Drive Shack (DSHK) 10-K 15 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Mar. 01, 2019	Jun. 29, 2018
Document And Entity Information
Entity Registrant Name	DRIVE SHACK INC.
Entity Central Index Key	0001175483
Document Type	10-K
Document Period End Date	Dec. 31, 2018
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 Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 457.3
Entity Common Stock, Shares Outstanding		67,027,104
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2018

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 79,235	$ 167,692
Restricted cash	3,326	5,178
Accounts receivable, net	7,518	8,780
Real estate assets, held-for-sale, net	75,862	2,000
Real estate securities, available-for-sale	2,953	2,294
Other current assets	20,505	21,568
Total Current Assets	189,399	207,512
Restricted cash, noncurrent	258	818
Property and equipment, net of accumulated depreciation	132,605	241,258
Intangibles, net of accumulated amortization	48,388	57,276
Other investments	22,613	21,135
Other assets	8,684	8,649
Total Assets	401,947	536,648
Current Liabilities
Obligations under capital leases	5,489	4,652
Membership deposit liabilities	8,861	8,733
Accounts payable and accrued expenses	45,284	36,797
Deferred revenue	18,793	31,207
Real estate liabilities, held-for-sale	2,947	0
Other current liabilities	22,285	22,596
Total Current Liabilities	103,659	103,985
Credit facilities and obligations under capital leases	10,489	112,105
Junior subordinated notes payable	51,200	51,208
Membership deposit liabilities, noncurrent	90,684	86,523
Deferred revenue, noncurrent	6,016	6,930
Other liabilities	5,232	4,846
Total Liabilities	267,280	365,597
Commitments and contingencies
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, 2018 and 2017	61,583	61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 67,027,104 and 66,977,104 shares issued and outstanding at December 31, 2018 and 2017, respectively	670	670
Additional paid-in capital	3,175,843	3,173,281
Accumulated deficit	(3,105,307)	(3,065,853)
Accumulated other comprehensive income	1,878	1,370
Total Equity	134,667	171,051
Total Liabilities and Equity	$ 401,947	$ 536,648

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
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)	67,027,104	66,977,104
Common stock, shares outstanding (in shares)	67,027,104	66,977,104
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, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Total revenues	$ 314,369	$ 292,594	$ 298,880
Operating costs
Operating expenses	251,794	232,796	239,021
Cost of sales - food and beverages	20,153	20,959	21,593
General and administrative expense	38,560	31,413	29,174
Management fee and termination payment to affiliate	0	21,410	10,704
Depreciation and amortization	19,704	24,304	26,496
Pre-opening costs	2,483	320	0
Impairment	8,240	60	10,381
Realized and unrealized (gain) loss on investments	(131)	6,243	685
Total operating costs	340,803	337,505	338,054
Operating loss	(26,434)	(44,911)	(39,174)
Other income (expenses)
Interest and investment income	1,794	23,162	91,291
Interest expense, net	(16,639)	(19,581)	(52,868)
Gain on deconsolidation	0	0	82,130
Other income (loss), net	2,880	94	(3,854)
Total other income (loss)	(11,965)	3,675	116,699
(Loss) Income before income tax	(38,399)	(41,236)	77,525
Income tax expense	284	965	189
Net (Loss) Income	(38,683)	(42,201)	77,336
Preferred dividends	(5,580)	(5,580)	(5,580)
Net (income) attributable to noncontrolling interest	0	0	(257)
(Loss) Income Applicable To Common Stockholders	$ (44,263)	$ (47,781)	$ 71,499
(Loss) Income Applicable to Common Stock, per share
Basic (in dollars per share)	$ (0.66)	$ (0.71)	$ 1.07
Diluted (in dollars per share)	$ (0.66)	$ (0.71)	$ 1.04
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	66,993,543	66,903,457	66,709,925
Diluted (in shares)	66,993,543	66,903,457	68,788,440
Golf operations
Revenues
Total revenues	$ 244,646	$ 221,737	$ 226,255
Sales of food and beverages
Revenues
Total revenues	$ 69,723	$ 70,857	$ 72,625

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (38,683)	$ (42,201)	$ 77,336
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale securities	508	2,547	(31,658)
Reclassification of net realized (gain) loss on securities into earnings	0	(2,345)	20,231
Reclassification of net realized gain on deconsolidation of CDO VI	0	0	(20,682)
Reclassification of net realized gain on derivatives designated as cash flow hedges into earnings	0	0	(20)
Other comprehensive income (loss)	508	202	(32,129)
Total comprehensive (loss) income	(38,175)	(41,999)	45,207
Comprehensive (loss) income attributable to Drive Shack Inc. stockholders' equity	(38,175)	(41,999)	44,950
Comprehensive income attributable to noncontrolling interest	$ 0	$ 0	$ 257

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, 2015	$ 210,122	$ 210,379	$ 61,583	$ 667	$ 3,172,370	$ (3,057,538)	$ 33,297	$ (257)
Balance, beginning (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 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 (loss) income	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 loss	(42,201)	(42,201)				(42,201)		0
Deconsolidation of net unrealized gain on securities	0
Other comprehensive loss	202	202					202
Total comprehensive (loss) income	(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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASC 606 (Note 3)	4,809	4,809				4,809
Dividends declared	(5,580)	(5,580)				(5,580)
Stock-based compensation	2,252	2,252			2,252
Issuance of common stock	310	310			310
Issuance of common stock (in shares)				50,000
Comprehensive income (loss)
Net loss	(38,683)	(38,683)				(38,683)		0
Deconsolidation of net unrealized gain on securities	0
Other comprehensive loss	508	508					508
Total comprehensive (loss) income	(38,175)	(38,175)						0
Balance, ending at Dec. 31, 2018	$ 134,667	$ 134,667	$ 61,583	$ 670	$ 3,175,843	$ (3,105,307)	$ 1,878	$ 0
Balance, ending (in shares) at Dec. 31, 2018			2,463,321	67,027,104

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Flows From Operating Activities
Net (loss) income	$ (38,683)	$ (42,201)	$ 77,336
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	19,704	24,304	26,496
Amortization of discount and premium	1,159	(3,457)	(6,445)
Other amortization	10,965	10,564	10,254
Net interest income on investments accrued to principal balance	0	(8,458)	(28,886)
Amortization of revenue on golf membership deposit liabilities	(1,549)	(1,264)	(884)
Amortization of prepaid golf member dues	(26,545)	(28,919)	(28,902)
Stock based compensation	2,304	563	351
Impairment	8,240	60	10,381
Equity in (earnings) loss from equity method investment, net of distributions	(1,471)	(1,536)	1,338
Gain on deconsolidation	0	0	(82,196)
Other (gains) losses, net	(9,651)	5,429	(20,629)
Realized and unrealized (gain) loss on investments	(131)	1,128	21,906
Loss on extinguishment of debt, net	1,542	294	780
Change in:
Accounts receivable, net, other current assets and other assets - noncurrent	3,075	(2,159)	595
Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent	23,839	33,277	27,868
Net cash (used in) provided by operating activities	(7,202)	(12,375)	9,363
Cash Flows From Investing Activities
Principal repayments from investments	0	100,020	152,769
Proceeds from sale of property and equipment	78,888	0	0
Purchase of real estate securities	0	0	(3,086,654)
Proceeds from sale of securities and loans	0	595,850	2,777,808
Net (payments for) proceeds from settlement of TBAs	0	(4,669)	18,318
Acquisition and additions of property and equipment and intangibles	(62,352)	(34,292)	(12,571)
Deposits paid on property and equipment		0	0
Deposits received on real estate held-for-sale	9,400	0	0
Contributions to equity method investment	(7)	(343)	0
Net cash provided by (used in) investing activities	25,929	656,566	(150,330)
Cash Flows From Financing Activities
Borrowings under debt obligations	0	1,651	3,068,280
Repayments of debt obligations	(107,790)	(606,568)	(2,790,931)
Margin deposits under repurchase agreements and derivatives	0	(89,692)	(135,758)
Return of margin deposits under repurchase agreements and derivatives	0	87,785	133,991
Golf membership deposits received	3,143	3,431	3,865
Issuance of common stock	258	0	0
Common stock dividends paid	0	(8,019)	(32,011)
Preferred stock dividends paid	(5,580)	(5,580)	(5,580)
Payment of deferred financing costs	0	(22)	(4,248)
Proceeds from settlement of derivative instruments	417	0	0
Other financing activities	(44)	(33)	(217)
Net cash (used in) provided by financing activities	(109,596)	(617,047)	237,391
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent	(90,869)	27,144	96,424
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, Beginning of Period	173,688	146,544	50,120
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, End of Period	82,819	173,688	146,544
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense	10,607	12,414	12,316
Cash paid during the period for income taxes	225	1,700	386
Supplemental Schedule of Non-Cash Investing and Financing Activities
Common stock dividends declared but not paid	0	0	8,019
Preferred stock dividends declared but not paid	930	930	930
Financing costs accrued but not paid	0	0	22
Additions to capital lease assets and liabilities	4,442	4,265	8,240
Changes in property and equipment not yet paid for	3,174	8,557	0
Option exercise	0	0	410
Property and equipment sold but not settled	$ 0	$ 800	$ 0

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Drive Shack Inc., which is referred to in this Annual Report on Form 10-K, together as Drive Shack Inc. or the Company, is a leading owner and operator of golf-related leisure and dining and entertainment businesses. 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) Entertainment Golf venues, (ii) Traditional Golf properties and (iii) corporate. For a further discussion of the reportable segments, see Note 4. The Company's Entertainment Golf business opened its first venue in Orlando, Florida on April 7, 2018. The Company expects 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 Traditional Golf business is one of the largest owners and operators of golf properties in the United States. As of December 31, 2018 , the Company owned, leased or managed 66 properties across 11 states. The corporate segment consists primarily of investments in loans and securities.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
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 or 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 11 for additional information. Prior Period Reclassifications — Certain prior period amounts have been reclassified to conform to the current period's presentation. Effective January 1, 2018, the Company internalized management (as discussed in Note 12) and records corporate overhead, including corporate payroll and related expenses, in "General and administrative expense" on the Consolidated Statements of Operations. Prior to January 1, 2018, the Company reported corporate overhead, including corporate payroll and related expenses, related to the Traditional Golf business in "Operating expenses" on the Consolidated Statements of Operations. The Company reclassified $14.8 million and $15.3 million from "Operating expenses" to "General and administrative expense" for the years ended December 31, 2017 and 2016 , respectively. The Company adopted ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments effective January 1, 2018, which requires retrospective adjustment to all periods. For the years ended December 31, 2017 and 2016 , the adjustment resulted in an increase of $0.8 million and $0.7 million in “Other financing activities”, respectively, and a decrease of $0.8 million and $0.7 million , respectively, in “Change in Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent.” The Company adopted ASU 2016-18 Statement of Cash Flows (Topic 230), Restricted Cash effective January 1, 2018, which requires retrospective adjustment to all periods. The addition of the reconciliation of restricted cash for the years ended December 31, 2016 included an increase of $4.3 million in "Margin deposits under repurchase agreements and derivatives", an increase of $2.3 million in “Principal repayments from investments”, a decrease of $2.7 million in “Repayment of debt obligations”, a decrease of $0.1 million in "Gain on deconsolidation" and a decrease of $0.1 million in "Other (gains) losses, net." There were no adjustments for the year ended December 31, 2017 related to the addition of the reconciliation of restricted cash. 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. The following table summarizes the Company’s accumulated other comprehensive income: December 31, 2018 2017 Net unrealized gain on securities $ 1,878 $ 1,370 Accumulated other comprehensive income $ 1,878 $ 1,370 REVENUE RECOGNITION Golf Operations Entertainment Golf — Revenue from bay play, events, and other operating activities (consisting primarily of instruction and merchandise sales) is generally recognized at a point in time which is at the time of sale, when services are rendered and collection is reasonably assured. Revenue from general memberships is recognized at the time of sale. Dues from other membership programs are included in deferred revenue and recognized as revenue ratably over the appropriate period, which is generally twelve months or less. Traditional Golf — Revenue from green fees, cart rentals, merchandise sales and other operating activities (consisting primarily of range income, banquets and club amenities) is generally recognized at a point in time which is 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 determination of the estimated average expected life of an active membership is a significant judgment based on company-specific historical membership addition and attrition data. The present value of the refund obligation is recorded as a membership deposit liability in the Consolidated Balance Sheets and accretes over a 30 -year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the Consolidated Statements of Operations. Revenue from the reimbursement of certain operating costs incurred at the Company’s managed Traditional Golf properties is recognized at the time the associated operating costs are incurred as collection is reasonably assured per the terms of the management contracts and the repayment histories of the property owners. Sales of Food and Beverages — Revenue from food and beverage sales are recorded at the time of sale, net of discounts. Real Estate Securities — The Company invested in securities, including real estate related asset backed 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. Upon settlement of the sale of securities, the excess (or deficiency) of net proceeds over the net carrying value of such security was recognized as a gain (or loss) in the period of settlement. Impairment of Securities — The Company continually evaluates securities for impairment. Securities are considered to be other-than-temporarily impaired, for financial reporting purposes, whenever there has been a probable adverse change in the timing or amounts of expected cash flows. The evaluation of a security’s estimated cash flows includes the following, as applicable: (i) review of the credit of the issuer or the borrower, (ii) review of the credit rating of the security, (iii) review of the key terms of the security (iv) analysis of the effect of local, industry and broader economic factors, and (v) analysis of historical and anticipated trends in defaults and loss severities for similar securities. The Company must record a write-down if it has the intent to sell a given security in an unrealized loss position, or if it is more likely than not that it will be required to sell such a security. Upon determination of impairment, the Company 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, 2018 2017 2016 (Gain) on settlement of real estate securities $ — $ (2,345 ) $ (19,129 ) Loss on settlement of real estate securities — 2,803 16,178 Realized (gain) loss on settlement of non-hedge derivatives, net (227 ) 4,669 (18,318 ) (Gain) loss on settlement of loans held-for-sale — (12 ) 48 Unrealized loss on securities, intent-to-sell — 558 23,128 Unrealized loss (gain) on non-hedge derivative instruments 96 570 (1,222 ) Realized and unrealized loss (gain) on investments $ (131 ) $ 6,243 $ 685 (Loss) on lease modifications and terminations $ (939 ) $ (161 ) $ (62 ) (Loss) on extinguishment of debt, net (1,542 ) (294 ) (780 ) Collateral management fee income, net 575 387 592 Equity in earnings (losses) of equity method investments 1,471 1,536 (1,338 ) Gain (loss) on disposal of long-lived assets and intangibles 8,704 (295 ) (22 ) Other (loss) (A) (5,389 ) (1,079 ) (2,244 ) Other income (loss), net $ 2,880 $ 94 $ (3,854 ) (A) During the year ended December 31, 2018 , the Company recorded a net loss of approximately $4.9 million related to the settlement of a legal dispute and a related discharge of liabilities assumed by the counterparty to the settlement. See Note 13 for additional information. 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. There were no reclassifications from AOCI into net income during the year ended December 31, 2018 . Year Ended December 31, Accumulated Other Comprehensive Income Statement 2017 2016 Net realized (gain) loss on securities Impairment Impairment $ — $ 54 (Gain) on settlement of real estate securities Realized and unrealized (gain) loss on investments (2,345 ) (19,129 ) Loss on settlement of real estate securities Realized and unrealized (gain) loss on investments — 16,178 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 ) Net realized (gain) on derivatives designated as cash flow hedges Amortization of deferred hedge (gain) Interest expense, net — (20 ) $ — $ (20 ) Total reclassifications $ (2,345 ) $ (471 ) EXPENSE RECOGNITION Operating Expenses — Operating expenses consist primarily of payroll (Entertainment Golf venue level and Traditional Golf property level), utilities, repairs and maintenance, supplies, marketing and operating lease rent expense. Entertainment Golf Operating expenses for Entertainment Golf also include information technology-related support and maintenance. Traditional Golf Operating expenses for Traditional Golf also include equipment and cart leases, seed, soil and fertilizer, and certain operating costs incurred at managed Traditional Golf properties. Many of the Traditional Golf properties and related facilities are leased under long-term operating leases. In addition to minimum payments, certain leases require payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments. The leases generally require the payment of taxes assessed against the leased property and the cost of insurance and maintenance. The majority of lease terms initially 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. General and Administrative Expense — General and administrative expense consists of costs associated with corporate and administrative functions that support development and operations. Pre-Opening Costs — Pre-opening costs are expensed as incurred and consist primarily of marketing expenses, rent, employee payroll, travel and related expenses, training costs, food, beverage and other restaurant operating expenses incurred prior to opening an Entertainment Golf venue. 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 financed Traditional Golf and Corporate using both fixed and floating rate debt, including mortgage loans 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 10 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. Subsequent to the prepayment of the Traditional Golf term loan in December 2018, the Company unwound the interest rate cap. At December 31, 2018 , the Company had no derivatives or hedging activities. Stock-Based Compensation Expense — The Company maintains an equity incentive plan under which non-qualified stock options, incentive stock options, and restricted stock units or RSUs are granted to employees and non-employee directors. Stock-based compensation expense for stock options is recognized on a straight-line basis through the vesting date of the option. RSUs are expensed based on the fair value on the date of grant and amortized on a straight-line basis through the vesting date. The fair value of RSUs is estimated using the stock price on the date of grant. All stock-based compensation expense is recorded as general and administrative expense in the Consolidated Statement of Operations. See Note 11 for additional information. Management Fee and Termination Payment to Affiliate — These represent amounts due or paid to the former Manager pursuant to the Management Agreement or the termination of the existing Management Agreement. For further information, see Note 12. 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. The Company capitalizes to construction in progress, certain costs related to properties under construction. 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. Depreciation is calculated using the straight-line method based on the lesser of the following estimated useful lives or the lease term: Buildings and improvements 10-30 years Capital leases - equipment 3-7 years Furniture, fixtures, and equipment 2-7 years 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. The Company suspends depreciation and amortization for assets held-for-sale. Subsequent changes to the estimated fair value less costs to sell could impact the measurement of assets held-for-sale. Decreases are recognized as an impairment loss and recorded in "Impairment" on the Consolidated Statements of Operations. To the extent the fair value increases, any previously reported impairment is reversed. Real estate held-for-sale is recorded in “Real estate assets, held-for-sale, net” and “Real estate liabilities, held-for-sale” on the Consolidated Balance Sheets. Entertainment Golf Entertainment Golf includes land, buildings, furniture, fixtures and equipment and leasehold improvements including building and land improvements. Traditional Golf With respect to Traditional Golf course improvements (included in buildings and improvements), costs associated with 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 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 present value of associated payments. Depreciation of capital lease assets is calculated using the straight-line method over the shorter of the estimated useful lives or the expected lease terms. The cost of equipment under capital leases is recorded in "Property and equipment, net of accumulated depreciation" on 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. Intangibles, Net — Intangible assets and liabilities consist primarily of leasehold advantages (disadvantages), management contracts, membership base and internally-developed software. A leasehold advantage (disadvantage) exists to the Company when it pays a contracted rent that is below (above) market rents at the date of an 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 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 using the discounted cash flow method 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. The internally-developed software intangible represents proprietary software developed for the Company’s exclusive use. For Entertainment Golf, the internally-developed software intangible is composed of costs incurred to develop the software. The internally-developed software intangible is amortized over the expected useful life of the software. 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 2 - 26 years Management contracts 2 - 26 years Internally-developed software 3 - 5 years Membership base 7 years Liquor licenses Nonamortizable Impairment of Real Estate and Finite-lived Intangible Assets — The Company periodically reviews the carrying amounts of its long-lived assets, including real estate held-for-use and held-for-sale, as well as 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 carrying amount or fair value less costs to sell. Membership Deposit Liabilities — Private country club members in our Traditional Golf business 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 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. 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, 2018 and 2017 , the carrying value of this investment was $22.6 million and $21.1 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 during the year ended December 31, 2016 . There was no other than temporary impairment recorded during the years ended December 31, 2018 and 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) income, 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. 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, 2018 2017 CDO trustee accounts $ 127 $ 170 Restricted cash for construction-in-progress 2,008 2,282 Restricted cash - Traditional Golf 1,266 3,362 Restricted cash - Entertainment Golf 183 182 Restricted cash, current and noncurrent $ 3,584 $ 5,996 Accounts Receivable, Net — Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts of $1.0 million and $0.8 million as of December 31, 2018 and 2017 , 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 increased by $0.2 million and decreased by $0.3 million for the years ended December 31, 2018 and 2017 , respectively. Other Current Assets The following table summarizes the Company's other current assets: December 31, 2018 2017 Loans, held-for-sale, net (A) $ — $ 147 Prepaid expenses 2,651 3,081 Deposits 2,494 3,469 Inventory 2,855 4,722 Miscellaneous current assets, net 12,505 10,149 Other current assets $ 20,505 $ 21,568 (A) During the year ended December 31, 2018 , the Company recorded an impairment of $0.2 million on a corporate loan. Other Assets The following table summarizes the Company's other assets: December 31, 2018 2017 Prepaid expenses $ 277 $ 6 Deposits 2,140 2,213 Derivative assets — 286 Miscellaneous assets, net 6,267 6,144 Other assets $ 8,684 $ 8,649 Prepaid Expenses – Prepaid expenses consists primarily of prepaid insurance and prepaid rent and are expensed over the usage period of the goods or services. Deposits – Deposits consist primarily of property lease security deposits and deposits with vendors for property and equipment. Inventory – Inventory is valued at the lower of cost or market. Cost is determined on the first-in, first-out (“FIFO”) method. Inventories consist primarily of food, beverages and merchandise for sale. Derivative Assets – All derivative assets on the balance sheet are measured at fair value. We have no derivative assets as of December 31, 2018. 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, 2018 2017 Security deposits payable $ 14,188 $ 6,602 Accrued rent 2,885 2,160 Due to affiliates — 1,786 Dividends payable 930 930 Miscellaneous current liabilities 4,282 11,118 Other current liabilities $ 22,285 $ 22,596 Other Liabilities The following table summarizes the Company's other liabilities: December 31, 2018 2017 Security deposits payable $ 91 $ 66 Unfavorable leasehold interests 2,759 3,374 Accrued rent 1,617 1,057 Miscellaneous liabilities 765 349 Other liabilities $ 5,232 $ 4,846 Security Deposits Payable – Security deposits payable relate to deposits received for events and other activities 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 former Manager pursuant to the Management Agreement but not paid. Dividends Payable – Represents dividends declared but not paid. Stock Options — The fair value of the options issued as compensation to the former 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. Stock options granted to the Company’s employees and non-employee directors were recorded as an increase in equity and accounted for using the fair value method. See Note 11 for additional information. Restricted Stock Units or RSUs — The fair value of the RSUs issued to the Company's directors as part of annual compensation were recorded as an increase in equity. The fair value of the RSUs is based on the Company's stock price on the grant date. See Note 11 for additional information. Preferred Stock — The Company’s accounting policy for its preferred stock is described in Note 11. Income Taxes – The Company accounts for income taxes pursuant to the asset and liability method which requires the recognition of deferred income tax assets and liabilities related to the expected future tax consequences arising from temporary differences between the carrying amounts and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using

