounts incurred under the Management 2017 2016 2015 Management fee $ 10,210 $ 10,204 $ 10,192 Expense reimbursement to the Manager 500 500 500 Termination payment 10,700 — — Incentive compensation — — — Total Management fee and termination payment to affiliate $ 21,410 $ 10,704 $ 10,692 At December 31, 2017 , Fortress, through its affiliates, and principals of Fortress, owned 6.8 million shares of the Company’s common stock and Fortress, through its affiliates, had options relating to an additional 3.9 million shares of the Company’s common stock (Note 12). At December 31, 2017 and 2016 , due to affiliates was comprised of $1.8 million and $0.9 million , respectively, of management fees and expense reimbursements payable to the Manager. Other Affiliated Entities In April 2006, the Company 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 the Company’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, the Company entered into a servicing agreement with the Subprime Servicer to service Subprime Portfolio II under substantially the same terms. At December 31, 2017 , the outstanding unpaid principal balances of Subprime Portfolios I and II were approximately $200.6 million and $306.4 million , respectively. The Company received negligible cash inflows from the retained interests of Subprime Portfolios I and II during the years ended December 31, 2017 , 2016 and 2015 . The Company's exposure to loss is solely limited to the carrying amount of the residual interests and retained bonds which are issued by Subprime Portfolios I and II. In April 2010, the Company, 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 the Company’s Manager through July 31, 2017. The Company’s chairman was a director of and had an indirect ownership interest in the borrower. This investment improved the applicable CDOs’ results under some of their respective tests, and yielded approximately 22.5% . In September 2016, the Company received a $109.9 million pay down on the loan. In August 2017, the Company received the final pay down of the loan in the amount of $ 69.5 million (see Note 9). The Company earned approximately $14.0 million , $39.6 million and $25.8 million of income on investments issued by affiliates of the Manager for the years ended December 31, 2017 , 2016 and 2015 , respectively. The income on investments includes recognition of discount accretion for the years ended December 31, 2017 and 2016 , respectively. In each instance described above, affiliates of the Company’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 the Company chartered from a third-party aircraft operator for business purposes in the course of operations. The Company paid the aircraft operator market rates for the charters. These amounts totaled less than $0.1 million , $0.1 million and less than $0.1 million for the years ended December 31, 2017 , 2016 and 2015 , respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation — The Company 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, 2017 , will not materially affect the Company’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, the Company is subject to potential environmental costs. At December 31, 2017 , management of the Company is not aware of any environmental concerns that would have a material adverse effect on the Company’s consolidated financial position or results of operations. Debt Covenants — The Company’s debt obligations contain various customary loan covenants, including certain coverage ratios. See Note 7. Operating lease obligations, Traditional and Entertainment Golf – 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 other current liabilities 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, 2017 and December 31, 2016 . 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 $3.0 million , $3.8 million and $4.6 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Traditional Golf has five 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 $0.5 million . Entertainment Golf enters into ground leases for construction of new venues, which are operating leases. In 2016, the Company entered into a ground lease in Orlando, Florida. During June 2017, the Company committed to the lease as there were no remaining material contingencies under the terms of the lease. The initial lease term is 20 years and includes three 5 -year renewal options. In March 2017, the Company entered into a ground lease in Richmond, Virginia. During December 2017, the Company committed to the lease as there were no remaining material contingencies under the terms of the lease. The initial lease term is 20 years and includes three 5 -year renewal options. The future minimum rental commitments under non-cancellable leases, net of subleases, as of December 31, 2017 were as follows: For the years ending December 31: Traditional Golf Entertainment Golf Total 2018 $ 30,727 $ 48 $ 30,775 2019 27,623 321 27,944 2020 23,994 444 24,438 2021 17,744 453 18,197 2022 14,764 908 15,672 Thereafter 116,623 18,263 134,886 Total Minimum lease payments $ 231,475 $ 20,437 $ 251,912 Contingencies - In September 2017, Hurricane Irma caused significant damage to a Traditional Golf property in Florida, including damage to trees, bunkers and other landscaping. The three golf courses at this property were closed immediately and reopened prior to December 31, 2017. The property is insured for property damage and business interruption losses related to such events, subject to deductibles and policy limits. The Company has incurred $ 4.2 million in property damage costs through December 31, 2017, of which $ 2.0 million has been reimbursed by the insurer. Property damage costs and insurance reimbursement are recorded in operating expenses on the Consolidated Statements of Operations. The Company expects to incur an additional $ 1.3 to $ 1.8 million in property damage costs in 2018, all of which is expected to be reimbursed by the insurer. 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, 2017 , the total face amount of initiation fee deposits was approximately $248.5 million . Restricted Cash – Approximately $5.6 million of restricted cash at December 31, 2017 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, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The provision for income taxes consists of the following: Year Ended December 31, 2017 2016 2015 Current: Federal $ 710 $ 28 $ 298 State and Local 255 64 101 Total Current Provision $ 965 $ 92 $ 399 Deferred Federal $ — $ 83 $ (46 ) State and Local — 14 (8 ) Total Deferred Provision $ — $ 97 $ (54 ) Total Provision for Income Taxes $ 965 $ 189 $ 345 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 the tax year ending December 31, 2016. During 2010 and 2009, the Company 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, the Company 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, the Company 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, the Company repurchased $39.3 million face amount of the Company's 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 the Company's 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, the Company did not repurchase any of the outstanding CDO debt and notes payable. During 2015, the Company repurchased $11.5 million face amount of the Company's 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, the Company 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, 2017 , $173.2 million of debt in the Company’s subprime securitizations has been cancelled as a result of losses incurred on the underlying assets in the securitization trusts. As of December 31, 2016 , the Company had a net operating loss carryforward of approximately $443.7 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, 2017 is subject to the finalization of the 2017 tax returns. The net operating loss carryforward will begin to expire in 2023. As of December 31, 2017 , the Company has a capital loss carryforward of approximately $23.1 million . The capital loss carryforward can generally be used to offset capital gains for up to 5 years. The net capital loss carryforward will begin to expire in 2022. The Company 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 the Company can use to offset future taxable income. The Company and its subsidiaries file income tax returns with the U.S. federal government and various state and local jurisdictions. Generally, the Company is no longer subject to tax examinations by tax authorities for years prior to 2014. The Company has assessed its tax positions for all open years and concluded that there are no material uncertainties to be recognized. The Company 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 the Company’s subsidiaries is currently under examination. At this time, the Company cannot estimate when the examination will conclude or the impact such examination will have on its Consolidated Financial Statements, if any. The Company is subject to significant tax risks. In light of the revocation of its REIT election, the Company is subject to U.S. federal corporate income tax (including any applicable alternative minimum tax), which could be material. Generally, the Company’s effective tax rate differs from the federal statutory rate as a result of state and local taxes and changes in the valuation allowance. The difference between the Company's reported provision for income taxes and the U.S. federal statutory rate of 35% is as follows: December 31, 2017 2016 2015 Provision at the statutory rate 35.00 % 35.00 % 35.00 % Non-taxable REIT income — % (51.97 )% (86.91 )% Permanent items (0.36 )% 0.23 % 31.24 % State and local taxes (0.42 )% 0.07 % 0.32 % Valuation allowance 64.46 % 15.56 % 22.04 % Effects of change in tax rate (101.31 )% — % — % Other 0.31 % 1.35 % (0.04 )% Total provision (benefit) (2.32 )% 0.24 % 1.65 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of December 31, 2017 and 2016 are presented below: December 31, 2017 2016 Deferred tax assets: Allowance for loan losses $ 242 $ 358 Depreciation and amortization 26,038 38,598 Accrued expenses 1,936 2,885 Interest 4,538 16,503 Net operating losses 100,297 162,629 Capital losses 6,070 — Deferred revenue 2,295 — Other 2,225 2,036 Total deferred tax assets 143,641 223,009 Less valuation allowance (106,466 ) (133,192 ) Net deferred tax assets $ 37,175 $ 89,817 Deferred tax liabilities: Leaseholds 8,568 13,681 Cancellation of debt 23,385 75,632 Membership deposit liabilities 5,222 — Other — 504 Total deferred tax liabilities $ 37,175 $ 89,817 Net deferred tax assets $ — $ — 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. The Company recorded a valuation allowance against its deferred tax assets as of December 31, 2017 as management does not believe that it is more likely than not that the deferred tax assets will be realized. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law. The Tax Act significantly revises the U.S. corporate income tax regime by, among other things, lowering corporate income tax rates and eliminating the alternative minimum tax (“AMT”) for corporate taxpayers. The Company has accounted for the effects of the Tax Act for the year ended December 31, 2017 which relates to the re-measure of deferred tax assets and liabilities due to the reduction in the corporate income tax rate and has booked a non-recurring income tax receivable in the amount of $ 0.6 million due to refundable AMT credits. Due to the full valuation allowance, the re-measure of deferred tax assets and liabilities had no impact on the income tax provision for the year ended December 31, 2017. The following table summarizes the change in the deferred tax asset valuation allowance: Valuation allowance at December 31, 2016 $ 133,192 Increase due to current year operations 15,295 Decrease due to tax rate change (42,021 ) Valuation allowance at December 31, 2017 $ 106,466

IMPAIRMENT (REVERSAL)

IMPAIRMENT (REVERSAL)	12 Months Ended
	Dec. 31, 2017
Other than Temporary Impairment Losses, Investments [Abstract]
IMPAIRMENT (REVERSAL)	IMPAIRMENT The following table summarizes the amounts the Company recorded in the Consolidated Statements of Operations: Year Ended December 31, 2017 2016 2015 Traditional golf properties (A) $ — $ 6,232 $ — Debt and equity securities — 110 2,355 Valuation allowance (reversal) on loans (B) 60 4,039 9,541 Total impairment $ 60 $ 10,381 $ 11,896 (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 5 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 as well as internal cash flow models 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 5 for additional information. (B) See Note 9 for additional information.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS These financial statements include a discussion of material events which have occurred subsequent to December 31, 2017 through the issuance of these Consolidated Financial Statements. On March 6, 2018, the Company 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, 2018 and ending April 30, 2018. Dividends totaling $1.4 million will be paid on April 30, 2018 to shareholders of record on April 2, 2018.

