Drive Shack (DSHK) 10-Q 10 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 01, 2019
Document And Entity Information
Entity Registrant Name	DRIVE SHACK INC.
Entity Central Index Key	0001175483
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Common Stock, Shares Outstanding		67,027,104
Entity Emerging Growth Company	false
Entity Small Business	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 49,599	$ 79,235
Restricted cash	3,365	3,326
Accounts receivable, net	5,635	7,518
Real estate assets, held-for-sale, net	51,931	75,862
Real estate securities, available-for-sale	3,007	2,953
Other current assets	20,331	20,505
Total current assets	133,868	189,399
Restricted cash, noncurrent	258	258
Property and equipment, net of accumulated depreciation	157,636	132,605
Operating lease right-of-use assets	223,278
Intangibles, net of accumulated amortization	20,952	48,388
Other investments	22,956	22,613
Other assets	5,043	8,684
Total assets	563,991	401,947
Current liabilities
Obligations under finance leases	6,790	5,489
Deferred revenue	14,738	18,793
Accounts payable and accrued expenses	37,740	45,284
Real estate liabilities, held-for-sale	813	2,947
Other current liabilities	29,277	22,285
Total current liabilities	98,192	103,659
Credit facilities and obligations under finance leases - noncurrent	13,185	10,489
Operating lease liabilities - noncurrent	190,229
Junior subordinated notes payable	51,198	51,200
Membership deposit liabilities, noncurrent	92,603	90,684
Deferred revenue, noncurrent	5,445	6,016
Other liabilities	3,076	5,232
Total liabilities	453,928	267,280
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 March 31, 2019 and December 31, 2018	61,583	61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 67,027,104 and 67,027,104 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	670	670
Additional paid-in capital	3,177,065	3,175,843
Accumulated deficit	(3,131,133)	(3,105,307)
Accumulated other comprehensive income	1,878	1,878
Total equity	110,063	134,667
Total liabilities and equity	563,991	401,947
Membership deposit liabilities
Current liabilities
Deferred revenue	$ 8,834	$ 8,861

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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	67,027,104
Common stock, shares outstanding (in shares)	67,027,104	67,027,104
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	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	8.05%	8.05%
Series D Cumulative Redemable 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	8.375%	8.375%

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Total revenues	$ 53,952,000	$ 66,660,000
Operating costs
Operating expenses	47,723,000	57,379,000
Cost of sales - food and beverages	2,698,000	4,040,000
General and administrative expense	11,619,000	9,192,000
Depreciation and amortization	4,924,000	5,548,000
Pre-opening costs	1,179,000	1,556,000
Impairment	4,088,000	1,473,000
Realized and unrealized (gain) on investments	0	(242,000)
Total operating costs	72,231,000	78,946,000
Operating loss	(18,279,000)	(12,286,000)
Other income (expenses)
Interest and investment income	344,000	446,000
Interest expense, net	(2,153,000)	(4,049,000)
Other income (loss), net	5,488,000	(406,000)
Total other income (expenses)	3,679,000	(4,009,000)
Loss before income tax	(14,600,000)	(16,295,000)
Income tax expense	0	0
Net Loss	(14,600,000)	(16,295,000)
Preferred dividends	(1,395,000)	(1,395,000)
Loss Applicable to Common Stockholders	$ (15,995,000)	$ (17,690,000)
Loss Applicable to Common Stock, per share
Basic (in dollars per share)	$ (0.24)	$ (0.26)
Diluted (in dollars per share)	$ (0.24)	$ (0.26)
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	67,027,104	66,977,104
Diluted (in shares)	67,027,104	66,977,104
Golf operations
Revenues
Total revenues	$ 44,706,000	$ 53,554,000
Food and beverages
Revenues
Total revenues	$ 9,246,000	$ 13,106,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (14,600)	$ (16,295)
Other comprehensive income (loss):
Net unrealized gain on available-for-sale securities	0	33
Other comprehensive income (loss)	0	33
Total comprehensive loss	(14,600)	(16,262)
Comprehensive loss attributable to Drive Shack Inc. stockholders’ equity	$ (14,600)	$ (16,262)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid- in Capital	Accumulated Deficit	Accumulated Other Comp. Income	Total Equity (Deficit)
Equity (deficit), beginning (in shares) at Dec. 31, 2017		2,463,321	66,977,104
Equity (deficit), beginning at Dec. 31, 2017		$ 61,583	$ 670	$ 3,173,281	$ (3,065,853)	$ 1,370	$ 171,051
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared					(1,395)		(1,395)
Stock-based compensation	$ 278			278
Net loss
Net loss	(16,295)				(16,295)		(16,295)
Other comprehensive income	33					33	33
Total comprehensive loss	(16,262)						(16,262)
Equity (deficit), ending (in shares) at Mar. 31, 2018		2,463,321	66,977,104
Equity (deficit), ending at Mar. 31, 2018		$ 61,583	$ 670	3,173,559	(3,078,734)	1,403	158,481
Equity (deficit), beginning (in shares) at Dec. 31, 2018		2,463,321	67,027,104
Equity (deficit), beginning at Dec. 31, 2018	134,667	$ 61,583	$ 670	3,175,843	(3,105,307)	1,878	134,667
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared					(1,395)		(1,395)
Stock-based compensation	1,222			1,222
Net loss
Net loss	(14,600)				(14,600)		(14,600)
Other comprehensive income	0						0
Total comprehensive loss	(14,600)						(14,600)
Equity (deficit), ending (in shares) at Mar. 31, 2019		2,463,321	67,027,104
Equity (deficit), ending at Mar. 31, 2019	$ 110,063	$ 61,583	$ 670	$ 3,177,065	$ (3,131,133)	$ 1,878	$ 110,063

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows From Operating Activities
Net loss	$ (14,600)	$ (16,295)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,924	5,548
Amortization of discount and premium	(56)	288
Other amortization	3,566	2,711
Amortization of revenue on golf membership deposit liabilities	(379)	(349)
Amortization of prepaid golf membership dues	(3,323)	(6,270)
Stock-based compensation	1,222	278
Impairment	4,088	1,473
Equity in earnings from equity method investments, net of distributions	(341)	(379)
Other (gains) losses, net	(5,022)	2
Unrealized (gain) on investments	0	(242)
Loss on extinguishment of debt	16	52
Change in:
Accounts receivable, net, other current assets and other assets - noncurrent	(1,052)	(1,983)
Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent	(11,234)	(353)
Net cash used in operating activities	(22,191)	(15,519)
Cash Flows From Investing Activities
Proceeds from sale of property and equipment	17,749	0
Acquisition and additions of property and equipment and intangibles	(22,717)	(15,378)
Net cash used in investing activities	(4,968)	(15,378)
Cash Flows From Financing Activities
Repayments of debt obligations	(1,397)	(1,141)
Golf membership deposits received	357	861
Preferred stock dividends paid	(1,395)	(1,395)
Other financing activities	(3)	(105)
Net cash used in financing activities	(2,438)	(1,780)
Net Decrease in Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent	(29,597)	(32,677)
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, Beginning of Period	82,819	173,688
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, End of Period	53,222	141,011
Supplemental Schedule of Non-Cash Investing and Financing Activities
Preferred stock dividends declared but not paid	930	930
Additions to finance lease assets and liabilities	6,352	1,170
Additions to property and equipment and accounts payable	2,258	$ 6,599
Additions for operating lease right-of-use assets and operating lease liabilities	$ 200,368