REVENUES

REVENUES	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES On January 1, 2018, the Company adopted the new accounting standard ASC 606, Revenue from Contracts with Customers, and all the related amendments (“new revenue standard”) for all contracts using the modified retrospective method. The Company recognized the cumulative effect of initially applying the new revenue standard as a decrease to the 2018 opening balance of accumulated deficit of $4.8 million . The adjustment was due to the recognition of breakage on gift cards and gift certificates offered at the Company's Traditional Golf properties that were not expected to be redeemed based on historical redemption rates. The recognition of breakage on gift cards and gift certificates on an ongoing basis is expected to have an immaterial impact to the Company’s net income (loss). Also in accordance with the new revenue standard, certain operating costs incurred at the Company’s managed Traditional Golf properties and the reimbursements of those operating costs will now be recognized in Operating expenses and Golf operations, respectively. The reimbursements do not include a profit margin and therefore this change will have no net impact to the Company’s operating income (loss). The majority of the Company’s revenue continues to be recognized at a point in time which is at the time of sale to customers at the Company’s Entertainment Golf venues and Traditional Golf properties, including green fees, cart rentals, bay play, events and sales of food, beverages and merchandise. Per the modified retrospective method, comparative information has not been restated to conform to these changes and continues to be reported under the accounting standards in effect for those periods. In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on the Consolidated Statements of Operations was as follows: Consolidated Balance Sheet December 31, 2018 As reported Balances under prior accounting Effect of Change (A) Liabilities Other current liabilities $ 22,285 $ 27,094 $ (4,809 ) Equity Accumulated Deficit $ (3,105,307 ) $ (3,110,116 ) $ 4,809 (A) Represents the cumulative effect adjustment to the 2018 opening balance. Consolidated Statement of Operations Year Ended December 31, 2018 As reported Balances under prior accounting Effect of Change Revenues Golf operations $ 244,646 $ 222,581 $ 22,065 Operating Costs Operating expenses $ 251,794 $ 229,729 $ 22,065 The Company’s revenue is all generated within the Entertainment and Traditional Golf segments. The following table disaggregates revenue by category: Entertainment golf venues, public and private golf properties (owned and leased) and managed golf properties. Year Ended December 31, 2018 Entertainment golf venues Public golf properties Private golf properties Managed golf properties Total Golf operations 2,191 116,009 101,669 24,777 244,646 Sales of food and beverages 2,713 39,280 27,730 — 69,723 Total revenues $ 4,904 $ 155,289 $ 129,399 $ 24,777 $ 314,369

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company currently has three reportable segments: (i) Entertainment Golf venues, (ii) Traditional Golf properties, and (iii) corporate. The chief operating decision maker (“CODM”) for each segment is our Chief Executive Officer, who reviews discrete financial information for each reportable segment to manage the Company, including resource allocation and performance assessment. The Company opened its inaugural Entertainment Golf venue in Orlando, Florida on April 7, 2018 and expects to continue opening a chain of next-generation Entertainment Golf venues across the United States and internationally which combine golf, competition, dining and fun. Additionally, 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, 2018 , the Company owned, leased or managed 66 properties across 11 states. The corporate segment consists primarily of investments in loans and securities, interest income on short-term investments, general and administrative expenses as a public company, interest expense on the junior subordinated notes payable (Note 7), management fees pursuant to the Management Agreement prior to the Internalization effective January 1, 2018 (Note 12) and income tax expense (Note 14). Beginning as of the Company’s second fiscal quarter in 2018, the Company changed its reportable segments to reflect the manner in which our CODM manages our businesses, including resource allocation and performance assessment. As a result, the former Debt Investments segment was combined with the corporate segment, to reflect the ongoing reduction in size of the Debt Investments segment. Summary financial data on the Company’s segments is given below, together with reconciliation to the same data for the Company as a whole: Entertainment Golf Traditional Golf Corporate Total Year Ended December 31, 2018 Revenues Golf operations $ 2,191 $ 242,455 $ — $ 244,646 Sales of food and beverages 2,713 67,010 — 69,723 Total revenues 4,904 309,465 — 314,369 Operating costs — Operating expenses (A) 5,398 246,396 — 251,794 Cost of sales - food and beverages 640 19,513 — 20,153 General and administrative expense 6,382 16,702 11,271 34,355 General and administrative expense - acquisition and transaction expenses (B) 2,679 1,024 502 4,205 Depreciation and amortization 1,886 17,814 4 19,704 Pre-opening costs (C) 2,483 — — 2,483 Impairment — 8,093 147 8,240 Realized and unrealized loss on investments — (131 ) — (131 ) Total operating costs 19,468 309,411 11,924 340,803 Operating income (loss) (14,564 ) 54 (11,924 ) (26,434 ) Other income (expenses) — Interest and investment income 281 194 1,319 1,794 Interest expense (D) — (16,046 ) (2,274 ) (18,320 ) Capitalized interest (D) — 1,121 560 1,681 Other income, net — 846 2,034 2,880 Total other income (expenses) 281 (13,885 ) 1,639 (11,965 ) Income tax expense (E) — — 284 284 Net loss (14,283 ) (13,831 ) (10,569 ) (38,683 ) Preferred dividends — — (5,580 ) (5,580 ) Loss applicable to common stockholders $ (14,283 ) $ (13,831 ) $ (16,149 ) $ (44,263 ) Entertainment Golf Traditional Golf Corporate (F) Total December 31, 2018 Total assets 117,416 225,904 58,627 401,947 Total liabilities 13,561 196,836 56,883 267,280 Preferred stock — — 61,583 61,583 Equity (loss) attributable to common stockholders $ 103,855 $ 29,068 $ (59,839 ) $ 73,084 Additions to property and equipment (including capital leases) during the year ended December 31, 2018 $ 55,924 $ 14,042 $ — $ 69,966 Summary segment financial data (continued). Entertainment Golf Traditional Golf Corporate (G) Total Year Ended December 31, 2017 Revenues Golf 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) — 232,796 — 232,796 Cost of sales - food and beverages — 20,959 — 20,959 General and administrative expense 147 16,073 6,456 22,676 General and administrative expense - acquisition and transaction expenses (B) 7,139 677 921 8,737 Management fee and termination payment to affiliate — — 21,410 21,410 Depreciation and amortization 44 24,260 — 24,304 Pre-opening costs (C) 320 — — 320 Impairment — — 60 60 Realized and unrealized loss on investments — 199 6,044 6,243 Total operating costs 7,650 294,964 34,891 337,505 Operating loss (7,650 ) (2,370 ) (34,891 ) (44,911 ) Other income (expenses) Interest and investment income — 159 23,003 23,162 Interest expense (D) — (15,523 ) (4,304 ) (19,827 ) Capitalized interest (D) — 246 — 246 Other (loss) income, net — (1,762 ) 1,856 94 Total other income (expenses) — (16,880 ) 20,555 3,675 Income tax expense (E) — — 965 965 Net loss (7,650 ) (19,250 ) (15,301 ) (42,201 ) Preferred dividends — — (5,580 ) (5,580 ) Loss applicable to common stockholders $ (7,650 ) $ (19,250 ) $ (20,881 ) $ (47,781 ) Entertainment Golf Traditional Golf Corporate (F)(G) Total December 31, 2017 Total assets 41,046 334,925 160,677 536,648 Total liabilities 9,328 300,176 56,093 365,597 Preferred stock — — 61,583 61,583 Equity attributable to common stockholders $ 31,718 $ 34,749 $ 43,001 $ 109,468 Additions to property and equipment (including capital leases) during the year ended December 31, 2017 $ 27,295 $ 16,284 $ 67 $ 43,646 Summary segment financial data (continued). Entertainment Golf Traditional Golf Corporate (G) Total Year Ended December 31, 2016 Revenues Golf 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) — 239,021 — 239,021 Cost of sales - food and beverages — 21,593 — 21,593 General and administrative expense 12 16,556 8,252 24,820 General and administrative expense - acquisition and transaction expenses (B) 1,555 1,594 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 1,567 311,198 25,289 338,054 Operating loss (1,567 ) (12,318 ) (25,289 ) (39,174 ) Other income (expenses) Interest and investment income — 134 91,157 91,291 Interest expense (D) — (12,470 ) (40,398 ) (52,868 ) Gain on deconsolidation — — 82,130 82,130 Other loss, net — (3,159 ) (695 ) (3,854 ) Total other income (expenses) — (15,495 ) 132,194 116,699 Income tax expense 1 188 — 189 Net (loss) income (1,568 ) (28,001 ) 106,905 77,336 Preferred dividends — — (5,580 ) (5,580 ) Net income attributable to noncontrolling interest — (257 ) — (257 ) (Loss) income applicable to common stockholders $ (1,568 ) $ (28,258 ) $ 101,325 $ 71,499 Additions to property and equipment (including capital leases) during the year ended December 31, 2016 $ 659 $ 11,912 $ — $ 12,571 (A) Operating expenses includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.9 million , $3.0 million and $3.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Operating expenses also includes amortization of favorable and unfavorable lease intangibles in the amount of $4.1 million , $4.1 million and $4.5 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. (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. (C) Pre-opening costs are expensed as incurred and consist primarily of site-related marketing expenses, pre-opening rent, employee payroll, travel and related expenses, training costs, food, beverage and other restaurant operating expenses incurred prior to opening an Entertainment Golf venue. (D) Interest expense includes the accretion of membership deposit liabilities in the amount of $6.9 million , $6.5 million and $5.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Interest expense and capitalized interest total to interest expense, net on the Consolidated Statements of Operations. (E) 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. (F) Total assets in the corporate segment includes an equity method investment in the amount of $22.6 million and $21.1 million as of December 31, 2018 and 2017 , respectively, recorded in other investments on the Consolidated Balance Sheets. See Note 2 for additional information. (G) The Debt Investments segment and corporate segment as reported previously are combined to conform to the current period's presentation.

PROPERTY AND EQUIPMENT, NET OF

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION	PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION The following table summarizes the Company's property and equipment: December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 6,747 $ — $ 6,747 $ 88,251 $ — $ 88,251 Buildings and improvements 78,833 (30,540 ) 48,293 154,769 (52,636 ) 102,133 Furniture, fixtures and equipment 26,726 (16,729 ) 9,997 33,109 (23,451 ) 9,658 Capital leases - equipment 28,745 (12,843 ) 15,902 24,949 (8,649 ) 16,300 Construction in progress 51,666 — 51,666 24,916 — 24,916 Total Property and Equipment $ 192,717 $ (60,112 ) $ 132,605 $ 325,994 $ (84,736 ) $ 241,258 Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2. Depreciation expense, which included amortization of assets recorded under capital leases, was $16.0 million , $21.0 million and $23.4 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Below is a summary of the activity related to leased and managed Traditional Golf properties. Date Location Leased or Managed Property Description May 2017 California Managed agreement expired December 2017 Oklahoma Leased agreement expired February 2018 Oklahoma Leased agreement terminated June 2018 California Leased agreement terminated, 10 year management agreement executed September 2018 Texas Leased agreement terminated November 2018 California Leased agreement expired December 2018 Michigan Managed agreement terminated, course closing 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 income (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. On March 7, 2018, the Company announced it was actively pursuing the sale of 26 owned Traditional Golf properties in order to generate capital for reinvestment in the Entertainment Golf business. The assets and associated liabilities are reported on the Consolidated Balance Sheets as “Real estate assets, held-for-sale, net” and “Real estate liabilities, held-for-sale,” respectively. See Note 15 for additional information. The real estate assets, held-for-sale, net are reported at a carrying value of $75.9 million and include $42.5 million of land, $31.8 million of buildings and improvements, $2.1 million of furniture, fixtures and equipment, and $1.0 million of other related assets, partially offset by $1.5 million of accumulated impairment. The real estate liabilities, held-for-sale are reported at a carrying value of $2.9 million and include golf course liabilities to be assumed, primarily prepaid membership dues. In July 2018, the Company sold one private golf property in Georgia for a sale price of $3.5 million resulting in net proceeds of $3.2 million after adjusting for liabilities assumed by the buyer, primarily related to prepaid dues. This resulted in a net loss on sale of $0.1 million based on the carrying value of net assets. In October 2018, we reclassified a golf property in New Mexico from held-for sale to held-and-used and recorded catch-up depreciation expense. In December 2018, the Company completed sales on an additional twelve golf properties for a sale price of $86.2 million resulting in net proceeds of $73.5 million , inclusive of transaction costs of $1.2 million . The difference between the sales price and the net proceeds was primarily due to prepaid membership dues that we are obligated to remit to the buyer. The Company received proceeds of $75.7 million as of December 31, 2018 and has recorded $2.2 million of net payables related to the sales, which is expected to be settled in the first quarter of 2019. The golf properties had a total carrying value of $62.7 million and resulted in a gain of $10.8 million . The gain is recorded in other income, net on the Consolidated Statement of Operations. The proceeds from the sale plus cash on hand were used to prepay the Traditional Golf term loan, see Note 7 for additional information. The Company entered into management agreements on eight of these golf properties.

INTANGIBLES, NET OF ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	INTANGIBLES, NET OF ACCUMULATED AMORTIZATION The following table summarizes the Company's intangible assets: December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (117 ) $ 583 $ 700 $ (93 ) $ 607 Leasehold intangibles (A) 46,581 (20,270 ) 26,311 48,107 (16,716 ) 31,391 Management contracts 32,932 (15,174 ) 17,758 35,111 (13,468 ) 21,643 Internally-developed software 2,314 (967 ) 1,347 800 (640 ) 160 Membership base 5,236 (3,740 ) 1,496 5,236 (2,992 ) 2,244 Nonamortizable liquor licenses 893 — 893 1,231 — 1,231 Total intangibles $ 88,656 $ (40,268 ) $ 48,388 $ 91,185 $ (33,909 ) $ 57,276 (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, 2018 , 2017 , and 2016 was $8.0 million , $8.2 million and $8.9 million , respectively. The unamortized balance of intangible assets at December 31, 2018 is expected to be amortized as follows: 2019 $ 7,412 2020 6,869 2021 4,929 2022 3,743 2023 3,573 Thereafter 20,969 Total amortizable intangible assets 47,495 Nonamortizable liquor licenses 893 Total intangible assets $ 48,388

DEBT OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS The following table presents certain information regarding the Company's debt obligations: December 31, 2018 December 31, 2017 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 Credit Facilities and Capital Leases Traditional Golf term loan (C) Jun 2016 — — —% —% — % 0 — 102,000 99,931 Vineyard II Dec 1993 200 200 Dec 2043 2.36% 2.36 % 25.0 200 200 200 Capital Leases (Equipment) June 2014 - Dec 2018 15,778 15,778 May 2019 - June 2024 3.00% to 16.16% 6.75 % 3.1 — 16,626 16,626 15,978 15,978 6.69 % 3.4 200 118,826 116,757 Less current portion of obligations under capital leases 5,489 5,489 4,652 4,652 Credit facilities and obligations under capital leases - noncurrent 10,489 10,489 114,174 112,105 Corporate Junior subordinated notes payable (D) Mar 2006 51,004 51,200 Apr 2035 LIBOR + 2.25% 4.73 % 16.3 51,004 51,004 51,208 Total debt obligations $ 66,982 $ 67,178 5.20 % 13.2 $ 51,204 $ 169,830 $ 167,965 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 was collateralized by 22 Traditional Golf properties. The carrying amount of the Traditional Golf term loan was reported net of deferred financing costs of $2.1 million as of December 31, 2017 . The loan was prepaid in December 2018. See below for additional information. (D) Interest rate based on 3-month LIBOR plus 2.25% . 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 was for a term of three years with the option for two one -year extensions. In December 2018, the Company prepaid the financing subsequent to the sale of Traditional Golf properties as described in Note 5. The Company incurred prepayment penalties of $0.7 million and write-off of deferred financing costs of $0.8 million related to the loan prepayment. In December 2018, the Company also unwound the interest rate cap associated with the financing. 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, 2018 , 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, 2018 , the interest rate is 2.36% . 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 24 - 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, 2018 are as follows: 2019 $ 6,401 2020 5,126 2021 3,581 2022 1,831 2023 701 Thereafter 6 Total minimum lease payments 17,646 Less: imputed interest 1,868 Present value of net minimum lease payments $ 15,778 Maturity Table The Company’s debt obligations have contractual maturities as follows: Nonrecourse Recourse Total 2019 $ 5,505 $ — $ 5,505 2020 4,569 — 4,569 2021 3,294 — 3,294 2022 1,724 — 1,724 2023 681 — 681 Thereafter 205 51,004 51,209 Total $ 15,978 $ 51,004 $ 66,982

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 , 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, 2018 ABS - Non-Agency RMBS $ 4,000 $ 2,596 $ (1,521 ) $ 1,075 $ 1,878 $ — $ 2,953 1 CCC 2.90 % 26.65 % 4.9 38.0 % Total Securities, Available-for-Sale (E) $ 4,000 $ 2,596 $ (1,521 ) $ 1,075 $ 1,878 $ — $ 2,953 1 CCC 2.90 % 26.65 % 4.9 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 (E) $ 4,000 $ 2,445 $ (1,521 ) $ 924 $ 1,370 $ — $ 2,294 1 (A) See Note 10 regarding the estimation of fair value, which is equal to carrying value for all securities. (B) 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. 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. (C) The weighted average life is based on the timing of expected cash flows on the assets. (D) Percentage of the outstanding face amount of securities and residual interests that is subordinate to the Company’s investments. (E) As of December 31, 2018 and 2017 , the total outstanding face amount 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 U.S. The Company does not have significant investments in any one geographic region. Unrealized losses that are considered other-than-temporary are recognized currently in earnings. During the years ended December 31, 2017 and 2016 , the Company recorded other-than-temporary impairment charges (“OTTI”) of $0.6 million and $23.1 million , respectively. The Company recorded no OTTI during the year ended December 31, 2018 . 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, 2018 . The Company had no activity related to credit losses on securities for the years ended December 31, 2018 and 2017 .