SUMMARY OF QUARTERLY CONSOLIDAT

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)	SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) 2017 Quarter Ended Year Ended March 31 (A)(B) June 30 (A)(B) September 30 (A)(B) December 31 (B) December 31 (B) Total revenues $ 59,141 $ 81,360 $ 81,691 $ 70,402 $ 292,594 Total operating costs 73,887 87,113 86,012 90,493 337,505 Operating loss (14,746 ) (5,753 ) (4,321 ) (20,091 ) (44,911 ) Total other income (expenses) 2,331 1,557 3,850 (4,063 ) 3,675 Income tax expense (benefit) 539 510 (2 ) (82 ) 965 Net loss (12,954 ) (4,706 ) (469 ) (24,072 ) (42,201 ) Preferred dividends (1,395 ) (1,395 ) (1,395 ) (1,395 ) (5,580 ) Loss applicable to common stockholders $ (14,349 ) $ (6,101 ) $ (1,864 ) $ (25,467 ) $ (47,781 ) Loss applicable to common stock, per share Basic $ (0.21 ) $ (0.09 ) $ (0.03 ) $ (0.38 ) $ (0.71 ) Diluted $ (0.21 ) $ (0.09 ) $ (0.03 ) $ (0.38 ) $ (0.71 ) Weighted average number of shares of common stock outstanding Basic 66,841,977 66,874,155 66,932,744 66,963,297 66,903,457 Diluted 66,841,977 66,874,155 66,932,744 66,963,297 66,903,457 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 (loss) income (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 Net income (loss) 73,295 3,158 20,495 (19,612 ) 77,336 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 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 (A) The Income (Loss) Applicable to Common Stockholders shown agrees with the Company’s quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. (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, 2017
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 the Company 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. For entities over which the Company exercises significant influence, but which do not meet the requirements for consolidation, the Company 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 the Company. This is related to our Traditional Golf business, a portion of which the Company does not own. In October 2016, the Company 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. During 2017, the Company monetized and exited its significant real estate related debt positions, including the agency Fannie Mae/Freddie Mac (“FNMA/FHLMC’’) securities and received the final pay down on a corporate loan (“the resorts-related loan”). As such, beginning in September 30, 2017, the Company's Consolidated Balance Sheets were revised to a classified balance sheet presentation, consistent with an operating company presentation, and certain prior period amounts were reclassified to conform to the current period’s presentation. The Company reclassified assets, reasonably expected to be realized in cash during the normal operating cycle of the business, as current assets. The Company reclassified liabilities, whose liquidation is reasonably expected to require the use of current assets, as current liabilities. The Company reclassified “Real estate securities, available-for-sale - pledged as collateral’’ to “Real estate securities, available-for-sale’’ given the substantial monetization of the available-for-sale securities. The Company reclassified “Real estate related and other loans, held-for-sale, net’’ and “Receivables from brokers, dealers and clearing organizations’’ to “Other current assets.” “Investments in real estate, net of accumulated depreciation” was renamed as “Property and equipment, net of accumulated depreciation” under the operating company presentation. The Company reclassified “Dividends payable” to be included in “Other current liabilities.” The change to a classified balance sheet and the related aforementioned reclassifications were made to simplify financial reporting as the Company has substantially exited its real estate related debt positions.
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 and other similar customary real estate agreements. 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 the Company'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. 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 and Sales of Food and Beverages	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 for private club members and The Players Club members is recognized in the month earned. Membership dues received in advance are included in deferred revenue and recognized as revenue ratably over the appropriate period, which is generally twelve months or less for private club members and the following month for The Players Club members. 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. Sales of Food and Beverages — Revenue from food and beverage sales are recorded at the point of service.
Real Estate Securities and Loans Receivable	Real Estate Securities and Loans Receivable — The Company invested 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 were not acquired at a discount for credit quality, these assumptions included the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults). The Company also invested in loans. Interest income on performing loans is accrued and recognized as interest income at the contractual rate of interest. 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. Interest income with respect to non-discounted securities or loans is recognized on an accrual basis. Upon settlement of the sale of securities and loans, the excess (or deficiency) of net proceeds over the net carrying value of such security or loan was recognized as a gain (or loss) in the period of settlement.
Impairment Of Securities and Loans	Impairment of Securities and Loans — The Company 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 the Company 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 the Company determines that it is probable that it will be unable to collect as anticipated. The evaluation of a security’s or loan'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. 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. Upon determination of impairment, the Company 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. Actual losses may differ from the Company’s estimates.
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, related facilities and Entertainment Golf venues 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 other current liabilities and other liabilities, and decreases result in a receivable, which is included in other current assets 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.
Interest Expense	Interest Expense, Net — The Company finances 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	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. The Company 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 the Company believes a legal right of offset exists under an enforceable netting agreement. Changes in fair value are recorded in net income. Derivative transactions are entered into by the Company solely for risk management purposes in the ordinary course of business. The Company no longer transacts in the To Be Announced mortgage backed securities (“TBA”) market following the sale of the remaining Agency FNMA/FHLMC securities. As of December 31, 2017 , the Company has one interest rate cap with a fair value of $0.3 million which is not designated as a hedge.
Management Fees and Termination Payment to Affiliate	Management Fee and Termination Payment to Affiliate — These represent amounts due or paid to the Manager pursuant to the Management Agreement or the termination of the existing Management Agreement.
Property and Equipment, Net	Property and Equipment, 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. The Company capitalizes to construction in progress, certain costs related to properties under development. Capitalization begins when the activities related to development have begun and ceases when activities are substantially complete and the asset is available for use. Capitalized costs include development, construction-related costs and interest expense. 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. Real estate held-for-sale is recorded in other current assets on the Consolidated Balance Sheets. 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 the Company's operations and financial results. Discontinued operations are retroactively reclassified to income (loss) from discontinued operations for all periods presented. The Company 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 property and equipment in the Consolidated Balance Sheets. Payments under the leases are treated as reductions of the obligations under capital leases, 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, Net — 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 the Company when it pays a contracted rent that is below (above) market rents at the date of the acquisition 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 the Company’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 the Company’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 — The Company 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. The Company 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 — The Company 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. Receivables from Brokers, Dealers and Clearing Organizations - Loans, Held-for-Sale, Net – Loans are stated at 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.
Other Investment	Other Investment — The Company owns an approximately 22% economic interest in a limited liability company which owns preferred equity secured by a commercial real estate project. The Company accounts for this investment as an equity method investment. As of December 31, 2017 and 2016 , the carrying value of this investment was $21.1 million and $19.3 million , respectively. The Company 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. There was no other than temporary impairment recorded during the year ended December 31, 2017 . The other than temporary impairment is recorded in the equity in earnings (loss) in equity method investments, net line item which is reported in the Consolidated Statements of Operations in “Other loss, net.” 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.
Investment in CDO Servicing Rights	Investments in CDO Servicing Rights — In February 2011, the Company, through one of its subsidiaries, purchased the management rights with respect to certain C-BASS Investment Management LLC (“C-BASS”) Collateralized Debt Obligations (“CDOs”) pursuant to a bankruptcy proceeding. The Company 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. As of December 31, 2017 , these servicing assets are fully amortized.
Acquisition Accounting	Acquisition Accounting — The Company has determined that all of its business 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 the Company'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.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash — The Company 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 Receivables, Net	Accounts Receivable, Net — Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts of $0.8 million and $1.1 million as of December 31, 2017 and 2016 , respectively. 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.
Prepaid Expenses	Prepaid Expenses – Prepaid expenses consists primarily of prepaid insurance and prepaid rent and are expensed over the usage period of the goods or services.
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 and Accrued Expenses	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 expenses related to goods and services received for which invoices have not yet been received.
Deferred Revenue	Deferred Revenue — Payments received in advance of the performance of services are recorded as deferred revenue until the services are performed.
Accrued Rent	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.
Options	Options — The fair value of the options issued as compensation to the Manager for its successful efforts in raising capital for the Company was recorded as an increase in equity with an offsetting reduction of capital proceeds received. Options granted to the Company’s directors were accounted for using the fair value method. See Note 12 for additional information.
Income Taxes	Income Taxes – The Company 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. See Note 15 for additional information. 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, collectibility, 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. The Company will adopt the new guidance effective January 1, 2018 using the modified retrospective transition method. The Company will recognize the cumulative effect of initially applying the new guidance as an increase to the opening balance of retained earnings. The adjustment is due to the recognition of breakage on gift cards and gift certificates offered at the Company's Traditional Golf properties. The Company expects this adjustment for the amounts that will not be redeemed based on historical redemption rates to be less than $ 5 million , with an immaterial impact to our net income (loss) on an ongoing basis. Adoption of the new standard will also result in the recognition of certain operating costs at the Company’s managed Traditional Golf properties and the reimbursements of those operating costs. The reimbursements do not include a profit margin and therefore this change will have no net impact to operating income (loss). Prior periods will not be retrospectively adjusted. 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 will adopt the new guidance effective January 1, 2018 and does not anticipate that it will have a material impact 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 evaluating potential impacts of adopting the standard. Upon initial qualitative evaluation, a key change upon adoption will be the balance sheet recognition of all leased assets and liabilities. The Company's operating leases include ground leases, certain of its golf properties and equipment which are not recognized on the balance sheet. The Company anticipates a right-of-use asset and a related lease liability will be recognized for these leases. 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 will adopt the new guidance effective January 1, 2018 and adoption will impact the presentation of the Consolidated Statements of Cash Flows for activity related to debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments, and proceeds from the settlement of insurance claims. 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 will adopt the new guidance effective January 1, 2018 and adoption will impact the presentation of the Consolidated Statements of Cash Flows as the activity between cash and cash equivalent and restricted cash will no longer be presented in operating, financing or investing activities. Restricted cash was $ 6.0 million and $ 6.4 million as of December 31, 2017 and 2016, respectively. In January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805), Clarifying the Definition of a Business . The standard clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets of businesses. The effective date of the standard will be for interim and annual periods beginning after December 15, 2017 and early adoption is permitted. Entities will be required to apply the guidance on a prospective basis. The Company will adopt the new guidance effective January 1, 2018 and does not anticipate that it will have a material impact on the Consolidated Financial Statements. The FASB has recently issued or discussed a number of proposed standards on topics such as financial statement presentation and financial instruments. 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	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 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 the Company All of the inputs used have some degree of market observability, based on the Company’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 but conform to industry conventions. The Company uses assumptions that generate its best estimate of future cash flows of each respective security. Non-Recurring Fair Value Measurements - Loans Loans, held-for-sale 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 internal pricing models. All the loans were within Level 3 of the fair value hierarchy. 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). The Company 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 or 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. The Company’s real estate securities and loans, and debt obligations are currently not traded in active markets and therefore have little or no price transparency. As a result, the Company has estimated the fair value of these illiquid instruments based on internal pricing models subject to the Company's controls described below. The Company 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, the Company’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 the Company’s internal pricing models, the Company’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. The Company 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 the Company’s investments in real estate securities and 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.
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. The Company’s common stock equivalents are its options.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of accumulated other comprehensive income	The following table summarizes the Company’s accumulated other comprehensive income: December 31, 2017 2016 Net unrealized gain on securities $ 1,370 $ 1,168 Accumulated other comprehensive income $ 1,370 $ 1,168
Schedule of realized/unrealized (gain) loss on investments and other income (loss), net	Realized and Unrealized (Gain) Loss on Investments and Other Income (Loss), Net — These items are comprised of the following: Year Ended December 31, 2017 2016 2015 (Gain) on settlement of real estate securities $ (2,345 ) $ (19,129 ) $ (42,356 ) Loss on settlement of real estate securities 2,803 16,178 9,850 Realized loss (gain) on settlement of TBAs, net 4,669 (18,318 ) 12,907 (Gain) loss on settlement of loans held-for-sale (12 ) 48 (1,519 ) Loss recognized on termination of derivative instruments — — 612 Unrealized loss on securities, intent-to-sell 558 23,128 — Unrealized loss (gain) on non-hedge derivative instruments 570 (1,222 ) (1,758 ) Realized and unrealized loss (gain) on investments $ 6,243 $ 685 $ (22,264 ) (Loss) gain on lease modifications and terminations $ (161 ) $ (62 ) $ 471 Collateral management fee income, net 387 592 708 Equity in earnings (losses) of equity method investments, net 1,536 (1,338 ) (6,194 ) (Loss) on disposal of long-lived assets (295 ) (22 ) (1,403 ) Other (loss) income (1,079 ) (2,244 ) 844 Other income (loss), net $ 388 $ (3,074 ) $ (5,574 )
Schedule of reclassification from accumulated other comprehensive income into net income	The following table summarizes the amounts reclassified out of accumulated other comprehensive income into net income: Year Ended December 31, Accumulated Other Comprehensive Income Statement 2017 2016 2015 Net realized (gain) loss on securities Impairment (reversal) Impairment (reversal) $ — $ 54 $ (31 ) (Gain) on settlement of real estate securities Realized and unrealized (gain) loss on investments (2,345 ) (19,129 ) (42,356 ) Loss on settlement of real estate securities Realized and unrealized (gain) loss on investments — 16,178 9,850 Realized (gain) on deconsolidation of CDO VI Gain on deconsolidation — (20,682 ) — Unrealized loss on real estate securities, intent-to-sell, reclassified from AOCI into income Realized and unrealized (gain) loss on investments — 23,128 — $ (2,345 ) $ (451 ) $ (32,537 ) Net realized (gain) loss on derivatives designated as cash flow hedges Loss recognized on termination of derivative instruments Realized and unrealized (gain) loss on investments — — 612 Amortization of deferred hedge (gain) Interest expense, net — (20 ) (78 ) Loss reclassified from AOCI into income, related to effective portion Interest expense, net — — 1,363 $ — $ (20 ) $ 1,897 Total reclassifications $ (2,345 ) $ (471 ) $ (30,640 )
Schedule of useful lives of property, plant, and equipment	Depreciation is calculated using the straight-line method based on the following estimated useful lives: Buildings and improvements 10-30 years Capital leases - equipment 3-7 years Furniture, fixtures, and equipment 3-7 years
Schedule of amortization period for intangible assets	Amortization of all intangible assets is calculated using the straight-line method based on the following estimated useful lives: Trade name 30 years Leasehold intangibles 1 - 26 years Management contracts 1 - 26 years Internally-developed software 5 years Membership base 7 years
Schedule of restricted cash from continuing operations	Restricted cash consisted of: December 31, 2017 2016 CDO trustee accounts $ 170 $ 192 Restricted cash for construction-in-progress 2,282 2,267 Restricted cash - Traditional Golf 3,362 3,945 Restricted cash - Entertainment Golf 182 — Restricted cash, current and noncurrent $ 5,996 $ 6,404
Schedule of supplemental non-cash investing and financing activities relating to CDOs	Supplemental non-cash investing and financing activities relating to CDOs are disclosed below (there was no CDO activity during the year ended December 31, 2017 ): Year Ended December 31, 2016 2015 Restricted cash generated from sale of securities $ — $ 139,257 Restricted cash generated from sale of loans $ — $ 55,574 Restricted cash generated from pay downs on securities and loans $ 2,310 $ 78,853 Restricted cash used for repayments of CDO and other bonds payable $ 2,748 $ 148,966 CDO VI deconsolidation: Real estate securities $ 43,889 $ — Restricted cash $ 67 $ — CDO and other bonds payable $ 105,423 $ —
Schedule of other current assets	The following table summarizes the Company's other current assets: December 31, 2017 2016 Loans, held-for-sale, net $ 147 $ 55,612 Prepaid expenses 3,081 3,580 Interest receivable — 1,697 Deposits 3,469 1,314 Inventory 4,722 4,496 Derivative assets — 371 Residential mortgage loans, held-for-sale, net — 231 Receivables from brokers, dealers and clearing organizations — 552 Miscellaneous current assets, net (A) 12,149 10,834 Other current assets $ 23,568 $ 78,687 (A) Includes one owned property in New Jersey in the Traditional Golf segment classified as held-for-sale. The Company expects to close on this property within the next 12 months.
Schedule of other assets	The following table summarizes the Company's other assets: December 31, 2017 2016 Prepaid expenses $ 6 $ 74 Deposits 2,213 2,791 Derivative assets 286 485 Miscellaneous assets, net 6,144 4,097 Other assets $ 8,649 $ 7,447
Schedule of other current liabilities	The following table summarizes the Company's other current liabilities: December 31, 2017 2016 Security deposits payable $ 6,602 $ 5,978 Accrued rent 2,160 1,930 Due to affiliates 1,786 892 Dividends payable 930 8,949 Miscellaneous current liabilities 11,118 11,219 Other current liabilities $ 22,596 $ 28,968
Schedule of other liabilities	The following table summarizes the Company's other liabilities: December 31, 2017 2016 Security deposits payable $ 66 $ 95 Unfavorable leasehold interests 3,374 4,225 Accrued rent 1,057 683 Miscellaneous liabilities 349 1,059 Other liabilities $ 4,846 $ 6,062
Schedule of amortization of discount and premium and other amortization	Amortization of Discount and Premium and Other Amortization — As reflected in the Consolidated Statements of Cash Flows, these items are comprised of the following: Year Ended December 31, 2017 2016 2015 Accretion of net discount on securities, loans and other investments $ (4,698 ) $ (7,926 ) $ (5,802 ) Amortization of net discount on debt obligations and deferred financing costs 1,241 1,501 3,325 Amortization of net deferred hedge gains – debt — (20 ) (78 ) Amortization of discount and premium $ (3,457 ) $ (6,445 ) $ (2,555 ) Amortization of leasehold intangibles $ 4,111 $ 4,451 $ 4,942 Accretion of membership deposit liability 6,453 5,803 5,840 Other amortization $ 10,564 $ 10,254 $ 10,782

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Schedule of results of operations from discontinued operations	Results of operations from discontinued operations were as follows (there were no discontinued operations for the years ended December 31, 2017 and 2016 ): Year Ended December 31, 2015 Revenues Rental income 556 Total revenues 556 Operating Costs Property operating expenses 187 General and administrative expense 30 Depreciation and amortization 11 Gain on settlement of investments (318 ) Total operating costs (90 ) Income from discontinued operations $ 646

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Schedule of segment reporting	Summary financial data on the Company’s segments is given below, together with reconciliation to the same data for the Company as a whole: Traditional Golf Entertainment Golf Debt Investments Corporate Total Year Ended December 31, 2017 Revenues Golf course operations $ 221,737 $ — $ — $ — $ 221,737 Sales of food and beverages 70,857 — — — 70,857 Total revenues 292,594 — — — 292,594 Operating costs — Operating expenses (A) 247,585 320 — — 247,905 Cost of sales - food and beverages 20,959 — — — 20,959 General and administrative expense 3,086 347 20 4,434 7,887 General and administrative expense - acquisition and transaction expenses (B) 677 7,139 — 921 8,737 Management fee and termination payment to affiliate — — — 21,410 21,410 Depreciation and amortization 24,260 44 — — 24,304 Impairment — — 60 — 60 Realized and unrealized loss on investments 199 — 6,044 — 6,243 Total operating costs 296,766 7,850 6,124 26,765 337,505 Operating loss (4,172 ) (7,850 ) (6,124 ) (26,765 ) (44,911 ) Other income (expenses) — Interest and investment income 159 — 22,190 813 23,162 Interest expense, net (C) (15,277 ) — (2,532 ) (1,772 ) (19,581 ) Loss on extinguishment of debt (294 ) — — — (294 ) Other (loss) income, net (1,468 ) — 1,856 — 388 Total other income (expenses) (16,880 ) — 21,514 (959 ) 3,675 Income tax expense (D) — — — 965 965 Net (loss) income (21,052 ) (7,850 ) 15,390 (28,689 ) (42,201 ) Preferred dividends — — — (5,580 ) (5,580 ) (Loss) income applicable to common stockholders $ (21,052 ) $ (7,850 ) $ 15,390 $ (34,269 ) $ (47,781 ) Traditional Golf Entertainment Golf Debt Investments (E) Corporate Total December 31, 2017 Total assets 334,925 41,046 23,991 136,686 536,648 Total liabilities 300,176 9,328 165 55,928 365,597 Preferred stock — — — 61,583 61,583 Equity attributable to common stockholders $ 34,749 $ 31,718 $ 23,826 $ 19,175 $ 109,468 Additions to property and equipment (including capital leases) during the year ended December 31, 2017 $ 16,284 $ 27,295 $ — $ 67 $ 43,646 Summary segment financial data (continued). Traditional Golf Entertainment Golf Debt Investments 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 (A) 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 (B) 1,594 1,555 — 1,205 4,354 Management fee and termination payment to affiliate — — — 10,704 10,704 Depreciation and amortization 26,496 — — — 26,496 Impairment 6,232 — 4,149 — 10,381 Realized and 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, net (C) (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 Net (loss) income (29,485 ) (1,568 ) 129,209 (20,820 ) 77,336 Preferred dividends — — — (5,580 ) (5,580 ) Net income attributable to noncontrolling interest (257 ) — — — (257 ) (Loss) income applicable to common stockholders $ (29,742 ) $ (1,568 ) $ 129,209 $ (26,400 ) $ 71,499 Traditional Golf Entertainment Golf Debt Investments (E) Corporate Total December 31, 2016 Total assets 341,035 1,425 707,533 121,965 1,171,958 Total liabilities 286,002 1,116 603,257 63,516 953,891 Preferred stock — — — 61,583 61,583 Equity (deficit) attributable to common stockholders $ 55,033 $ 309 $ 104,276 $ (3,134 ) $ 156,484 Additions to property and equipment (including capital leases) during the year ended December 31, 2016 $ 11,912 $ 659 $ — $ — $ 12,571 Summary segment financial data (continued). Traditional Golf Entertainment Golf Debt Investments Corporate Discontinued Operations Eliminations (F) 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 (A) 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 (B) 1,364 — 60 (301 ) — — 1,123 Management fee and termination payment to affiliate — — — 10,692 — — 10,692 Depreciation and amortization 28,682 — — (48 ) — — 28,634 Impairment — — 11,896 — — — 11,896 Realized and unrealized loss (gain) on investments 9 — (22,273 ) — — — (22,264 ) Total operating costs 310,140 — (10,026 ) 17,983 — — 318,097 Operating (loss) income (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, net (C) (16,520 ) — (44,831 ) (3,783 ) — 3,005 (62,129 ) Gain on extinguishment of debt 14,818 — 488 — — — 15,306 Other (loss) income, net (1,629 ) — (3,999 ) 54 — — (5,574 ) Inter-segment elimination (F) 3,005 — (3,005 ) — — — — Total other income (expenses) (174 ) — 47,374 (3,706 ) — — 43,494 Income tax expense 345 — — — — — 345 (Loss) income from continuing operations (14,803 ) — 57,400 (21,689 ) — — 20,908 Income from discontinued operations, net of tax — — — — 646 — 646 Net (loss) income (14,803 ) — 57,400 (21,689 ) 646 — 21,554 Preferred dividends — — — (5,580 ) — — (5,580 ) Net loss attributable to noncontrolling interest 293 — — — — — 293 (Loss) income applicable to common stockholders $ (14,510 ) $ — $ 57,400 $ (27,269 ) $ 646 $ — $ 16,267 Additions to property and equipment (including capital leases) during the year ended December 31, 2015 $ 7,637 $ — $ — $ — $ — $ — $ 7,637 (A) Operating expenses includes rental expenses recorded under operating leases for carts and equipment in the amount of $3.0 million , $3.8 million and $4.6 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Operating expenses also includes amortization of favorable and unfavorable lease intangibles in the amount of $4.1 million , $4.5 million and $4.9 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. In addition, straight-line rent associated with our Entertainment Golf venues is included in operating expenses. (B) 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 expenses also include personnel and other Entertainment Golf development and business costs which do not qualify for capitalization. (C) Interest expense, net includes the accretion of membership deposit liabilities in the amount of $6.5 million , $5.8 million and $5.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Interest expense is net of $0.2 million related to capitalized interest for Entertainment Golf for the year ended December 31, 2017 . (D) Effective January 1, 2017, the Company revoked its election to be treated as a REIT. As a result, the Company is subject to U.S. federal corporate income tax and the provision for income taxes is recorded in the corporate segment. (E) Total assets in the Debt Investments segment includes an equity method investment in the amount of $21.1 million and $19.3 million as of December 31, 2017 and 2016 , respectively, recorded in other investments on the Consolidated Balance Sheets. See Note 2 for additional information. (F) Represents interest paid by the Traditional Golf segment to the Debt Investments segment related to the Traditional Golf debt which was refinanced by the Company in June 2016 (see Note 7).