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Drive Shack Inc., which is referred to, together with its subsidiaries, as “Drive Shack Inc.” or the “Company” is a leading owner and operator of golf-related leisure 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 opened its first Entertainment Golf 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 operators of golf properties in the United States. As of March 31, 2019 , the Company owned, leased or managed 64 properties across 11 states.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation — The accompanying Consolidated Financial Statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements for the year ended December 31, 2018 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2019. Capitalized terms used herein, and not otherwise defined, are defined in the Company’s Consolidated Financial Statements for the year ended December 31, 2018 . As of March 31, 2019 , the Company’s significant accounting policies for these financial statements are summarized below and should be read in conjunction with the Summary of Significant Accounting Policies detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Realized and Unrealized (Gain) Loss on Investments and Other Income (Loss), Net — These items are comprised of the following: Three Months Ended March 31, 2019 2018 Unrealized (gain) on non-hedge derivative instruments — (242 ) Realized and unrealized (gain) loss on investments $ — $ (242 ) Loss on lease modifications and terminations $ — $ (771 ) Loss on extinguishment of debt, net (16 ) (52 ) Collateral management fee income, net 128 154 Equity in earnings of equity method investments 341 379 Gain (loss) on sale of long-lived assets and intangibles 5,029 (206 ) Other income 6 90 Other income (loss), net $ 5,488 $ (406 ) Property and Equipment, Net — 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. Leasing Arrangements — The Company evaluates at lease inception whether an arrangement is or contains a lease by providing the Company with the right to control an asset. Operating leases are accounted for on balance sheet with the Right of Use (“ROU”) assets and lease liabilities recognized in "Operating lease right-of-use assets," "Other current liabilities" and "Operating lease liabilities - noncurrent" in the Consolidated Balance Sheets. Finance lease ROU assets, current lease liabilities and noncurrent lease liabilities are recognized in "Property and equipment, net of accumulated depreciation", and "Obligations under finance leases" and "Credit facilities and obligations under finance leases - noncurrent" in the Consolidated Balance Sheets, respectively. All lease liabilities are measured at the present value of the associated payments, discounted using the Company’s incremental borrowing rate determined using a portfolio approach based on the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for similar term and in a similar economic environment on a collateralized basis. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for initial direct costs, prepaid rent, and lease incentives received. The operating lease ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for initial direct costs, prepaid or accrued lease payments, and lease incentives. Depreciation of the finance lease ROU assets are subsequently calculated using the straight-line method over the shorter of the estimated useful lives or the expected lease terms and recorded in "Depreciation and amortization" on the Consolidated Statements of Operations. In addition to the fixed minimum payments required under the lease arrangements, certain leases require variable lease payments, which are payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments as well as payment of taxes assessed against the leased property. The leases generally also require the payment for the cost of insurance and maintenance. Variable lease payments are recognized when the associated activity occurs and contingency is resolved. The Company has elected to combine lease and non-lease components for all lease contracts. Additionally, the Company does not recognize ROU assets and lease liabilities for arrangements with lease terms of 12 months or less and lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred. 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 March 31, 2019 and December 31, 2018 , the carrying value of this investment was $23.0 million and $22.6 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. 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 by sale are recorded at the lower of carrying amount or fair value less costs to sell. Other Current Assets The following table summarizes the Company's other current assets: March 31, 2019 December 31, 2018 Prepaid expenses $ 2,310 $ 2,651 Deposits 2,606 2,494 Inventory 3,025 2,855 Miscellaneous current assets, net 12,390 12,505 Other current assets $ 20,331 $ 20,505 Other Assets The following table summarizes the Company's other assets: March 31, 2019 December 31, 2018 Prepaid expenses $ 334 $ 277 Deposits 2,127 2,140 Miscellaneous assets, net 2,582 6,267 Other assets $ 5,043 $ 8,684 Other Current Liabilities The following table summarizes the Company's other current liabilities: March 31, 2019 December 31, 2018 Security deposits payable $ 6,435 $ 14,188 Operating lease liabilities 16,924 — Accrued rent 1,707 2,885 Dividends payable 930 930 Miscellaneous current liabilities 3,281 4,282 Other current liabilities $ 29,277 $ 22,285 Other Liabilities The following table summarized the Company's other liabilities: March 31, 2019 December 31, 2018 Security deposits payable $ 271 $ 91 Service obligation intangible 2,043 2,759 Accrued rent — 1,617 Miscellaneous liabilities 762 765 Other liabilities $ 3,076 $ 5,232 Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. On January 1, 2019, the Company adopted ASU 2016-02 using a modified retrospective approach. The Company has utilized the effective date transition method and accordingly is not required to adjust its comparative period financial information for effects of ASU 2016-02. The Company has elected to adopt practical expedients which permits it to not reassess its prior conclusions about lease identification, lease classification and initial direct costs under the new standard. The Company elected to combine lease and non-lease components for all lease contracts and also elected not to recognize ROU assets and lease liabilities for leases with terms of 12 months or less. The Company has also elected to adopt the practical expedient for land easements which permits it not to evaluate existing and expired land easements under the new standard. The adoption of ASU 2016-02 had a material impact on the Company’s Consolidated Balance Sheets, resulting in the recognition of operating lease right-of-use assets and operating lease liabilities of $225.6 million and $205.9 million , respectively, with the difference primarily due to reclassifications of leasehold intangibles and an adjustment to accumulated deficit. There was no material impact on the Consolidated Statements of Operations. 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 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 timing for adoption and the impact it may have on its Consolidated Financial Statements.

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The majority of the Company’s revenue is 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. 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. Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Ent. golf venues Public golf properties Private golf properties Managed golf properties Total Ent. golf venues Public golf properties Private golf properties Managed golf properties Total Golf operations $ 681 $ 17,464 $ 15,454 $ 11,107 $ 44,706 $ — $ 22,370 $ 25,949 $ 5,235 $ 53,554 Sales of food and beverages 1,040 5,476 2,730 — 9,246 — 7,207 5,899 — 13,106 Total revenues $ 1,721 $ 22,940 $ 18,184 $ 11,107 $ 53,952 $ — $ 29,577 $ 31,848 $ 5,235 $ 66,660