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company has no derivative assets as of December 31, 2018 as the remaining derivative instrument, an interest rate cap, was unwound upon the prepayment of the Traditional Golf term loan (see Note 7). This interest rate cap had a fair value of $0.3 million as of December 31, 2017 which was recorded within other assets on the Consolidated Balance Sheets. The Company had no derivative liabilities as of both December 31, 2018 and 2017 . The following table summarizes (gains) losses recorded in relation to derivatives: Income Statement Location Year Ended December 31, Cash flow hedges 2018 2017 2016 Deferred hedge gain reclassified from AOCI into earnings Interest expense, net — — (20 ) Non-hedge derivatives Unrealized loss (gain) on interest rate derivatives Realized and unrealized (gain) loss on investments $ 96 $ 199 $ (294 ) Unrealized loss (gain) recognized related to TBAs Realized and unrealized (gain) loss on investments — 371 (928 ) Realized (gain) loss on settlement of non-hedge derivatives, net Realized and unrealized (gain) loss on investments (227 ) 4,669 (18,318 )

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 : December 31, 2018 December 31, 2017 Carrying Estimated Fair Value Method (A) Carrying Estimated Assets Real estate securities, available-for-sale $ 2,953 $ 2,953 Pricing models - Level 3 $ 2,294 $ 2,294 Loans, held-for-sale, net (B) — — Pricing models - Level 3 147 147 Cash and cash equivalents 79,235 79,235 167,692 167,692 Restricted cash - current and noncurrent 3,584 3,584 5,996 5,996 Non-hedge interest rate cap — — Counterparty quotations - Level 2 286 286 Liabilities Credit facilities - Traditional Golf term loan — — Pricing models _ Level 3 99,931 103,199 Junior subordinated notes payable 51,200 28,396 Pricing models - Level 3 51,208 27,531 (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. 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. 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, 2018 . Weighted Average Significant Input Asset Type Amortized Fair Discount Rate Prepayment Speed Cumulative Default Rate Loss Severity ABS - Non-Agency RMBS $ 1,075 $ 2,953 10.0 % 8.0 % 2.9 % 43.3 % Total $ 1,075 $ 2,953 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. Real estate securities measured at fair value on a recurring basis using Level 3 inputs changed as follows: ABS - Non-Agency RMBS Balance at December 31, 2016 $ 1,950 Total gains (losses) (A) Included in other comprehensive income (loss) 202 Amortization included in interest income 196 Purchases, sales and repayments (A) Proceeds from repayments (54 ) Balance at December 31, 2017 $ 2,294 Total gains (losses) (A) Included in other comprehensive income (loss) 508 Amortization included in interest income 246 Purchases, sales and repayments (A) Proceeds (95 ) Balance at December 31, 2018 $ 2,953 (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 years ended December 31, 2018 and 2017 . There were no transfers into or out of Level 3 during the years ended December 31, 2018 and 2017 . 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, 2018
Equity [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, 2018 2017 2016 Numerator for basic and diluted earnings per share: (Loss) income from continuing operations after preferred dividends and noncontrolling interest $ (44,263 ) $ (47,781 ) $ 71,499 (Loss) Income Applicable to Common Stockholders $ (44,263 ) $ (47,781 ) $ 71,499 Denominator: Denominator for basic earnings per share - weighted average shares 66,993,543 66,903,457 66,709,925 Effect of dilutive securities Options — — 2,078,515 RSUs — — — Denominator for diluted earnings per share - adjusted weighted average shares 66,993,543 66,903,457 68,788,440 Basic earnings per share: (Loss) income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ (0.66 ) $ (0.71 ) $ 1.07 (Loss) Income Applicable to Common Stock, per share $ (0.66 ) $ (0.71 ) $ 1.07 Diluted earnings per share: (Loss) income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ (0.66 ) $ (0.71 ) $ 1.04 (Loss) Income Applicable to Common Stock, per share $ (0.66 ) $ (0.71 ) $ 1.04 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 dilutive securities during each period. The Company’s dilutive securities are its options and RSUs. During 2018 and 2017 , based on the treasury stock method, the Company had 2,718,704 and 1,749,596 , potentially dilutive securities, respectively, which were excluded due to the Company's loss position. During 2016 , based on the treasury stock method, the Company had 2,078,515 dilutive securities resulting from its outstanding options. During 2018 , 2017 and 2016 , the Company had: 88,023 ; 201,430 ; and 309,024 antidilutive options, respectively. Net income (loss) applicable to common stockholders is equal to net income (loss) less preferred dividends. Common Stock Issuances 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. In September 2018, the Company issued a total of 50,000 shares of its common stock to an independent director as part of the Director Stock Program described below. Option Plans On April 11, 2018, our board of directors adopted the Drive Shack Inc. 2018 Omnibus Incentive Plan (the "2018 Plan") which was approved by our shareholders. The 2018 Plan provides for the issuance of equity-based awards in various forms to eligible participants. The 2018 Plan allows for 6,697,710 shares of common stock to be available for grants of equity awards, subject to an annual limitation of 1,339,542 (with any shares not issued or granted in a specific year being added to such number in the subsequent year). As of December 31, 2018, the 2018 Plan has 1,146,422 shares available for grant through May 2019. All outstanding options granted under prior option plans will continue to be subject to the terms and conditions set forth in the agreements evidencing such options and the terms of respective 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. As detailed in the 2018 Plan, the board of directors may permit a first time non-employee director to make a one-time election to participate in a stock purchase and matching grant program (the "Director Stock Program") which provides that if the non-employee director purchases shares of the Company's common stock at fair value within 30 days following the date the individual becomes a non-employee director, then the Company will issue a matching grant of fully vested shares of common stock equal to 20% of the aggregate fair value of the purchased shares. In September 2018, a non-employee director purchased 41,667 shares and the Company issued 8,333 shares representing the matching grant. Stock Options and Restricted Stock Units (RSUs) The following is a summary of the changes in the Company's outstanding options for the year ended December 31, 2018 . Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2017 5,010,576 $ 2.55 Granted 3,426,355 5.44 Balance at December 31, 2018 (A) 8,436,931 $ 3.72 7.72 years Exercisable at December 31, 2018 2,705,586 $ 2.64 4.64 years The Company's outstanding options were summarized as follows: Year Ended December 31, 2018 2017 Held by the former Manager 2,705,253 3,857,748 Issued to the former Manager and subsequently transferred to certain Manager’s employees (B) 2,304,990 1,152,495 Issued to the independent directors 333 333 Issued to Drive Shack employees (C) 3,426,355 — Total (A) 8,436,931 5,010,576 (A) The total at December 31, 2018 excludes 54,641 RSUs granted to certain non-employee directors as part of the annual compensation. (B) The Company and the former 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. In both February 2017 and April 2018, the former Manager issued 1,152,495 options to certain employees formerly employed by the Manager as part of their compensation. The options fully vest and are exercisable one year prior to the option expiration date, beginning March 2020 through January 2024. (C) On November 12, 2018, the Company issued options to certain employees as provided in their employment agreements. The options fully vest and are exercisable as follows: 3,351,355 options vest in equal annual installments on each of the first three anniversaries of the grant date; and 75,000 options fully vest on the third anniversary of the grant date. The valuation of the employee options has been determined using the Black-Scholes option valuation model. The Black-Scholes option valuation model uses assumptions of expected volatility, expected dividend yield of the Company’s stock, expected term of the awards and the risk-free interest rate. The fair value of the options was determined using the following assumptions: Option Valuation Date January 1, 2018 April 10, 2018 November 12, 2018 Expected Volatility 39.73 % 35.66 % 35.4 - 35.8% Expected Dividend Yield 0.00 % 0.00 % 0.00 % Expected Remaining Term 3.0 - 6.6 years 2.7 - 6.3 years 6.0 - 6.5 years Risk-Free Rate 2.16 - 2.29% 2.68 - 2.82% 3.09 - 3.11% Fair Value at Valuation Date $ 4,272 $ 3,558 $ 7,478 Stock-based compensation expense is recognized on a straight-line basis through the vesting date of the options. Stock-based compensation expense related to the employee options was $2.2 million during the year ended December 31, 2018 and was recorded in general and administrative expense on the Consolidated Statements of Operations. The unrecognized stock-based compensation expense related to the unvested options was $13.1 million as of December 31, 2018 and will be expensed over a weighted average of 2.3 years . The following table summarizes the Company’s outstanding options at December 31, 2018 . Note that the last sales price on the New York Stock Exchange for the Company’s common stock in the year ended December 31, 2018 was $3.92 per share. Recipient Date of Grant/Exercise Number of Options Options Exercisable at Weighted Average Fair Value At Grant Intrinsic Value at Directors Various 3,666 333 $ — Not Material — Manager (B) 2002 - 2008 587,277 — $ 0.00 $ 6.4 — Manager (B) Mar-11 311,853 82,141 $ 1.00 $ 7.0 $ 0.6 Manager (B) Sep-11 524,212 166,582 $ 1.00 $ 5.6 $ 1.1 Manager (B) Apr-12 348,352 140,112 $ 1.00 $ 5.6 $ 0.8 Manager (B) May-12 396,316 158,345 $ 1.00 $ 7.6 $ 0.9 Manager (B) Jul-12 437,991 178,478 $ 1.00 $ 8.3 $ 1.0 Manager (B) Jan-13 958,331 489,196 $ 2.32 $ 18.0 $ 1.4 Manager (B) Feb-13 383,331 195,679 $ 2.95 $ 8.4 $ 0.3 Manager (B) Jun-13 670,829 342,438 $ 3.23 $ 3.8 $ 0.4 Manager (B) Nov-13 965,847 493,032 $ 3.57 $ 6.0 $ 0.3 Manager (B) Aug-14 765,416 459,250 $ 4.01 $ 1.7 $ — Employees Nov-18 3,426,355 — $ 5.44 $ 7.5 $ — Exercised (C) Prior to 2008 (173,853 ) N/A $ 14.09 N/A N/A Exercised (D) Oct-12 (15,972 ) N/A $ 1.48 N/A N/A Exercised (E) Sep-13 (51,306 ) N/A $ 1.67 N/A N/A Exercised (F) 2014 (216,186 ) N/A $ 1.46 N/A N/A Exercised (G) 2015 (202,446 ) N/A 1.00 N/A N/A Exercised (H) 2016 (266,657 ) N/A 3.01 N/A N/A Expired unexercised 2002-2008 (416,425 ) N/A N/A N/A N/A Outstanding 8,436,931 2,705,586 (A) The fair value of the options was estimated using an option valuation model. Since the option plans 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. (B) The former Manager assigned certain of its options to Fortress’s employees as follows: Date of Grant Strike Prices Total Unexercised Inception to Date Mar-11 $1.00 124,740 Sep-11 $1.00 209,686 Apr-12 $1.00 139,340 May-12 $1.00 158,526 Jul-12 $1.00 175,196 Jan-13 $2.32 383,332 Feb-13 $2.95 153,332 Jun-13 $3.23 268,332 Nov-13 $3.57 386,340 Aug-14 $4.01 306,166 Total 2,304,990 The Company and the former 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. (C) 111,770 of the total options exercised were by the former 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. (D) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.2 million . (E) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.9 million . (F) 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. (G) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.8 million . (H) 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 former Manager. The Company's non-employee directors were granted 54,641 RSUs during 2018 with a weighted average grant date fair value of $5.02 , as part of the annual compensation. The RSUs are subject to a one year vesting period. Stock-based compensation expense is recognized on a straight-line basis through the vesting date of the RSUs. Stock-based compensation expense related to the RSUs was $0.1 million during the year ended December 31, 2018 , and was recorded in general and administrative expense on the Consolidated Statements of Operations. The unrecognized stock-based compensation expense related to the unvested RSUs was $0.2 million as of December 31, 2018 and will be recognized over a weighted average of 0.7 years . Tax Benefits Preservation Plan On December 5, 2018, our board of directors adopted a Tax Benefits Preservation Plan (the “2018 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 15, 2018. Each right is governed by the terms of the 2018 Tax 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 $28.00 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. In connection with the adoption of the Tax Benefit Preservation Plan in 2016, our board of directors approved the Articles Supplementary of Series E Junior Participating Preferred Stock, which was filed with the State Department of Assessments and Taxation of Maryland on December 8, 2016. Preferred Stock In March 2003, 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, 2019, Drive Shack Inc. had paid all current and accrued dividends on its preferred stock. Noncontrolling Interest The Company’s noncontrolling interest in 2017 and 2018 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, 2018
Transactions With Affiliates And Affiliated Entity [Abstract]
TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES Agreements with the Former Manager 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. On December 21, 2017, the Company entered into a Transition Services Agreement, effective as of January 1, 2018, with the former Manager. In order to facilitate the transition of the Company’s management of its operations and provide the Company sufficient time to develop such services in-house or to hire other third-party service providers for such services, under the Transition Services Agreement, the former Manager continues to provide to the Company certain services (“Transition Services”). The Transition Services primarily include information technology, legal, regulatory compliance, tax and accounting services. The Transition Services are provided for a fee intended to be equal to the former Manager’s cost of providing the Transition Services, including the allocated cost of, among other things, overhead, employee wages and compensation and out-of-pocket expenses, and will be invoiced on a monthly basis. The Company incurred $0.4 million in costs for Transition Services during the year ended December 31, 2018 , and these costs are reported in general and administrative expense on the Consolidated Statements of Operations. Amounts incurred under the Management 2017 2016 Management fee $ 10,210 $ 10,204 Expense reimbursement to the former Manager 500 500 Termination payment 10,700 — Incentive compensation — — Total Management fee and termination payment to affiliate $ 21,410 $ 10,704 At December 31, 2018 , Fortress, through its affiliates, and principals of Fortress, owned 7.3 million shares of the Company’s common stock and Fortress, through its affiliates, had options relating to an additional 2.7 million shares of the Company’s common stock (Note 11). At December 31, 2017 , due to affiliates was comprised of $1.8 million of management fees and expense reimbursements payable to the former Manager. Other Affiliated Entities A member of the Board of Directors 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 for each of the three years ended December 31, 2018 , 2017 and 2016 . The Company leases corporate office space from an affiliate of a member of the Board of Directors. The Company incurred $1.1 million in rent expense for the year ended December 31, 2018 , which represents market rates for the office space.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation — The Company exited a leased property and accrued related lease exit costs of approximately $0.8 million in December 2016. The Company subsequently entered into a legal dispute related to this golf property. In June 2018, the Company accrued an additional $6.6 million for a total of $7.4 million to settle this legal dispute, which was recorded as accounts payable and accrued expenses in the Consolidated Balance Sheet. In July 2018, the Company settled the dispute for $7.4 million , with $5.2 million payable immediately and $2.2 million payable in six quarterly installments. The Company paid a total of $0.7 million of the quarterly installments as of December 31, 2018 , and the final payment is due in December 2019. 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, 2018 , 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, 2018 , 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. Operating lease obligations, Entertainment and Traditional Golf – Entertainment Golf enters into ground leases for construction of new venues. 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. The Company 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 Company had bonds outstanding of approximately $2.0 million as of both December 31, 2018 and 2017 . 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 $1.9 million , $3.0 million and $3.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Traditional Golf has four 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 $0.4 million . The future minimum rental commitments under non-cancellable leases, net of subleases, as of December 31, 2018 were as follows: For the years ending December 31: Traditional Golf Entertainment Golf Total 2019 $ 29,379 $ 576 $ 29,955 2020 28,446 1,235 29,681 2021 23,078 1,959 25,037 2022 20,945 2,414 23,359 2023 20,707 2,521 23,228 Thereafter 127,298 44,350 171,648 Total Minimum lease payments $ 249,853 $ 53,055 $ 302,908 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 $ 5.5 million in property repair costs related to Hurricane Irma, of which $1.3 million was incurred in 2018. The Company was reimbursed $2.0 million and $3.0 million by the insurer in 2017 and 2018 , respectively. Property damage costs and insurance reimbursement are recorded in operating expenses on the Consolidated Statements of Operations. 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, 2018 , the total face amount of initiation fee deposits was approximately $244.6 million . Restricted Cash – Approximately $3.3 million of restricted cash at December 31, 2018 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, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The provision for income taxes consists of the following: Year Ended December 31, 2018 2017 2016 Current: Federal $ 211 $ 710 $ 28 State and Local 73 255 64 Total Current Provision $ 284 $ 965 $ 92 Deferred Federal $ — $ — $ 83 State and Local — — 14 Total Deferred Provision $ — $ — $ 97 Total Provision for Income Taxes $ 284 $ 965 $ 189 On February 23, 2017, the Company revoked its election to be treated as a REIT effective January 1, 2017, and as a result, is subject to U.S federal and state corporate income tax. 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. As of December 31, 2018 , the Company has a net operating loss carryforward of approximately $331.3 million that is available to offset future U.S. federal taxable income, if and when it arises. The net operating loss carryforward will begin to expire in 2029. A portion of the net operating loss carryforward may be limited in its use due to certain provisions of the Code, including, but not limited to Section 382, which imposes 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 experienced an “ownership change” for purposes of Section 382 of the Code in January 2013. As of December 31, 2018, the Company has a capital loss carryforward of approximately $27.2 million . The capital loss carryforward will begin to expire in 2022. The Company and its subsidiaries file U.S. federal and state income tax returns in various jurisdictions. Generally, the Company is no longer subject to tax examinations by tax authorities for years prior to 2015. One of the Company’s subsidiaries is currently under IRS examination for the 2014 tax year. 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 has assessed its tax positions for all open years. As of December 31, 2018, the Company recorded $0.7 million of unrecognized tax benefits which, if recognized, would affect the Company’s effective tax rate. 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. A reconciliation of the unrecognized tax benefits is as follows: Balance as of December 31, 2017 $ — Increase due to tax positions of prior years 568 Increase due to tax positions of current year 153 Balance as of December 31, 2018 $ 721 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 21% is as follows: December 31, 2018 2017 2016 Provision at the statutory rate 21.00 % 35.00 % 35.00 % Non-taxable REIT income — % — % (51.97 )% Permanent items (1.12 )% (0.36 )% 0.23 % State and local taxes (0.15 )% (0.42 )% 0.07 % Valuation allowance (19.97 )% 64.46 % 15.56 % Effects of change in tax rate — % (101.31 )% — % Unrecognized tax benefits (1.84 )% — % — % Tax credits 1.36 % — % — % Other — % 0.31 % 1.35 % Total provision (benefit) (0.72 )% (2.32 )% 0.24 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2018 and 2017 are presented below: December 31, 2018 2017 Deferred tax assets: Allowance for loan losses $ 292 $ 242 Depreciation and amortization 8,964 26,038 Accrued expenses 2,701 1,936 Interest 3,445 4,538 Net operating losses 89,903 100,297 Capital losses 7,352 6,070 Deferred revenue 1,960 2,295 Other 5,306 2,225 Total deferred tax assets 119,923 143,641 Less valuation allowance (104,705 ) (106,466 ) Net deferred tax assets $ 15,218 $ 37,175 Deferred tax liabilities: Leaseholds 7,025 8,568 Cancellation of debt — 23,385 Membership deposit liabilities 8,193 5,222 Total deferred tax liabilities $ 15,218 $ 37,175 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. As of December 31, 2018 , the Company recorded a full valuation allowance against its net deferred tax assets as management does not believe that it is more likely than not that the net deferred tax assets will be realized. The following table summarizes the change in the deferred tax asset valuation allowance: Valuation allowance at December 31, 2017 $ 106,466 Decrease due to current year operations (1,761 ) Valuation allowance at December 31, 2018 $ 104,705 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 .