PROPERTY AND EQUIPMENT, NET O30

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION (Tables)	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment, Net of Accumulated Depreciation	The following table summarizes the balances of property and equipment in the Traditional and Entertainment Golf businesses: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 88,251 $ — $ 88,251 $ 84,319 $ — $ 84,319 Buildings and improvements 154,769 (52,636 ) 102,133 144,690 (39,402 ) 105,288 Furniture, fixtures and equipment 33,109 (23,451 ) 9,658 29,132 (20,516 ) 8,616 Capital leases - equipment 24,949 (8,649 ) 16,300 20,844 (4,818 ) 16,026 Construction in progress 24,916 — 24,916 3,362 — 3,362 Total Property and Equipment $ 325,994 $ (84,736 ) $ 241,258 $ 282,347 $ (64,736 ) $ 217,611

INTANGIBLES, NET OF ACCUMULAT31

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	The following table summarizes the Company's intangibles related to the Traditional and Entertainment Golf businesses: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (93 ) $ 607 $ 700 $ (70 ) $ 630 Leasehold intangibles (A) 48,107 (16,716 ) 31,391 48,107 (12,550 ) 35,557 Management contracts 35,111 (13,468 ) 21,643 35,207 (10,434 ) 24,773 Internally-developed software 800 (640 ) 160 800 (480 ) 320 Membership base 5,236 (2,992 ) 2,244 5,236 (2,244 ) 2,992 Nonamortizable liquor licenses 1,231 — 1,231 840 — 840 Total intangibles $ 91,185 $ (33,909 ) $ 57,276 $ 90,890 $ (25,778 ) $ 65,112 (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, 2017 is expected to be amortized as follows: 2018 $ 8,055 2019 7,258 2020 6,714 2021 4,762 2022 3,553 Thereafter 25,703 Total amortizable intangible assets 56,045 Nonamortizable liquor licenses 1,231 Total intangible assets $ 57,276

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of debt obligations	The following table presents certain information regarding the Company's debt obligations: December 31, 2017 December 31, 2016 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 Repurchase Agreements FNMA/FHLMC securities Dec 2016 $ — $ — — —% — % 0.0 $ — $ 600,964 $ 600,964 Credit Facilities and Capital Leases Traditional Golf term loan (C)(D) Jun 2016 102,000 99,931 Jul 2019 LIBOR + 4.70% 7.92 % 1.5 102,000 102,000 98,680 Vineyard II Dec 1993 200 200 Dec 2043 2.20% 2.20 % 26.0 200 200 200 Capital Leases (Equipment) June 2014 - Dec 2017 16,626 16,626 Sep 2018 - Jul 2023 3.00% to 16.16% 6.55 % 3.6 — 16,404 16,404 118,826 116,757 7.72 % 1.8 102,200 118,604 115,284 Less current portion of obligations under capital leases 4,652 4,652 3,699 3,699 Credit facilities and obligations under capital leases - noncurrent 114,174 112,105 114,905 111,585 Corporate Junior subordinated notes payable (E) Mar 2006 51,004 51,208 Apr 2035 LIBOR + 2.25% 3.60 % 17.3 51,004 51,004 51,217 Total debt obligations $ 169,830 $ 167,965 6.46 % 6.5 $ 153,204 $ 770,572 $ 767,465 See notes on next page. (A) Weighted average, including floating and fixed rate classes. (B) Including the effect of deferred financing cost. (C) The Traditional Golf term loan is collateralized by 22 Traditional Golf properties. The carrying amount of the Traditional Golf term loan is reported net of deferred financing costs of $2.1 million and $3.3 million as of December 31, 2017 and 2016 , respectively. (D) Interest rate based on 30-day LIBOR plus 4.70% with a LIBOR floor of 1.80% . At the time of closing, the Company purchased a co-terminus LIBOR interest rate cap of 1.80% . (E) Interest rate based on 3-month LIBOR plus 2.25% .
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, 2017 are as follows: 2018 $ 5,600 2019 5,462 2020 4,182 2021 2,607 2022 825 Thereafter 56 Total minimum lease payments 18,732 Less: imputed interest 2,106 Present value of net minimum lease payments $ 16,626
Schedule of contractual maturities of debt obligations	The Company’s debt obligations (gross of $1.9 million of discounts at December 31, 2017 ) have contractual maturities as follows: Nonrecourse Recourse Total 2018 $ 4,652 $ — $ 4,652 2019 106,822 — 106,822 2020 3,829 — 3,829 2021 2,467 — 2,467 2022 801 — 801 Thereafter 255 51,004 51,259 Total $ 118,826 $ 51,004 $ 169,830

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Schedule of real estate securities holdings	The following is a summary of the Company’s real estate securities at December 31, 2017 and 2016 , 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, 2017 ABS - Non-Agency RMBS $ 4,000 $ 2,445 $ (1,521 ) $ 924 $ 1,370 $ — $ 2,294 1 CCC 1.94 % 22.69 % 7.5 33.0 % Total Securities, Available-for-Sale (F) $ 4,000 $ 2,445 $ (1,521 ) $ 924 $ 1,370 $ — $ 2,294 1 CCC 1.94 % 22.69 % 7.5 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 % 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, Available-for-Sale (F) $ 623,808 $ 652,735 $ (24,649 ) $ 628,086 $ 1,168 $ — $ 629,254 16 (A) In December 2016, the Company 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 and unrealized (gain) loss on investments in the Consolidated Statements of Operations. (B) See Note 11 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. The Company 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 the Company’s investments. (F) As of December 31, 2017 and 2016 , the total outstanding face amount of fixed rate securities was zero and $619.8 million , respectively, and of floating rate securities were $4.0 million for both years. The collateral securing the ABS - Non-Agency RMBS is located in various geographic regions in the US. The Company does not have significant investments in any geographic region, thus a downturn in market conditions would not have a material negative impact on the Company.
Schedule of credit losses on debt securities	The following table summarizes the activity related to credit losses on debt securities (the Company had no activity related to credit losses on securities for the year ended December 31, 2017 ). 2016 Credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income, Balance at January 1, 2016 $ (3,010 ) 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 ) Reduction for securities deconsolidated during the period 3,120 Credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income, Balance at December 31, 2016 $ —
Schedule of FNMA/FHLMC activity	The table below summarizes the FNMA/FHLMC activity for the years ended December 31, 2017 and 2016 (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) 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 ) March 2017 (A) Sale $ (289.7 ) 98.8 % $ 286.1 $ (2.8 ) $ (277.8 ) August 2017 (A) Sale $ (299.5 ) 103.2 % $ 309.0 $ 2.3 $ (302.1 ) (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.

LOANS (Tables)

LOANS (Tables)	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
Schedule of real estate and other related loans, residential mortgage loans and subprime mortgage loans	The following is a summary of corporate and residential 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, 2017 December 31, 2016 Loan Type Outstanding Carrying Loan Wtd. Wtd Wtd Floating Rate Delinquent Carrying Loan Count Wtd. Avg. Corporate Loans (D) $ 13,697 $ 147 1 20.00 % 10.00 % 1.5 0.0 % $ 13,697 $ 55,612 4 22.49 % Total Loans Held-for-Sale, Net (E) $ 13,697 $ 147 1 20.00 % 10.00 % 1.5 0.0 % $ 13,697 $ 55,612 4 22.49 % Residential Mortgage Loans Held-for-Sale, Net (F) $ — $ — — — % — % 0.0 — % $ — $ 231 3 3.40 % (A) The aggregate United States federal income tax basis for such assets at December 31, 2017 was approximately $12.9 million (unaudited). (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, 2017 and 2016 , $13.7 million and $77.2 million face amount of corporate loans, respectively, was on non-accrual status. (D) Corporate loans are not directly secured by real estate assets. (E) Loans held-for-sale, net is recorded in other current assets on the Consolidated Balance Sheets. (F) Residential mortgage loans held-for-sale, net is recorded in other current assets on the Consolidated Balance Sheets.
Schedule of activity in carrying value of real estate related and other loans and residential mortgage loans	Activities relating to the carrying value of loans, held-for-sale and residential mortgage loans, held-for-sale are as follows: Loans, Held-for-Sale (A) Residential 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 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 Purchases / additional fundings — — Interest accrued to principal balance 8,458 — Settlements (69,455 ) (183 ) Valuation allowance on loans — (60 ) Accretion of loan discount and other amortization 5,532 — Other income — 12 Balance at December 31, 2017 $ 147 $ — (A) Recorded in other current 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: Loans, Held-for-Sale Residential Mortgage Loans, Held-for-Sale Balance at December 31, 2014 $ (75,926 ) $ (154 ) Charge-offs (A) 14,345 160 Valuation allowance on loans (9,284 ) (257 ) Balance at December 31, 2015 $ (70,865 ) $ (251 ) Charge-offs (A) — — Valuation allowance on loans (3,826 ) (213 ) Balance at December 31, 2016 $ (74,691 ) $ (464 ) Charge-offs (A) 63,453 524 Valuation allowance on loans — (60 ) Balance at December 31, 2017 $ (11,238 ) $ — (A) The charge-offs for loans, held-for-sale represent five , zero and four loans which were written off, sold, restructured, or paid off at a discounted price during 2017 , 2016 and 2015 , respectively.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2017
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 2017 2016 2015 Loss recognized on termination of derivative instruments Realized and unrealized (gain) loss on investments $ — $ — $ 612 Deferred hedge gain reclassified from AOCI into earnings Interest expense, net — (20 ) (78 ) Amount of loss reclassified from AOCI into income (effective portion) Interest expense, net — — 1,363 Amount of unrealized loss recognized in Other Comprehensive Income on derivatives (effective portion) N/A — — 60 Non-hedge derivatives Unrealized loss (gain) on interest rate derivatives Realized and unrealized (gain) loss on investments $ 199 $ (294 ) $ (284 ) Unrealized loss (gain) recognized related to TBAs Realized and unrealized (gain) loss on investments 371 (928 ) (1,474 ) Realized loss (gain) on settlement of TBAs Realized and unrealized (gain) loss on investments 4,669 (18,318 ) 12,907

FAIR VALUE OF FINANCIAL INSTR36

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2017
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 the Company’s financial instruments at December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Carrying Estimated Fair Value Method (A) Carrying Estimated Assets Real estate securities, available-for-sale $ 2,294 $ 2,294 Pricing models $ 629,254 $ 629,254 Loans, held-for-sale, net (B) 147 147 Pricing models 55,612 61,144 Residential mortgage loans, held-for-sale, net (C) — — Broker/counterparty quotations, pricing models 231 249 Cash and cash equivalents 167,692 167,692 140,140 140,140 Restricted cash - current and noncurrent 5,996 5,996 6,404 6,404 Non-hedge derivative assets (D) 286 286 Counterparty quotations 856 856 Liabilities Repurchase agreements — — Counterparty quotations, market comparables 600,964 600,964 Credit facilities - Traditional Golf term loan 99,931 103,199 Pricing models 98,680 98,680 Junior subordinated notes payable 51,208 27,531 Pricing models 51,217 26,756 (A) Pricing models are used for (i) real estate 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) debt obligations which are private and untraded. (B) Loans held-for-sale, net are recorded in other current assets on the Consolidated Balance Sheets. (C) Residential mortgage loans held-for-sale, net is recorded in other current assets on the Consolidated Balance Sheets. (D) Represents an interest rate cap and TBA forward contracts (Note 10).
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, 2017 : 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 $ 2,294 $ — $ — $ 2,294 $ 2,294 Derivative assets: Interest rate cap, not treated as hedge $ 286 $ 286 $ — $ — $ 286
Schedule of quantitative information about significant unobservable inputs	The following table provides quantitative information regarding the significant unobservable inputs used by the Company for assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 . Weighted Average Significant Input Asset Type Amortized Fair Discount Rate Prepayment Speed Cumulative Default Rate Loss Severity ABS - Non-Agency RMBS $ 924 $ 2,294 12.0 % 4.8 % 4.5 % 69.6 % Total $ 924 $ 2,294
Schedule of change in fair value of Level 3 investments	The Company’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, 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 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 Total gains (losses) (A) Included in net income (B) — — — — Included in other comprehensive income (loss) — 202 — 202 Amortization included in interest income — 196 — 196 Purchases, sales and settlements Proceeds from repayments — (54 ) — (54 ) Balance at December 31, 2017 $ — $ 2,294 $ — $ 2,294 (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. There were no purchases or sales during the year ended December 31, 2017 . There were no transfers into or out of Level 3 during the years ended December 31, 2017 and 2016 . (B) These gains (losses) are recorded in the following line items in the Consolidated Statements of Operations: Year Ended December 31, 2017 2016 Realized and unrealized gain on investments $ — $ 11,237 Impairment (reversal) — (110 ) Total $ — $ 11,127 Realized and 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, 2017 2016 Realized and unrealized gain on investments $ — $ 11,237 Impairment (reversal) — (110 ) Total $ — $ 11,127 Realized and unrealized gain on investments, net, from investments transferred into Level 3 during the period $ — $ —
Liabilities for which fair value is 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 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 the Company