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2019
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 operators of golf properties in the United States. As of March 31, 2019 , the Company owned, leased or managed 64 Traditional Golf 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 8) 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 a reconciliation to the same data for the Company as a whole: Entertainment Golf Traditional Golf Corporate Total Three Months Ended March 31, 2019 Revenues Golf operations $ 681 $ 44,025 $ — $ 44,706 Sales of food and beverages 1,040 8,206 — 9,246 Total revenues 1,721 52,231 — 53,952 Operating costs Operating expenses (A) 1,747 45,976 — 47,723 Cost of sales - food and beverages 251 2,447 — 2,698 General and administrative expense 3,379 3,897 3,944 11,220 General and administrative expense - acquisition and transaction expenses (B) 157 153 89 399 Depreciation and amortization 709 4,217 (2 ) 4,924 Pre-opening costs (C) 1,179 — — 1,179 Impairment — 4,088 — 4,088 Realized and unrealized (gain) on investments — — — — Total operating costs 7,422 60,778 4,031 72,231 Operating loss (5,701 ) (8,547 ) (4,031 ) (18,279 ) Other income (expenses) Interest and investment income 132 38 174 344 Interest expense (D) (3 ) (2,190 ) (626 ) (2,819 ) Capitalized interest (D) — 188 478 666 Other (loss) income, net (7 ) 5,030 465 5,488 Total other income (expenses) 122 3,066 491 3,679 Income tax expense — — — — Net loss (5,579 ) (5,481 ) (3,540 ) (14,600 ) Preferred dividends — — (1,395 ) (1,395 ) Loss applicable to common stockholders $ (5,579 ) $ (5,481 ) $ (4,935 ) $ (15,995 ) Entertainment Golf Traditional Golf Corporate (E) Total March 31, 2019 Total assets 164,907 351,877 47,207 563,991 Total liabilities 42,054 349,987 61,887 453,928 Preferred stock — — 61,583 61,583 Noncontrolling interest — — — — Equity attributable to common stockholders $ 122,853 $ 1,890 $ (76,263 ) $ 48,480 Additions to property and equipment (including finance leases) during the three months ended March 31, 2019 $ 28,037 $ 2,106 $ 800 $ 30,943 Summary segment financial data (continued). Entertainment Golf Traditional Golf Corporate (F) Total Three Months Ended March 31, 2018 Revenues Golf operations $ — $ 53,554 $ — $ 53,554 Sales of food and beverages — 13,106 — 13,106 Total revenues — 66,660 — 66,660 Operating costs Operating expenses (A) — 57,379 — 57,379 Cost of sales - food and beverages — 4,040 — 4,040 General and administrative expense 1,102 4,153 2,080 7,335 General and administrative expense - acquisition and transaction expenses (B) 1,253 307 297 1,857 Depreciation and amortization 30 5,513 5 5,548 Pre-opening costs (C) 1,556 — — 1,556 Impairment — 1,326 147 1,473 Realized and unrealized (gain) on investments — (242 ) — (242 ) Total operating costs 3,941 72,476 2,529 78,946 Operating loss (3,941 ) (5,816 ) (2,529 ) (12,286 ) Other income (expenses) Interest and investment income 28 51 367 446 Interest expense (D) — (3,938 ) (494 ) (4,432 ) Capitalized interest (D) — 383 — 383 Other (loss) income, net — (938 ) 532 (406 ) Total other income (expenses) 28 (4,442 ) 405 (4,009 ) Income tax expense — — — — Net loss (3,913 ) (10,258 ) (2,124 ) (16,295 ) Preferred dividends — — (1,395 ) (1,395 ) Loss applicable to common stockholders $ (3,913 ) $ (10,258 ) $ (3,519 ) $ (17,690 ) (A) Operating expenses include rental expenses recorded under operating leases for carts and equipment in the amount of $0.3 million and $0.6 million for the three months ended March 31, 2019 and 2018 , respectively. (B) Acquisition and transaction expenses include costs related to completed and potential acquisitions and transactions, which may include advisory, legal, accounting 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 $1.9 million and $1.7 million for the three months ended March 31, 2019 and 2018 , respectively. Interest expense and capitalized interest total to interest expense, net on the Consolidated Statements of Operations. (E) Total assets in the corporate segment include an equity method investment in the amount of $23.0 million as of March 31, 2019 recorded in other investments on the Consolidated Balance Sheets. (F) 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	3 Months Ended
	Mar. 31, 2019
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: March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 6,747 $ — $ 6,747 $ 6,747 $ — $ 6,747 Buildings and improvements 77,055 (30,315 ) 46,740 78,833 (30,540 ) 48,293 Furniture, fixtures and equipment 27,179 (17,396 ) 9,783 26,726 (16,729 ) 9,997 Finance leases - equipment 33,359 (13,566 ) 19,793 28,745 (12,843 ) 15,902 Construction in progress 74,573 — 74,573 51,666 — 51,666 Total Property and Equipment $ 218,913 $ (61,277 ) $ 157,636 $ 192,717 $ (60,112 ) $ 132,605 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. As of March 31, 2019 , the Company continues to present nine golf properties as held-for-sale. 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. The real estate assets, held-for-sale, net are reported at a carrying value of $ 51.9 million and include $ 34.8 million of land, $ 17.3 million of buildings and improvements, $ 1.1 million of furniture, fixtures and equipment, and $ 0.5 million of other related assets, partially offset by accumulated impairment. The real estate liabilities, held-for-sale, are reported at a carrying value of $ 0.8 million and include property liabilities to be assumed, primarily prepaid membership dues. In March 2019, the Company reassessed the real estate assets, held-for-sale, net and determined that the carrying value of two properties exceeded the fair value less anticipated costs to sell. As a result, the Company recognized an impairment loss and recorded accumulated impairment totaling approximately $1.0 million . The fair value measurements were based on expected selling prices, less costs to sell. The significant inputs used to value these real estate investments fall within Level 3 for fair value reporting. During the three months ended March 31, 2019 , the Company sold two public golf properties in Georgia and a private golf property in California for an aggregate sale price of $28.7 million , resulting in net proceeds of $25.5 million , inclusive of transaction costs of $0.5 million . The Company received sale proceeds of $17.7 million during the three months ended March 31, 2019 , consisting of $18.2 million for the golf properties sold during the three months ended March 31, 2019 , and $2.2 million for golf properties that were sold during December 2018, less $2.7 million that was remitted to buyers for golf properties that were sold during December 2018. The Company previously received a $9.4 million cash deposit in 2018 related to a golf property that was sold in 2019. 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, including $2.1 million payable to the buyer of a golf property sold during the three months ended March 31, 2019 . The golf properties had a carrying value of $20.3 million and resulted in a gain on sale of $5.2 million . The gain on sale is recorded in other income (loss), net on the Consolidated Statement of Operations. The Company entered into a management agreement on the California golf property. In March 2019, the Company evaluated the recoverability of the carrying value of a Traditional Golf leased golf property in California, using the income approach based on future assumptions of cash flows. Based on the analysis, the Company recorded an impairment charge of $3.1 million . As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value this property falls within Level 3 for fair value reporting.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
LEASES	LEASES The Company's commitments under lease arrangements are primarily ground leases for Entertainment Golf venues and Traditional Golf properties and related facilities, office leases and leases for equipment and golf carts. The majority of lease terms for our Entertainment Golf venues and Traditional Golf properties and related facilities initially range from 10 to 20 years, and include up to eight 5-year renewal options (see Note 13 for additional detail). Equipment and golf cart leases initially range between 2 to 6 years and typically contain renewal options which may be on a month-to-month basis. An option to renew a lease is included in the determination of the ROU asset and lease liability when it is reasonably certain that the renewal option will be exercised. Lease related costs recognized in the Consolidated Statements of Operations for the three months ended March 31, 2019 are as follows: Finance lease cost Amortization of right-of-use assets $ 1,517 Interest on lease liabilities 246 Total finance lease cost 1,763 Operating lease cost Operating lease cost 8,890 Short-term lease cost 751 Variable lease cost 2,750 Total operating lease cost 12,391 Total lease cost $ 14,154 Other information related to leases included on the Consolidated Balance Sheet as of and the three months ended March 31, 2019 are as follows: Operating Leases Financing Leases Right-of-use assets 223,278 19,793 Lease liabilities 207,153 19,775 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows 7,484 189 Financing cash flows N/A 1,355 Right-of-use assets obtained in exchange for lease liabilities 4,305 6,352 Weighted average remaining lease term 13.1 years 3.5 years Weighted average discount rate 8.7 % 5.1 % Future minimum lease payments under non-cancellable leases as of March 31, 2019 are as follows: Operating Leases Financing Leases April 1, 2019 - December 31, 2019 22,899 6,009 2020 33,680 6,013 2021 30,739 4,509 2022 29,034 2,874 2023 28,862 1,803 Thereafter 225,126 258 Total minimum lease payments 370,340 21,466 Less: imputed interest 163,187 1,691 Total lease liabilities $ 207,153 $ 19,775

INTANGIBLES, NET OF ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	3 Months Ended
	Mar. 31, 2019
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: March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (122 ) $ 578 $ 700 $ (117 ) $ 583 Leasehold intangibles (A) (B) — — — 46,581 (20,270 ) 26,311 Management contracts 32,331 (15,582 ) 16,749 32,932 (15,174 ) 17,758 Internally-developed software 2,327 (1,048 ) 1,279 2,314 (967 ) 1,347 Membership base 5,236 (3,927 ) 1,309 5,236 (3,740 ) 1,496 Nonamortizable liquor licenses 1,037 — 1,037 893 — 893 Total Intangibles $ 41,631 $ (20,679 ) $ 20,952 $ 88,656 $ (40,268 ) $ 48,388 (A) The amortization expense for leasehold intangibles is reported in operating expenses in the Consolidated Statements of Operations. (B) As of January 1, 2019, leasehold intangibles were reclassified from "Intangibles, net of accumulated amortization" to "Operating lease right-of-use assets" in the Consolidated Balance Sheet as part of the adoption of ASU 2016-02.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS The following table presents certain information regarding the Company’s debt obligations at March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 Debt Obligation/Collateral Month Issued Outstanding Carrying Final Stated Maturity Weighted Weighted Average Weighted Average Life (Years) Face Amount of Outstanding Face Amount Carrying Value Credit Facilities and Finance Leases Vineyard II Dec 1993 $ 200 $ 200 Dec 2043 2.80% 2.80 % 24.7 $ 200 $ 200 $ 200 Finance leases (Equipment) Jun 2014 - Mar 2019 19,775 19,775 May 2019 - Oct 2024 3.00% to 15.00% 5.13 % 3.5 — 15,778 15,778 19,975 19,975 5.11 % 3.7 200 15,978 15,978 Less current portion of obligations under finance leases 6,790 6,790 5,489 5,489 Credit facilities and obligations under finance leases - noncurrent 13,185 13,185 10,489 10,489 Corporate Junior subordinated notes payable (C) Mar 2006 51,004 51,198 Apr 2035 LIBOR+2.25% 4.74 % 16.1 51,004 51,004 51,200 Total debt obligations $ 70,979 $ 71,173 4.84 % 12.6 $ 51,204 $ 66,982 $ 67,178 (A) Weighted average, including floating and fixed rate classes. (B) Including the effect of deferred financing costs. (C) Interest rate based on 3 month LIBOR plus 2.25% . The Company leases certain golf carts and other equipment under finance lease agreements. The agreements typically provide for minimum rentals plus executory costs. Lease terms range from 24 to 66 months. Certain leases include bargain purchase options at lease expiration.