IMPAIRMENT

IMPAIRMENT	12 Months Ended
	Dec. 31, 2018
Other than Temporary Impairment Losses, Investments [Abstract]
IMPAIRMENT	IMPAIRMENT The following table summarizes the amounts the Company recorded in the Consolidated Statements of Operations: Year Ended December 31, 2018 2017 2016 Traditional golf properties $ 8,093 $ — $ 6,232 Debt and equity securities — — 110 Valuation allowance on loans 147 60 4,039 Total impairment $ 8,240 $ 60 $ 10,381 Held for Use Impairment: The Company reviews long-lived assets quarterly to determine whether triggering events have occurred that require a test to determine if the carrying amounts of the assets are recoverable. As of December 31, 2016, the Company evaluated the recoverability of the carrying value of its Traditional Golf properties in Oregon and California based on estimates of undiscounted future cash flows. Based on the analysis, 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. In December 2018, the Company recorded impairments of long-lived assets totaling $0.9 million on three golf properties within the Traditional Golf segment. As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value these properties falls within Level 3 for fair value reporting. 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 property falls within Level 3 for fair value reporting. Upon reclassification in March 2018 (see Note 5), the Company assessed the real estate assets, held-for-sale and determined that the carrying value of one property exceeded the fair value less anticipated costs to sell. In March 2018, the Company recognized an impairment loss totaling approximately $1.3 million . The fair value measurement was based on the pricing in a letter of intent and internal valuation models. The significant inputs used to value this property falls within Level 3 for fair value reporting. In 2018, the Company reassessed the real estate assets, held-for-sale, net on a quarterly basis and determined that the carrying value of four golf properties exceeded the fair value less anticipated costs to sell. As a result, the Company recognized impairment loss and recorded accumulated impairment totaling approximately $5.7 million . The fair value measurements were based on executed purchase agreements or letters of intent that the Company intended to pursue. The significant inputs used to value these property falls within Level 3 for fair value reporting.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS These financial statements include a discussion of material events which have occurred subsequent to December 31, 2018 through the issuance of these Consolidated Financial Statements. On March 13, 2019, 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, 2019 and ending April 30, 2019. Dividends totaling $1.4 million will be paid on April 30, 2019 to shareholders of record on April 1, 2019. In January 2019, the Company consummated on the sale of a private golf property in California and a public golf property in Georgia for a sale price of $24.8 million . In 2019, a former employee filed a class action complaint against the Company alleging that our Traditional Golf properties in the State of New York did not comply with state wage and hour laws. The Company has not accrued additional losses in connection with this legal dispute because management does not believe there is a probable and reasonably estimable loss at this time. However, the ultimate outcome of the proceedings may have a material adverse effect on our business, financial position or results of operations.

SUMMARY QUARTERLY CONSOLIDATED

SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)	SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) 2018 Quarter Ended Year Ended March 31 (A)(B) June 30 (A)(B) September 30 (A)(B) December 31 (B) December 31 (B) Total revenues $ 66,660 $ 91,004 $ 87,419 $ 69,286 $ 314,369 Total operating costs 78,946 87,976 94,619 79,262 340,803 Operating loss (income) (12,286 ) 3,028 (7,200 ) (9,976 ) (26,434 ) Total other income (expenses) (4,009 ) (7,831 ) (6,875 ) 6,750 (11,965 ) Income tax expense — — — 284 284 Net loss (16,295 ) (4,803 ) (14,075 ) (3,510 ) (38,683 ) Preferred dividends (1,395 ) (1,395 ) (1,395 ) (1,395 ) (5,580 ) Loss applicable to common stockholders $ (17,690 ) $ (6,198 ) $ (15,470 ) $ (4,905 ) $ (44,263 ) Loss applicable to common stock, per share Basic $ (0.26 ) $ (0.09 ) $ (0.23 ) $ (0.07 ) $ (0.66 ) Diluted $ (0.26 ) $ (0.09 ) $ (0.23 ) $ (0.07 ) $ (0.66 ) Weighted average number of shares of common stock outstanding Basic 66,977,104 66,977,104 66,992,322 67,027,104 66,993,543 Diluted 66,977,104 66,977,104 66,992,322 67,027,104 66,993,543 2017 Quarter Ended Year Ended March 31 (A)(B) June 30 (A)(B) September 30 (A)(B) December 31 (B) December 31 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 (A) The 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 and RSUs outstanding are excluded from the diluted share calculation as their effect would have been anti-dilutive.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
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 or 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 11 for additional information.
Prior Period Reclassifications	Prior Period Reclassifications — Certain prior period amounts have been reclassified to conform to the current period's presentation. Effective January 1, 2018, the Company internalized management (as discussed in Note 12) and records corporate overhead, including corporate payroll and related expenses, in "General and administrative expense" on the Consolidated Statements of Operations. Prior to January 1, 2018, the Company reported corporate overhead, including corporate payroll and related expenses, related to the Traditional Golf business in "Operating expenses" on the Consolidated Statements of Operations. The Company reclassified $14.8 million and $15.3 million from "Operating expenses" to "General and administrative expense" for the years ended December 31, 2017 and 2016 , respectively. The Company adopted ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments effective January 1, 2018, which requires retrospective adjustment to all periods. For the years ended December 31, 2017 and 2016 , the adjustment resulted in an increase of $0.8 million and $0.7 million in “Other financing activities”, respectively, and a decrease of $0.8 million and $0.7 million , respectively, in “Change in Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent.” The Company adopted ASU 2016-18 Statement of Cash Flows (Topic 230), Restricted Cash effective January 1, 2018, which requires retrospective adjustment to all periods. The addition of the reconciliation of restricted cash for the years ended December 31, 2016 included an increase of $4.3 million in "Margin deposits under repurchase agreements and derivatives", an increase of $2.3 million in “Principal repayments from investments”, a decrease of $2.7 million in “Repayment of debt obligations”, a decrease of $0.1 million in "Gain on deconsolidation" and a decrease of $0.1 million in "Other (gains) losses, net." There were no adjustments for the year ended December 31, 2017 related to the addition of the reconciliation of restricted cash.
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.
Revenue Recognition and Deferred Revenue	Deferred Revenue — Payments received in advance of the performance of services are recorded as deferred revenue until the services are performed. Deposits – Deposits consist primarily of property lease security deposits and deposits with vendors for property and equipment. REVENUE RECOGNITION Golf Operations Entertainment Golf — Revenue from bay play, events, and other operating activities (consisting primarily of instruction and merchandise sales) is generally recognized at a point in time which is at the time of sale, when services are rendered and collection is reasonably assured. Revenue from general memberships is recognized at the time of sale. Dues from other membership programs are included in deferred revenue and recognized as revenue ratably over the appropriate period, which is generally twelve months or less. Traditional Golf — Revenue from green fees, cart rentals, merchandise sales and other operating activities (consisting primarily of range income, banquets and club amenities) is generally recognized at a point in time which is 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 determination of the estimated average expected life of an active membership is a significant judgment based on company-specific historical membership addition and attrition data. The present value of the refund obligation is recorded as a membership deposit liability in the Consolidated Balance Sheets and accretes over a 30 -year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the Consolidated Statements of Operations. Revenue from the reimbursement of certain operating costs incurred at the Company’s managed Traditional Golf properties is recognized at the time the associated operating costs are incurred as collection is reasonably assured per the terms of the management contracts and the repayment histories of the property owners. Sales of Food and Beverages — Revenue from food and beverage sales are recorded at the time of sale, net of discounts.
Real Estate Securities and Impairment of Securities	Real Estate Securities — The Company invested in securities, including real estate related asset backed 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. Upon settlement of the sale of securities, the excess (or deficiency) of net proceeds over the net carrying value of such security was recognized as a gain (or loss) in the period of settlement. Impairment of Securities — The Company continually evaluates securities for impairment. Securities are considered to be other-than-temporarily impaired, for financial reporting purposes, whenever there has been a probable adverse change in the timing or amounts of expected cash flows. The evaluation of a security’s estimated cash flows includes the following, as applicable: (i) review of the credit of the issuer or the borrower, (ii) review of the credit rating of the security, (iii) review of the key terms of the security (iv) analysis of the effect of local, industry and broader economic factors, and (v) analysis of historical and anticipated trends in defaults and loss severities for similar securities. The Company must record a write-down if it has the intent to sell a given security in an unrealized loss position, or if it is more likely than not that it will be required to sell such a security. Upon determination of impairment, the Company 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 consist primarily of payroll (Entertainment Golf venue level and Traditional Golf property level), utilities, repairs and maintenance, supplies, marketing and operating lease rent expense. Entertainment Golf Operating expenses for Entertainment Golf also include information technology-related support and maintenance. Traditional Golf Operating expenses for Traditional Golf also include equipment and cart leases, seed, soil and fertilizer, and certain operating costs incurred at managed Traditional Golf properties. Many of the Traditional Golf properties and related facilities are leased under long-term operating leases. In addition to minimum payments, certain leases require payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments. The leases generally require the payment of taxes assessed against the leased property and the cost of insurance and maintenance. The majority of lease terms initially 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.
General and Administrative Expense	General and Administrative Expense — General and administrative expense consists of costs associated with corporate and administrative functions that support development and operations.
Pre-Opening Costs	Pre-Opening Costs — Pre-opening costs are expensed as incurred and consist primarily of marketing expenses, rent, employee payroll, travel and related expenses, training costs, food, beverage and other restaurant operating expenses incurred prior to opening an Entertainment Golf venue.
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, Net	Interest Expense, Net — The Company financed Traditional Golf and Corporate using both fixed and floating rate debt, including mortgage loans 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 10 for additional information.
Derivatives and Hedging Activities	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. Subsequent to the prepayment of the Traditional Golf term loan in December 2018, the Company unwound the interest rate cap. At December 31, 2018 , the Company had no derivatives or hedging activities. Derivative Assets – All derivative assets on the balance sheet are measured at fair value. We have no derivative assets as of December 31, 2018.
Stock-Based Compensation Expense, Stock Options and Restricted Stock Units or RSUs	Stock Options — The fair value of the options issued as compensation to the former 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. Stock options granted to the Company’s employees and non-employee directors were recorded as an increase in equity and accounted for using the fair value method. See Note 11 for additional information. Restricted Stock Units or RSUs — The fair value of the RSUs issued to the Company's directors as part of annual compensation were recorded as an increase in equity. The fair value of the RSUs is based on the Company's stock price on the grant date. See Note 11 for additional information. Stock-Based Compensation Expense — The Company maintains an equity incentive plan under which non-qualified stock options, incentive stock options, and restricted stock units or RSUs are granted to employees and non-employee directors. Stock-based compensation expense for stock options is recognized on a straight-line basis through the vesting date of the option. RSUs are expensed based on the fair value on the date of grant and amortized on a straight-line basis through the vesting date. The fair value of RSUs is estimated using the stock price on the date of grant. All stock-based compensation expense is recorded as general and administrative expense in the Consolidated Statement of Operations. See Note 11 for additional information.
Management Fees and Termination Payment to Affiliate	Management Fee and Termination Payment to Affiliate — These represent amounts due or paid to the former Manager pursuant to the Management Agreement or the termination of the existing Management Agreement. For further information, see Note 12.
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. The Company capitalizes to construction in progress, certain costs related to properties under construction. 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. Depreciation is calculated using the straight-line method based on the lesser of the following estimated useful lives or the lease term: Buildings and improvements 10-30 years Capital leases - equipment 3-7 years Furniture, fixtures, and equipment 2-7 years 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. The Company suspends depreciation and amortization for assets held-for-sale. Subsequent changes to the estimated fair value less costs to sell could impact the measurement of assets held-for-sale. Decreases are recognized as an impairment loss and recorded in "Impairment" on the Consolidated Statements of Operations. To the extent the fair value increases, any previously reported impairment is reversed. Real estate held-for-sale is recorded in “Real estate assets, held-for-sale, net” and “Real estate liabilities, held-for-sale” on the Consolidated Balance Sheets. Entertainment Golf Entertainment Golf includes land, buildings, furniture, fixtures and equipment and leasehold improvements including building and land improvements. Traditional Golf With respect to Traditional Golf course improvements (included in buildings and improvements), costs associated with 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 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 present value of associated payments. Depreciation of capital lease assets is calculated using the straight-line method over the shorter of the estimated useful lives or the expected lease terms. The cost of equipment under capital leases is recorded in "Property and equipment, net of accumulated depreciation" on 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.
Intangibles	Intangibles, Net — Intangible assets and liabilities consist primarily of leasehold advantages (disadvantages), management contracts, membership base and internally-developed software. A leasehold advantage (disadvantage) exists to the Company when it pays a contracted rent that is below (above) market rents at the date of an 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 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 using the discounted cash flow method 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. The internally-developed software intangible represents proprietary software developed for the Company’s exclusive use. For Entertainment Golf, the internally-developed software intangible is composed of costs incurred to develop the software. The internally-developed software intangible is amortized over the expected useful life of the software. 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 2 - 26 years Management contracts 2 - 26 years Internally-developed software 3 - 5 years Membership base 7 years Liquor licenses Nonamortizable
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 held-for-use and held-for-sale, as well as 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 carrying amount or fair value less costs to sell.
Membership Deposit Liabilities	Membership Deposit Liabilities — Private country club members in our Traditional Golf business 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 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.
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, 2018 and 2017 , the carrying value of this investment was $22.6 million and $21.1 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 during the year ended December 31, 2016 . There was no other than temporary impairment recorded during the years ended December 31, 2018 and 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) income, 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.
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. 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.
Accounts Receivables, Net	Accounts Receivable, Net — Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts of $1.0 million and $0.8 million as of December 31, 2018 and 2017 , 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 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.
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.
Income Taxes	Income Taxes – The Company accounts for income taxes pursuant to the asset and liability method which requires the recognition of deferred income tax assets and liabilities related to the expected future tax consequences arising from temporary differences between the carrying amounts and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates applicable to the periods in which the temporary differences are expected to reverse. A valuation allowance is recognized if the Company determines it is more likely than not that all or a portion of a deferred tax asset will not be recognized. 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 14 for additional information.
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. The Company adopted the new guidance effective January 1, 2018 using the modified retrospective method. See Note 3 for additional information. 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 Company adopted the new guidance effective January 1, 2018 and it did not have a material impact on the 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 currently has operating leases, including ground leases, for certain of its properties and leased equipment which are not recognized on the Consolidated Balance Sheets. In July 2018, the FASB issued ASU 2018-10 Codification Improvements to Topic 842 Leases, which provides 16 narrow scope amendments to ASC 842, including the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification among other things. In July 2018, the FASB issued ASU 2018-11 Leases (Topic 842): Targeted Improvements, which allows entities to not apply the new lease standard in the comparative periods presented in the financial statements in the year of adoption. In December 2018, the FASB issued ASU 2018-20 Leases (Topic 842), Narrow-Scope Improvements for Lessors, which includes the requirement that a lessor (i) exclude lessor costs paid directly by a lessee to third parties on the lessor’s behalf from variable payments and (ii) include lessor costs that are paid by the lessor and reimbursed by the lessee in the measurement of variable lease revenue and the associated expense. The Company anticipates a significant increase to its non-current assets and non-current liabilities in order to record a right-of-use asset and a related lease liability, specifically as it relates to existing operating leases. There are also certain considerations related to internal control over financial reporting that are associated with implementing the new guidance under Topic 842. The Company is currently evaluating its control framework for lease accounting and identifying any changes that may need to be made in response to the new guidance. The Company has selected an information system application to centralize the tracking of and accounting for the Company’s leases and is currently in the process of implementing that application. The Company will adopt the requirements of the new standard on January 1, 2019. The Company is working to quantify the impact, but is currently unable to estimate the impact on the Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13 Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The standard changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. For available-for-sale debt securities, entities will be required to record allowances rather than reduce the carrying amount under the other-than-temporary impairment model. In November 2018, the FASB issued ASU 2018-19 Codification Improvements to Topic 326, Financial Instruments - Credit Losses which clarifies that operating lease receivables accounted for under ASC 842 are not in the scope of this guidance. 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 Company adopted the new guidance effective January 1, 2018 and it did not have a material impact on the Consolidated Statements of Cash Flows. 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 Company adopted the new guidance effective January 1, 2018 and has included changes in restricted cash in the Consolidated Statements of Cash Flows for all periods presented. 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 Company adopted the new guidance effective January 1, 2018 and it did not have a material impact on the Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15 Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The standard requires a customer in a cloud computing arrangement (i.e., a hosting arrangement) that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. That guidance requires certain costs incurred during the application development stage to be capitalized and other costs incurred during the preliminary project and post-implementation stages to be expensed as they are incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The effective date of the standard will be for annual periods beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. Entities can either apply the guidance prospectively to all implementation costs incurred after the date of adoption or retrospectively. The Company is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements.
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. 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 dilutive securities during each period. The Company’s dilutive securities are its options and RSUs.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of accumulated other comprehensive income	The following table summarizes the Company’s accumulated other comprehensive income: December 31, 2018 2017 Net unrealized gain on securities $ 1,878 $ 1,370 Accumulated other comprehensive income $ 1,878 $ 1,370
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, 2018 2017 2016 (Gain) on settlement of real estate securities $ — $ (2,345 ) $ (19,129 ) Loss on settlement of real estate securities — 2,803 16,178 Realized (gain) loss on settlement of non-hedge derivatives, net (227 ) 4,669 (18,318 ) (Gain) loss on settlement of loans held-for-sale — (12 ) 48 Unrealized loss on securities, intent-to-sell — 558 23,128 Unrealized loss (gain) on non-hedge derivative instruments 96 570 (1,222 ) Realized and unrealized loss (gain) on investments $ (131 ) $ 6,243 $ 685 (Loss) on lease modifications and terminations $ (939 ) $ (161 ) $ (62 ) (Loss) on extinguishment of debt, net (1,542 ) (294 ) (780 ) Collateral management fee income, net 575 387 592 Equity in earnings (losses) of equity method investments 1,471 1,536 (1,338 ) Gain (loss) on disposal of long-lived assets and intangibles 8,704 (295 ) (22 ) Other (loss) (A) (5,389 ) (1,079 ) (2,244 ) Other income (loss), net $ 2,880 $ 94 $ (3,854 ) (A) During the year ended December 31, 2018 , the Company recorded a net loss of approximately $4.9 million related to the settlement of a legal dispute and a related discharge of liabilities assumed by the counterparty to the settlement. See Note 13 for additional information.
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. There were no reclassifications from AOCI into net income during the year ended December 31, 2018 . Year Ended December 31, Accumulated Other Comprehensive Income Statement 2017 2016 Net realized (gain) loss on securities Impairment Impairment $ — $ 54 (Gain) on settlement of real estate securities Realized and unrealized (gain) loss on investments (2,345 ) (19,129 ) Loss on settlement of real estate securities Realized and unrealized (gain) loss on investments — 16,178 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 ) Net realized (gain) on derivatives designated as cash flow hedges Amortization of deferred hedge (gain) Interest expense, net — (20 ) $ — $ (20 ) Total reclassifications $ (2,345 ) $ (471 )
Schedule of useful lives of property, plant, and equipment	Depreciation is calculated using the straight-line method based on the lesser of the following estimated useful lives or the lease term: Buildings and improvements 10-30 years Capital leases - equipment 3-7 years Furniture, fixtures, and equipment 2-7 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 2 - 26 years Management contracts 2 - 26 years Internally-developed software 3 - 5 years Membership base 7 years Liquor licenses Nonamortizable
Schedule of restricted cash from continuing operations	Restricted cash consisted of: December 31, 2018 2017 CDO trustee accounts $ 127 $ 170 Restricted cash for construction-in-progress 2,008 2,282 Restricted cash - Traditional Golf 1,266 3,362 Restricted cash - Entertainment Golf 183 182 Restricted cash, current and noncurrent $ 3,584 $ 5,996
Schedule of other current assets	The following table summarizes the Company's other current assets: December 31, 2018 2017 Loans, held-for-sale, net (A) $ — $ 147 Prepaid expenses 2,651 3,081 Deposits 2,494 3,469 Inventory 2,855 4,722 Miscellaneous current assets, net 12,505 10,149 Other current assets $ 20,505 $ 21,568 (A) During the year ended December 31, 2018 , the Company recorded an impairment of $0.2 million on a corporate loan.
Schedule of other assets	The following table summarizes the Company's other assets: December 31, 2018 2017 Prepaid expenses $ 277 $ 6 Deposits 2,140 2,213 Derivative assets — 286 Miscellaneous assets, net 6,267 6,144 Other assets $ 8,684 $ 8,649
Schedule of other current liabilities	The following table summarizes the Company's other current liabilities: December 31, 2018 2017 Security deposits payable $ 14,188 $ 6,602 Accrued rent 2,885 2,160 Due to affiliates — 1,786 Dividends payable 930 930 Miscellaneous current liabilities 4,282 11,118 Other current liabilities $ 22,285 $ 22,596
Schedule of other liabilities	The following table summarizes the Company's other liabilities: December 31, 2018 2017 Security deposits payable $ 91 $ 66 Unfavorable leasehold interests 2,759 3,374 Accrued rent 1,617 1,057 Miscellaneous liabilities 765 349 Other liabilities $ 5,232 $ 4,846
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, 2018 2017 2016 Accretion of net discount on securities, loans and other investments $ (151 ) $ (4,698 ) $ (7,926 ) Amortization of net discount on debt obligations and deferred financing costs 1,310 1,241 1,501 Amortization of net deferred hedge gains – debt — — (20 ) Amortization of discount and premium $ 1,159 $ (3,457 ) $ (6,445 ) Amortization of leasehold intangibles $ 4,093 $ 4,111 $ 4,451 Accretion of membership deposit liability 6,872 6,453 5,803 Other amortization $ 10,965 $ 10,564 $ 10,254