EQUITY AND EARNINGS PER SHARE (

EQUITY AND EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Schedule of amounts used in computing basic and diluted EPS	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, 2017 2016 2015 Numerator for basic and diluted earnings per share: (Loss) income from continuing operations after preferred dividends and noncontrolling interest $ (47,781 ) $ 71,499 $ 15,621 Income from discontinued operations, net of tax — — 646 (Loss) Income Applicable to Common Stockholders $ (47,781 ) $ 71,499 $ 16,267 Denominator: Denominator for basic earnings per share - weighted average shares 66,903,457 66,709,925 66,479,321 Effect of dilutive securities Options — 2,078,515 2,168,594 Denominator for diluted earnings per share - adjusted weighted average shares 66,903,457 68,788,440 68,647,915 Basic earnings per share: (Loss) income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ (0.71 ) $ 1.07 $ 0.23 Income from discontinued operations per share of common stock $ — $ — $ 0.01 (Loss) Income Applicable to Common Stock, per share $ (0.71 ) $ 1.07 $ 0.24 Diluted earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ (0.71 ) $ 1.04 $ 0.23 Income from discontinued operations per share of common stock $ — $ — $ 0.01 Income Applicable to Common Stock, per share $ (0.71 ) $ 1.04 $ 0.24
Schedule of outstanding options	The following is a summary of the changes in the Company's outstanding options for the year ended December 31, 2017 . Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2016 5,126,906 $ 2.79 Expired (116,330 ) 13.13 Balance at December 31, 2017 5,010,576 $ 2.55 5.59 years Exercisable at December 31, 2017 3,858,081 $ 2.58 5.61 years
Schedule of outstanding options summary	The Company's outstanding options were summarized as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 Issued in 2011 Total Issued Prior to 2011 Issued in 2011 Total Held by the Manager 3,857,748 3,857,748 110,029 5,010,243 5,120,272 Issued to the Manager and subsequently transferred to certain Manager’s employees (A) 1,152,495 1,152,495 6,301 — 6,301 Issued to the independent directors 333 333 — 333 333 Total 5,010,576 5,010,576 116,330 5,010,576 5,126,906 (A) The Company and the Manager agreed that options held by certain employees formerly employed by the Manager will not terminate or be forfeited as a result of the Termination and Cooperation Agreement, and the vesting of such options will relate to the relevant holder’s employment with the Company and its affiliates following January 1, 2018.
Summary of Drive Shack's outstanding options	The following table summarizes the Company’s outstanding options at December 31, 2017 . Note that the last sales price on the New York Stock Exchange for the Company’s common stock in the year ended December 31, 2017 was $5.53 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 — $ 0.00 $ 6.4 — Manager (C) Mar-11 311,853 144,511 $ 1.00 $ 7.0 (J) $ 1.0 Manager (C) Sep-11 524,212 271,425 $ 1.00 $ 5.6 (K) $ 1.7 Manager (C) Apr-12 348,352 209,782 $ 1.00 $ 5.6 (L) $ 1.3 Manager (C) May-12 396,316 237,608 $ 1.00 $ 7.6 (M) $ 1.5 Manager (C) Jul-12 437,991 266,076 $ 1.00 $ 8.3 (N) $ 1.6 Manager (C) Jan-13 958,331 680,862 $ 2.32 $ 18.0 (O) $ 3.2 Manager (C) Feb-13 383,331 272,345 $ 2.95 $ 8.4 (P) $ 1.1 Manager (C) Jun-13 670,829 476,604 $ 3.23 $ 3.8 (Q) 1.9 Manager (C) Nov-13 965,847 686,202 $ 3.57 $ 6.0 (R) 2.7 Manager (C) Aug-14 765,416 612,333 $ 4.01 $ 1.7 (S) 2.3 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 2002-2007 (416,425 ) N/A N/A N/A N/A Outstanding 5,010,576 3,858,081 (A) The strike prices are subject to adjustment in connection with return of capital dividends and spin-offs. A portion of the Company’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 the Company'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, the Company’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 (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, 2016 Plan and 2017 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 the Company’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 the Company 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 Strike Prices Total Unexercised Inception to Date Mar-11 $1.00 62,370 Sep-11 $1.00 104,843 Apr-12 $1.00 69,670 May-12 $1.00 79,263 Jul-12 $1.00 87,598 Jan-13 $2.32 191,666 Feb-13 $2.95 76,666 Jun-13 $3.23 134,166 Nov-13 $3.57 193,170 Aug-14 $4.01 153,083 Total 1,152,495 The Company and the Manager agreed that options held by certain employees formerly employed by the Manager will not terminate or be forfeited as a result of the Termination and Cooperation Agreement, and the vesting of such options will relate to the relevant holder’s employment with the Company and its affiliates following January 1, 2018. (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 Strike Prices Total Unexercised Inception to Date Mar-11 $1.00 62,370 Sep-11 $1.00 104,843 Apr-12 $1.00 69,670 May-12 $1.00 79,263 Jul-12 $1.00 87,598 Jan-13 $2.32 191,666 Feb-13 $2.95 76,666 Jun-13 $3.23 134,166 Nov-13 $3.57 193,170 Aug-14 $4.01 153,083 Total 1,152,495 The Company and the Manager agreed that options held by certain employees formerly employed by the Manager will not terminate or be forfeited as a result of the Termination and Cooperation Agreement, and the vesting of such options will relate to the relevant holder’s employment with the Company and its affiliates following January 1, 2018.

TRANSACTIONS WITH AFFILIATES 38

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2017
Transactions With Affiliates And Affiliated Entity [Abstract]
Schedule of amounts Incurred under management agreement	Amounts incurred under the Management 2017 2016 2015 Management fee $ 10,210 $ 10,204 $ 10,192 Expense reimbursement to the Manager 500 500 500 Termination payment 10,700 — — Incentive compensation — — — Total Management fee and termination payment to affiliate $ 21,410 $ 10,704 $ 10,692

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 were as follows: For the years ending December 31: Traditional Golf Entertainment Golf Total 2018 $ 30,727 $ 48 $ 30,775 2019 27,623 321 27,944 2020 23,994 444 24,438 2021 17,744 453 18,197 2022 14,764 908 15,672 Thereafter 116,623 18,263 134,886 Total Minimum lease payments $ 231,475 $ 20,437 $ 251,912

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	The provision for income taxes consists of the following: Year Ended December 31, 2017 2016 2015 Current: Federal $ 710 $ 28 $ 298 State and Local 255 64 101 Total Current Provision $ 965 $ 92 $ 399 Deferred Federal $ — $ 83 $ (46 ) State and Local — 14 (8 ) Total Deferred Provision $ — $ 97 $ (54 ) Total Provision for Income Taxes $ 965 $ 189 $ 345
Schedule of effective income tax reconciliation	The difference between the Company's reported provision for income taxes and the U.S. federal statutory rate of 35% is as follows: December 31, 2017 2016 2015 Provision at the statutory rate 35.00 % 35.00 % 35.00 % Non-taxable REIT income — % (51.97 )% (86.91 )% Permanent items (0.36 )% 0.23 % 31.24 % State and local taxes (0.42 )% 0.07 % 0.32 % Valuation allowance 64.46 % 15.56 % 22.04 % Effects of change in tax rate (101.31 )% — % — % Other 0.31 % 1.35 % (0.04 )% Total provision (benefit) (2.32 )% 0.24 % 1.65 %
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, 2017 and 2016 are presented below: December 31, 2017 2016 Deferred tax assets: Allowance for loan losses $ 242 $ 358 Depreciation and amortization 26,038 38,598 Accrued expenses 1,936 2,885 Interest 4,538 16,503 Net operating losses 100,297 162,629 Capital losses 6,070 — Deferred revenue 2,295 — Other 2,225 2,036 Total deferred tax assets 143,641 223,009 Less valuation allowance (106,466 ) (133,192 ) Net deferred tax assets $ 37,175 $ 89,817 Deferred tax liabilities: Leaseholds 8,568 13,681 Cancellation of debt 23,385 75,632 Membership deposit liabilities 5,222 — Other — 504 Total deferred tax liabilities $ 37,175 $ 89,817 Net deferred tax assets $ — $ —
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, 2016 $ 133,192 Increase due to current year operations 15,295 Decrease due to tax rate change (42,021 ) Valuation allowance at December 31, 2017 $ 106,466

IMPAIRMENT (REVERSAL) (Tables)

IMPAIRMENT (REVERSAL) (Tables)	12 Months Ended
	Dec. 31, 2017
Other than Temporary Impairment Losses, Investments [Abstract]
Summary of amounts recorded in the statement of operations for OTTI	The following table summarizes the amounts the Company recorded in the Consolidated Statements of Operations: Year Ended December 31, 2017 2016 2015 Traditional golf properties (A) $ — $ 6,232 $ — Debt and equity securities — 110 2,355 Valuation allowance (reversal) on loans (B) 60 4,039 9,541 Total impairment $ 60 $ 10,381 $ 11,896 (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 5 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 as well as internal cash flow models 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 5 for additional information. (B) See Note 9 for additional information.

SUMMARY OF QUARTERLY CONSOLID42

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly unaudited summary information	2017 Quarter Ended Year Ended March 31 (A)(B) June 30 (A)(B) September 30 (A)(B) December 31 (B) December 31 (B) Total revenues $ 59,141 $ 81,360 $ 81,691 $ 70,402 $ 292,594 Total operating costs 73,887 87,113 86,012 90,493 337,505 Operating loss (14,746 ) (5,753 ) (4,321 ) (20,091 ) (44,911 ) Total other income (expenses) 2,331 1,557 3,850 (4,063 ) 3,675 Income tax expense (benefit) 539 510 (2 ) (82 ) 965 Net loss (12,954 ) (4,706 ) (469 ) (24,072 ) (42,201 ) Preferred dividends (1,395 ) (1,395 ) (1,395 ) (1,395 ) (5,580 ) Loss applicable to common stockholders $ (14,349 ) $ (6,101 ) $ (1,864 ) $ (25,467 ) $ (47,781 ) Loss applicable to common stock, per share Basic $ (0.21 ) $ (0.09 ) $ (0.03 ) $ (0.38 ) $ (0.71 ) Diluted $ (0.21 ) $ (0.09 ) $ (0.03 ) $ (0.38 ) $ (0.71 ) Weighted average number of shares of common stock outstanding Basic 66,841,977 66,874,155 66,932,744 66,963,297 66,903,457 Diluted 66,841,977 66,874,155 66,932,744 66,963,297 66,903,457 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 (loss) income (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 Net income (loss) 73,295 3,158 20,495 (19,612 ) 77,336 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 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 (A) The Income (Loss) Applicable to Common Stockholders shown agrees with the Company’s quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. (B) The options outstanding are excluded from the diluted share calculation as their effect would have been anti-dilutive.

ORGANIZATION (Details)

ORGANIZATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)stateproperty	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties in United States | property	75
Number of states the properties are located | state	13
Manager
Related Party Transaction [Line Items]
Termination payment | $	$ (10,700)	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017USD ($)derivative_instrument	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jan. 01, 2018USD ($)
Derivative [Line Items]
Consolidation percentage (as percent)	50.00%
Other investments	$ 21,135,000	$ 19,256,000
Refundable term for initiation fees	30 years
Expected life of active golf membership	7 years
Ownership in equity investment (as percent)	22.00%
Other than temporary impairment	$ 0	2,900,000	$ 7,500,000
Allowances for doubtful accounts	800,000	1,100,000
Increase (decrease) in allowance for doubtful accounts	(300,000)	100,000
Restricted cash	$ 6,000,000	6,400,000
Not designated as hedging instrument | Interest rate cap
Derivative [Line Items]
Number of instruments held | derivative_instrument	1
Lower Range
Derivative [Line Items]
Operating lease term	10 years
Upper Range
Derivative [Line Items]
Operating lease term	20 years
Membership base
Derivative [Line Items]
Amortization period	7 years
Real Estate Investment with a Non-Controlling Interest
Derivative [Line Items]
Other investments	$ 0
Other Assets
Derivative [Line Items]
Derivative assets	$ 300,000	$ 500,000
Retained Earnings | Accounting Standards Update 2014-09 | Subsequent Event
Derivative [Line Items]
Cumulative effect of adoption of accounting principle				$ 5,000,000

SUMMARY OF SIGNIFICANT ACCOUN45

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	$ 171,051	$ 218,067	$ 210,122	$ 258,328
Net unrealized gain on securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	1,370	1,168
Accumulated Other Comp. Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	$ 1,370	$ 1,168	$ 33,297	$ 65,865

SUMMARY OF SIGNIFICANT ACCOUN46

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Gain (Loss) on Settlement of Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
(Gain) on settlement of real estate securities	$ (2,345)	$ (19,129)	$ (42,356)
Loss on settlement of real estate securities	2,803	16,178	9,850
Realized loss (gain) on settlement of TBAs, net	4,669	(18,318)	12,907
(Gain) loss on settlement of loans held-for-sale	(12)	48	(1,519)
Loss recognized on termination of derivative instruments	0	0	612
Unrealized loss on securities, intent-to-sell	558	23,128	0
Unrealized loss (gain) on non-hedge derivative instruments	570	(1,222)	(1,758)
Realized and unrealized loss (gain) on investments	6,243	685	(22,264)
(Loss) gain on lease modifications and terminations	(161)	(62)	471
Collateral management fee income, net	387	592	708
Equity in earnings (losses) of equity method investments, net	1,536	(1,338)	(6,194)
(Loss) on disposal of long-lived assets	(295)	(22)	(1,403)
Other (loss) income	(1,079)	(2,244)	844
Other income (loss), net	$ 388	$ (3,074)	$ (5,574)

SUMMARY OF SIGNIFICANT ACCOUN47

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassification from accumulated other comprehensive income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Realized and unrealized (gain) loss on investments	$ 5,429	$ (20,555)	$ (19,305)
Gain on deconsolidation	0	(82,130)	0
Interest expense, net	19,581	52,868	62,129
Net Income (Loss)	42,201	(77,336)	(21,554)
Realized and unrealized gain on investments	(6,243)	(685)	22,264
Total reclassifications	(2,345)	(471)	(30,640)
Net realized (gain) loss on securities | Reclassification from AOCI into net income
Schedule of Available-for-sale Securities [Line Items]
Impairment (reversal)	0	54	(31)
Gain on deconsolidation	0	(20,682)	0
Net Income (Loss)	(2,345)	(451)	(32,537)
(Gain) on settlement of real estate securities | Reclassification from AOCI into net income
Schedule of Available-for-sale Securities [Line Items]
Realized and unrealized (gain) loss on investments	(2,345)	(19,129)	(42,356)
Loss on settlement of real estate securities | Reclassification from AOCI into net income
Schedule of Available-for-sale Securities [Line Items]
Realized and unrealized (gain) loss on investments	0	16,178	9,850
Unrealized loss on real estate securities, intent-to-sell, reclassified from AOCI into income | Reclassification from AOCI into net income
Schedule of Available-for-sale Securities [Line Items]
Realized and unrealized (gain) loss on investments	0	23,128	0
Net realized (gain) loss on derivatives designated as cash flow hedges | Reclassification from AOCI into net income
Schedule of Available-for-sale Securities [Line Items]
Realized and unrealized (gain) loss on investments	0	0	612
Net Income (Loss)	0	(20)	1,897
Amortization of deferred hedge (gain) | Reclassification from AOCI into net income
Schedule of Available-for-sale Securities [Line Items]
Interest expense, net	0	(20)	(78)
Loss reclassified from AOCI into income, related to effective portion | Reclassification from AOCI into net income
Schedule of Available-for-sale Securities [Line Items]
Interest expense, net	$ 0	$ 0	$ 1,363

SUMMARY OF SIGNIFICANT ACCOUN48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Lives of Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2017
Buildings and improvements | Lower Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Buildings 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)	12 Months Ended
	Dec. 31, 2017
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 - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, current and noncurrent	$ 5,996	$ 6,404
CDO trustee accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, current and noncurrent	170	192
Restricted cash for construction-in-progress
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, current and noncurrent	2,282	2,267
Traditional Golf | Restricted cash
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, current and noncurrent	3,362	3,945
Entertainment Golf | Restricted cash
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, current and noncurrent	$ 182	$ 0

SUMMARY OF SIGNIFICANT ACCOUN51

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, 2017
Variable Interest Entity [Line Items]
Restricted cash generated from sale of securities	$ 0	$ 139,257
Restricted cash generated from sale of loans	0	55,574
Restricted cash generated from pay downs on securities and loans	2,310	78,853
Restricted cash used for repayments of CDO and other bonds payable	2,748	148,966
CDO VI deconsolidation:
Restricted cash	6,400		$ 6,000
CDO VI | VIEs
CDO VI deconsolidation:
Real estate securities	43,889	0
Restricted cash		0	$ 67
CDO and other bonds payable	$ 105,423	$ 0

SUMMARY OF SIGNIFICANT ACCOUN52

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of other assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)
Other Assets, Current [Abstract]
Loans, held for sale, net	$ 147	$ 55,612
Prepaid expenses	3,081	3,580
Interest receivable	0	1,697
Deposits	3,469	1,314
Inventory	4,722	4,496
Derivative assets	0	371
Residential mortgage loans, held-for-sale, net	0	231
Receivables from brokers, dealers and clearing organizations	0	552
Miscellaneous current assets, net	12,149	10,834
Other current assets	$ 23,568	78,687
Number of real estate properties | property	75
Other Assets
Prepaid expenses	$ 6	74
Deposits	2,213	2,791
Derivative assets	286	485
Miscellaneous assets, net	6,144	4,097
Other assets	$ 8,649	$ 7,447
Annandale, New Jersey | Held-for-sale
Other Assets, Current [Abstract]
Number of real estate properties | property	1
Expected period to close on property	12 months

SUMMARY OF SIGNIFICANT ACCOUN53

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Other Current Liabilities
Security deposits payable	$ 6,602	$ 5,978
Accrued rent	2,160	1,930
Due to affiliates	1,786	892
Dividends payable	930	8,949
Miscellaneous current liabilities	11,118	11,219
Other current liabilities	22,596	28,968
Other Liabilities
Security deposits payable	66	95
Unfavorable leasehold interests	3,374	4,225
Accrued rent	1,057	683
Miscellaneous liabilities	349	1,059
Other liabilities	$ 4,846	$ 6,062