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , 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. March 31, 2019 Amortized Cost Basis Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Before Impairment Other-Than- Temporary Impairment After Impairment Gains Losses Carrying Number of Securities Rating (B) Coupon Yield Life Principal Subordination (D) ABS - Non-Agency RMBS $ 4,000 $ 2,650 $ (1,521 ) $ 1,129 $ 1,878 $ — $ 3,007 1 CCC 2.88 % 32.00 % 4.7 38.7 % Total Securities, Available for Sale (E) $ 4,000 $ 2,650 $ (1,521 ) $ 1,129 $ 1,878 $ — $ 3,007 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) The total outstanding face amount was $4.0 million for floating rate securities. The collateral securing the ABS - Non-Agency RMBS is located in various geographical regions in the U.S. The Company does not have significant investments in any geographic region. The Company had no securities in an unrealized loss position as of March 31, 2019 . The Company has no activity related to credit losses on debt securities for the three months ended March 31, 2019 .

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value Summary Table The following table summarizes the carrying values and estimated fair values of the Company’s financial instruments at March 31, 2019 : Carrying Value Estimated Fair Value Fair Value Method (A) Assets Real estate securities, available-for-sale $ 3,007 $ 3,007 Pricing models - Level 3 Cash and cash equivalents 49,599 49,599 Restricted cash, current and noncurrent 3,623 3,623 Liabilities Junior subordinated notes payable 51,198 29,383 Pricing models - Level 3 (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. 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 March 31, 2019 : Weighted Average Significant Input Asset Type Amortized Cost Basis Fair Value Discount Prepayment Cumulative Default Rate Loss ABS - Non-Agency RMBS $ 1,129 $ 3,007 10.0 % 8.0 % 2.9 % 43.3 % 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 during the three months ended March 31, 2019 as follows: ABS - Non-Agency RMBS Balance at December 31, 2018 $ 2,953 Total gains (losses) (A) Included in other comprehensive income (loss) — Amortization included in interest income 82 Purchases, sales and repayments (A) Proceeds (28 ) Balance at March 31, 2019 $ 3,007 (A) None of the gains (losses) recorded in earnings during the period are 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 three months ended March 31, 2019 . There were no transfers into or out of Level 3 during the three months ended March 31, 2019 . 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 Junior subordinated notes payable Level 3 Valuation technique is based on discounted cash flows. Significant inputs include: l Amount and timing of expected future cash flows l Interest rates l Market yields and the credit spread of the Company

EQUITY AND EARNINGS PER SHARE

EQUITY AND EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
EQUITY AND EARNINGS PER SHARE	EQUITY AND EARNINGS PER SHARE A. Stock Options The following is a summary of the changes in the Company’s outstanding options for the three months ended March 31, 2019 : Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2018 8,436,931 $ 3.72 Balance at March 31, 2019 8,436,931 $ 3.72 7.47 Exercisable at March 31, 2019 2,705,586 $ 2.64 4.39 As of March 31, 2019 , the Company’s outstanding options were summarized as follows: Number of Options Held by the former Manager 2,705,253 Issued to the former Manager and subsequently transferred to certain of the Manager’s employees (A) 2,304,990 Issued to the independent directors 333 Issued to Drive Shack employees (B) 3,426,355 Total 8,436,931 Weighted average strike price $ 3.72 (A) The Company and the former Manager agreed that options held by certain employees formerly employed by the Manager would not terminate or be forfeited as a result of the Termination and Cooperation Agreement, and the vesting of such options 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. (B) In November 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. 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 $1.2 million and $0.3 million during the three months ended March 31, 2019 and 2018 , respectively, 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 $12.0 million as of March 31, 2019 and will be expensed over a weighted average of 2.1 years . B. Restricted Stock Units ("RSUs") The following is a summary of the changes in the Company’s RSUs for the three months ended March 31, 2019 . Number of RSUs Weighted Average Grant Date Fair Value (per unit) Balance at December 31, 2018 54,641 $ 5.02 Balance at March 31, 2019 54,641 $ 5.02 The Company granted RSUs to the non-employee directors as part of their 2018 annual compensation. The RSUs are subject to a one year vesting period and begin to vest in August 2019. 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 less than $0.1 million and zero during the three months ended March 31, 2019 and 2018 , respectively 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 $0.1 million as of March 31, 2019 and will be expensed over a weighted average of 0.5 years . C. Dividends 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 were paid on April 29, 2019 . D. Earnings Per Share The following table shows the Company's basic and diluted earnings per share (“EPS”): Three Months Ended March 31, 2019 2018 Numerator for basic and diluted earnings per share: Loss from continuing operations after preferred dividends and noncontrolling interests $ (15,995 ) $ (17,690 ) Loss Applicable to Common Stockholders $ (15,995 ) $ (17,690 ) Denominator: Denominator for basic earnings per share - weighted average shares 67,027,104 66,977,104 Effect of dilutive securities Options — — RSUs — — Denominator for diluted earnings per share - adjusted weighted average shares 67,027,104 66,977,104 Basic earnings per share: Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ (0.24 ) $ (0.26 ) Loss Applicable to Common Stock, per share $ (0.24 ) $ (0.26 ) Diluted earnings per share: Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ (0.24 ) $ (0.26 ) Loss Applicable to Common Stock, per share $ (0.24 ) $ (0.26 ) The Company’s dilutive securities are its outstanding stock options and RSUs. During the three months ended March 31, 2019 and 2018 , the Company had 706,694 and zero antidilutive options, respectively. During the three months ended March 31, 2019 and 2018 based on the treasury stock method, the Company had 2,233,692 and 2,509,765 potentially dilutive securities, respectively, which were excluded due to the Company's loss position.