REVENUES (Tables)

REVENUES (Tables)	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Per the modified retrospective method, comparative information has not been restated to conform to these changes and continues to be reported under the accounting standards in effect for those periods. In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on the Consolidated Statements of Operations was as follows: Consolidated Balance Sheet December 31, 2018 As reported Balances under prior accounting Effect of Change (A) Liabilities Other current liabilities $ 22,285 $ 27,094 $ (4,809 ) Equity Accumulated Deficit $ (3,105,307 ) $ (3,110,116 ) $ 4,809 (A) Represents the cumulative effect adjustment to the 2018 opening balance. Consolidated Statement of Operations Year Ended December 31, 2018 As reported Balances under prior accounting Effect of Change Revenues Golf operations $ 244,646 $ 222,581 $ 22,065 Operating Costs Operating expenses $ 251,794 $ 229,729 $ 22,065
Disaggregation of Revenue	The following table disaggregates revenue by category: Entertainment golf venues, public and private golf properties (owned and leased) and managed golf properties. Year Ended December 31, 2018 Entertainment golf venues Public golf properties Private golf properties Managed golf properties Total Golf operations 2,191 116,009 101,669 24,777 244,646 Sales of food and beverages 2,713 39,280 27,730 — 69,723 Total revenues $ 4,904 $ 155,289 $ 129,399 $ 24,777 $ 314,369

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2018
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: Entertainment Golf Traditional Golf Corporate Total Year Ended December 31, 2018 Revenues Golf operations $ 2,191 $ 242,455 $ — $ 244,646 Sales of food and beverages 2,713 67,010 — 69,723 Total revenues 4,904 309,465 — 314,369 Operating costs — Operating expenses (A) 5,398 246,396 — 251,794 Cost of sales - food and beverages 640 19,513 — 20,153 General and administrative expense 6,382 16,702 11,271 34,355 General and administrative expense - acquisition and transaction expenses (B) 2,679 1,024 502 4,205 Depreciation and amortization 1,886 17,814 4 19,704 Pre-opening costs (C) 2,483 — — 2,483 Impairment — 8,093 147 8,240 Realized and unrealized loss on investments — (131 ) — (131 ) Total operating costs 19,468 309,411 11,924 340,803 Operating income (loss) (14,564 ) 54 (11,924 ) (26,434 ) Other income (expenses) — Interest and investment income 281 194 1,319 1,794 Interest expense (D) — (16,046 ) (2,274 ) (18,320 ) Capitalized interest (D) — 1,121 560 1,681 Other income, net — 846 2,034 2,880 Total other income (expenses) 281 (13,885 ) 1,639 (11,965 ) Income tax expense (E) — — 284 284 Net loss (14,283 ) (13,831 ) (10,569 ) (38,683 ) Preferred dividends — — (5,580 ) (5,580 ) Loss applicable to common stockholders $ (14,283 ) $ (13,831 ) $ (16,149 ) $ (44,263 ) Entertainment Golf Traditional Golf Corporate (F) Total December 31, 2018 Total assets 117,416 225,904 58,627 401,947 Total liabilities 13,561 196,836 56,883 267,280 Preferred stock — — 61,583 61,583 Equity (loss) attributable to common stockholders $ 103,855 $ 29,068 $ (59,839 ) $ 73,084 Additions to property and equipment (including capital leases) during the year ended December 31, 2018 $ 55,924 $ 14,042 $ — $ 69,966 Summary segment financial data (continued). Entertainment Golf Traditional Golf Corporate (G) Total Year Ended December 31, 2017 Revenues Golf 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) — 232,796 — 232,796 Cost of sales - food and beverages — 20,959 — 20,959 General and administrative expense 147 16,073 6,456 22,676 General and administrative expense - acquisition and transaction expenses (B) 7,139 677 921 8,737 Management fee and termination payment to affiliate — — 21,410 21,410 Depreciation and amortization 44 24,260 — 24,304 Pre-opening costs (C) 320 — — 320 Impairment — — 60 60 Realized and unrealized loss on investments — 199 6,044 6,243 Total operating costs 7,650 294,964 34,891 337,505 Operating loss (7,650 ) (2,370 ) (34,891 ) (44,911 ) Other income (expenses) Interest and investment income — 159 23,003 23,162 Interest expense (D) — (15,523 ) (4,304 ) (19,827 ) Capitalized interest (D) — 246 — 246 Other (loss) income, net — (1,762 ) 1,856 94 Total other income (expenses) — (16,880 ) 20,555 3,675 Income tax expense (E) — — 965 965 Net loss (7,650 ) (19,250 ) (15,301 ) (42,201 ) Preferred dividends — — (5,580 ) (5,580 ) Loss applicable to common stockholders $ (7,650 ) $ (19,250 ) $ (20,881 ) $ (47,781 ) Entertainment Golf Traditional Golf Corporate (F)(G) Total December 31, 2017 Total assets 41,046 334,925 160,677 536,648 Total liabilities 9,328 300,176 56,093 365,597 Preferred stock — — 61,583 61,583 Equity attributable to common stockholders $ 31,718 $ 34,749 $ 43,001 $ 109,468 Additions to property and equipment (including capital leases) during the year ended December 31, 2017 $ 27,295 $ 16,284 $ 67 $ 43,646 Summary segment financial data (continued). Entertainment Golf Traditional Golf Corporate (G) Total Year Ended December 31, 2016 Revenues Golf 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) — 239,021 — 239,021 Cost of sales - food and beverages — 21,593 — 21,593 General and administrative expense 12 16,556 8,252 24,820 General and administrative expense - acquisition and transaction expenses (B) 1,555 1,594 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 1,567 311,198 25,289 338,054 Operating loss (1,567 ) (12,318 ) (25,289 ) (39,174 ) Other income (expenses) Interest and investment income — 134 91,157 91,291 Interest expense (D) — (12,470 ) (40,398 ) (52,868 ) Gain on deconsolidation — — 82,130 82,130 Other loss, net — (3,159 ) (695 ) (3,854 ) Total other income (expenses) — (15,495 ) 132,194 116,699 Income tax expense 1 188 — 189 Net (loss) income (1,568 ) (28,001 ) 106,905 77,336 Preferred dividends — — (5,580 ) (5,580 ) Net income attributable to noncontrolling interest — (257 ) — (257 ) (Loss) income applicable to common stockholders $ (1,568 ) $ (28,258 ) $ 101,325 $ 71,499 Additions to property and equipment (including capital leases) during the year ended December 31, 2016 $ 659 $ 11,912 $ — $ 12,571 (A) Operating expenses includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.9 million , $3.0 million and $3.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Operating expenses also includes amortization of favorable and unfavorable lease intangibles in the amount of $4.1 million , $4.1 million and $4.5 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. (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. (C) Pre-opening costs are expensed as incurred and consist primarily of site-related marketing expenses, pre-opening rent, employee payroll, travel and related expenses, training costs, food, beverage and other restaurant operating expenses incurred prior to opening an Entertainment Golf venue. (D) Interest expense includes the accretion of membership deposit liabilities in the amount of $6.9 million , $6.5 million and $5.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Interest expense and capitalized interest total to interest expense, net on the Consolidated Statements of Operations. (E) 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. (F) Total assets in the corporate segment includes an equity method investment in the amount of $22.6 million and $21.1 million as of December 31, 2018 and 2017 , respectively, recorded in other investments on the Consolidated Balance Sheets. See Note 2 for additional information. (G) The Debt Investments segment and corporate segment as reported previously are combined to conform to the current period's presentation.

PROPERTY AND EQUIPMENT, NET O_2

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION (Tables)	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment, Net of Accumulated Depreciation	The following table summarizes the Company's property and equipment: December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 6,747 $ — $ 6,747 $ 88,251 $ — $ 88,251 Buildings and improvements 78,833 (30,540 ) 48,293 154,769 (52,636 ) 102,133 Furniture, fixtures and equipment 26,726 (16,729 ) 9,997 33,109 (23,451 ) 9,658 Capital leases - equipment 28,745 (12,843 ) 15,902 24,949 (8,649 ) 16,300 Construction in progress 51,666 — 51,666 24,916 — 24,916 Total Property and Equipment $ 192,717 $ (60,112 ) $ 132,605 $ 325,994 $ (84,736 ) $ 241,258
Summary of Leased and Managed Traditional Golf Properties	Below is a summary of the activity related to leased and managed Traditional Golf properties. Date Location Leased or Managed Property Description May 2017 California Managed agreement expired December 2017 Oklahoma Leased agreement expired February 2018 Oklahoma Leased agreement terminated June 2018 California Leased agreement terminated, 10 year management agreement executed September 2018 Texas Leased agreement terminated November 2018 California Leased agreement expired December 2018 Michigan Managed agreement terminated, course closing

INTANGIBLES, NET OF ACCUMULAT_2

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	The following table summarizes the Company's intangible assets: December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (117 ) $ 583 $ 700 $ (93 ) $ 607 Leasehold intangibles (A) 46,581 (20,270 ) 26,311 48,107 (16,716 ) 31,391 Management contracts 32,932 (15,174 ) 17,758 35,111 (13,468 ) 21,643 Internally-developed software 2,314 (967 ) 1,347 800 (640 ) 160 Membership base 5,236 (3,740 ) 1,496 5,236 (2,992 ) 2,244 Nonamortizable liquor licenses 893 — 893 1,231 — 1,231 Total intangibles $ 88,656 $ (40,268 ) $ 48,388 $ 91,185 $ (33,909 ) $ 57,276 (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, 2018 is expected to be amortized as follows: 2019 $ 7,412 2020 6,869 2021 4,929 2022 3,743 2023 3,573 Thereafter 20,969 Total amortizable intangible assets 47,495 Nonamortizable liquor licenses 893 Total intangible assets $ 48,388

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of debt obligations	The following table presents certain information regarding the Company's debt obligations: December 31, 2018 December 31, 2017 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 Credit Facilities and Capital Leases Traditional Golf term loan (C) Jun 2016 — — —% —% — % 0 — 102,000 99,931 Vineyard II Dec 1993 200 200 Dec 2043 2.36% 2.36 % 25.0 200 200 200 Capital Leases (Equipment) June 2014 - Dec 2018 15,778 15,778 May 2019 - June 2024 3.00% to 16.16% 6.75 % 3.1 — 16,626 16,626 15,978 15,978 6.69 % 3.4 200 118,826 116,757 Less current portion of obligations under capital leases 5,489 5,489 4,652 4,652 Credit facilities and obligations under capital leases - noncurrent 10,489 10,489 114,174 112,105 Corporate Junior subordinated notes payable (D) Mar 2006 51,004 51,200 Apr 2035 LIBOR + 2.25% 4.73 % 16.3 51,004 51,004 51,208 Total debt obligations $ 66,982 $ 67,178 5.20 % 13.2 $ 51,204 $ 169,830 $ 167,965 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 was collateralized by 22 Traditional Golf properties. The carrying amount of the Traditional Golf term loan was reported net of deferred financing costs of $2.1 million as of December 31, 2017 . The loan was prepaid in December 2018. See below for additional information. (D) 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, 2018 are as follows: 2019 $ 6,401 2020 5,126 2021 3,581 2022 1,831 2023 701 Thereafter 6 Total minimum lease payments 17,646 Less: imputed interest 1,868 Present value of net minimum lease payments $ 15,778
Schedule of contractual maturities of debt obligations	The Company’s debt obligations have contractual maturities as follows: Nonrecourse Recourse Total 2019 $ 5,505 $ — $ 5,505 2020 4,569 — 4,569 2021 3,294 — 3,294 2022 1,724 — 1,724 2023 681 — 681 Thereafter 205 51,004 51,209 Total $ 15,978 $ 51,004 $ 66,982

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 , 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, 2018 ABS - Non-Agency RMBS $ 4,000 $ 2,596 $ (1,521 ) $ 1,075 $ 1,878 $ — $ 2,953 1 CCC 2.90 % 26.65 % 4.9 38.0 % Total Securities, Available-for-Sale (E) $ 4,000 $ 2,596 $ (1,521 ) $ 1,075 $ 1,878 $ — $ 2,953 1 CCC 2.90 % 26.65 % 4.9 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 (E) $ 4,000 $ 2,445 $ (1,521 ) $ 924 $ 1,370 $ — $ 2,294 1 (A) See Note 10 regarding the estimation of fair value, which is equal to carrying value for all securities. (B) 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. 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. (C) The weighted average life is based on the timing of expected cash flows on the assets. (D) Percentage of the outstanding face amount of securities and residual interests that is subordinate to the Company’s investments. (E) As of December 31, 2018 and 2017 , the total outstanding face amount 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 U.S. The Company does not have significant investments in any one geographic region.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2018
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 2018 2017 2016 Deferred hedge gain reclassified from AOCI into earnings Interest expense, net — — (20 ) Non-hedge derivatives Unrealized loss (gain) on interest rate derivatives Realized and unrealized (gain) loss on investments $ 96 $ 199 $ (294 ) Unrealized loss (gain) recognized related to TBAs Realized and unrealized (gain) loss on investments — 371 (928 ) Realized (gain) loss on settlement of non-hedge derivatives, net Realized and unrealized (gain) loss on investments (227 ) 4,669 (18,318 )

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 : December 31, 2018 December 31, 2017 Carrying Estimated Fair Value Method (A) Carrying Estimated Assets Real estate securities, available-for-sale $ 2,953 $ 2,953 Pricing models - Level 3 $ 2,294 $ 2,294 Loans, held-for-sale, net (B) — — Pricing models - Level 3 147 147 Cash and cash equivalents 79,235 79,235 167,692 167,692 Restricted cash - current and noncurrent 3,584 3,584 5,996 5,996 Non-hedge interest rate cap — — Counterparty quotations - Level 2 286 286 Liabilities Credit facilities - Traditional Golf term loan — — Pricing models _ Level 3 99,931 103,199 Junior subordinated notes payable 51,200 28,396 Pricing models - Level 3 51,208 27,531 (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.
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, 2018 . Weighted Average Significant Input Asset Type Amortized Fair Discount Rate Prepayment Speed Cumulative Default Rate Loss Severity ABS - Non-Agency RMBS $ 1,075 $ 2,953 10.0 % 8.0 % 2.9 % 43.3 % Total $ 1,075 $ 2,953
Schedule of change in fair value of Level 3 investments	Real estate securities measured at fair value on a recurring basis using Level 3 inputs changed as follows: ABS - Non-Agency RMBS Balance at December 31, 2016 $ 1,950 Total gains (losses) (A) Included in other comprehensive income (loss) 202 Amortization included in interest income 196 Purchases, sales and repayments (A) Proceeds from repayments (54 ) Balance at December 31, 2017 $ 2,294 Total gains (losses) (A) Included in other comprehensive income (loss) 508 Amortization included in interest income 246 Purchases, sales and repayments (A) Proceeds (95 ) Balance at December 31, 2018 $ 2,953 (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 years ended December 31, 2018 and 2017 . There were no transfers into or out of Level 3 during the years ended December 31, 2018 and 2017 .
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, 2018
Equity [Abstract]
Schedule of amounts used in computing basic and diluted EPS	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, 2018 2017 2016 Numerator for basic and diluted earnings per share: (Loss) income from continuing operations after preferred dividends and noncontrolling interest $ (44,263 ) $ (47,781 ) $ 71,499 (Loss) Income Applicable to Common Stockholders $ (44,263 ) $ (47,781 ) $ 71,499 Denominator: Denominator for basic earnings per share - weighted average shares 66,993,543 66,903,457 66,709,925 Effect of dilutive securities Options — — 2,078,515 RSUs — — — Denominator for diluted earnings per share - adjusted weighted average shares 66,993,543 66,903,457 68,788,440 Basic earnings per share: (Loss) income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ (0.66 ) $ (0.71 ) $ 1.07 (Loss) Income Applicable to Common Stock, per share $ (0.66 ) $ (0.71 ) $ 1.07 Diluted earnings per share: (Loss) income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ (0.66 ) $ (0.71 ) $ 1.04 (Loss) Income Applicable to Common Stock, per share $ (0.66 ) $ (0.71 ) $ 1.04
Schedule of outstanding options	The following is a summary of the changes in the Company's outstanding options for the year ended December 31, 2018 . Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2017 5,010,576 $ 2.55 Granted 3,426,355 5.44 Balance at December 31, 2018 (A) 8,436,931 $ 3.72 7.72 years Exercisable at December 31, 2018 2,705,586 $ 2.64 4.64 years
Schedule of outstanding options summary	The Company's outstanding options were summarized as follows: Year Ended December 31, 2018 2017 Held by the former Manager 2,705,253 3,857,748 Issued to the former Manager and subsequently transferred to certain Manager’s employees (B) 2,304,990 1,152,495 Issued to the independent directors 333 333 Issued to Drive Shack employees (C) 3,426,355 — Total (A) 8,436,931 5,010,576 (A) The total at December 31, 2018 excludes 54,641 RSUs granted to certain non-employee directors as part of the annual compensation. (B) The Company and the former 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. In both February 2017 and April 2018, the former Manager issued 1,152,495 options to certain employees formerly employed by the Manager as part of their compensation. The options fully vest and are exercisable one year prior to the option expiration date, beginning March 2020 through January 2024. (C) On November 12, 2018, the Company issued options to certain employees as provided in their employment agreements. The options fully vest and are exercisable as follows: 3,351,355 options vest in equal annual installments on each of the first three anniversaries of the grant date; and 75,000 options fully vest on the third anniversary of the grant date.
Schedule of assumptions for fair value of options	The fair value of the options was determined using the following assumptions: Option Valuation Date January 1, 2018 April 10, 2018 November 12, 2018 Expected Volatility 39.73 % 35.66 % 35.4 - 35.8% Expected Dividend Yield 0.00 % 0.00 % 0.00 % Expected Remaining Term 3.0 - 6.6 years 2.7 - 6.3 years 6.0 - 6.5 years Risk-Free Rate 2.16 - 2.29% 2.68 - 2.82% 3.09 - 3.11% Fair Value at Valuation Date $ 4,272 $ 3,558 $ 7,478
Summary of Drive Shack's outstanding options	The following table summarizes the Company’s outstanding options at December 31, 2018 . Note that the last sales price on the New York Stock Exchange for the Company’s common stock in the year ended December 31, 2018 was $3.92 per share. Recipient Date of Grant/Exercise Number of Options Options Exercisable at Weighted Average Fair Value At Grant Intrinsic Value at Directors Various 3,666 333 $ — Not Material — Manager (B) 2002 - 2008 587,277 — $ 0.00 $ 6.4 — Manager (B) Mar-11 311,853 82,141 $ 1.00 $ 7.0 $ 0.6 Manager (B) Sep-11 524,212 166,582 $ 1.00 $ 5.6 $ 1.1 Manager (B) Apr-12 348,352 140,112 $ 1.00 $ 5.6 $ 0.8 Manager (B) May-12 396,316 158,345 $ 1.00 $ 7.6 $ 0.9 Manager (B) Jul-12 437,991 178,478 $ 1.00 $ 8.3 $ 1.0 Manager (B) Jan-13 958,331 489,196 $ 2.32 $ 18.0 $ 1.4 Manager (B) Feb-13 383,331 195,679 $ 2.95 $ 8.4 $ 0.3 Manager (B) Jun-13 670,829 342,438 $ 3.23 $ 3.8 $ 0.4 Manager (B) Nov-13 965,847 493,032 $ 3.57 $ 6.0 $ 0.3 Manager (B) Aug-14 765,416 459,250 $ 4.01 $ 1.7 $ — Employees Nov-18 3,426,355 — $ 5.44 $ 7.5 $ — Exercised (C) Prior to 2008 (173,853 ) N/A $ 14.09 N/A N/A Exercised (D) Oct-12 (15,972 ) N/A $ 1.48 N/A N/A Exercised (E) Sep-13 (51,306 ) N/A $ 1.67 N/A N/A Exercised (F) 2014 (216,186 ) N/A $ 1.46 N/A N/A Exercised (G) 2015 (202,446 ) N/A 1.00 N/A N/A Exercised (H) 2016 (266,657 ) N/A 3.01 N/A N/A Expired unexercised 2002-2008 (416,425 ) N/A N/A N/A N/A Outstanding 8,436,931 2,705,586 (A) The fair value of the options was estimated using an option valuation model. Since the option plans 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. (B) The former Manager assigned certain of its options to Fortress’s employees as follows: Date of Grant Strike Prices Total Unexercised Inception to Date Mar-11 $1.00 124,740 Sep-11 $1.00 209,686 Apr-12 $1.00 139,340 May-12 $1.00 158,526 Jul-12 $1.00 175,196 Jan-13 $2.32 383,332 Feb-13 $2.95 153,332 Jun-13 $3.23 268,332 Nov-13 $3.57 386,340 Aug-14 $4.01 306,166 Total 2,304,990 The Company and the former 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. (C) 111,770 of the total options exercised were by the former 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. (D) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.2 million . (E) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.9 million . (F) 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. (G) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.8 million . (H) 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 former Manager.
Schedule of assigned options to Fortress's employees	The former Manager assigned certain of its options to Fortress’s employees as follows: Date of Grant Strike Prices Total Unexercised Inception to Date Mar-11 $1.00 124,740 Sep-11 $1.00 209,686 Apr-12 $1.00 139,340 May-12 $1.00 158,526 Jul-12 $1.00 175,196 Jan-13 $2.32 383,332 Feb-13 $2.95 153,332 Jun-13 $3.23 268,332 Nov-13 $3.57 386,340 Aug-14 $4.01 306,166 Total 2,304,990 The Company and the former 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 _2