SUMMARY OF SIGNIFICANT ACCOUN54

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accretion of discount and premium and other amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Accretion of net discount on securities, loans and other investments	$ (4,698)	$ (7,926)	$ (5,802)
Amortization of net discount on debt obligations and deferred financing costs	1,241	1,501	3,325
Amortization of net deferred hedge gains – debt	0	(20)	(78)
Amortization of discount and premium	(3,457)	(6,445)	(2,555)
Amortization of leasehold intangibles	4,111	4,451	4,942
Accretion of membership deposit liability	6,453	5,803	5,840
Other amortization	$ 10,564	$ 10,254	$ 10,782

DISCONTINUED OPERATIONS - Resul

DISCONTINUED OPERATIONS - Results of Operations from Discontinued Operations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Operating Costs
(Loss) Income Applicable To Common Stockholders	$ 646
Discontinued Operations
Revenues
Rental income	556
Total revenues	556
Operating Costs
Property operating expenses	187
General and administrative expense	30
Depreciation and amortization	11
Gain on settlement of investments	(318)
Total operating costs	(90)
(Loss) Income Applicable To Common Stockholders	$ 646

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017statepropertysegment
Segment Reporting [Abstract]
Number of reportable segments | segment	4
Number of properties in United States | property	75
Number of states the properties are located | state	13

SEGMENT REPORTING - Segment Rep

SEGMENT REPORTING - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Golf course operations									$ 221,737	$ 226,255	$ 224,419
Sales of food and beverages									70,857	72,625	71,437
Total revenues	$ 70,402	$ 81,691	$ 81,360	$ 59,141	$ 69,076	$ 83,162	$ 84,484	$ 62,158	292,594	298,880	295,856
Operating costs
Operating expenses									247,905	254,353	254,553
Cost of sales - food and beverages									20,959	21,593	22,549
General and administrative expense									7,887	9,488	10,914
General and administrative expense - acquisition and transaction expenses (B)									8,737	4,354	1,123
Management fee and termination payment to affiliate									21,410	10,704	10,692
Depreciation and amortization									24,304	26,496	28,634
Impairment									60	10,381	11,896
Realized and unrealized loss on investments									6,243	685	(22,264)
Total operating costs	90,493	86,012	87,113	73,887	87,192	82,382	89,706	78,774	337,505	338,054	318,097
Operating (loss) income	(20,091)	(4,321)	(5,753)	(14,746)	(18,116)	780	(5,222)	(16,616)	(44,911)	(39,174)	(22,241)
Other income (expenses)
Interest and investment income									23,162	91,291	95,891
Interest expense, net									(19,581)	(52,868)	(62,129)
Gain (loss) on extinguishment of debt									(294)	(780)	15,306
Gain on deconsolidation									0	82,130	0
Other (loss) income, net									388	(3,074)	(5,574)
Inter-segment elimination											0
Total other income	(4,063)	3,850	1,557	2,331	(1,451)	19,677	8,518	89,955	3,675	116,699	43,494
Income tax expense (benefit)	(82)	(2)	510	539	45	(38)	138	44	965	189	345
(Loss) Income from continuing operations	(24,072)	(469)	(4,706)	(12,954)	(19,612)	20,495	3,158	73,295	(42,201)	77,336	20,908
Income from discontinued operations									0	0	646
Net (Loss) Income									(42,201)	77,336	21,554
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 (income) loss attributable to noncontrolling interest					(92)	(177)	(112)	124	0	(257)	293
Net loss attributable to noncontrolling interest											0
(Loss) Income Applicable To Common Stockholders	(25,467)	$ (1,864)	$ (6,101)	$ (14,349)	(21,099)	$ 18,923	$ 1,651	$ 72,024	(47,781)	71,499	16,267
(Loss) Income Applicable To Common Stockholders											646
Total assets	536,648				1,171,958				536,648	1,171,958
Total liabilities	365,597				953,891				365,597	953,891
Preferred stock	61,583				61,583				61,583	61,583
Equity attributable to common stockholders	109,468				156,484				109,468	156,484
Additions to property and equipment (including capital leases) during the year ended December 31, 2016									43,646	12,571	7,637
Amortization									8,200	8,900	10,000
Accretion of membership deposit liabilities									6,500	5,800	5,800
Equity method investments	21,135				19,256				21,135	19,256
Leasehold intangibles
Other income (expenses)
Amortization									4,100	4,500	4,900
Operating segments | Traditional Golf
Revenues
Golf course operations									221,737	226,255	224,419
Sales of food and beverages									70,857	72,625	71,437
Total revenues									292,594	298,880	295,856
Operating costs
Operating expenses									247,585	254,353	254,553
Cost of sales - food and beverages									20,959	21,593	22,549
General and administrative expense									3,086	2,708	2,983
General and administrative expense - acquisition and transaction expenses (B)									677	1,594	1,364
Management fee and termination payment to affiliate									0	0	0
Depreciation and amortization									24,260	26,496	28,682
Impairment									0	6,232	0
Realized and unrealized loss on investments									199	(294)	9
Total operating costs									296,766	312,682	310,140
Operating (loss) income									(4,172)	(13,802)	(14,284)
Other income (expenses)
Interest and investment income									159	134	152
Interest expense, net									(15,277)	(12,470)	(16,520)
Gain (loss) on extinguishment of debt									(294)	(780)	14,818
Gain on deconsolidation										0
Other (loss) income, net									(1,468)	(2,379)	(1,629)
Inter-segment elimination											3,005
Total other income									(16,880)	(15,495)	(174)
Income tax expense (benefit)									0	188	345
(Loss) Income from continuing operations											(14,803)
Income from discontinued operations											0
Net (Loss) Income									(21,052)	(29,485)	(14,803)
Preferred dividends									0	0	0
Net (income) loss attributable to noncontrolling interest										(257)	293
(Loss) Income Applicable To Common Stockholders									(21,052)	(29,742)	(14,510)
Total assets	334,925				341,035				334,925	341,035
Total liabilities	300,176				286,002				300,176	286,002
Preferred stock	0				0				0	0
Equity attributable to common stockholders	34,749				55,033				34,749	55,033
Additions to property and equipment (including capital leases) during the year ended December 31, 2016									16,284	11,912	7,637
Operating leases, rent expense									3,000	3,800	4,600
Operating segments | Entertainment Golf
Revenues
Golf course operations									0	0	0
Sales of food and beverages									0	0	0
Total revenues									0	0	0
Operating costs
Operating expenses									320	0	0
Cost of sales - food and beverages									0	0	0
General and administrative expense									347	12	0
General and administrative expense - acquisition and transaction expenses (B)									7,139	1,555	0
Management fee and termination payment to affiliate									0	0	0
Depreciation and amortization									44	0	0
Impairment									0	0	0
Realized and unrealized loss on investments									0	0	0
Total operating costs									7,850	1,567	0
Operating (loss) income									(7,850)	(1,567)	0
Other income (expenses)
Interest and investment income									0	0	0
Interest expense, net									0	0	0
Gain (loss) on extinguishment of debt									0	0	0
Gain on deconsolidation										0
Other (loss) income, net									0	0	0
Inter-segment elimination											0
Total other income									0	0	0
Income tax expense (benefit)									0	1	0
(Loss) Income from continuing operations											0
Income from discontinued operations											0
Net (Loss) Income									(7,850)	(1,568)	0
Preferred dividends									0	0	0
Net (income) loss attributable to noncontrolling interest										0	0
(Loss) Income Applicable To Common Stockholders									(7,850)	(1,568)	0
Total assets	41,046				1,425				41,046	1,425
Total liabilities	9,328				1,116				9,328	1,116
Preferred stock	0				0				0	0
Equity attributable to common stockholders	31,718				309				31,718	309
Additions to property and equipment (including capital leases) during the year ended December 31, 2016									27,295	659	0
Capitalized interest									200
Operating segments | Debt Investments
Revenues
Golf course operations									0	0	0
Sales of food and beverages									0	0	0
Total revenues									0	0	0
Operating costs
Operating expenses									0	0	0
Cost of sales - food and beverages									0	0	0
General and administrative expense									20	93	291
General and administrative expense - acquisition and transaction expenses (B)									0	0	60
Management fee and termination payment to affiliate									0	0	0
Depreciation and amortization									0	0	0
Impairment									60	4,149	11,896
Realized and unrealized loss on investments									6,044	979	(22,273)
Total operating costs									6,124	5,221	(10,026)
Operating (loss) income									(6,124)	(5,221)	10,026
Other income (expenses)
Interest and investment income									22,190	91,107	98,721
Interest expense, net									(2,532)	(38,112)	(44,831)
Gain (loss) on extinguishment of debt									0	0	488
Gain on deconsolidation										82,130
Other (loss) income, net									1,856	(695)	(3,999)
Inter-segment elimination											(3,005)
Total other income									21,514	134,430	47,374
Income tax expense (benefit)									0	0	0
(Loss) Income from continuing operations											57,400
Income from discontinued operations											0
Net (Loss) Income									15,390	129,209	57,400
Preferred dividends									0	0	0
Net (income) loss attributable to noncontrolling interest										0	0
(Loss) Income Applicable To Common Stockholders									15,390	129,209	57,400
Total assets	23,991				707,533				23,991	707,533
Total liabilities	165				603,257				165	603,257
Preferred stock	0				0				0	0
Equity attributable to common stockholders	23,826				104,276				23,826	104,276
Additions to property and equipment (including capital leases) during the year ended December 31, 2016									0	0	0
Operating segments | Corporate
Revenues
Golf course operations									0	0	0
Sales of food and beverages									0	0	0
Total revenues									0	0	0
Operating costs
Operating expenses									0	0	0
Cost of sales - food and beverages									0	0	0
General and administrative expense									4,434	6,675	7,640
General and administrative expense - acquisition and transaction expenses (B)									921	1,205	(301)
Management fee and termination payment to affiliate									21,410	10,704	10,692
Depreciation and amortization									0	0	(48)
Impairment									0	0	0
Realized and unrealized loss on investments									0	0	0
Total operating costs									26,765	18,584	17,983
Operating (loss) income									(26,765)	(18,584)	(17,983)
Other income (expenses)
Interest and investment income									813	50	23
Interest expense, net									(1,772)	(2,286)	(3,783)
Gain (loss) on extinguishment of debt									0	0	0
Gain on deconsolidation										0
Other (loss) income, net									0	0	54
Inter-segment elimination											0
Total other income									(959)	(2,236)	(3,706)
Income tax expense (benefit)									965	0	0
(Loss) Income from continuing operations											(21,689)
Income from discontinued operations											0
Net (Loss) Income									(28,689)	(20,820)	(21,689)
Preferred dividends									(5,580)	(5,580)	(5,580)
Net (income) loss attributable to noncontrolling interest										0	0
(Loss) Income Applicable To Common Stockholders									(34,269)	(26,400)	(27,269)
Total assets	136,686				121,965				136,686	121,965
Total liabilities	55,928				63,516				55,928	63,516
Preferred stock	61,583				61,583				61,583	61,583
Equity attributable to common stockholders	$ 19,175				$ (3,134)				19,175	(3,134)
Additions to property and equipment (including capital leases) during the year ended December 31, 2016									$ 67	$ 0	0
Eliminations
Revenues
Golf course operations											0
Sales of food and beverages											0
Total revenues											0
Operating costs
Operating expenses											0
Cost of sales - food and beverages											0
General and administrative expense											0
General and administrative expense - acquisition and transaction expenses (B)											0
Management fee and termination payment to affiliate											0
Depreciation and amortization											0
Impairment											0
Realized and unrealized loss on investments											0
Total operating costs											0
Operating (loss) income											0
Other income (expenses)
Interest and investment income											(3,005)
Interest expense, net											3,005
Gain (loss) on extinguishment of debt											0
Other (loss) income, net											0
Inter-segment elimination											0
Total other income											0
Income tax expense (benefit)											0
(Loss) Income from continuing operations											0
Income from discontinued operations											0
Net (Loss) Income											0
Preferred dividends											0
Net (income) loss attributable to noncontrolling interest											0
(Loss) Income Applicable To Common Stockholders											0
Additions to property and equipment (including capital leases) during the year ended December 31, 2016											$ 0

PROPERTY AND EQUIPMENT, NET O58

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION - Summary of Property and Equipment, Net of Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	$ 325,994	$ 282,347
Accumulated Depreciation	(84,736)	(64,736)
Net Carrying Value	241,258	217,611
Land
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	88,251	84,319
Accumulated Depreciation	0	0
Net Carrying Value	88,251	84,319
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	154,769	144,690
Accumulated Depreciation	(52,636)	(39,402)
Net Carrying Value	102,133	105,288
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	33,109	29,132
Accumulated Depreciation	(23,451)	(20,516)
Net Carrying Value	9,658	8,616
Capital leases - equipment
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	24,949	20,844
Accumulated Depreciation	(8,649)	(4,818)
Net Carrying Value	16,300	16,026
Construction in progress
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	24,916	3,362
Accumulated Depreciation	0	0
Net Carrying Value	$ 24,916	$ 3,362

PROPERTY AND EQUIPMENT, NET O59

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Reduction in accumulated depreciation from disposal of property and equipment		$ 1	$ 5.3
Disposal of golf property		2.6	5.5
Capital leases - equipment
Property, Plant and Equipment [Line Items]
Depreciation		$ 21	$ 23.4	$ 24.9
Golf Property
Property, Plant and Equipment [Line Items]
Disposal of golf property	$ 1.1
Loss on golf property	0.5
Land
Property, Plant and Equipment [Line Items]
Land acquired	$ 5

INTANGIBLES, NET OF ACCUMULAT60

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investment [Line Items]
Net Carrying Value	$ 56,045
Nonamortizable liquor licenses	1,231
Total intangibles, Net Carrying Value	57,276	$ 65,112
Amortization of Intangible Assets	8,200	8,900	$ 10,000
Leasehold intangibles
Investment [Line Items]
Amortization of Intangible Assets	4,100	4,500	$ 4,900
Golf Investments
Investment [Line Items]
Accumulated Amortization	(33,909)	(25,778)
Total intangibles, Gross Carrying Amount	91,185	90,890
Total intangibles, Net Carrying Value	57,276	65,112
Golf Investments | Trade name
Investment [Line Items]
Gross Carrying Amount	700	700
Accumulated Amortization	(93)	(70)
Net Carrying Value	607	630
Golf Investments | Leasehold intangibles
Investment [Line Items]
Gross Carrying Amount	48,107	48,107
Accumulated Amortization	(16,716)	(12,550)
Net Carrying Value	31,391	35,557
Golf Investments | Management contracts
Investment [Line Items]
Gross Carrying Amount	35,111	35,207
Accumulated Amortization	(13,468)	(10,434)
Net Carrying Value	21,643	24,773
Golf Investments | Internally-developed software
Investment [Line Items]
Gross Carrying Amount	800	800
Accumulated Amortization	(640)	(480)
Net Carrying Value	160	320
Golf Investments | Membership base
Investment [Line Items]
Gross Carrying Amount	5,236	5,236
Accumulated Amortization	(2,992)	(2,244)
Net Carrying Value	2,244	2,992
Nonamortizable liquor licenses | Golf Investments
Investment [Line Items]
Nonamortizable liquor licenses	$ 1,231	$ 840

INTANGIBLES, NET OF ACCUMULAT61

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION - Schedule of Future Amortization Expense (Details 1) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
2,018	$ 8,055
2,019	7,258
2,020	6,714
2,021	4,762
2,022	3,553
Thereafter	25,703
Net Carrying Value	56,045
Nonamortizable liquor licenses	1,231
Total intangibles, Net Carrying Value	$ 57,276	$ 65,112