TRANSACTIONS WITH AFFILIATES AN

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	3 Months Ended
	Mar. 31, 2019
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 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 $ 0.1 million and $0.2 million in costs for Transition Services during the three months ended March 31, 2019 and 2018 , respectively, and these costs are reported in general and administrative expense on the Consolidated Statements of Operations. At March 31, 2019 , 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). 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. The Company leased corporate office space from an affiliate of a member of our Board of Directors. The Company has accrued $0.2 million in rent expense for the three months ended March 31, 2019 , which represents market rates for the office space.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2019
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 $1.1 million of the quarterly installments as of March 31, 2019 , and the final payment is due in December 2019. On February 19, 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, including New York Labor Law Section 190 et seq. and Section 196-d and 12 New York Codes, Rules and Regulations Part 146, and seeking monetary damages under these 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. 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, personal injury 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 March 31, 2019 , 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. Commitments - In 2016, the Company entered into a ground lease in Orlando, Florida. During June 2017, the Company committed to the lease as there were no remaining material contingencies under the terms of the lease. The initial lease term is 20 years and includes three 5 -year renewal options. In March 2017, the Company entered into a ground lease in Richmond, Virginia. During December 2017, the Company committed to the lease as there were no remaining material contingencies under the terms of the lease. The initial lease term is 20 years and includes three 5 -year renewal options. In July 2017, the Company entered into a ground lease in West Palm Beach, Florida. During August 2018, the Company committed to the lease as there were no remaining material contingencies under the terms of the lease. The initial lease term is 20 years and includes five 5 -year renewal options. In February 2018, the Company entered into a ground lease in New Orleans, Louisiana. During December 2018, the Company committed to the lease as there were no remaining material contingencies under the terms of the lease. The initial lease term is 20 years and includes eight 5 -year renewal options. As of March 31, 2019 , the Company has additional operating leases that have not yet commenced of $115.4 million . The leases are expected to commence over the next 12 - 24 months with lease terms of 2 to 20 years . These leases are primarily real estate leases for future Entertainment Golf venues and the commencement of these leases is contingent on completion of due diligence and satisfaction of certain contingencies prior to construction. 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 $5.7 million in property repair costs related to Hurricane Irma of which $0.2 million was incurred in 2019. As of March 31, 2019 , all hurricane property repairs are complete. The Company was reimbursed $2.0 million and $3.0 million by the insurer in 2017 and 2018, respectively. Property repair costs and insurance reimbursement are recorded in operating expenses on the Consolidated Statements of Operations.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's income tax provision (benefit) for interim periods is determined using an estimate of the Company's annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. The Company's income tax provision was zero for both the three months ended March 31, 2019 and 2018 . In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. The Company recorded a valuation allowance against its deferred tax assets as of March 31, 2019 as management does not believe that it is more likely than not that the deferred tax assets will be realized.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS These Consolidated Financial Statements include a discussion of material events, if any, that have occurred subsequent to March 31, 2019 through the issuance of these Consolidated Financial Statements. In April 2019, the Company consummated the sale of a private golf property in Tennessee for a sale price of $4.8 million . On April 11, 2019, the Company issued 695,652 options at a strike price of $4.66 . The options fully vest and are exercisable in equal annual installments on each of the first three anniversaries of the grant date. On May 7, 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 May 1, 2019 and ending July 31, 2019. Dividends totaling $1.4 million will be paid on July 31, 2019 to stockholders of record on July 1, 2019. On May 9, 2019, the Company consummated the sale of a private golf property in Washington for a sale price of $8.9 million .

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying Consolidated Financial Statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements for the year ended December 31, 2018 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2019. Capitalized terms used herein, and not otherwise defined, are defined in the Company’s Consolidated Financial Statements for the year ended December 31, 2018 .
Property and Equipment, Net	Property and Equipment, Net — 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.
Leasing Arrangements	Leasing Arrangements — The Company evaluates at lease inception whether an arrangement is or contains a lease by providing the Company with the right to control an asset. Operating leases are accounted for on balance sheet with the Right of Use (“ROU”) assets and lease liabilities recognized in "Operating lease right-of-use assets," "Other current liabilities" and "Operating lease liabilities - noncurrent" in the Consolidated Balance Sheets. Finance lease ROU assets, current lease liabilities and noncurrent lease liabilities are recognized in "Property and equipment, net of accumulated depreciation", and "Obligations under finance leases" and "Credit facilities and obligations under finance leases - noncurrent" in the Consolidated Balance Sheets, respectively. All lease liabilities are measured at the present value of the associated payments, discounted using the Company’s incremental borrowing rate determined using a portfolio approach based on the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for similar term and in a similar economic environment on a collateralized basis. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for initial direct costs, prepaid rent, and lease incentives received. The operating lease ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for initial direct costs, prepaid or accrued lease payments, and lease incentives. Depreciation of the finance lease ROU assets are subsequently calculated using the straight-line method over the shorter of the estimated useful lives or the expected lease terms and recorded in "Depreciation and amortization" on the Consolidated Statements of Operations. In addition to the fixed minimum payments required under the lease arrangements, certain leases require variable lease payments, which are payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments as well as payment of taxes assessed against the leased property. The leases generally also require the payment for the cost of insurance and maintenance. Variable lease payments are recognized when the associated activity occurs and contingency is resolved. The Company has elected to combine lease and non-lease components for all lease contracts. Additionally, the Company does not recognize ROU assets and lease liabilities for arrangements with lease terms of 12 months or less and lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred.
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 March 31, 2019 and December 31, 2018 , the carrying value of this investment was $23.0 million and $22.6 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.
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 by sale are recorded at the lower of carrying amount or fair value less costs to sell.
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 by sale are recorded at the lower of carrying amount or fair value less costs to sell.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. On January 1, 2019, the Company adopted ASU 2016-02 using a modified retrospective approach. The Company has utilized the effective date transition method and accordingly is not required to adjust its comparative period financial information for effects of ASU 2016-02. The Company has elected to adopt practical expedients which permits it to not reassess its prior conclusions about lease identification, lease classification and initial direct costs under the new standard. The Company elected to combine lease and non-lease components for all lease contracts and also elected not to recognize ROU assets and lease liabilities for leases with terms of 12 months or less. The Company has also elected to adopt the practical expedient for land easements which permits it not to evaluate existing and expired land easements under the new standard. The adoption of ASU 2016-02 had a material impact on the Company’s Consolidated Balance Sheets, resulting in the recognition of operating lease right-of-use assets and operating lease liabilities of $225.6 million and $205.9 million , respectively, with the difference primarily due to reclassifications of leasehold intangibles and an adjustment to accumulated deficit. There was no material impact on the Consolidated Statements of Operations. 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 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 timing for adoption and 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 Junior subordinated notes payable Level 3 Valuation technique is based on discounted cash flows. Significant inputs include: l Amount and timing of expected future cash flows l Interest rates l 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	The Company’s dilutive securities are its outstanding stock options and RSUs.
Valuation of Options	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.
Income Taxes	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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Schedule of realized/unrealized loss on investments and other income (loss), net	These items are comprised of the following: Three Months Ended March 31, 2019 2018 Unrealized (gain) on non-hedge derivative instruments — (242 ) Realized and unrealized (gain) loss on investments $ — $ (242 ) Loss on lease modifications and terminations $ — $ (771 ) Loss on extinguishment of debt, net (16 ) (52 ) Collateral management fee income, net 128 154 Equity in earnings of equity method investments 341 379 Gain (loss) on sale of long-lived assets and intangibles 5,029 (206 ) Other income 6 90 Other income (loss), net $ 5,488 $ (406 )
Schedule of other current assets	The following table summarizes the Company's other current assets: March 31, 2019 December 31, 2018 Prepaid expenses $ 2,310 $ 2,651 Deposits 2,606 2,494 Inventory 3,025 2,855 Miscellaneous current assets, net 12,390 12,505 Other current assets $ 20,331 $ 20,505
Schedule of other assets	The following table summarizes the Company's other assets: March 31, 2019 December 31, 2018 Prepaid expenses $ 334 $ 277 Deposits 2,127 2,140 Miscellaneous assets, net 2,582 6,267 Other assets $ 5,043 $ 8,684
Schedule of other current liabilities	The following table summarizes the Company's other current liabilities: March 31, 2019 December 31, 2018 Security deposits payable $ 6,435 $ 14,188 Operating lease liabilities 16,924 — Accrued rent 1,707 2,885 Dividends payable 930 930 Miscellaneous current liabilities 3,281 4,282 Other current liabilities $ 29,277 $ 22,285
Schedule of other liabilities	The following table summarized the Company's other liabilities: March 31, 2019 December 31, 2018 Security deposits payable $ 271 $ 91 Service obligation intangible 2,043 2,759 Accrued rent — 1,617 Miscellaneous liabilities 762 765 Other liabilities $ 3,076 $ 5,232

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
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. Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Ent. golf venues Public golf properties Private golf properties Managed golf properties Total Ent. golf venues Public golf properties Private golf properties Managed golf properties Total Golf operations $ 681 $ 17,464 $ 15,454 $ 11,107 $ 44,706 $ — $ 22,370 $ 25,949 $ 5,235 $ 53,554 Sales of food and beverages 1,040 5,476 2,730 — 9,246 — 7,207 5,899 — 13,106 Total revenues $ 1,721 $ 22,940 $ 18,184 $ 11,107 $ 53,952 $ — $ 29,577 $ 31,848 $ 5,235 $ 66,660