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Transactions With Affiliates And Affiliated Entity [Abstract]
Schedule of amounts Incurred under management agreement	Amounts incurred under the Management 2017 2016 Management fee $ 10,210 $ 10,204 Expense reimbursement to the former Manager 500 500 Termination payment 10,700 — Incentive compensation — — Total Management fee and termination payment to affiliate $ 21,410 $ 10,704

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 were as follows: For the years ending December 31: Traditional Golf Entertainment Golf Total 2019 $ 29,379 $ 576 $ 29,955 2020 28,446 1,235 29,681 2021 23,078 1,959 25,037 2022 20,945 2,414 23,359 2023 20,707 2,521 23,228 Thereafter 127,298 44,350 171,648 Total Minimum lease payments $ 249,853 $ 53,055 $ 302,908

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	The provision for income taxes consists of the following: Year Ended December 31, 2018 2017 2016 Current: Federal $ 211 $ 710 $ 28 State and Local 73 255 64 Total Current Provision $ 284 $ 965 $ 92 Deferred Federal $ — $ — $ 83 State and Local — — 14 Total Deferred Provision $ — $ — $ 97 Total Provision for Income Taxes $ 284 $ 965 $ 189
Summary of reconciliation of the unrecognized tax benefits	A reconciliation of the unrecognized tax benefits is as follows: Balance as of December 31, 2017 $ — Increase due to tax positions of prior years 568 Increase due to tax positions of current year 153 Balance as of December 31, 2018 $ 721
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 21% is as follows: December 31, 2018 2017 2016 Provision at the statutory rate 21.00 % 35.00 % 35.00 % Non-taxable REIT income — % — % (51.97 )% Permanent items (1.12 )% (0.36 )% 0.23 % State and local taxes (0.15 )% (0.42 )% 0.07 % Valuation allowance (19.97 )% 64.46 % 15.56 % Effects of change in tax rate — % (101.31 )% — % Unrecognized tax benefits (1.84 )% — % — % Tax credits 1.36 % — % — % Other — % 0.31 % 1.35 % Total provision (benefit) (0.72 )% (2.32 )% 0.24 %
Schedule of deferred tax assets	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2018 and 2017 are presented below: December 31, 2018 2017 Deferred tax assets: Allowance for loan losses $ 292 $ 242 Depreciation and amortization 8,964 26,038 Accrued expenses 2,701 1,936 Interest 3,445 4,538 Net operating losses 89,903 100,297 Capital losses 7,352 6,070 Deferred revenue 1,960 2,295 Other 5,306 2,225 Total deferred tax assets 119,923 143,641 Less valuation allowance (104,705 ) (106,466 ) Net deferred tax assets $ 15,218 $ 37,175 Deferred tax liabilities: Leaseholds 7,025 8,568 Cancellation of debt — 23,385 Membership deposit liabilities 8,193 5,222 Total deferred tax liabilities $ 15,218 $ 37,175 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, 2017 $ 106,466 Decrease due to current year operations (1,761 ) Valuation allowance at December 31, 2018 $ 104,705

IMPAIRMENT (Tables)

IMPAIRMENT (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 2017 2016 Traditional golf properties $ 8,093 $ — $ 6,232 Debt and equity securities — — 110 Valuation allowance on loans 147 60 4,039 Total impairment $ 8,240 $ 60 $ 10,381

SUMMARY QUARTERLY CONSOLIDATE_2

SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly unaudited summary information	2018 Quarter Ended Year Ended March 31 (A)(B) June 30 (A)(B) September 30 (A)(B) December 31 (B) December 31 (B) Total revenues $ 66,660 $ 91,004 $ 87,419 $ 69,286 $ 314,369 Total operating costs 78,946 87,976 94,619 79,262 340,803 Operating loss (income) (12,286 ) 3,028 (7,200 ) (9,976 ) (26,434 ) Total other income (expenses) (4,009 ) (7,831 ) (6,875 ) 6,750 (11,965 ) Income tax expense — — — 284 284 Net loss (16,295 ) (4,803 ) (14,075 ) (3,510 ) (38,683 ) Preferred dividends (1,395 ) (1,395 ) (1,395 ) (1,395 ) (5,580 ) Loss applicable to common stockholders $ (17,690 ) $ (6,198 ) $ (15,470 ) $ (4,905 ) $ (44,263 ) Loss applicable to common stock, per share Basic $ (0.26 ) $ (0.09 ) $ (0.23 ) $ (0.07 ) $ (0.66 ) Diluted $ (0.26 ) $ (0.09 ) $ (0.23 ) $ (0.07 ) $ (0.66 ) Weighted average number of shares of common stock outstanding Basic 66,977,104 66,977,104 66,992,322 67,027,104 66,993,543 Diluted 66,977,104 66,977,104 66,992,322 67,027,104 66,993,543 2017 Quarter Ended Year Ended March 31 (A)(B) June 30 (A)(B) September 30 (A)(B) December 31 (B) December 31 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 (A) The 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 and RSUs outstanding are excluded from the diluted share calculation as their effect would have been anti-dilutive.

ORGANIZATION (Details)

ORGANIZATION (Details)	Dec. 31, 2018stateproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties in United States | property	66
Number of states the properties are located | state	11

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2018USD ($)derivative_instrument	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Consolidation percentage (as percent)	50.00%
Other financing activities	$ (44,000)	$ (33,000)	$ (217,000)
Decrease in accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent	(23,839,000)	(33,277,000)	(27,868,000)
Principal repayments from investments	0	100,020,000	152,769,000
Repayments of debt obligations	(107,790,000)	(606,568,000)	(2,790,931,000)
Gain on deconsolidation	0	0	(82,196,000)
Other (gains) losses, net	(9,651,000)	5,429,000	(20,629,000)
Other investments	$ 22,613,000	21,135,000
Refundable term for initiation fees	30 years
Number of derivative instruments | derivative_instrument	0
Expected life of active golf membership	7 years
Ownership in equity investment (as percent)	22.00%
Other than temporary impairment	$ 0	0	2,900,000
Allowances for doubtful accounts	1,000,000	800,000
Increase (decrease) in allowance for doubtful accounts	$ 200,000	(300,000)
Number of derivative assets | derivative_instrument	0
Lower Range
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease term	10 years
Upper Range
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease term	20 years
Real Estate Investment with a Non-Controlling Interest
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other investments	$ 0
Membership base
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortization period	7 years
Accounting Standards Update 2016-15
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other financing activities		800,000	700,000
Decrease in accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent		800,000	700,000
Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Margin deposits under repurchase agreements and derivatives			4,300,000
Principal repayments from investments			2,300,000
Repayments of debt obligations			2,700,000
Gain on deconsolidation			100,000
Other (gains) losses, net			100,000
Restatement Adjustment | General and Administrative Expense
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Corporate overhead		14,800,000	15,300,000
Restatement Adjustment | Operating Expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Corporate overhead		$ (14,800,000)	$ (15,300,000)

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ 134,667	$ 171,051	$ 218,067	$ 210,122
Net unrealized gain on securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	1,878	1,370
Accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ 1,878	$ 1,370	$ 1,168	$ 33,297

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Gain (Loss) on Settlement of Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
(Gain) on settlement of real estate securities	$ 0	$ (2,345)	$ (19,129)
Loss on settlement of real estate securities	0	2,803	16,178
Realized (gain) loss on settlement of non-hedge derivatives, net	(227)	4,669	(18,318)
(Gain) loss on settlement of loans held-for-sale	0	(12)	48
Unrealized loss on securities, intent-to-sell	0	558	23,128
Unrealized loss (gain) on non-hedge derivative instruments	96	570	(1,222)
Realized and unrealized loss (gain) on investments	(131)	6,243	685
(Loss) on lease modifications and terminations	(939)	(161)	(62)
(Loss) on extinguishment of debt, net	(1,542)	(294)	(780)
Collateral management fee income, net	575	387	592
Equity in earnings (losses) of equity method investments	1,471	1,536	(1,338)
Gain (loss) on disposal of long-lived assets and intangibles	8,704	(295)	(22)
Other (loss) (A)	(5,389)	(1,079)	(2,244)
Other income (loss), net	2,880	$ 94	$ (3,854)
Net loss related to settlement of legal dispute	$ 4,900

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassification from accumulated other comprehensive income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Securities, Available-for-sale [Line Items]
Realized and unrealized (gain) loss on investments	$ (131)	$ 6,243	$ 685
Gain on deconsolidation	0	0	(82,130)
Interest expense, net	16,639	19,581	52,868
Total reclassifications	$ 38,683	42,201	(77,336)
Reclassification from AOCI into net income
Debt Securities, Available-for-sale [Line Items]
Total reclassifications		(2,345)	(471)
Net realized (gain) loss on securities | Reclassification from AOCI into net income
Debt Securities, Available-for-sale [Line Items]
Impairment		0	54
Gain on deconsolidation		0	(20,682)
Total reclassifications		(2,345)	(451)
(Gain) on settlement of real estate securities | Reclassification from AOCI into net income
Debt Securities, Available-for-sale [Line Items]
Realized and unrealized (gain) loss on investments		(2,345)	(19,129)
Loss on settlement of real estate securities | Reclassification from AOCI into net income
Debt Securities, Available-for-sale [Line Items]
Realized and unrealized (gain) loss on investments		0	16,178
Unrealized loss on real estate securities, intent-to-sell, reclassified from AOCI into income | Reclassification from AOCI into net income
Debt Securities, Available-for-sale [Line Items]
Realized and unrealized (gain) loss on investments		0	23,128
Net realized (gain) on derivatives designated as cash flow hedges | Reclassification from AOCI into net income
Debt Securities, Available-for-sale [Line Items]
Total reclassifications		0	(20)
Amortization of deferred hedge (gain) | Reclassification from AOCI into net income
Debt Securities, Available-for-sale [Line Items]
Interest expense, net		$ 0	$ (20)

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Lives of Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2018
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	2 years
Furniture, fixtures, and equipment | Upper Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Lives for Amortization (Details)	12 Months Ended
	Dec. 31, 2018
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization period	30 years
Leasehold intangibles | Lower Range
Finite-Lived Intangible Assets [Line Items]
Amortization period	2 years
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	2 years
Management contracts | Upper Range
Finite-Lived Intangible Assets [Line Items]
Amortization period	26 years
Internally-developed software | Lower Range
Finite-Lived Intangible Assets [Line Items]
Amortization period	3 years
Internally-developed software | Upper Range
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 ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, current and noncurrent	$ 3,584	$ 5,996
CDO trustee accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, current and noncurrent	127	170
Restricted cash for construction-in-progress
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, current and noncurrent	2,008	2,282
Traditional Golf | Restricted cash
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, current and noncurrent	1,266	3,362
Entertainment Golf | Restricted cash
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, current and noncurrent	$ 183	$ 182

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of other assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Other Assets, Current [Abstract]
Loans, held-for-sale, net	$ 0	$ 147
Prepaid expenses	2,651	3,081
Deposits	2,494	3,469
Inventory	2,855	4,722
Miscellaneous current assets, net	12,505	10,149
Other current assets	20,505	21,568
Impairment of corporate loan	200
Other Assets
Prepaid expenses	277	6
Deposits	2,140	2,213
Derivative assets	0	286
Miscellaneous assets, net	6,267	6,144
Other assets	$ 8,684	$ 8,649

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Other Current Liabilities
Security deposits payable	$ 14,188	$ 6,602
Accrued rent	2,885	2,160
Due to affiliates	0	1,786
Dividends payable	930	930
Miscellaneous current liabilities	4,282	11,118
Other current liabilities	22,285	22,596
Other Liabilities
Security deposits payable	91	66
Unfavorable leasehold interests	2,759	3,374
Accrued rent	1,617	1,057
Miscellaneous liabilities	765	349
Other liabilities	$ 5,232	$ 4,846

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accretion of discount and premium and other amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Accretion of net discount on securities, loans and other investments	$ (151)	$ (4,698)	$ (7,926)
Amortization of net discount on debt obligations and deferred financing costs	1,310	1,241	1,501
Amortization of net deferred hedge gains – debt	0	0	(20)
Amortization of discount and premium	1,159	(3,457)	(6,445)
Amortization of leasehold intangibles	4,093	4,111	4,451
Accretion of membership deposit liability	6,872	6,453	5,803
Other amortization	$ 10,965	$ 10,564	$ 10,254

REVENUES - Impact of Adoption o

REVENUES - Impact of Adoption of New Revenue Standard Requirements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2018
Liabilities
Other current liabilities	$ 22,285	$ 22,596
Equity
Accumulated deficit	(3,105,307)	(3,065,853)
Revenues
Golf operations	314,369
Operating costs
Operating expenses	251,794	$ 232,796	$ 239,021
Golf operations
Liabilities
Other current liabilities	22,285
Revenues
Golf operations	244,646
Balances under prior accounting
Equity
Accumulated deficit	(3,110,116)
Operating costs
Operating expenses	229,729
Balances under prior accounting | Golf operations
Liabilities
Other current liabilities	27,094
Revenues
Golf operations	222,581
Effect of Change | Accounting Standards Update 2014-09
Equity
Accumulated deficit	4,809			$ 4,800
Operating costs
Operating expenses	22,065
Effect of Change | Accounting Standards Update 2014-09 | Golf operations
Liabilities
Other current liabilities	(4,809)
Revenues
Golf operations	$ 22,065

REVENUES - Disaggregation of Re

REVENUES - Disaggregation of Revenues (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Disaggregation of Revenue [Line Items]
Total revenues	$ 314,369
Golf operations, entertainment golf venues
Disaggregation of Revenue [Line Items]
Total revenues	2,191
Golf operations, public golf properties
Disaggregation of Revenue [Line Items]
Total revenues	116,009
Golf operations, private golf properties
Disaggregation of Revenue [Line Items]
Total revenues	101,669
Golf operations, managed golf properties
Disaggregation of Revenue [Line Items]
Total revenues	24,777
Golf operations
Disaggregation of Revenue [Line Items]
Total revenues	244,646
Food and beverage, entertainment golf venues
Disaggregation of Revenue [Line Items]
Total revenues	2,713
Food and beverage, public golf properties
Disaggregation of Revenue [Line Items]
Total revenues	39,280
Food and beverage, private golf properties
Disaggregation of Revenue [Line Items]
Total revenues	27,730
Food and beverage, managed golf properties
Disaggregation of Revenue [Line Items]
Total revenues	0
Food and beverages
Disaggregation of Revenue [Line Items]
Total revenues	69,723
Entertainment golf venues
Disaggregation of Revenue [Line Items]
Total revenues	4,904
Public golf properties
Disaggregation of Revenue [Line Items]
Total revenues	155,289
Private golf properties
Disaggregation of Revenue [Line Items]
Total revenues	129,399
Managed golf properties
Disaggregation of Revenue [Line Items]
Total revenues	$ 24,777

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	12 Months Ended
	Dec. 31, 2018statesegmentproperty
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Number of properties in United States | property	66
Number of states the properties are located | state	11

SEGMENT REPORTING - Segment Rep

SEGMENT REPORTING - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Total revenues	$ 69,286	$ 87,419	$ 91,004	$ 66,660	$ 70,402	$ 81,691	$ 81,360	$ 59,141	$ 314,369	$ 292,594	$ 298,880
Operating costs
Operating expenses									251,794	232,796	239,021
Cost of sales - food and beverages									20,153	20,959	21,593
General and administrative expense									34,355	22,676	24,820
General and administrative expense - acquisition and transaction expenses (B)									4,205	8,737	4,354
Management fee and termination payment to affiliate										21,410	10,704
Depreciation and amortization									19,704	24,304	26,496
Pre-opening costs									2,483	320	0
Impairment									8,240	60	10,381
Realized and unrealized loss on investments									(131)	6,243	685
Total operating costs	79,262	94,619	87,976	78,946	90,493	86,012	87,113	73,887	340,803	337,505	338,054
Operating loss	(9,976)	(7,200)	3,028	(12,286)	(20,091)	(4,321)	(5,753)	(14,746)	(26,434)	(44,911)	(39,174)
Other income (expenses)
Interest and investment income									1,794	23,162	91,291
Interest expense									(18,320)	(19,827)	(52,868)
Capitalized interest									1,681	246
Gain on deconsolidation									0	0	82,130
Other income, net									2,880	94	(3,854)
Total other income (loss)	6,750	(6,875)	(7,831)	(4,009)	(4,063)	3,850	1,557	2,331	(11,965)	3,675	116,699
Income tax expense	284	0	0	0	(82)	(2)	510	539	284	965	189
Net (Loss) Income									(38,683)	(42,201)	77,336
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) attributable to noncontrolling interest									0	0	(257)
(Loss) Income Applicable To Common Stockholders	(4,905)	$ (15,470)	$ (6,198)	$ (17,690)	(25,467)	$ (1,864)	$ (6,101)	$ (14,349)	(44,263)	(47,781)	71,499
Total assets	401,947				536,648				401,947	536,648
Total liabilities	267,280				365,597				267,280	365,597
Preferred stock	61,583				61,583				61,583	61,583
Equity (loss) attributable to common stockholders	73,084				109,468				73,084	109,468
Additions to property and equipment (including capital leases) during the year ended December 31, 2017									69,966	43,646	12,571
Amortization									8,000	8,200	8,900
Accretion of membership deposit liabilities									6,900	6,500	5,800
Equity method investments	22,613				21,135				22,613	21,135
Leasehold intangibles
Other income (expenses)
Amortization									4,100	4,100	4,500
Operating segments | Entertainment Golf
Revenues
Total revenues									4,904	0	0
Operating costs
Operating expenses									5,398	0	0
Cost of sales - food and beverages									640	0	0
General and administrative expense									6,382	147	12
General and administrative expense - acquisition and transaction expenses (B)									2,679	7,139	1,555
Management fee and termination payment to affiliate										0	0
Depreciation and amortization									1,886	44	0
Pre-opening costs									2,483	320
Impairment									0	0	0
Realized and unrealized loss on investments									0	0	0
Total operating costs									19,468	7,650	1,567
Operating loss									(14,564)	(7,650)	(1,567)
Other income (expenses)
Interest and investment income									281	0	0
Interest expense									0	0	0
Capitalized interest									0	0
Gain on deconsolidation											0
Other income, net									0	0	0
Total other income (loss)									281	0	0
Income tax expense									0	0	1
Net (Loss) Income									(14,283)	(7,650)	(1,568)
Preferred dividends									0	0	0
Net (income) attributable to noncontrolling interest											0
(Loss) Income Applicable To Common Stockholders									(14,283)	(7,650)	(1,568)
Total assets	117,416				41,046				117,416	41,046
Total liabilities	13,561				9,328				13,561	9,328
Preferred stock	0				0				0	0
Equity (loss) attributable to common stockholders	103,855				31,718				103,855	31,718
Additions to property and equipment (including capital leases) during the year ended December 31, 2017									55,924	27,295	659
Operating segments | Traditional Golf
Revenues
Total revenues									309,465	292,594	298,880
Operating costs
Operating expenses									246,396	232,796	239,021
Cost of sales - food and beverages									19,513	20,959	21,593
General and administrative expense									16,702	16,073	16,556
General and administrative expense - acquisition and transaction expenses (B)									1,024	677	1,594
Management fee and termination payment to affiliate										0	0
Depreciation and amortization									17,814	24,260	26,496
Pre-opening costs									0	0
Impairment									8,093	0	6,232
Realized and unrealized loss on investments									(131)	199	(294)
Total operating costs									309,411	294,964	311,198
Operating loss									54	(2,370)	(12,318)
Other income (expenses)
Interest and investment income									194	159	134
Interest expense									(16,046)	(15,523)	(12,470)
Capitalized interest									1,121	246
Gain on deconsolidation											0
Other income, net									846	(1,762)	(3,159)
Total other income (loss)									(13,885)	(16,880)	(15,495)
Income tax expense									0	0	188
Net (Loss) Income									(13,831)	(19,250)	(28,001)
Preferred dividends									0	0	0
Net (income) attributable to noncontrolling interest											(257)
(Loss) Income Applicable To Common Stockholders									(13,831)	(19,250)	(28,258)
Total assets	225,904				334,925				225,904	334,925
Total liabilities	196,836				300,176				196,836	300,176
Preferred stock	0				0				0	0
Equity (loss) attributable to common stockholders	29,068				34,749				29,068	34,749
Additions to property and equipment (including capital leases) during the year ended December 31, 2017									14,042	16,284	11,912
Operating leases, rent expense									1,900	3,000	3,800
Operating segments | Corporate
Revenues
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									11,271	6,456	8,252
General and administrative expense - acquisition and transaction expenses (B)									502	921	1,205
Management fee and termination payment to affiliate										21,410	10,704
Depreciation and amortization									4	0	0
Pre-opening costs									0	0
Impairment									147	60	4,149
Realized and unrealized loss on investments									0	6,044	979
Total operating costs									11,924	34,891	25,289
Operating loss									(11,924)	(34,891)	(25,289)
Other income (expenses)
Interest and investment income									1,319	23,003	91,157
Interest expense									(2,274)	(4,304)	(40,398)
Capitalized interest									560	0
Gain on deconsolidation											82,130
Other income, net									2,034	1,856	(695)
Total other income (loss)									1,639	20,555	132,194
Income tax expense									284	965	0
Net (Loss) Income									(10,569)	(15,301)	106,905
Preferred dividends									(5,580)	(5,580)	(5,580)
Net (income) attributable to noncontrolling interest											0
(Loss) Income Applicable To Common Stockholders									(16,149)	(20,881)	101,325
Total assets	58,627				160,677				58,627	160,677
Total liabilities	56,883				56,093				56,883	56,093
Preferred stock	61,583				61,583				61,583	61,583
Equity (loss) attributable to common stockholders	$ (59,839)				$ 43,001				(59,839)	43,001
Additions to property and equipment (including capital leases) during the year ended December 31, 2017									0	67	0
Golf operations
Revenues
Total revenues									244,646	221,737	226,255
Golf operations | Operating segments | Entertainment Golf
Revenues
Total revenues									2,191	0	0
Golf operations | Operating segments | Traditional Golf
Revenues
Total revenues									242,455	221,737	226,255
Golf operations | Operating segments | Corporate
Revenues
Total revenues									0	0	0
Sales of food and beverages
Revenues
Total revenues									69,723	70,857	72,625
Sales of food and beverages | Operating segments | Entertainment Golf
Revenues
Total revenues									2,713	0	0
Sales of food and beverages | Operating segments | Traditional Golf
Revenues
Total revenues									67,010	70,857	72,625
Sales of food and beverages | Operating segments | Corporate
Revenues
Total revenues									$ 0	$ 0	$ 0