DEBT OBLIGATIONS - Debt Obligat

DEBT OBLIGATIONS - Debt Obligations (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2017USD ($)property	Dec. 31, 2017USD ($)property	Jun. 30, 2017USD ($)property	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Credit facilities and obligations under capital leases - noncurrent		$ 112,105,000	$ 112,105,000		$ 111,585,000
Number of real estate properties | property		75	75
Total debt obligations
Debt Instrument [Line Items]
Outstanding Face Amount		$ 169,830,000	$ 169,830,000		770,572,000
Carrying Value		$ 167,965,000	$ 167,965,000		767,465,000
Weighted Average Funding Cost		6.46%	6.46%
Weighted Average Life (Years)			6 years 6 months 1 day
Face Amount of Floating Rate Debt		$ 153,204,000	$ 153,204,000
FNMA/FHLMC securities
Debt Instrument [Line Items]
Outstanding Face Amount		0	0		600,964,000
Carrying Value		$ 0	$ 0		600,964,000
Weighted Average Funding Cost		0.00%	0.00%
Weighted Average Life (Years)			1 day
Face Amount of Floating Rate Debt		$ 0	$ 0
Weighted Average Coupon - rate		0.00%	0.00%
Credit Facilities and Capital Leases
Debt Instrument [Line Items]
Outstanding Face Amount		$ 118,826,000	$ 118,826,000		118,604,000
Carrying Value		$ 116,757,000	$ 116,757,000		115,284,000
Weighted Average Funding Cost		7.72%	7.72%
Weighted Average Life (Years)			1 year 9 months 1 day
Face Amount of Floating Rate Debt		$ 102,200,000	$ 102,200,000
Traditional Golf term loan
Debt Instrument [Line Items]
Outstanding Face Amount		102,000,000	102,000,000	$ 102,000,000	102,000,000
Carrying Value		$ 99,931,000	$ 99,931,000		98,680,000
Weighted Average Funding Cost		7.92%	7.92%
Weighted Average Life (Years)			1 year 6 months 1 day
Face Amount of Floating Rate Debt		$ 102,000,000	$ 102,000,000
Number of real estate properties | property		22	22	22
Deferred finance costs		$ 2,100,000	$ 2,100,000		3,300,000
Traditional Golf term loan | LIBOR
Debt Instrument [Line Items]
Weighted Average Coupon - spread on basis for variable rate	4.70%		4.70%
Variable rate (as percent)			1.80%
Traditional Golf term loan | LIBOR | Interest rate cap
Debt Instrument [Line Items]
Variable rate (as percent)			1.80%
Traditional Golf term loan | Upper Range | LIBOR | Interest rate cap
Debt Instrument [Line Items]
Variable rate (as percent)	1.80%
Vineyard II
Debt Instrument [Line Items]
Outstanding Face Amount		200,000	$ 200,000		200,000
Carrying Value		$ 200,000	$ 200,000		200,000
Weighted Average Funding Cost		2.20%	2.20%
Weighted Average Life (Years)			26 years 6 days
Face Amount of Floating Rate Debt		$ 200,000	$ 200,000
Weighted Average Coupon - rate		2.20%	2.20%
Variable rate (as percent)			1.00%
Capital Leases (Equipment)
Debt Instrument [Line Items]
Outstanding Face Amount		$ 16,626,000	$ 16,626,000		16,404,000
Carrying Value		$ 16,626,000	$ 16,626,000		16,404,000
Weighted Average Funding Cost		6.55%	6.55%
Weighted Average Life (Years)			3 years 7 months 1 day
Face Amount of Floating Rate Debt		$ 0	$ 0
Capital Leases (Equipment) | Lower Range
Debt Instrument [Line Items]
Weighted Average Coupon - rate		3.00%	3.00%
Capital Leases (Equipment) | Upper Range
Debt Instrument [Line Items]
Weighted Average Coupon - rate		16.16%	16.16%
Current portion of obligations under capital leases
Debt Instrument [Line Items]
Outstanding Face Amount		$ 4,652,000	$ 4,652,000		3,699,000
Less current portion of obligations under capital leases		4,652,000	4,652,000		3,699,000
Credit facilities and obligations under capital leases - noncurrent
Debt Instrument [Line Items]
Outstanding Face Amount		114,174,000	114,174,000		114,905,000
Credit facilities and obligations under capital leases - noncurrent		112,105,000	112,105,000		111,585,000
Junior subordinated notes payable
Debt Instrument [Line Items]
Outstanding Face Amount		51,004,000	51,004,000		51,004,000
Carrying Value		$ 51,208,000	$ 51,208,000		$ 51,217,000
Weighted Average Funding Cost		3.60%	3.60%
Weighted Average Life (Years)			17 years 4 months 1 day
Face Amount of Floating Rate Debt		$ 51,004,000	$ 51,004,000
Junior subordinated notes payable | LIBOR
Debt Instrument [Line Items]
Weighted Average Coupon - spread on basis for variable rate		2.25%	2.25%

DEBT OBLIGATIONS DEBT OBLIGATIO

DEBT OBLIGATIONS DEBT OBLIGATIONS - Narrative (Details) round in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2016renewal	Dec. 31, 2017USD ($)propertyinstallmentround	Jun. 30, 2017USD ($)property	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Number of real estate properties | property		75
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
Credit Facilities and Capital Leases
Debt Instrument [Line Items]
Face amount of debt		$ 118,826,000		$ 118,604,000
Golf Loans
Debt Instrument [Line Items]
Face amount of debt		$ 102,000,000	$ 102,000,000	102,000,000
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%
Number of installments | installment		5
Rounds of golf | round		240
Achievement period		36 months

DEBT OBLIGATIONS - Future Minim

DEBT OBLIGATIONS - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2017USD ($)
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,018	$ 5,600
2,019	5,462
2,020	4,182
2,021	2,607
2,022	825
Thereafter	56
Total minimum lease payments	18,732
Less: imputed interest	2,106
Present value of net minimum lease payments	$ 16,626

DEBT OBLIGATIONS - Maturities o

DEBT OBLIGATIONS - Maturities of Debt Obligations (Details) $ in Thousands	Dec. 31, 2017USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
Debt discounts	$ 1,900
2,018	4,652
2,019	106,822
2,020	3,829
2,021	2,467
2,022	801
Thereafter	51,259
Total	169,830
Nonrecourse
Long-term Debt, Fiscal Year Maturity [Abstract]
2,018	4,652
2,019	106,822
2,020	3,829
2,021	2,467
2,022	801
Thereafter	255
Total	118,826
Recourse
Long-term Debt, Fiscal Year Maturity [Abstract]
2,018	0
2,019	0
2,020	0
2,021	0
2,022	0
Thereafter	51,004
Total	$ 51,004

REAL ESTATE SECURITIES - Real E

REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2016USD ($)security	Dec. 31, 2017USD ($)security	Dec. 31, 2016USD ($)security	Dec. 31, 2015USD ($)
Investment [Line Items]
Other-Than- Temporary- Impairment	$ 0		$ 0	$ (3,010)
Amortized Cost Basis		$ 924
Carrying Value		2,294
OTTI recorded	23,100	600	23,100	$ 2,400
Total outstanding face amount of fixed rate securities	619,800	0	619,800
Total outstanding face amount of floating rate securities	4,000	4,000	4,000
Total Securities, Available-for-Sale
Investment [Line Items]
Outstanding Face Amount	623,808	4,000	623,808
Before Impairment	652,735	2,445	652,735
Other-Than- Temporary- Impairment	(24,649)	(1,521)	(24,649)
Amortized Cost Basis	628,086	924	628,086
Gains	1,168	1,370	1,168
Losses	0	0	0
Carrying Value	$ 629,254	$ 2,294	$ 629,254
Number of Securities | security	16	1	16
Coupon		1.94%
Yield		22.69%
Weighted Average Life (Years)		7 years 6 months 1 day
ABS - Non-Agency RMBS | Total Securities, Available-for-Sale
Investment [Line Items]
Outstanding Face Amount	$ 4,000	$ 4,000	$ 4,000
Before Impairment	2,303	2,445	2,303
Other-Than- Temporary- Impairment	(1,521)	(1,521)	(1,521)
Amortized Cost Basis	782	924	782
Gains	1,168	1,370	1,168
Losses	0	0	0
Carrying Value	$ 1,950	$ 2,294	$ 1,950
Number of Securities | security	1	1	1
Coupon		1.94%	1.15%
Yield		22.69%	25.45%
Weighted Average Life (Years)		7 years 6 months 1 day	9 years
Principal Subordination	27.90%	33.00%	27.90%
FNMA/FHLMC | Total Securities, Available-for-Sale
Investment [Line Items]
Outstanding Face Amount	$ 619,808		$ 619,808
Before Impairment	650,432		650,432
Other-Than- Temporary- Impairment	(23,128)		(23,128)
Amortized Cost Basis	627,304		627,304
Gains	0		0
Losses	0		0
Carrying Value	$ 627,304		$ 627,304
Number of Securities | security	15		15
Coupon			3.28%
Yield			2.65%
Weighted Average Life (Years)			8 years 5 months

REAL ESTATE SECURITIES (Narrati

REAL ESTATE SECURITIES (Narrative) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
OTTI recorded	$ 23,100,000	$ 600,000	$ 23,100,000	$ 2,400,000
OTTI recorded in other comprehensive income		$ 0	$ 0	$ 100,000

REAL ESTATE SECURITIES - Credit

REAL ESTATE SECURITIES - Credit Losses on Debt Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income, Balance at January 1, 2016	$ (3,010)
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)
Reduction for securities deconsolidated during the period	3,120
Credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income, Balance at December 31, 2016	$ 0

REAL ESTATE SECURITIES - FNMA_F

REAL ESTATE SECURITIES - FNMA/FHLMC Activity (Details) - FNMA/FHLMC - USD ($) $ in Millions	1 Months Ended
	Aug. 31, 2017	Mar. 31, 2017	Nov. 30, 2016	Oct. 31, 2016	Sep. 30, 2016	Aug. 31, 2016	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016
January 2016 Sale
Gain (Loss) on Investments [Line Items]
Face amount of securities sold									$ (350.3)
Average price percentage - sold (as percent)									103.20%
Total Proceeds (Payment)									$ 361.3
Gain (Loss)									(3.9)
Repurchase Agreement Financed (Repaid)									(348.6)
January 2016 Purchase 1
Gain (Loss) on Investments [Line Items]
Face Amount of securities purchased									$ 102.7
Average price percentage - purchases (as percent)									103.20%
Total Proceeds (Payment)									$ (105.9)
Repurchase Agreement Financed (Repaid)									102.2
January 2016 Purchase 2
Gain (Loss) on Investments [Line Items]
Face Amount of securities purchased									$ 250.1
Average price percentage - purchases (as percent)									103.20%
Total Proceeds (Payment)									$ (258.1)
Repurchase Agreement Financed (Repaid)									$ 249.1
April 2016 Sale
Gain (Loss) on Investments [Line Items]
Face amount of securities sold								$ (347.5)
Average price percentage - sold (as percent)								104.90%
Total Proceeds (Payment)								$ 364.3
Gain (Loss)								5.9
Repurchase Agreement Financed (Repaid)								(352)
April 2016 Purchase
Gain (Loss) on Investments [Line Items]
Face Amount of securities purchased								$ 363.1
Average price percentage - purchases (as percent)								105.00%
Total Proceeds (Payment)								$ (381.1)
Repurchase Agreement Financed (Repaid)								$ 366.4
July 2016 Sale
Gain (Loss) on Investments [Line Items]
Face amount of securities sold							$ (353.6)
Average price percentage - sold (as percent)							105.50%
Total Proceeds (Payment)							$ 373.1
Gain (Loss)							1.8
Repurchase Agreement Financed (Repaid)							(361.1)
July 2016 Purchase
Gain (Loss) on Investments [Line Items]
Face Amount of securities purchased							$ 428.9
Average price percentage - purchases (as percent)							105.70%
Total Proceeds (Payment)							$ (453.1)
Repurchase Agreement Financed (Repaid)							$ 434.9
August 2016 Purchase 1
Gain (Loss) on Investments [Line Items]
Face Amount of securities purchased						$ 249.6
Average price percentage - purchases (as percent)						103.90%
Total Proceeds (Payment)						$ (259.3)
Repurchase Agreement Financed (Repaid)						248.7
August 2016 Purchase 2
Gain (Loss) on Investments [Line Items]
Face Amount of securities purchased						$ 116.8
Average price percentage - purchases (as percent)						105.70%
Total Proceeds (Payment)						$ (123.5)
Repurchase Agreement Financed (Repaid)						$ 118.6
September 2016 Purchase
Gain (Loss) on Investments [Line Items]
Face Amount of securities purchased					$ 35.6
Average price percentage - purchases (as percent)					103.80%
Total Proceeds (Payment)					$ (37)
Repurchase Agreement Financed (Repaid)					$ 35.4
October 2016 Purchase 1
Gain (Loss) on Investments [Line Items]
Face Amount of securities purchased				$ 776.9
Average price percentage - purchases (as percent)				103.60%
Total Proceeds (Payment)				$ (805.1)
Repurchase Agreement Financed (Repaid)				769.6
October 2016 Purchase 2
Gain (Loss) on Investments [Line Items]
Face Amount of securities purchased				$ 632.2
Average price percentage - purchases (as percent)				104.90%
Total Proceeds (Payment)				$ (663.5)
Repurchase Agreement Financed (Repaid)				628.2
October 2016 Sale
Gain (Loss) on Investments [Line Items]
Face amount of securities sold				$ (817.2)
Average price percentage - sold (as percent)				105.00%
Total Proceeds (Payment)				$ 858.2
Gain (Loss)				0.1
Repurchase Agreement Financed (Repaid)				$ (831.7)
November 2016 Sale
Gain (Loss) on Investments [Line Items]
Face amount of securities sold			$ (779)
Average price percentage - sold (as percent)			101.50%
Total Proceeds (Payment)			$ 790.7
Gain (Loss)			(16.2)
Repurchase Agreement Financed (Repaid)			$ (773.7)
March 2017 Sale
Gain (Loss) on Investments [Line Items]
Face amount of securities sold		$ (289.7)
Average price percentage - sold (as percent)		98.80%
Total Proceeds (Payment)		$ 286.1
Gain (Loss)		(2.8)
Repurchase Agreement Financed (Repaid)		$ (277.8)
August 2017 Sale
Gain (Loss) on Investments [Line Items]
Face amount of securities sold	$ (299.5)
Average price percentage - sold (as percent)	103.20%
Total Proceeds (Payment)	$ 309
Gain (Loss)	2.3
Repurchase Agreement Financed (Repaid)	$ (302.1)

LOANS - Schedule of Loans (Deta

LOANS - Schedule of Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Federal income tax basis	$ 12,900
Loans, Held for Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount of real estate related loans on non-accrual status	13,700	$ 77,200
Loans, Held for Sale | Held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	13,697
Carrying Value	$ 147	$ 55,612	$ 149,198	$ 230,200
Loan Count | loan	1	4
Wtd. Avg Yield	20.00%	22.49%
Wtd Avg Coupon	10.00%
Weighted Average Life (Years)	1 year 6 months 1 day
Floating Rate Loans as a % of Face Amount	0.00%
Delinquent Face Amount	$ 13,697
Loans, Held for Sale | Corporate Loans | Held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	13,697
Carrying Value	$ 147	$ 55,612
Loan Count | loan	1	4
Wtd. Avg Yield	20.00%	22.49%
Wtd Avg Coupon	10.00%
Weighted Average Life (Years)	1 year 6 months 1 day
Floating Rate Loans as a % of Face Amount	0.00%
Delinquent Face Amount	$ 13,697
Residential Loans | Held-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	0
Carrying Value	$ 0	$ 231
Loan Count | loan	0	3
Wtd. Avg Yield	0.00%	3.40%
Wtd Avg Coupon	0.00%
Weighted Average Life (Years)	0 days
Floating Rate Loans as a % of Face Amount	0.00%
Delinquent Face Amount	$ 0

LOANS - Narrative (Details)

LOANS - Narrative (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended				24 Months Ended
	Aug. 31, 2017	Sep. 30, 2016	Apr. 30, 2016	Dec. 31, 2015	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment of debt				$ 11.5	$ 35.9	$ 39.3	$ 188.9	$ 787.8
Proceeds from notes receivable	$ 69.5	$ 109.9
Discount accretion recognized	$ 5.5
Loans, Held for Sale | Corporate Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from notes receivable		$ 109.9
Loans, Held for Sale | Disposed of by sale | Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount of securities sold			$ 19.4
Loans, Held for Sale | Disposed of by sale | Mezzanine Loans | Mezzanine Note Payable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment of debt			$ 11.7

LOANS - Activity in Carrying Va

LOANS - Activity in Carrying Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Loans and Leases Receivable [Roll Forward]
Valuation allowance on loans	$ (60)	$ (4,039)	$ (9,541)
Held-for-sale | Loans, Held for Sale
Loans and Leases Receivable [Roll Forward]
Carrying value	55,612	149,198	230,200
Purchases / additional fundings	0	0	0
Interest accrued to principal balance	8,458	29,025	27,717
Principal pay downs and Settlements	(69,455)	(109,892)	(46,696)
Sales		(19,433)	(55,574)
Valuation allowance on loans	0	(3,826)	(9,284)
Accretion of loan discount and other amortization	5,532	10,540	3,203
Loss on settlement of loans		0
Other	0		(368)
Carrying Value	147	55,612	149,198
Held-for-sale | Residential Mortgage Loans, Held for Sale
Loans and Leases Receivable [Roll Forward]
Carrying value	231
Carrying Value	0	231
Held-for-sale | Residential Mortgage Loans, Held for Sale | Residential mortgage loans
Loans and Leases Receivable [Roll Forward]
Carrying value	231	532	3,854
Purchases / additional fundings	0	0	0
Interest accrued to principal balance	0	0	0
Principal pay downs and Settlements	(183)	(40)	(134)
Sales		0	(2,925)
Valuation allowance on loans	(60)	(213)	(257)
Accretion of loan discount and other amortization	0	0	0
Loss on settlement of loans		(48)
Other	12		(6)
Carrying Value	$ 0	$ 231	$ 532