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of segment reporting	Summary financial data on the Company’s segments is given below, together with a reconciliation to the same data for the Company as a whole: Entertainment Golf Traditional Golf Corporate Total Three Months Ended March 31, 2019 Revenues Golf operations $ 681 $ 44,025 $ — $ 44,706 Sales of food and beverages 1,040 8,206 — 9,246 Total revenues 1,721 52,231 — 53,952 Operating costs Operating expenses (A) 1,747 45,976 — 47,723 Cost of sales - food and beverages 251 2,447 — 2,698 General and administrative expense 3,379 3,897 3,944 11,220 General and administrative expense - acquisition and transaction expenses (B) 157 153 89 399 Depreciation and amortization 709 4,217 (2 ) 4,924 Pre-opening costs (C) 1,179 — — 1,179 Impairment — 4,088 — 4,088 Realized and unrealized (gain) on investments — — — — Total operating costs 7,422 60,778 4,031 72,231 Operating loss (5,701 ) (8,547 ) (4,031 ) (18,279 ) Other income (expenses) Interest and investment income 132 38 174 344 Interest expense (D) (3 ) (2,190 ) (626 ) (2,819 ) Capitalized interest (D) — 188 478 666 Other (loss) income, net (7 ) 5,030 465 5,488 Total other income (expenses) 122 3,066 491 3,679 Income tax expense — — — — Net loss (5,579 ) (5,481 ) (3,540 ) (14,600 ) Preferred dividends — — (1,395 ) (1,395 ) Loss applicable to common stockholders $ (5,579 ) $ (5,481 ) $ (4,935 ) $ (15,995 ) Entertainment Golf Traditional Golf Corporate (E) Total March 31, 2019 Total assets 164,907 351,877 47,207 563,991 Total liabilities 42,054 349,987 61,887 453,928 Preferred stock — — 61,583 61,583 Noncontrolling interest — — — — Equity attributable to common stockholders $ 122,853 $ 1,890 $ (76,263 ) $ 48,480 Additions to property and equipment (including finance leases) during the three months ended March 31, 2019 $ 28,037 $ 2,106 $ 800 $ 30,943 Summary segment financial data (continued). Entertainment Golf Traditional Golf Corporate (F) Total Three Months Ended March 31, 2018 Revenues Golf operations $ — $ 53,554 $ — $ 53,554 Sales of food and beverages — 13,106 — 13,106 Total revenues — 66,660 — 66,660 Operating costs Operating expenses (A) — 57,379 — 57,379 Cost of sales - food and beverages — 4,040 — 4,040 General and administrative expense 1,102 4,153 2,080 7,335 General and administrative expense - acquisition and transaction expenses (B) 1,253 307 297 1,857 Depreciation and amortization 30 5,513 5 5,548 Pre-opening costs (C) 1,556 — — 1,556 Impairment — 1,326 147 1,473 Realized and unrealized (gain) on investments — (242 ) — (242 ) Total operating costs 3,941 72,476 2,529 78,946 Operating loss (3,941 ) (5,816 ) (2,529 ) (12,286 ) Other income (expenses) Interest and investment income 28 51 367 446 Interest expense (D) — (3,938 ) (494 ) (4,432 ) Capitalized interest (D) — 383 — 383 Other (loss) income, net — (938 ) 532 (406 ) Total other income (expenses) 28 (4,442 ) 405 (4,009 ) Income tax expense — — — — Net loss (3,913 ) (10,258 ) (2,124 ) (16,295 ) Preferred dividends — — (1,395 ) (1,395 ) Loss applicable to common stockholders $ (3,913 ) $ (10,258 ) $ (3,519 ) $ (17,690 ) (A) Operating expenses include rental expenses recorded under operating leases for carts and equipment in the amount of $0.3 million and $0.6 million for the three months ended March 31, 2019 and 2018 , respectively. (B) Acquisition and transaction expenses include costs related to completed and potential acquisitions and transactions, which may include advisory, legal, accounting 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 $1.9 million and $1.7 million for the three months ended March 31, 2019 and 2018 , respectively. Interest expense and capitalized interest total to interest expense, net on the Consolidated Statements of Operations. (E) Total assets in the corporate segment include an equity method investment in the amount of $23.0 million as of March 31, 2019 recorded in other investments on the Consolidated Balance Sheets. (F) 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)	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	The following table summarizes the Company’s property and equipment: March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 6,747 $ — $ 6,747 $ 6,747 $ — $ 6,747 Buildings and improvements 77,055 (30,315 ) 46,740 78,833 (30,540 ) 48,293 Furniture, fixtures and equipment 27,179 (17,396 ) 9,783 26,726 (16,729 ) 9,997 Finance leases - equipment 33,359 (13,566 ) 19,793 28,745 (12,843 ) 15,902 Construction in progress 74,573 — 74,573 51,666 — 51,666 Total Property and Equipment $ 218,913 $ (61,277 ) $ 157,636 $ 192,717 $ (60,112 ) $ 132,605

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease Related Costs	Lease related costs recognized in the Consolidated Statements of Operations for the three months ended March 31, 2019 are as follows: Finance lease cost Amortization of right-of-use assets $ 1,517 Interest on lease liabilities 246 Total finance lease cost 1,763 Operating lease cost Operating lease cost 8,890 Short-term lease cost 751 Variable lease cost 2,750 Total operating lease cost 12,391 Total lease cost $ 14,154
Lease, Other Information	Other information related to leases included on the Consolidated Balance Sheet as of and the three months ended March 31, 2019 are as follows: Operating Leases Financing Leases Right-of-use assets 223,278 19,793 Lease liabilities 207,153 19,775 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows 7,484 189 Financing cash flows N/A 1,355 Right-of-use assets obtained in exchange for lease liabilities 4,305 6,352 Weighted average remaining lease term 13.1 years 3.5 years Weighted average discount rate 8.7 % 5.1 %
Schedule of Future Minimum Lease Payments, Operating Lease	Future minimum lease payments under non-cancellable leases as of March 31, 2019 are as follows: Operating Leases Financing Leases April 1, 2019 - December 31, 2019 22,899 6,009 2020 33,680 6,013 2021 30,739 4,509 2022 29,034 2,874 2023 28,862 1,803 Thereafter 225,126 258 Total minimum lease payments 370,340 21,466 Less: imputed interest 163,187 1,691 Total lease liabilities $ 207,153 $ 19,775
Schedule of Future Minimum Lease Payments, Finance Lease	Future minimum lease payments under non-cancellable leases as of March 31, 2019 are as follows: Operating Leases Financing Leases April 1, 2019 - December 31, 2019 22,899 6,009 2020 33,680 6,013 2021 30,739 4,509 2022 29,034 2,874 2023 28,862 1,803 Thereafter 225,126 258 Total minimum lease payments 370,340 21,466 Less: imputed interest 163,187 1,691 Total lease liabilities $ 207,153 $ 19,775

INTANGIBLES, NET OF ACCUMULAT_2

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	The following table summarizes the Company’s intangible assets: March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (122 ) $ 578 $ 700 $ (117 ) $ 583 Leasehold intangibles (A) (B) — — — 46,581 (20,270 ) 26,311 Management contracts 32,331 (15,582 ) 16,749 32,932 (15,174 ) 17,758 Internally-developed software 2,327 (1,048 ) 1,279 2,314 (967 ) 1,347 Membership base 5,236 (3,927 ) 1,309 5,236 (3,740 ) 1,496 Nonamortizable liquor licenses 1,037 — 1,037 893 — 893 Total Intangibles $ 41,631 $ (20,679 ) $ 20,952 $ 88,656 $ (40,268 ) $ 48,388 (A) The amortization expense for leasehold intangibles is reported in operating expenses in the Consolidated Statements of Operations. (B) As of January 1, 2019, leasehold intangibles were reclassified from "Intangibles, net of accumulated amortization" to "Operating lease right-of-use assets" in the Consolidated Balance Sheet as part of the adoption of ASU 2016-02.