PROPERTY AND EQUIPMENT, NET O_3

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION - Summary of Property and Equipment, Net of Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	$ 192,717	$ 325,994
Accumulated Depreciation	(60,112)	(84,736)
Net Carrying Value	132,605	241,258
Land
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	6,747	88,251
Accumulated Depreciation	0	0
Net Carrying Value	6,747	88,251
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	78,833	154,769
Accumulated Depreciation	(30,540)	(52,636)
Net Carrying Value	48,293	102,133
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	26,726	33,109
Accumulated Depreciation	(16,729)	(23,451)
Net Carrying Value	9,997	9,658
Capital leases - equipment
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	28,745	24,949
Accumulated Depreciation	(12,843)	(8,649)
Net Carrying Value	15,902	16,300
Construction in progress
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	51,666	24,916
Accumulated Depreciation	0	0
Net Carrying Value	$ 51,666	$ 24,916

PROPERTY AND EQUIPMENT, NET O_4

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION - Additional Information (Details) $ in Thousands	Mar. 07, 2018property	Dec. 31, 2018USD ($)property	Jul. 31, 2018USD ($)property	Jun. 30, 2018	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Property, Plant and Equipment [Line Items]
Depreciation							$ 16,000
Carrying value of property		$ 75,862				$ 2,000	75,862	$ 2,000
Impairment of assets held for sale							8,240	60	$ 10,381
Held-for-sale | Golf Properties
Property, Plant and Equipment [Line Items]
Impairment of assets held for sale					$ 1,300		5,700
Held-for-sale | Traditional Golf | Golf Properties
Property, Plant and Equipment [Line Items]
Number of properties | property	26
Carrying value of property		75,900					75,900
Other assets		1,000					1,000
Impairment of assets held for sale							1,500
Liabilities		2,900					2,900
Disposed of by sale | Golf Properties
Property, Plant and Equipment [Line Items]
Gain (loss) on golf property		$ 10,800
Number of properties | property		12	1
Carrying value of property		$ 62,700					62,700
Sale price		86,200					86,200
Net proceeds from sale		73,500
Gross proceeds from sale		75,700
Net payables related to sale		2,200					2,200
Transaction costs		1,200					1,200
Capital leases - equipment
Property, Plant and Equipment [Line Items]
Depreciation								$ 21,000	$ 23,400
Golf Property
Property, Plant and Equipment [Line Items]
Disposal of golf property						1,100
Gain (loss) on golf property						(500)
Land
Property, Plant and Equipment [Line Items]
Land acquired						$ 5,000
Land | Held-for-sale | Traditional Golf | Golf Properties
Property, Plant and Equipment [Line Items]
Property, plant and equipment		42,500					42,500
Buildings and improvements | Held-for-sale | Traditional Golf | Golf Properties
Property, Plant and Equipment [Line Items]
Property, plant and equipment		31,800					31,800
Furniture, fixtures, and equipment | Held-for-sale | Traditional Golf | Golf Properties
Property, Plant and Equipment [Line Items]
Property, plant and equipment		$ 2,100					$ 2,100
Georgia | Disposed of by sale | Golf Properties
Property, Plant and Equipment [Line Items]
Gain (loss) on golf property			$ (100)
Sale price			3,500
Net proceeds from sale			$ 3,200
Management Service | Disposed of by sale | Golf Properties
Property, Plant and Equipment [Line Items]
Number of properties | property		8
Management Service | California
Property, Plant and Equipment [Line Items]
Managements agreement, term				agreement terminated, 10 year management agreement executed

INTANGIBLES, NET OF ACCUMULAT_3

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investment [Line Items]
Net Carrying Value	$ 47,495
Nonamortizable liquor licenses	893
Total intangibles, Net Carrying Value	48,388	$ 57,276
Amortization of Intangible Assets	8,000	8,200	$ 8,900
Leasehold intangibles
Investment [Line Items]
Amortization of Intangible Assets	4,100	4,100	$ 4,500
Golf Investments
Investment [Line Items]
Accumulated Amortization	(40,268)	(33,909)
Total intangibles, Gross Carrying Amount	88,656	91,185
Total intangibles, Net Carrying Value	48,388	57,276
Golf Investments | Nonamortizable liquor licenses
Investment [Line Items]
Nonamortizable liquor licenses	893	1,231
Golf Investments | Trade name
Investment [Line Items]
Gross Carrying Amount	700	700
Accumulated Amortization	(117)	(93)
Net Carrying Value	583	607
Golf Investments | Leasehold intangibles
Investment [Line Items]
Gross Carrying Amount	46,581	48,107
Accumulated Amortization	(20,270)	(16,716)
Net Carrying Value	26,311	31,391
Golf Investments | Management contracts
Investment [Line Items]
Gross Carrying Amount	32,932	35,111
Accumulated Amortization	(15,174)	(13,468)
Net Carrying Value	17,758	21,643
Golf Investments | Internally-developed software
Investment [Line Items]
Gross Carrying Amount	2,314	800
Accumulated Amortization	(967)	(640)
Net Carrying Value	1,347	160
Golf Investments | Membership base
Investment [Line Items]
Gross Carrying Amount	5,236	5,236
Accumulated Amortization	(3,740)	(2,992)
Net Carrying Value	$ 1,496	$ 2,244

INTANGIBLES, NET OF ACCUMULAT_4

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION - Schedule of Future Amortization Expense (Details 1) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
2019	$ 7,412
2020	6,869
2021	4,929
2022	3,743
2023	3,573
Thereafter	20,969
Net Carrying Value	47,495
Nonamortizable liquor licenses	893
Total intangibles, Net Carrying Value	$ 48,388	$ 57,276

DEBT OBLIGATIONS - Debt Obligat

DEBT OBLIGATIONS - Debt Obligations (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Credit facilities and obligations under capital leases - noncurrent		$ 10,489,000	$ 10,489,000	$ 112,105,000
Number of real estate properties | property		66	66
Total debt obligations
Debt Instrument [Line Items]
Outstanding Face Amount		$ 66,982,000	$ 66,982,000	169,830,000
Carrying Value		$ 67,178,000	$ 67,178,000	167,965,000
Weighted Average Funding Cost		5.20%	5.20%
Weighted Average Life (Years)			13 years 2 months 1 day
Face Amount of Floating Rate Debt		$ 51,204,000	$ 51,204,000
Credit Facilities and Capital Leases
Debt Instrument [Line Items]
Outstanding Face Amount		15,978,000	15,978,000	118,826,000
Carrying Value		$ 15,978,000	$ 15,978,000	116,757,000
Weighted Average Funding Cost		6.69%	6.69%
Weighted Average Life (Years)			3 years 4 months 15 days
Face Amount of Floating Rate Debt		$ 200,000	$ 200,000
Traditional Golf term loan
Debt Instrument [Line Items]
Outstanding Face Amount	$ 102,000,000	0	0	102,000,000
Carrying Value		$ 0	$ 0	99,931,000
Weighted Average Funding Cost		0.00%	0.00%
Face Amount of Floating Rate Debt		$ 0	$ 0
Number of real estate properties | property	22	22	22
Deferred finance costs				2,100,000
Traditional Golf term loan | LIBOR
Debt Instrument [Line Items]
Weighted Average Coupon - spread on basis for variable rate	4.70%
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		2.36%	2.36%
Weighted Average Life (Years)			25 years 1 day
Face Amount of Floating Rate Debt		$ 200,000	$ 200,000
Weighted Average Coupon - rate		2.36%	2.36%
Capital Leases (Equipment)
Debt Instrument [Line Items]
Outstanding Face Amount		$ 15,778,000	$ 15,778,000	16,626,000
Carrying Value		$ 15,778,000	$ 15,778,000	16,626,000
Weighted Average Funding Cost		6.75%	6.75%
Weighted Average Life (Years)			3 years 1 month 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		$ 5,489,000	$ 5,489,000	4,652,000
Less current portion of obligations under capital leases		5,489,000	5,489,000	4,652,000
Credit facilities and obligations under capital leases - noncurrent
Debt Instrument [Line Items]
Outstanding Face Amount		10,489,000	10,489,000	114,174,000
Credit facilities and obligations under capital leases - noncurrent		10,489,000	10,489,000	112,105,000
Junior subordinated notes payable
Debt Instrument [Line Items]
Outstanding Face Amount		51,004,000	51,004,000	51,004,000
Carrying Value		$ 51,200,000	$ 51,200,000	$ 51,208,000
Weighted Average Funding Cost		4.73%	4.73%
Weighted Average Life (Years)			16 years 3 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
	Dec. 31, 2018USD ($)propertyinstallmentround	Jun. 30, 2016USD ($)propertyrenewal	Dec. 31, 2018USD ($)propertyinstallmentround	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Number of real estate properties | property	66		66
Lower Range | Capital leases - equipment | Golf Investments
Debt Instrument [Line Items]
Lease term			24 months
Upper Range | Capital leases - equipment | Golf Investments
Debt Instrument [Line Items]
Lease term			66 months
Golf Loans
Debt Instrument [Line Items]
Number of real estate properties | property	22	22	22
Face amount of debt	$ 0	$ 102,000,000	$ 0	$ 102,000,000
Debt term		3 years
Number of renewals | renewal		2
Renewal period		1 year
Prepayment costs	700,000
Write-off of deferred financing costs	800,000
Golf Loans | Lower Range
Debt Instrument [Line Items]
Effective interest rate (as percent)		6.50%
Golf Loans | LIBOR
Debt Instrument [Line Items]
Basis spread (as percent)		4.70%
Golf Loans | LIBOR | Upper Range | 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	$ 200,000
Effective interest rate (as percent)	2.36%		2.36%
Variable rate (as percent)			1.00%
Number of installments | installment	5		5
Achievement period			36 months
Rounds of golf | round	240		240

DEBT OBLIGATIONS - Future Minim

DEBT OBLIGATIONS - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019	$ 6,401
2020	5,126
2021	3,581
2022	1,831
2023	701
Thereafter	6
Total minimum lease payments	17,646
Less: imputed interest	1,868
Present value of net minimum lease payments	$ 15,778

DEBT OBLIGATIONS - Maturities o

DEBT OBLIGATIONS - Maturities of Debt Obligations (Details) $ in Thousands	Dec. 31, 2018USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2019	$ 5,505
2020	4,569
2021	3,294
2022	1,724
2023	681
Thereafter	51,209
Total	66,982
Nonrecourse
Long-term Debt, Fiscal Year Maturity [Abstract]
2019	5,505
2020	4,569
2021	3,294
2022	1,724
2023	681
Thereafter	205
Total	15,978
Recourse
Long-term Debt, Fiscal Year Maturity [Abstract]
2019	0
2020	0
2021	0
2022	0
2023	0
Thereafter	51,004
Total	$ 51,004

REAL ESTATE SECURITIES - Real E

REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)security	Dec. 31, 2017USD ($)security
Investment [Line Items]
Outstanding Face Amount	$ 4,000	$ 4,000
Before Impairment	2,596	2,445
Other-Than- Temporary- Impairment	(1,521)	(1,521)
After Impairment	1,075	924
Gains	1,878	1,370
Losses	0	0
Carrying Value	$ 2,953	$ 2,294
Number of Securities | security	1	1
Coupon	2.90%
Yield	26.65%
Weighted Average Life (Years)	4 years 10 months 15 days
Total outstanding face amount of floating rate securities	$ 4,000	$ 4,000
ABS - Non-Agency RMBS
Investment [Line Items]
Outstanding Face Amount	4,000	4,000
Before Impairment	2,596	2,445
Other-Than- Temporary- Impairment	(1,521)	(1,521)
After Impairment	1,075	924
Gains	1,878	1,370
Losses	0	0
Carrying Value	$ 2,953	$ 2,294
Number of Securities | security	1	1
Coupon	2.90%	1.94%
Yield	26.65%	22.69%
Weighted Average Life (Years)	4 years 10 months 15 days	7 years 6 months
Principal Subordination	38.00%	33.00%

REAL ESTATE SECURITIES - Narrat

REAL ESTATE SECURITIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2018USD ($)security	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Investments, Debt and Equity Securities [Abstract]
Other-than-temporary impairment charges (OTTI) | $	$ 0	$ 600,000	$ 23,100,000
Securities in an unrealized loss position | security	0

DERIVATIVES (Narrative) (Detail

DERIVATIVES (Narrative) (Details) $ in Millions	Dec. 31, 2018derivative_instrument	Dec. 31, 2017USD ($)derivative_instrument
Derivative [Line Items]
Number of derivative assets	0
Number of derivative liabilities	0	0
Other Assets
Derivative [Line Items]
Derivative assets | $		$ 0.3

DERIVATIVES - Schedule of (gain

DERIVATIVES - Schedule of (gains) losses recorded in relation to derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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	$ 0	$ (20)
Non-hedge derivatives | Realized and unrealized (gain) loss on investments
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Realized (gain) loss on settlement of non-hedge derivatives, net	(227)	4,669	(18,318)
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	96	199	(294)
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	$ 0	$ 371	$ (928)

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Real estate securities, available-for-sale	$ 2,953
Loans, held-for-sale, net	0	$ 147
Cash and cash equivalents	79,235	167,692
Restricted cash, current and noncurrent	3,584	5,996
Carrying Value
Assets
Real estate securities, available-for-sale	2,953	2,294
Loans, held-for-sale, net	0	147
Cash and cash equivalents	79,235	167,692
Restricted cash, current and noncurrent	3,584	5,996
Non-hedge interest rate cap	0	286
Liabilities
Credit facilities - Traditional Golf term loan	0	99,931
Junior subordinated notes payable	51,200	51,208
Estimated Fair Value
Assets
Real estate securities, available-for-sale	2,953	2,294
Loans, held-for-sale, net	0	147
Cash and cash equivalents	79,235	167,692
Restricted cash, current and noncurrent	3,584	5,996
Non-hedge interest rate cap	0	286
Liabilities
Credit facilities - Traditional Golf term loan	0	103,199
Junior subordinated notes payable	$ 28,396	$ 27,531

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Quantitative Information about Significant Unobservable Inputs (Details) $ in Thousands	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost Basis	$ 1,075	$ 924
Real estate securities, available-for-sale	2,953
ABS - Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost Basis	1,075	$ 924
ABS - Non-Agency RMBS | ABS - Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available-for-sale	$ 2,953
Discount Rate | ABS - Non-Agency RMBS | ABS - Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Significant Input	0.100
Prepayment Speed | ABS - Non-Agency RMBS | ABS - Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Significant Input	0.080
Cumulative Default Rate | ABS - Non-Agency RMBS | ABS - Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Significant Input	0.029
Loss Severity | ABS - Non-Agency RMBS | ABS - Non-Agency RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Significant Input	0.433

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Change in Fair Value of Level 3 Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Purchases, sales and repayments
Transfers in or out of Level 3	$ 0	$ 0
Measured on a Recurring Basis | ABS - Non-Agency RMBS | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	2,294,000	1,950,000
Total gains (losses)
Included in other comprehensive income (loss)	508,000	202,000
Amortization included in interest income	246,000	196,000
Purchases, sales and repayments
Proceeds from repayments	(95,000)	(54,000)
Balance, ending	2,953,000	2,294,000
Purchases	0	0
Sales	$ 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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator for basic and diluted earnings per share:
(Loss) income from continuing operations after preferred dividends and noncontrolling interest									$ (44,263)	$ (47,781)	$ 71,499
(Loss) Income Applicable To Common Stockholders	$ (4,905)	$ (15,470)	$ (6,198)	$ (17,690)	$ (25,467)	$ (1,864)	$ (6,101)	$ (14,349)	$ (44,263)	$ (47,781)	$ 71,499
Denominator:
Denominator for basic earnings per share - weighted average shares (in shares)	67,027,104	66,992,322	66,977,104	66,977,104	66,963,297	66,932,744	66,874,155	66,841,977	66,993,543	66,903,457	66,709,925
Effect of dilutive securities
Options (in shares)											2,078,515
Denominator for diluted earnings per share - adjusted weighted average shares (in shares)	67,027,104	66,992,322	66,977,104	66,977,104	66,963,297	66,932,744	66,874,155	66,841,977	66,993,543	66,903,457	68,788,440
Basic earnings per share:
(Loss) income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest (in dollars per share)									$ (0.66)	$ (0.71)	$ 1.07
(Loss) Income Applicable to Common Stock, per share (in dollars per share)	$ (0.07)	$ (0.23)	$ (0.09)	$ (0.26)	$ (0.38)	$ (0.03)	$ (0.09)	$ (0.21)	(0.66)	(0.71)	1.07
Diluted earnings per share:
(Loss) income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest (in dollars per share)									(0.66)	(0.71)	1.04
(Loss) Income Applicable to Common Stock, per share (in dollars per share)	$ (0.07)	$ (0.23)	$ (0.09)	$ (0.26)	$ (0.38)	$ (0.03)	$ (0.09)	$ (0.21)	$ (0.66)	$ (0.71)	$ 1.04
Options
Effect of dilutive securities
Options (in shares)									0	0	2,078,515
RSUs
Effect of dilutive securities
Options (in shares)									0	0	0