LOANS - Loss Allowance Rollforw

LOANS - Loss Allowance Rollforward (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)loan
Allowance for Loan and Lease Losses [Roll Forward]
Valuation allowance on loans	$ (60)	$ (4,039)	$ (9,541)
Number of loans - total charge-offs | loan	5	0	4
Held-for-sale | Loans, Held for Sale
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ (74,691)	$ (70,865)	$ (75,926)
Charge-offs	63,453	0	14,345
Valuation allowance on loans	0	(3,826)	(9,284)
Ending balance	(11,238)	(74,691)	(70,865)
Held-for-sale | Residential Mortgage Loans, Held for Sale | Residential mortgage loans
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	(464)	(251)	(154)
Charge-offs	524	0	160
Valuation allowance on loans	(60)	(213)	(257)
Ending balance	$ 0	$ (464)	$ (251)

DERIVATIVES (Narrative) (Detail

DERIVATIVES (Narrative) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Derivative liabilities	$ 0	$ 0
Other Assets
Derivative [Line Items]
Derivative assets	$ 300,000	500,000
Other Current Assets
Derivative [Line Items]
Derivative assets		$ 400,000

DERIVATIVES - Schedule of (gain

DERIVATIVES - Schedule of (gains) losses recorded in relation to derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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	$ 0	$ 60
Hedging derivative | Cash flow hedges | Realized and 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 recognized on termination of derivative instruments	0	0	612
Hedging derivative | Cash flow hedges | Reclassification from AOCI into income/earnings | Interest expense, net | 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	0	(20)	(78)
Amount of loss reclassified from AOCI into income (effective portion)	0	0	1,363
Non-hedge derivatives | Realized and unrealized (gain) loss on investments | Interest rate
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Unrealized loss (gain) on interest rate derivatives	199	(294)	(284)
Non-hedge derivatives | Realized and unrealized (gain) loss on investments | TBAs
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Unrealized loss (gain) recognized related to TBAs	371	(928)	(1,474)
Realized loss (gain) on settlement of TBAs	$ 4,669	$ (18,318)	$ 12,907

DERIVATIVES - Schedule of addit

DERIVATIVES - Schedule of additional information about cash flow hedges (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Expected reclassification of deferred hedges from accumulated other comprehensive income (“AOCI”) into earnings over the next 12 months | Designated as hedging instrument
Derivative [Line Items]
Cash flow hedges	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR77

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets
Real estate securities, available-for-sale	$ 2,294
Loans, held-for-sale, net	147	$ 55,612
Cash and cash equivalents	167,692	140,140	$ 45,651	$ 73,727
Restricted cash, current and noncurrent	5,996	6,404
Liabilities
Repurchase agreements	0	600,964
Carrying Value
Assets
Real estate securities, available-for-sale	2,294	629,254
Loans, held-for-sale, net	147	55,612
Residential mortgage loans, held-for-sale, net	0	231
Cash and cash equivalents	167,692	140,140
Restricted cash, current and noncurrent	5,996	6,404
Non-hedge derivative assets	286	856
Liabilities
Repurchase agreements	0	600,964
Credit facilities - Traditional Golf term loan	99,931	98,680
Junior subordinated notes payable	51,208	51,217
Estimated Fair Value
Assets
Real estate securities, available-for-sale	2,294	629,254
Loans, held-for-sale, net	147	61,144
Residential mortgage loans, held-for-sale, net	0	249
Cash and cash equivalents	167,692	140,140
Restricted cash, current and noncurrent	5,996	6,404
Non-hedge derivative assets	286	856
Liabilities
Repurchase agreements	0	600,964
Credit facilities - Traditional Golf term loan	103,199	98,680
Junior subordinated notes payable	$ 27,531	$ 26,756

FAIR VALUE OF FINANCIAL INSTR78

FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets:
Real estate securities, available-for-sale	$ 2,294
Carrying Value
Assets:
Real estate securities, available-for-sale	2,294	$ 629,254
Estimated Fair Value
Assets:
Real estate securities, available-for-sale	2,294	$ 629,254
Interest rate cap | Measured on a Recurring Basis | Carrying Value
Assets:
Derivative assets not treated as hedge	286
Interest rate cap | Measured on a Recurring Basis | Estimated Fair Value
Assets:
Derivative assets not treated as hedge	286
Interest rate cap | Measured on a Recurring Basis | Level 2 | Market Quotations (Unobservable) | Estimated Fair Value
Assets:
Derivative assets not treated as hedge	286
Interest rate cap | Measured on a Recurring Basis | Level 3 | Market Quotations (Unobservable) | Estimated Fair Value
Assets:
Derivative assets not treated as hedge	0
Interest rate cap | Measured on a Recurring Basis | Level 3 | Internal Pricing Models | Estimated Fair Value
Assets:
Derivative assets not treated as hedge	0
ABS - Non-Agency RMBS | Measured on a Recurring Basis | Carrying Value
Assets:
Real estate securities, available-for-sale	2,294
ABS - Non-Agency RMBS | Measured on a Recurring Basis | Estimated Fair Value
Assets:
Real estate securities, available-for-sale	2,294
ABS - Non-Agency RMBS | Measured on a Recurring Basis | Level 2 | Market Quotations (Unobservable) | Estimated Fair Value
Assets:
Real estate securities, available-for-sale	0
ABS - Non-Agency RMBS | Measured on a Recurring Basis | Level 3 | Market Quotations (Unobservable) | Estimated Fair Value
Assets:
Real estate securities, available-for-sale	0
ABS - Non-Agency RMBS | Measured on a Recurring Basis | Level 3 | Internal Pricing Models | Estimated Fair Value
Assets:
Real estate securities, available-for-sale	$ 2,294

FAIR VALUE OF FINANCIAL INSTR79

FAIR VALUE OF FINANCIAL INSTRUMENTS - Quantitative Information about Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost Basis	$ 924
Real estate securities, available-for-sale	2,294
ABS - Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost Basis	924	$ 628,086
Real estate securities, available-for-sale	2,294	629,254
ABS - Non-Agency RMBS | ABS - Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost Basis	924	782
Real estate securities, available-for-sale	$ 2,294	$ 1,950
Weighted Average Significant Input
Discount Rate	12.00%
Prepayment Speed	4.80%
Cumulative Default Rate	4.50%
Loss Severity	69.60%

FAIR VALUE OF FINANCIAL INSTR80

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, 2017	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	$ 1,950	$ 59,034
CDO VI deconsolidation		(43,889)
Total gains (losses)
Included in net income	0	11,127
Included in other comprehensive income (loss)	202	(11,404)
Amortization included in interest income	196	1,157
Purchases, sales and settlements
Proceeds from sales		(11,237)
Proceeds from repayments	(54)	(2,838)
Balance, ending	2,294	1,950
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	0	39,684
CDO VI deconsolidation		(37,179)
Total gains (losses)
Included in net income	0	(108)
Included in other comprehensive income (loss)	0	(658)
Amortization included in interest income	0	879
Purchases, sales and settlements
Proceeds from sales		(2)
Proceeds from repayments	0	(2,616)
Balance, ending	0	0
ABS - Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	1,950	9,619
CDO VI deconsolidation		(6,710)
Total gains (losses)
Included in net income	0	3
Included in other comprehensive income (loss)	202	(1,015)
Amortization included in interest income	196	278
Purchases, sales and settlements
Proceeds from sales		(3)
Proceeds from repayments	(54)	(222)
Balance, ending	2,294	1,950
Equity/Other Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	0	9,731
CDO VI deconsolidation		0
Total gains (losses)
Included in net income	0	11,232
Included in other comprehensive income (loss)	0	(9,731)
Amortization included in interest income	0	0
Purchases, sales and settlements
Proceeds from sales		(11,232)
Proceeds from repayments	0	0
Balance, ending	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR81

FAIR VALUE OF FINANCIAL INSTRUMENTS - Gains (Losses) Recorded (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investment [Line Items]
Realized and unrealized gain on investments	$ (6,243)	$ (685)	$ 22,264
Measured on a Recurring Basis | Level 3
Investment [Line Items]
Realized and unrealized gain on investments	0	11,237
Impairment (reversal)	0	(110)
Total	0	11,127
Realized and unrealized gain on investments, net, from investments transferred into Level 3 during the period	$ 0	$ 0

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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator for basic and diluted earnings per share:
(Loss) income from continuing operations after preferred dividends and noncontrolling interest									$ (47,781)	$ 71,499	$ 15,621
Income from discontinued operations									0	0	646
(Loss) Income Applicable To Common Stockholders	$ (25,467)	$ (1,864)	$ (6,101)	$ (14,349)	$ (21,099)	$ 18,923	$ 1,651	$ 72,024	$ (47,781)	$ 71,499	$ 16,267
Denominator:
Denominator for basic earnings per share - weighted average shares (in shares)	66,963,297	66,932,744	66,874,155	66,841,977	66,772,360	66,730,583	66,681,248	66,654,598	66,903,457	66,709,925	66,479,321
Effect of dilutive securities
Options (in shares)									0	2,078,515	2,168,594
Denominator for diluted earnings per share - adjusted weighted average shares (in shares)	66,963,297	66,932,744	66,874,155	66,841,977	66,772,360	69,072,676	68,899,515	68,284,898	66,903,457	68,788,440	68,647,915
Basic earnings per share:
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest (in dollars per share)									$ (0.71)	$ 1.07	$ 0.23
Income from discontinued operations per share of common stock (in dollars per share)									0	0	0.01
Income Applicable to Common Stock, per share (in dollars per share)	$ (0.38)	$ (0.03)	$ (0.09)	$ (0.21)	$ (0.32)	$ 0.28	$ 0.02	$ 1.08	(0.71)	1.07	0.24
Diluted earnings per share:
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest (in dollars per share)									(0.71)	1.04	0.23
Income from discontinued operations per share of common stock (in dollars per share)									0	0	0.01
Income Applicable to Common Stock, per share (in dollars per share)	$ (0.38)	$ (0.03)	$ (0.09)	$ (0.21)	$ (0.32)	$ 0.27	$ 0.02	$ 1.05	$ (0.71)	$ 1.04	$ 0.24

EQUITY AND EARNINGS PER SHARE83

EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Narrative (Details)	Apr. 07, 2016shares	May 07, 2015$ / sharesshares	Apr. 16, 2015shares	Nov. 06, 2014shares	Oct. 22, 2014	Aug. 18, 2014	Feb. 13, 2014$ / shares	May 15, 2013shares	Dec. 31, 2017USD ($)$ / sharesshares	Oct. 31, 2017shares	May 31, 2017shares	Jan. 31, 2017shares	Jul. 31, 2016shares	May 31, 2016shares	Dec. 31, 2015shares	Jun. 30, 2015shares	Mar. 31, 2007USD ($)shares	Oct. 31, 2005USD ($)shares	Mar. 31, 2003USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015shares	Dec. 06, 2017right$ / shares	Apr. 11, 2017shares	Dec. 07, 2016right$ / shares	Mar. 31, 2010shares
Class of Stock [Line Items]
Dilutive common stock equivalents (in shares)																				0	2,078,515	2,168,594
Options granted to managers as percentage of shares sold in public offerings (as percent)									10.00%											10.00%
Director awards granted on joining the board, per director (in shares)																				333
Share price (in dollars per share) | $ / shares									$ 5.53											$ 5.53
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
Other investments | $									$ 21,135,000											$ 21,135,000	$ 19,256,000
Real Estate Investment with a Non-Controlling Interest
Class of Stock [Line Items]
Other investments | $									$ 0											$ 0
Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Issuance of preferred stock (in shares)																			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 Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Issuance of preferred stock (in shares)																		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 Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Issuance of preferred stock (in shares)																	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
Issued to the independent directors
Class of Stock [Line Items]
Shares of common stock issued for compensation (in shares)									13,538	30,822	90,366	18,074	21,798	57,740	18,798	51,777
Held by the Manager
Class of Stock [Line Items]
Expiration period																				10 years
Exercisable period options granted to managers																				30 months
Exercisable periods for options granted to managers									0.0769											0.0769
Stock Option
Class of Stock [Line Items]
Potentially dilutive common stock equivalents excluded from diluted EPS calculation due to loss																				1,749,596
Antidilutive common stock equivalents (in shares)																				201,430	309,024	259,277
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]
Stock split 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
2017 Plan
Class of Stock [Line Items]
Authorized shares under plan (in share)																								300,000
Tax Benefits Preservation Plan | Common Stock
Class of Stock [Line Items]
Number of rights for each common stock outstanding | right																							1		1
Tax Benefits Preservation Plan | Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares																							$ 0.01		$ 0.01
Purchase price per unit (in dollars per share) | $ / shares																							$ 36		$ 27

EQUITY AND EARNINGS PER SHARE84

EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Changes in Outstanding Options (Details)	12 Months Ended
	Dec. 31, 2017$ / sharesshares
Number of Options
Beginning Balance (in shares) | shares	5,126,906
Expired (in shares) | shares	(116,330)
Ending Balance (in shares) | shares	5,010,576
Weighted Average Strike Price
Beginning Balance (in dollars per share) | $ / shares	$ 2.79
Expired (in dollars per share) | $ / shares	13.13
Ending Balance (in dollars per share) | $ / shares	$ 2.55
Weighted Average Life Remaining
Exercisable, Number of Options (in shares) | shares	3,858,081
Exercisable, Weighted Average Strike Price (in shares) | $ / shares	$ 2.58
Weighted Average Life Remaining (in years)	5 years 7 months 1 day
Weighted Average Life Remaining (in years), Exercisable	5 years 7 months 10 days

EQUITY AND EARNINGS PER SHARE -

EQUITY AND EARNINGS PER SHARE - Outstanding Options Summary (Details) - shares	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	5,010,576	5,126,906
Issued Prior to 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		116,330
Issued in 2011 and thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	5,010,576	5,010,576
Held by the Manager
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	3,857,748	5,120,272
Held by the Manager | Issued Prior to 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		110,029
Held by the Manager | Issued in 2011 and thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	3,857,748	5,010,243
Issued to the Manager and subsequently transferred to certain Manager’s employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	1,152,495	6,301
Issued to the Manager and subsequently transferred to certain Manager’s employees | Issued Prior to 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		6,301
Issued to the Manager and subsequently transferred to certain Manager’s employees | Issued in 2011 and thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	1,152,495	0
Issued to the independent directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	333	333
Issued to the independent directors | Issued Prior to 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)		0
Issued to the independent directors | Issued in 2011 and thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	333	333

EQUITY AND EARNINGS PER SHARE86

EQUITY AND EARNINGS PER SHARE - Outstanding Options (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	5,010,576	5,126,906
Options exercisable (in shares)	3,858,081
Weighted Average Strike Price (in dollars per share)	$ 2.55	$ 2.79
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
Weighted Average Strike Price (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)	0
Weighted Average Strike Price (in dollars per share)	$ 0
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)	144,511
Weighted Average Strike Price (in dollars per share)	$ 1
Fair value at date of grant	$ 7
Intrinsic value	$ 1
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)	271,425
Weighted Average Strike Price (in dollars per share)	$ 1
Fair value at date of grant	$ 5.6
Intrinsic value	$ 1.7
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)	209,782
Weighted Average Strike Price (in dollars per share)	$ 1
Fair value at date of grant	$ 5.6
Intrinsic value	$ 1.3
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)	237,608
Weighted Average Strike Price (in dollars per share)	$ 1
Fair value at date of grant	$ 7.6
Intrinsic value	$ 1.5
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)	266,076
Weighted Average Strike Price (in dollars per share)	$ 1
Fair value at date of grant	$ 8.3
Intrinsic value	$ 1.6
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)	680,862
Weighted Average Strike Price (in dollars per share)	$ 2.32
Fair value at date of grant	$ 18
Intrinsic value	$ 3.2
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)	272,345
Weighted Average Strike Price (in dollars per share)	$ 2.95
Fair value at date of grant	$ 8.4
Intrinsic value	$ 1.1
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)	476,604
Weighted Average Strike Price (in dollars per share)	$ 3.23
Fair value at date of grant	$ 3.8
Intrinsic value	$ 1.9
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)	686,202
Weighted Average Strike Price (in dollars per share)	$ 3.57
Fair value at date of grant	$ 6
Intrinsic value	$ 2.7
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)	612,333
Weighted Average Strike Price (in dollars per share)	$ 4.01
Fair value at date of grant	$ 1.7
Intrinsic value	$ 2.3
Stock Option | Prior to 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)	(173,853)
Weighted Average Strike Price (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)
Weighted Average Strike Price (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)
Weighted Average Strike Price (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)
Weighted Average Strike Price (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)
Weighted Average Strike Price (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)
Weighted Average Strike Price (in dollars per share)	$ 3.01
Stock Option | 2002-2007
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)	(416,425)