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of debt obligations	The following table presents certain information regarding the Company’s debt obligations at March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 Debt Obligation/Collateral Month Issued Outstanding Carrying Final Stated Maturity Weighted Weighted Average Weighted Average Life (Years) Face Amount of Outstanding Face Amount Carrying Value Credit Facilities and Finance Leases Vineyard II Dec 1993 $ 200 $ 200 Dec 2043 2.80% 2.80 % 24.7 $ 200 $ 200 $ 200 Finance leases (Equipment) Jun 2014 - Mar 2019 19,775 19,775 May 2019 - Oct 2024 3.00% to 15.00% 5.13 % 3.5 — 15,778 15,778 19,975 19,975 5.11 % 3.7 200 15,978 15,978 Less current portion of obligations under finance leases 6,790 6,790 5,489 5,489 Credit facilities and obligations under finance leases - noncurrent 13,185 13,185 10,489 10,489 Corporate Junior subordinated notes payable (C) Mar 2006 51,004 51,198 Apr 2035 LIBOR+2.25% 4.74 % 16.1 51,004 51,004 51,200 Total debt obligations $ 70,979 $ 71,173 4.84 % 12.6 $ 51,204 $ 66,982 $ 67,178 (A) Weighted average, including floating and fixed rate classes. (B) Including the effect of deferred financing costs. (C) Interest rate based on 3 month LIBOR plus 2.25% .

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , 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. March 31, 2019 Amortized Cost Basis Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Before Impairment Other-Than- Temporary Impairment After Impairment Gains Losses Carrying Number of Securities Rating (B) Coupon Yield Life Principal Subordination (D) ABS - Non-Agency RMBS $ 4,000 $ 2,650 $ (1,521 ) $ 1,129 $ 1,878 $ — $ 3,007 1 CCC 2.88 % 32.00 % 4.7 38.7 % Total Securities, Available for Sale (E) $ 4,000 $ 2,650 $ (1,521 ) $ 1,129 $ 1,878 $ — $ 3,007 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) The total outstanding face amount was $4.0 million for floating rate securities. The collateral securing the ABS - Non-Agency RMBS is located in various geographical regions in the U.S. The Company does not have significant investments in any geographic region.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 : Carrying Value Estimated Fair Value Fair Value Method (A) Assets Real estate securities, available-for-sale $ 3,007 $ 3,007 Pricing models - Level 3 Cash and cash equivalents 49,599 49,599 Restricted cash, current and noncurrent 3,623 3,623 Liabilities Junior subordinated notes payable 51,198 29,383 Pricing models - Level 3 (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.
Schedule of quantitative information regarding 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 March 31, 2019 : Weighted Average Significant Input Asset Type Amortized Cost Basis Fair Value Discount Prepayment Cumulative Default Rate Loss ABS - Non-Agency RMBS $ 1,129 $ 3,007 10.0 % 8.0 % 2.9 % 43.3 %
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 during the three months ended March 31, 2019 as follows: ABS - Non-Agency RMBS Balance at December 31, 2018 $ 2,953 Total gains (losses) (A) Included in other comprehensive income (loss) — Amortization included in interest income 82 Purchases, sales and repayments (A) Proceeds (28 ) Balance at March 31, 2019 $ 3,007 (A) None of the gains (losses) recorded in earnings during the period are 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 three months ended March 31, 2019 . There were no transfers into or out of Level 3 during the three months ended March 31, 2019 .
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 Junior subordinated notes payable Level 3 Valuation technique is based on discounted cash flows. Significant inputs include: l Amount and timing of expected future cash flows l Interest rates l Market yields and the credit spread of the Company

EQUITY AND EARNINGS PER SHARE (

EQUITY AND EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Schedule of outstanding options	The following is a summary of the changes in the Company’s outstanding options for the three months ended March 31, 2019 : Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2018 8,436,931 $ 3.72 Balance at March 31, 2019 8,436,931 $ 3.72 7.47 Exercisable at March 31, 2019 2,705,586 $ 2.64 4.39
Schedule of outstanding options summary	As of March 31, 2019 , the Company’s outstanding options were summarized as follows: Number of Options Held by the former Manager 2,705,253 Issued to the former Manager and subsequently transferred to certain of the Manager’s employees (A) 2,304,990 Issued to the independent directors 333 Issued to Drive Shack employees (B) 3,426,355 Total 8,436,931 Weighted average strike price $ 3.72 (A) The Company and the former Manager agreed that options held by certain employees formerly employed by the Manager would not terminate or be forfeited as a result of the Termination and Cooperation Agreement, and the vesting of such options 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. (B) In November 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.
Summary of changes in RSUs	The following is a summary of the changes in the Company’s RSUs for the three months ended March 31, 2019 . Number of RSUs Weighted Average Grant Date Fair Value (per unit) Balance at December 31, 2018 54,641 $ 5.02 Balance at March 31, 2019 54,641 $ 5.02
Schedule of amounts used in computing basic and diluted EPS	The following table shows the Company's basic and diluted earnings per share (“EPS”): Three Months Ended March 31, 2019 2018 Numerator for basic and diluted earnings per share: Loss from continuing operations after preferred dividends and noncontrolling interests $ (15,995 ) $ (17,690 ) Loss Applicable to Common Stockholders $ (15,995 ) $ (17,690 ) Denominator: Denominator for basic earnings per share - weighted average shares 67,027,104 66,977,104 Effect of dilutive securities Options — — RSUs — — Denominator for diluted earnings per share - adjusted weighted average shares 67,027,104 66,977,104 Basic earnings per share: Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ (0.24 ) $ (0.26 ) Loss Applicable to Common Stock, per share $ (0.24 ) $ (0.26 ) Diluted earnings per share: Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ (0.24 ) $ (0.26 ) Loss Applicable to Common Stock, per share $ (0.24 ) $ (0.26 )

ORGANIZATION (Details)

ORGANIZATION (Details)	Mar. 31, 2019stateproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of golf properties | property	64
Number of states in which properties owned | state	11

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership in equity investment (as percent)	22.00%
Other investments	$ 22,956		$ 22,613
Operating lease right-of-use assets	223,278
Lease liabilities, operating leases	$ 207,153
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 225,600
Lease liabilities, operating leases		$ 205,900

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Realized and Unrealized (Gain) Loss on Investments and Other Income, Net) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Realized and unrealized (gain) loss on investments
Unrealized (gain) on non-hedge derivative instruments	$ 0		$ (242)
Realized and unrealized (gain) loss on investments	0		242
Other income (loss), net
Loss on lease modifications and terminations	0		(771)
Loss on extinguishment of debt, net	(16)		(52)
Collateral management fee income, net	128		154
Equity in earnings of equity method investments	341		379
Gain (loss) on sale of long-lived assets and intangibles	5,029		(206)
Other income	6		90
Other income (loss), net	$ 5,488	$ (406)	$ (406)

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Current Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Prepaid expenses	$ 2,310	$ 2,651
Deposits	2,606	2,494
Inventory	3,025	2,855
Miscellaneous current assets, net	12,390	12,505
Other current assets	$ 20,331	$ 20,505

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Prepaid expenses	$ 334	$ 277
Deposits	2,127	2,140
Miscellaneous assets, net	2,582	6,267
Other assets	$ 5,043	$ 8,684

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Current Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Security deposits payable	$ 6,435	$ 14,188
Operating lease liabilities	16,924
Accrued rent	1,707	2,885
Dividends payable	930	930
Miscellaneous current liabilities	3,281	4,282
Other current liabilities	$ 29,277	$ 22,285

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Security deposits payable	$ 271	$ 91
Service obligation intangible	2,043	2,759
Accrued rent	0	1,617
Miscellaneous liabilities	762	765
Other liabilities	$ 3,076	$ 5,232

REVENUES (Disaggregation of Rev

REVENUES (Disaggregation of Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 53,952	$ 66,660
Golf operations, public golf properties
Disaggregation of Revenue [Line Items]
Total revenues	17,464	22,370
Golf operations, private golf properties
Disaggregation of Revenue [Line Items]
Total revenues	15,454	25,949
Golf operations, managed golf properties
Disaggregation of Revenue [Line Items]
Total revenues	11,107	5,235
Golf operations, ent. golf venues
Disaggregation of Revenue [Line Items]
Total revenues	681	0
Golf operations
Disaggregation of Revenue [Line Items]
Total revenues	44,706	53,554
Food and beverage, public golf properties
Disaggregation of Revenue [Line Items]
Total revenues	5,476	7,207
Food and beverage, private golf properties
Disaggregation of Revenue [Line Items]
Total revenues	2,730	5,899
Food and beverage, managed golf properties
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Food and beverage, ent. golf venues
Disaggregation of Revenue [Line Items]
Total revenues	1,040	0
Food and beverages
Disaggregation of Revenue [Line Items]
Total revenues	9,246	13,106
Ent. golf venues
Disaggregation of Revenue [Line Items]
Total revenues	22,940	29,577
Public golf properties
Disaggregation of Revenue [Line Items]
Total revenues	18,184	31,848
Private golf properties
Disaggregation of Revenue [Line Items]
Total revenues	11,107	5,235
Managed golf properties
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,721	$ 0