EQUITY AND EARNINGS PER SHARE_2

EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Narrative (Details)	Nov. 12, 2018	Apr. 11, 2018	Sep. 30, 2018shares	Dec. 31, 2017USD ($)$ / sharesshares	Oct. 31, 2017shares	May 31, 2017shares	Jan. 31, 2017shares	Jul. 31, 2016shares	May 31, 2016shares	Mar. 31, 2007USD ($)shares	Oct. 31, 2005USD ($)shares	Mar. 31, 2003USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016shares	Sep. 30, 2018shares	Dec. 05, 2018right$ / shares	May 25, 2018shares	Mar. 31, 2010shares
Class of Stock [Line Items]
Dilutive common stock equivalents (in shares)															2,078,515
Share price (in dollars per share) | $ / shares													$ 3.92
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									$ 22,613,000	$ 21,135,000
Real Estate Investment with a Non-Controlling Interest
Class of Stock [Line Items]
Other investments | $													$ 0
Common Stock
Class of Stock [Line Items]
Number of rights for each common stock outstanding | right																	1
Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares																	$ 0.01
Purchase price per unit (in dollars per share) | $ / shares																	$ 28
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
Stock Option
Class of Stock [Line Items]
Dilutive common stock equivalents (in shares)													0	0	2,078,515
Vesting period	3 years
Stock-based compensation expense | $													$ 2,200,000
Unrecognized stock-based compensation expense, stock options | $													$ 13,100,000
Weighted average period of recognition for stock-based compensation expense													2 years 4 months
RSUs
Class of Stock [Line Items]
Dilutive common stock equivalents (in shares)													0	0	0
Vesting period													1 year
Stock-based compensation expense | $													$ 100,000
Unrecognized stock-based compensation expense, stock options | $													$ 200,000
Weighted average period of recognition for stock-based compensation expense													8 months 15 days
Omnibus Incentive Plan 2018 | Stock Compensation Plan
Class of Stock [Line Items]
Shares available for grants (in shares)													1,146,422					6,697,710
Shares available for grant, annual limitation (in shares)																		1,339,542
Director Stock Program
Class of Stock [Line Items]
Number of fully vested shares available for grant (as percent)		20.00%
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
Issuance of common stock (in shares)			50,000
Non-Employee Director | RSUs
Class of Stock [Line Items]
Instruments other than options, granted (in shares)													54,641
Instruments other than options, granted, weighted average grant date fair value (in dollars per share) | $ / shares													$ 5.02
Non-Employee Director | Director Stock Program
Class of Stock [Line Items]
Shares of common stock issued for compensation (in shares)																8,333
Service period		30 days
Sale of Stock, Number of Shares Issued in Transaction			41,667
Stock Option
Class of Stock [Line Items]
Potentially dilutive common stock equivalents excluded from diluted EPS calculation due to loss													2,718,704	1,749,596
Antidilutive common stock equivalents (in shares)													88,023	201,430	309,024

EQUITY AND EARNINGS PER SHARE_3

EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Changes in Outstanding Options (Details)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Number of Options
Beginning Balance (in shares) | shares	5,010,576
Granted (in shares) | shares	3,426,355
Ending Balance (in shares) | shares	8,436,931
Weighted Average Strike Price
Beginning Balance (in dollars per share) | $ / shares	$ 2.55
Granted (in dollars per share) | $ / shares	5.44
Ending Balance (in dollars per share) | $ / shares	$ 3.72
Weighted Average Life Remaining
Exercisable, Number of Options (in shares) | shares	2,705,586
Exercisable, Weighted Average Strike Price (in shares) | $ / shares	$ 2.64
Weighted Average Life Remaining (in years)	7 years 8 months 20 days
Weighted Average Life Remaining (in years), Exercisable	4 years 7 months 20 days

EQUITY AND EARNINGS PER SHARE -

EQUITY AND EARNINGS PER SHARE - Outstanding Options Summary (Details) - shares	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	8,436,931	5,010,576
Held by the former Manager
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	2,705,253	3,857,748
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)	2,304,990	1,152,495
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 Drive Shack employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	3,426,355	0

EQUITY AND EARNINGS PER SHARE_4

EQUITY AND EARNINGS PER SHARE - Additional Details (Details) - shares	Nov. 12, 2018	Apr. 30, 2018	Feb. 28, 2017	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				3,426,355
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Options | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	3,351,355
Options | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	75,000
Non-Employee Director | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Instruments other than options, granted (in shares)				54,641
Held by the former Manager
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		1,152,495	1,152,495
Held by the former Manager | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year

EQUITY AND EARNINGS PER SHARE_5

EQUITY AND EARNINGS PER SHARE - Assumptions (Details) - USD ($) $ in Thousands	Nov. 12, 2018	Apr. 10, 2018	Jan. 01, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Volatility (as percent)		35.66%	39.73%
Expected Volatility, Minimum (as percent)	35.40%
Expected Volatility, Maximum (as percent)	35.80%
Expected Dividend Yield (as percent)	0.00%	0.00%	0.00%
Risk-Free Rate, Minimum (as percent)	3.09%	2.68%	2.16%
Risk-Free Rate, Maximum (as percent)	3.11%	2.82%	2.29%
Fair Value at Valuation Date	$ 7,478	$ 3,558	$ 4,272
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Remaining Term	6 years	2 years 8 months 12 days	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Remaining Term	6 years 6 months	6 years 3 months 18 days	6 years 7 months 6 days

EQUITY AND EARNINGS PER SHARE_6

EQUITY AND EARNINGS PER SHARE - Outstanding Options (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	3,426,355
Stock options outstanding (in shares)	8,436,931	5,010,576
Options exercisable (in shares)	2,705,586
Weighted Average Strike Price (in dollars per share)	$ 3.72	$ 2.55
Stock Option | Various
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	3,666
Options exercisable (in shares)	333
Weighted Average Strike Price (in dollars per share)	$ 0
Intrinsic value	$ 0
Stock Option | 2002 - 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	587,277
Stock options expired unexercised	(416,425)
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 granted (in shares)	311,853
Options exercisable (in shares)	82,141
Weighted Average Strike Price (in dollars per share)	$ 1
Fair value at date of grant	$ 7
Intrinsic value	$ 0.6
Stock Option | Sep-11
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	524,212
Options exercisable (in shares)	166,582
Weighted Average Strike Price (in dollars per share)	$ 1
Fair value at date of grant	$ 5.6
Intrinsic value	$ 1.1
Stock Option | Apr-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	348,352
Options exercisable (in shares)	140,112
Weighted Average Strike Price (in dollars per share)	$ 1
Fair value at date of grant	$ 5.6
Intrinsic value	$ 0.8
Stock Option | May-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	396,316
Options exercisable (in shares)	158,345
Weighted Average Strike Price (in dollars per share)	$ 1
Fair value at date of grant	$ 7.6
Intrinsic value	$ 0.9
Stock Option | Jul-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	437,991
Options exercisable (in shares)	178,478
Weighted Average Strike Price (in dollars per share)	$ 1
Fair value at date of grant	$ 8.3
Intrinsic value	$ 1
Stock Option | Jan-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	958,331
Options exercisable (in shares)	489,196
Weighted Average Strike Price (in dollars per share)	$ 2.32
Fair value at date of grant	$ 18
Intrinsic value	$ 1.4
Stock Option | Feb-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	383,331
Options exercisable (in shares)	195,679
Weighted Average Strike Price (in dollars per share)	$ 2.95
Fair value at date of grant	$ 8.4
Intrinsic value	$ 0.3
Stock Option | Jun-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	670,829
Options exercisable (in shares)	342,438
Weighted Average Strike Price (in dollars per share)	$ 3.23
Fair value at date of grant	$ 3.8
Intrinsic value	$ 0.4
Stock Option | Nov-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	965,847
Options exercisable (in shares)	493,032
Weighted Average Strike Price (in dollars per share)	$ 3.57
Fair value at date of grant	$ 6
Intrinsic value	$ 0.3
Stock Option | Aug-14
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	765,416
Options exercisable (in shares)	459,250
Weighted Average Strike Price (in dollars per share)	$ 4.01
Fair value at date of grant	$ 1.7
Intrinsic value	$ 0
Stock Option | Nov-18
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	3,426,355
Options exercisable (in shares)	0
Weighted Average Strike Price (in dollars per share)	$ 5.44
Fair value at date of grant	$ 7.5
Intrinsic value	$ 0
Stock Option | Prior to 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercised (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]
Stock options exercised (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]
Stock options exercised (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]
Stock options exercised (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]
Stock options exercised (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]
Stock options exercised (in shares)	(266,657)
Weighted Average Strike Price (in dollars per share)	$ 3.01

EQUITY AND EARNINGS PER SHARE_7

EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Outstanding Options Narrative (Details) - Stock Option $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)shares
Prior to 2008
Class of Stock [Line Items]
Exercised (in shares)	173,853
Oct-12
Class of Stock [Line Items]
Exercised (in shares)	15,972
Sep-13
Class of Stock [Line Items]
Exercised (in shares)	51,306
2014
Class of Stock [Line Items]
Exercised (in shares)	216,186
2015
Class of Stock [Line Items]
Exercised (in shares)	202,446
Intrinsic value of options exercised | $	$ 0.8
2016
Class of Stock [Line Items]
Exercised (in shares)	266,657
Intrinsic value of options exercised | $	$ 0.4
Held by the former Manager | 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 | 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 | 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 | 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 | 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 | 2016
Class of Stock [Line Items]
Options forfeited (in shares)	16,748
Issued to the independent directors | Prior to 2008
Class of Stock [Line Items]
Exercised (in shares)	666
Issued to the independent directors | 2014
Class of Stock [Line Items]
Exercised (in shares)	333

EQUITY AND EARNINGS PER SHARE_8

EQUITY AND EARNINGS PER SHARE - Outstanding Options by Strike Price (Details) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 3.72	$ 2.55
Total Unexercised Inception to Date (in shares)	8,436,931	5,010,576
Stock Option | Mar-11
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 1
Stock Option | Sep-11
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	1
Stock Option | Apr-12
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	1
Stock Option | May-12
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	1
Stock Option | Jul-12
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	1
Stock Option | Jan-13
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	2.32
Stock Option | Feb-13
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	2.95
Stock Option | Jun-13
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	3.23
Stock Option | Nov-13
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	3.57
Stock Option | Aug-14
Option Indexed to Issuer's Equity [Line Items]
Strike Price (in dollars per share)	$ 4.01
Employees of Manager | Stock Option
Option Indexed to Issuer's Equity [Line Items]
Total Unexercised Inception to Date (in shares)	2,304,990
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)	124,740
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)	209,686
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)	139,340
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)	158,526
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)	175,196
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)	383,332
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)	153,332
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)	268,332
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)	386,340
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)	306,166

TRANSACTIONS WITH AFFILIATES _3

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Stock options outstanding (in shares)	5,010,576	8,436,931	5,010,576
Due to affiliates	$ 1,786	$ 0	$ 1,786
Amount payable to aircraft operator for aircraft charter (less than)	100	$ 100	100	$ 100
Manager
Related Party Transaction [Line Items]
Termination payment	$ (10,700)		$ (10,700)	$ 0
Affiliates
Related Party Transaction [Line Items]
Number of shares owned by related party (in shares)		7,300,000
Stock options outstanding (in shares)		2,700,000
Rent expense		$ 1,100
Transition Services Agreement | Manager
Related Party Transaction [Line Items]
Expenses incurred		$ 400

TRANSACTIONS WITH AFFILIATES _4

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES - Amounts Incurred Under Management Agreement (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Total Management fee and termination payment to affiliate		$ 21,410	$ 10,704
Manager
Related Party Transaction [Line Items]
Management fee		10,210	10,204
Expense reimbursement to the former Manager		500	500
Termination payment	$ 10,700	10,700	0
Incentive compensation		0	0
Total Management fee and termination payment to affiliate		$ 21,410	$ 10,704

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	1 Months Ended		12 Months Ended			16 Months Ended	19 Months Ended
	Jul. 31, 2018USD ($)installment	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)propertylease	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)propertylease	Jun. 30, 2018USD ($)	Sep. 30, 2017property
Segment Reporting Information [Line Items]
Lease exit costs		$ 800
Accrued expenses			$ 45,284	$ 36,797		$ 45,284
Regulatory bonds outstanding			$ 2,000			$ 2,000
Number of property leases | lease			4			4
Written notice period to cancel lease			30 days
Number of real estate properties | property			66			66
Deferred revenue			$ 6,016	6,930		$ 6,016
Restricted cash			3,584	5,996		3,584
Florida | Hurricane Irma
Segment Reporting Information [Line Items]
Number of real estate properties | property								3
Property damage costs			1,300			5,500
Property damage costs reimbursed by insurer			3,000	2,000
Traditional Golf
Segment Reporting Information [Line Items]
Aggregate monthly expense			$ 400
Membership deposit term			30 years
Deferred revenue			$ 244,600			244,600
Traditional Golf | Other restricted cash - Traditional Golf
Segment Reporting Information [Line Items]
Restricted cash			3,300			$ 3,300
Traditional Golf | Operating segments
Segment Reporting Information [Line Items]
Operating leases, rent expense			$ 1,900	$ 3,000	$ 3,800
Minimum
Segment Reporting Information [Line Items]
Operating lease term			10 years			10 years
Minimum | Traditional Golf
Segment Reporting Information [Line Items]
Operating lease term			10 years			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			20 years
Maximum | Traditional Golf
Segment Reporting Information [Line Items]
Operating lease term			20 years			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
Lease Termination Dispute
Segment Reporting Information [Line Items]
Settlement awarded to other party	$ 7,400
Settlement amount payable immediately	5,200
Settlement amount payable in installments	$ 2,200
Number of quarterly installments | installment	6
Amount of quarterly installments paid			$ 700
Settled Litigation | Lease Termination Dispute
Segment Reporting Information [Line Items]
Accrued expenses							$ 6,600
Settlement awarded to other party							$ 7,400

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Commitments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Segment Reporting Information [Line Items]
2018	$ 29,955
2019	29,681
2020	25,037
2021	23,359
2022	23,228
Thereafter	171,648
Total Minimum lease payments	302,908
Operating segments | Traditional Golf
Segment Reporting Information [Line Items]
2018	29,379
2019	28,446
2020	23,078
2021	20,945
2022	20,707
Thereafter	127,298
Total Minimum lease payments	249,853
Operating segments | Entertainment Golf
Segment Reporting Information [Line Items]
2018	576
2019	1,235
2020	1,959
2021	2,414
2022	2,521
Thereafter	44,350
Total Minimum lease payments	$ 53,055

INCOME TAXES - Provision for In

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal	$ 211	$ 710	$ 28
State and Local	73	255	64
Total Current Provision	284	965	92
Deferred
Federal	0	0	83
State and Local	0	0	14
Total Deferred Provision	0	0	97
Total Provision for Income Taxes	$ 284	$ 965	$ 189

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 331.3
Unrecognized tax benefits	0.7
Increase in income taxes receivable related to tax cuts and jobs act	0.6
Capital Loss Carryforward
Operating Loss Carryforwards [Line Items]
Capital loss carryforward	$ 27.2

INCOME TAXES - Reconciliation (

INCOME TAXES - Reconciliation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance as of December 31, 2017	$ 0
Increase due to tax positions of prior years	568
Increase due to tax positions of current year	153
Balance as of December 31, 2018	$ 721

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Provision at the statutory rate	21.00%	35.00%	35.00%
Non-taxable REIT income	(0.00%)	(0.00%)	(51.97%)
Permanent items	(1.12%)	(0.36%)	0.23%
State and local taxes	(0.15%)	(0.42%)	0.07%
Valuation allowance	(19.97%)	64.46%	15.56%
Effects of change in tax rate	0.00%	(101.31%)	0.00%
Unrecognized tax benefits	(1.84%)	0.00%	0.00%
Tax credits	1.36%	0.00%	0.00%
Other	0.00%	0.31%	1.35%
Total provision (benefit)	(0.72%)	(2.32%)	0.24%

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Allowance for loan losses	$ 292	$ 242
Depreciation and amortization	8,964	26,038
Accrued expenses	2,701	1,936
Interest	3,445	4,538
Net operating losses	89,903	100,297
Capital losses	7,352	6,070
Deferred revenue	1,960	2,295
Other	5,306	2,225
Total deferred tax assets	119,923	143,641
Less valuation allowance	(104,705)	(106,466)
Net deferred tax assets	15,218	37,175
Deferred tax liabilities:
Leaseholds	7,025	8,568
Cancellation of debt	0	23,385
Membership deposit liabilities	8,193	5,222
Total deferred tax liabilities	15,218	37,175
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, 2018USD ($)
Changes in deferred tax asset valuation allowance:
December 31, 2017	$ 106,466
December 31, 2018	104,705
Decrease due to current year operations
Changes in deferred tax asset valuation allowance:
Change in valuation allowance	$ (1,761)

IMPAIRMENT (Details)

IMPAIRMENT (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2018USD ($)property	Mar. 31, 2018USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Schedule of Investments [Line Items]
Impairment			$ 8,240	$ 60	$ 10,381
Valuation allowance on loans			147	60	4,039
Impairment of assets held for sale			$ 8,240	60	10,381
Held-for-sale | Golf Properties
Schedule of Investments [Line Items]
Number of impaired properties | property	4	1	4
Impairment of assets held for sale		$ 1,300	$ 5,700
Traditional golf properties
Schedule of Investments [Line Items]
Impairment			$ 8,093	0	6,232
Number of impaired properties | property	3		3
Impairment of assets held for sale	$ 900
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	$ 0	$ 110

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 13, 2019	Mar. 31, 2007	Oct. 31, 2005	Mar. 31, 2003	Dec. 31, 2018	Dec. 31, 2017	Jan. 31, 2019
Disposed of by sale | Golf Properties
Subsequent Event [Line Items]
Sale price					$ 86.2
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 | Disposed of by sale | California | Golf Properties
Subsequent Event [Line Items]
Sale price							$ 24.8
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 QUARTERLY CONSOLIDATE_3

SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 69,286	$ 87,419	$ 91,004	$ 66,660	$ 70,402	$ 81,691	$ 81,360	$ 59,141	$ 314,369	$ 292,594	$ 298,880
Total operating costs	79,262	94,619	87,976	78,946	90,493	86,012	87,113	73,887	340,803	337,505	338,054
Operating loss	(9,976)	(7,200)	3,028	(12,286)	(20,091)	(4,321)	(5,753)	(14,746)	(26,434)	(44,911)	(39,174)
Total other income (expenses)	6,750	(6,875)	(7,831)	(4,009)	(4,063)	3,850	1,557	2,331	(11,965)	3,675	116,699
Income tax expense	284	0	0	0	(82)	(2)	510	539	284	965	189
(Loss) Income from continuing operations	(3,510)	(14,075)	(4,803)	(16,295)	(24,072)	(469)	(4,706)	(12,954)	(38,683)	(42,201)
Preferred dividends	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(5,580)	(5,580)	(5,580)
(Loss) Income Applicable To Common Stockholders	$ (4,905)	$ (15,470)	$ (6,198)	$ (17,690)	$ (25,467)	$ (1,864)	$ (6,101)	$ (14,349)	$ (44,263)	$ (47,781)	$ 71,499
Loss applicable to common stock, per share
Basic (in dollars per share)	$ (0.07)	$ (0.23)	$ (0.09)	$ (0.26)	$ (0.38)	$ (0.03)	$ (0.09)	$ (0.21)	$ (0.66)	$ (0.71)	$ 1.07
Diluted (in dollars per share)	$ (0.07)	$ (0.23)	$ (0.09)	$ (0.26)	$ (0.38)	$ (0.03)	$ (0.09)	$ (0.21)	$ (0.66)	$ (0.71)	$ 1.04
Weighted average number of shares of common stock outstanding
Basic (in shares)	67,027,104	66,992,322	66,977,104	66,977,104	66,963,297	66,932,744	66,874,155	66,841,977	66,993,543	66,903,457	66,709,925
Diluted (in shares)	67,027,104	66,992,322	66,977,104	66,977,104	66,963,297	66,932,744	66,874,155	66,841,977	66,993,543	66,903,457	68,788,440