EQUITY AND EARNINGS PER SHARE87

EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Outstanding Options Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	May 07, 2015	Mar. 31, 2014	Dec. 31, 2017
Class of Stock [Line Items]
Strike price adjustment for dividends (in dollars per share)		$ 0.32
Stock Option | 2015
Class of Stock [Line Items]
Intrinsic value of options exercised			$ 0.8
Stock Option | 2016
Class of Stock [Line Items]
Intrinsic value of options exercised			$ 0.4
Stock Option | Mar-11
Class of Stock [Line Items]
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]
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]
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]
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]
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]
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]
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]
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]
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]
Risk free rate (as percent)			2.70%
Dividend yield (as percent)			8.60%
Volatility (as percent)			23.40%
Expected term			10 years
Held by the Manager | Stock Option | Prior to 2008
Class of Stock [Line Items]
Exercised (in shares)			111,770
Issued to the Manager and subsequently transferred to certain Manager’s employees | Stock Option | Prior to 2008
Class of Stock [Line Items]
Exercised (in shares)			61,417
Issued to the Manager and subsequently transferred to certain Manager’s employees | Stock Option | Oct-12
Class of Stock [Line Items]
Intrinsic value of options exercised			$ 0.2
Issued to the Manager and subsequently transferred to certain Manager’s employees | Stock Option | Sep-13
Class of Stock [Line Items]
Intrinsic value of options exercised			$ 0.9
Issued to the Manager and subsequently transferred to certain Manager’s employees | Stock Option | 2014
Class of Stock [Line Items]
Exercised (in shares)			215,853
Intrinsic value of options exercised			$ 4.1
Issued to the Manager and subsequently transferred to certain Manager’s employees | Stock Option | 2016
Class of Stock [Line Items]
Options forfeited (in shares)			16,748
Issued to the independent directors | Stock Option | Prior to 2008
Class of Stock [Line Items]
Exercised (in shares)			666
Issued to the independent directors | Stock Option | 2014
Class of Stock [Line Items]
Exercised (in shares)			333
Stock Option
Class of Stock [Line Items]
Issuance of stock options - equitable adjustment (in shares)	178,740
Share price (in dollars per share)	$ 1
Stock Option | Mar-11
Class of Stock [Line Items]
Issuance of stock options - equitable adjustment (in shares)	24,354
Stock Option | Sep-11
Class of Stock [Line Items]
Issuance of stock options - equitable adjustment (in shares)	92,963
Stock Option | Apr-12
Class of Stock [Line Items]
Issuance of stock options - equitable adjustment (in shares)	32,105
Stock Option | May-12
Class of Stock [Line Items]
Issuance of stock options - equitable adjustment (in shares)	12,987
Stock Option | Jul-12
Class of Stock [Line Items]
Issuance of stock options - equitable adjustment (in shares)	16,331

EQUITY AND EARNINGS PER SHARE88

EQUITY AND EARNINGS PER SHARE - Outstanding Options by Strike Price (Details) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 2.55	$ 2.79
Total Unexercised Inception to Date (in shares)	5,010,576	5,126,906
Stock Option | Mar-11
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 1
Total Unexercised Inception to Date (in shares)	311,853
Stock Option | Sep-11
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 1
Total Unexercised Inception to Date (in shares)	524,212
Stock Option | Apr-12
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 1
Total Unexercised Inception to Date (in shares)	348,352
Stock Option | May-12
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 1
Total Unexercised Inception to Date (in shares)	396,316
Stock Option | Jul-12
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 1
Total Unexercised Inception to Date (in shares)	437,991
Stock Option | Jan-13
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 2.32
Total Unexercised Inception to Date (in shares)	958,331
Stock Option | Feb-13
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 2.95
Total Unexercised Inception to Date (in shares)	383,331
Stock Option | Jun-13
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 3.23
Total Unexercised Inception to Date (in shares)	670,829
Stock Option | Nov-13
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 3.57
Total Unexercised Inception to Date (in shares)	965,847
Stock Option | Aug-14
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 4.01
Total Unexercised Inception to Date (in shares)	765,416
Employees of Manager | Stock Option
Option Indexed to Issuer's Equity [Line Items]
Total Unexercised Inception to Date (in shares)	1,152,495
Employees of Manager | Stock Option | Mar-11
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 1
Total Unexercised Inception to Date (in shares)	62,370
Employees of Manager | Stock Option | Sep-11
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 1
Total Unexercised Inception to Date (in shares)	104,843
Employees of Manager | Stock Option | Apr-12
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 1
Total Unexercised Inception to Date (in shares)	69,670
Employees of Manager | Stock Option | May-12
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 1
Total Unexercised Inception to Date (in shares)	79,263
Employees of Manager | Stock Option | Jul-12
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 1
Total Unexercised Inception to Date (in shares)	87,598
Employees of Manager | Stock Option | Jan-13
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 2.32
Total Unexercised Inception to Date (in shares)	191,666
Employees of Manager | Stock Option | Feb-13
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 2.95
Total Unexercised Inception to Date (in shares)	76,666
Employees of Manager | Stock Option | Jun-13
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 3.23
Total Unexercised Inception to Date (in shares)	134,166
Employees of Manager | Stock Option | Nov-13
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 3.57
Total Unexercised Inception to Date (in shares)	193,170
Employees of Manager | Stock Option | Aug-14
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 4.01
Total Unexercised Inception to Date (in shares)	153,083

TRANSACTIONS WITH AFFILIATES 89

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES - Narrative (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Aug. 31, 2017USD ($)	Sep. 30, 2016USD ($)	Apr. 30, 2010USD ($)security	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)
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				6,800,000
Stock options outstanding (in shares) | shares				5,010,576	5,126,906
Due to affiliates				$ 1,786	$ 892
Cash investments made in affiliates or related companies			$ 75,000
Expected yield (as percent)			22.50%
Proceeds from notes receivable	$ 69,500	$ 109,900
Interest income				23,162	91,291	$ 95,891
Amount payable to aircraft operator for aircraft charter (less than)				100	100	100
Manager
Related Party Transaction [Line Items]
Termination payment				$ (10,700)	0	0
Affiliates
Related Party Transaction [Line Items]
Stock options outstanding (in shares) | shares				3,900,000
Interest income				$ 14,000	$ 39,600	$ 25,800
CDO
Related Party Transaction [Line Items]
Number of securities | security			2
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				$ 200,600
Subprime Mortgage Loans Subject to Call Option | Subprime Portfolio II
Related Party Transaction [Line Items]
Loan unpaid principal balance				$ 306,400

TRANSACTIONS WITH AFFILIATES 90

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES - Amounts Incurred Under Management Agreement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Total Management fee and termination payment to affiliate	$ 21,410	$ 10,704	$ 10,692
Manager
Related Party Transaction [Line Items]
Management fee	10,210	10,204	10,192
Expense reimbursement to the Manager	500	500	500
Termination payment	10,700	0	0
Incentive compensation	0	0	0
Total Management fee and termination payment to affiliate	$ 21,410	$ 10,704	$ 10,692

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	1 Months Ended	4 Months Ended	12 Months Ended
	Mar. 31, 2017renewal	Dec. 31, 2017USD ($)propertylease	Dec. 31, 2017USD ($)propertyrenewallease	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2017property
Segment Reporting Information [Line Items]
Number of property leases | lease		5	5
Written notice period to cancel lease			30 days
Number of real estate properties | property		75	75
Deferred revenue		$ 6,930	$ 6,930	$ 6,256
Restricted cash		5,996	$ 5,996	6,404
Ground Lease, Orlando, Florida
Segment Reporting Information [Line Items]
Operating lease term			20 years
Operating lease, number of renewal terms | renewal			3
Operating lease, renewal term			5 years
Ground Lease, Richmond, Virgina
Segment Reporting Information [Line Items]
Operating lease term	20 years
Operating lease, number of renewal terms | renewal	3
Operating lease, renewal term	5 years
Traditional Golf
Segment Reporting Information [Line Items]
Regulatory bonds outstanding		900	$ 900	900
Aggregate monthly expense			$ 500
Membership deposit term			30 years
Deferred revenue		248,500	$ 248,500
Traditional Golf | Other restricted cash - Traditional Golf
Segment Reporting Information [Line Items]
Restricted cash		5,600	5,600
Operating segments | Traditional Golf
Segment Reporting Information [Line Items]
Operating leases, rent expense			$ 3,000	$ 3,800	$ 4,600
Minimum
Segment Reporting Information [Line Items]
Operating lease term			10 years
Minimum | Traditional Golf
Segment Reporting Information [Line Items]
Operating lease term			10 years
Minimum | Property Under Operating Lease | Traditional Golf | 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 | Traditional Golf
Segment Reporting Information [Line Items]
Operating lease term			20 years
Maximum | Property Under Operating Lease | Traditional Golf | Golf Carts and Equipment
Segment Reporting Information [Line Items]
Useful life of property under operating leases			3 years
Hurricane Irma | Florida
Segment Reporting Information [Line Items]
Number of real estate properties | property						3
Property damage costs		4,200
Property damage costs reimbursed by insurer		2,000
Hurricane Irma | Florida | Minimum
Segment Reporting Information [Line Items]
Additional expected property damage costs		1,300	$ 1,300
Hurricane Irma | Florida | Maximum
Segment Reporting Information [Line Items]
Additional expected property damage costs		$ 1,800	$ 1,800

COMMITMENTS AND CONTINGENCIES92

COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Commitments (Details) $ in Thousands	Dec. 31, 2017USD ($)
Segment Reporting Information [Line Items]
2,018	$ 30,775
2,019	27,944
2,020	24,438
2,021	18,197
2,022	15,672
Thereafter	134,886
Total Minimum lease payments	251,912
Operating segments | Traditional Golf
Segment Reporting Information [Line Items]
2,018	30,727
2,019	27,623
2,020	23,994
2,021	17,744
2,022	14,764
Thereafter	116,623
Total Minimum lease payments	231,475
Operating segments | Entertainment Golf
Segment Reporting Information [Line Items]
2,018	48
2,019	321
2,020	444
2,021	453
2,022	908
Thereafter	18,263
Total Minimum lease payments	$ 20,437

INCOME TAXES - Provision for In

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal	$ 710	$ 28	$ 298
State and Local	255	64	101
Total Current Provision	965	92	399
Deferred
Federal	0	83	(46)
State and Local	0	14	(8)
Total Deferred Provision	0	97	(54)
Total Provision for Income Taxes	$ 965	$ 189	$ 345

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended						24 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Operating Loss Carryforwards [Line Items]
Repurchase of debt											$ 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									$ 173,200
Net operating loss carryforwards					$ 443,700					$ 443,700
Net operating loss carryforwards expiration										20 years
Increase in income taxes receivable related to tax cuts and jobs act									600
Income tax expense (benefit)	$ (82)	$ (2)	$ 510	$ 539	$ 45	$ (38)	$ 138	$ 44	965	$ 189	$ 345
Capital Loss Carryforward
Operating Loss Carryforwards [Line Items]
Capital loss carryforward	$ 23,100								$ 23,100

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Provision at the statutory rate	35.00%	35.00%	35.00%
Non-taxable REIT income	(0.00%)	(51.97%)	(86.91%)
Permanent items	(0.36%)	0.23%	31.24%
State and local taxes	(0.42%)	0.07%	0.32%
Valuation allowance	64.46%	15.56%	22.04%
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent	(101.31%)	0.00%	0.00%
Other	0.31%	1.35%	(0.04%)
Total provision (benefit)	(2.32%)	0.24%	1.65%

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Allowance for loan losses	$ 242	$ 358
Depreciation and amortization	26,038	38,598
Accrued expenses	1,936	2,885
Interest	4,538	16,503
Net operating losses	100,297	162,629
Capital losses	6,070	0
Deferred revenue	2,295	0
Other	2,225	2,036
Total deferred tax assets	143,641	223,009
Less valuation allowance	(106,466)	(133,192)
Net deferred tax assets	37,175	89,817
Deferred tax liabilities:
Leaseholds	8,568	13,681
Cancellation of debt	23,385	75,632
Membership deposit liabilities	5,222	0
Other	0	504
Total deferred tax liabilities	37,175	89,817
Net deferred tax assets	$ 0	$ 0

INCOME TAXES - Change in Deferr

INCOME TAXES - Change in Deferred Tax Asset Valuation Allowance (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Changes in deferred tax asset valuation allowance:
December 31, 2016	$ 133,192
December 31, 2017	106,466
Increase due to current year operations
Changes in deferred tax asset valuation allowance:
Change in valuation allowance	15,295
Decrease due to tax rate change
Changes in deferred tax asset valuation allowance:
Change in valuation allowance	$ (42,021)

IMPAIRMENT (REVERSAL) (Details)

IMPAIRMENT (REVERSAL) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Impairment	$ 60	$ 10,381	$ 11,896
Valuation allowance (reversal) on loans	60	4,039	9,541
Traditional golf properties
Schedule of Investments [Line Items]
Impairment	0	6,232	0
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]
Impairment	$ 0	$ 110	$ 2,355

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 06, 2018	Mar. 31, 2007	Oct. 31, 2005	Mar. 31, 2003	Dec. 31, 2017	Dec. 31, 2016
Series B Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividend rate (as percent)				9.75%	9.75%	9.75%
Series C Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividend rate (as percent)			8.05%		8.05%	8.05%
Series D Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividend rate (as percent)		8.375%			8.375%	8.375%
Subsequent Event
Subsequent Event [Line Items]
Dividends payable	$ 1.4
Subsequent Event | Series B Cumulative Redeemable 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 Cumulative Redeemable 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 Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.523438
Preferred stock, dividend rate (as percent)	8.375%

SUMMARY OF QUARTERLY CONSOLI100

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 70,402	$ 81,691	$ 81,360	$ 59,141	$ 69,076	$ 83,162	$ 84,484	$ 62,158	$ 292,594	$ 298,880	$ 295,856
Total operating costs	90,493	86,012	87,113	73,887	87,192	82,382	89,706	78,774	337,505	338,054	318,097
Operating (loss) income	(20,091)	(4,321)	(5,753)	(14,746)	(18,116)	780	(5,222)	(16,616)	(44,911)	(39,174)	(22,241)
Total other income (expenses)	(4,063)	3,850	1,557	2,331	(1,451)	19,677	8,518	89,955	3,675	116,699	43,494
Income tax expense (benefit)	(82)	(2)	510	539	45	(38)	138	44	965	189	345
(Loss) Income from continuing operations	(24,072)	(469)	(4,706)	(12,954)	(19,612)	20,495	3,158	73,295	(42,201)	77,336	20,908
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	0	(257)	293
(Loss) Income Applicable To Common Stockholders	$ (25,467)	$ (1,864)	$ (6,101)	$ (14,349)	$ (21,099)	$ 18,923	$ 1,651	$ 72,024	$ (47,781)	$ 71,499	$ 16,267
Loss applicable to common stock, per share
Basic (in dollars per share)	$ (0.38)	$ (0.03)	$ (0.09)	$ (0.21)	$ (0.32)	$ 0.28	$ 0.02	$ 1.08	$ (0.71)	$ 1.07	$ 0.24
Diluted (in dollars per share)	$ (0.38)	$ (0.03)	$ (0.09)	$ (0.21)	$ (0.32)	$ 0.27	$ 0.02	$ 1.05	$ (0.71)	$ 1.04	$ 0.24
Weighted average number of shares of common stock outstanding
Basic (in shares)	66,963,297	66,932,744	66,874,155	66,841,977	66,772,360	66,730,583	66,681,248	66,654,598	66,903,457	66,709,925	66,479,321
Diluted (in shares)	66,963,297	66,932,744	66,874,155	66,841,977	66,772,360	69,072,676	68,899,515	68,284,898	66,903,457	68,788,440	68,647,915