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details)	3 Months Ended
	Mar. 31, 2019statesegmentproperty
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Number of golf properties | property	64
Number of states in which properties owned | state	11
Entertainment Golf | Operating Segments
Segment Reporting Information [Line Items]
Number of golf properties | property	64
Number of states in which properties owned | state	11

SEGMENT REPORTING (Segment Repo

SEGMENT REPORTING (Segment Reporting) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Revenues
Total revenues	$ 53,952,000	$ 66,660,000
Operating costs
Operating expenses	47,723,000	57,379,000
Cost of sales - food and beverages	2,698,000	4,040,000
General and administrative expense	11,220,000	7,335,000
General and administrative expense - acquisition and transaction expenses	399,000	1,857,000
Depreciation and amortization	4,924,000	5,548,000
Pre-opening costs	1,179,000	1,556,000
Impairment	4,088,000	1,473,000
Realized and unrealized (gain) on investments	0	(242,000)
Total operating costs	72,231,000	78,946,000
Operating loss	(18,279,000)	(12,286,000)
Other income (expenses)
Interest and investment income	344,000	446,000
Interest expense	(2,819,000)	(4,432,000)
Capitalized interest	666,000	383,000
Other (loss) income, net	5,488,000	(406,000)	$ (406,000)
Total other income (expenses)	3,679,000	(4,009,000)
Income tax expense	0	0
Net Loss	(14,600,000)	(16,295,000)
Preferred dividends	(1,395,000)	(1,395,000)
Loss Applicable to Common Stockholders	(15,995,000)	(17,690,000)
Total assets	563,991,000		401,947,000
Total liabilities	453,928,000		267,280,000
Preferred stock	61,583,000		61,583,000
Noncontrolling interest	0
Equity attributable to common stockholders	48,480,000
Additions to property and equipment (including finance leases) during the three months ended March 31, 2019	30,943,000
Rental expenses recorded under operating leases	300,000	600,000
Equity method investment	22,956,000		$ 22,613,000
Golf operations
Revenues
Total revenues	44,706,000	53,554,000
Food and beverages
Revenues
Total revenues	9,246,000	13,106,000
Corporate
Revenues
Total revenues	0	0
Operating costs
Operating expenses	0	0
Cost of sales - food and beverages	0	0
General and administrative expense	3,944,000	2,080,000
General and administrative expense - acquisition and transaction expenses	89,000	297,000
Depreciation and amortization	(2,000)	5,000
Pre-opening costs	0	0
Impairment	0	147,000
Realized and unrealized (gain) on investments	0	0
Total operating costs	4,031,000	2,529,000
Operating loss	(4,031,000)	(2,529,000)
Other income (expenses)
Interest and investment income	174,000	367,000
Interest expense	(626,000)	(494,000)
Capitalized interest	478,000	0
Other (loss) income, net	465,000	532,000
Total other income (expenses)	491,000	405,000
Income tax expense	0	0
Net Loss	(3,540,000)	(2,124,000)
Preferred dividends	(1,395,000)	(1,395,000)
Loss Applicable to Common Stockholders	(4,935,000)	(3,519,000)
Total assets	47,207,000
Total liabilities	61,887,000
Preferred stock	61,583,000
Noncontrolling interest	0
Equity attributable to common stockholders	(76,263,000)
Additions to property and equipment (including finance leases) during the three months ended March 31, 2019	800,000
Corporate | Golf operations
Revenues
Total revenues	0	0
Corporate | Food and beverages
Revenues
Total revenues	0	0
Entertainment Golf | Operating Segments
Revenues
Total revenues	1,721,000	0
Operating costs
Operating expenses	1,747,000	0
Cost of sales - food and beverages	251,000	0
General and administrative expense	3,379,000	1,102,000
General and administrative expense - acquisition and transaction expenses	157,000	1,253,000
Depreciation and amortization	709,000	30,000
Pre-opening costs	1,179,000	1,556,000
Impairment	0	0
Realized and unrealized (gain) on investments	0	0
Total operating costs	7,422,000	3,941,000
Operating loss	(5,701,000)	(3,941,000)
Other income (expenses)
Interest and investment income	132,000	28,000
Interest expense	(3,000)	0
Capitalized interest	0	0
Other (loss) income, net	(7,000)	0
Total other income (expenses)	122,000	28,000
Income tax expense	0	0
Net Loss	(5,579,000)	(3,913,000)
Preferred dividends	0	0
Loss Applicable to Common Stockholders	(5,579,000)	(3,913,000)
Total assets	164,907,000
Total liabilities	42,054,000
Preferred stock	0
Noncontrolling interest	0
Equity attributable to common stockholders	122,853,000
Additions to property and equipment (including finance leases) during the three months ended March 31, 2019	28,037,000
Entertainment Golf | Operating Segments | Golf operations
Revenues
Total revenues	681,000	0
Entertainment Golf | Operating Segments | Food and beverages
Revenues
Total revenues	1,040,000	0
Traditional Golf
Other income (expenses)
Accretion of membership deposit liabilities	1,900,000	1,700,000
Traditional Golf | Operating Segments
Revenues
Total revenues	52,231,000	66,660,000
Operating costs
Operating expenses	45,976,000	57,379,000
Cost of sales - food and beverages	2,447,000	4,040,000
General and administrative expense	3,897,000	4,153,000
General and administrative expense - acquisition and transaction expenses	153,000	307,000
Depreciation and amortization	4,217,000	5,513,000
Pre-opening costs	0	0
Impairment	4,088,000	1,326,000
Realized and unrealized (gain) on investments	0	(242,000)
Total operating costs	60,778,000	72,476,000
Operating loss	(8,547,000)	(5,816,000)
Other income (expenses)
Interest and investment income	38,000	51,000
Interest expense	(2,190,000)	(3,938,000)
Capitalized interest	188,000	383,000
Other (loss) income, net	5,030,000	(938,000)
Total other income (expenses)	3,066,000	(4,442,000)
Income tax expense	0	0
Net Loss	(5,481,000)	(10,258,000)
Preferred dividends	0	0
Loss Applicable to Common Stockholders	(5,481,000)	(10,258,000)
Total assets	351,877,000
Total liabilities	349,987,000
Preferred stock	0
Noncontrolling interest	0
Equity attributable to common stockholders	1,890,000
Additions to property and equipment (including finance leases) during the three months ended March 31, 2019	2,106,000
Traditional Golf | Operating Segments | Golf operations
Revenues
Total revenues	44,025,000	53,554,000
Traditional Golf | Operating Segments | Food and beverages
Revenues
Total revenues	8,206,000	$ 13,106,000
Corporate | Operating Segments
Other income (expenses)
Equity method investment	$ 23,000,000

PROPERTY AND EQUIPMENT, NET O_3

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION (Details) $ in Thousands	Mar. 07, 2018property	Mar. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Property, Plant and Equipment [Line Items]
Gross Carrying Amount		$ 218,913	$ 192,717	$ 218,913		$ 192,717
Accumulated Depreciation		(61,277)	(60,112)	(61,277)		(60,112)
Net Carrying Value		$ 157,636	132,605	157,636		132,605
Impairment				4,088	$ 1,473
Proceeds from sale of property and equipment				$ 17,749	0
Golf Properties | Held-for-sale
Property, Plant and Equipment [Line Items]
Number of properties held for sale | property	26
Number of impaired properties held for sale | property		2		2
Impairment				$ 1,000
Real estate assets		$ 51,900		51,900
Real estate assets, other related assets		500		500
Real estate liabilities		800		800
Golf Properties | Disposed of by sale
Property, Plant and Equipment [Line Items]
Proceeds from sale of property and equipment				17,700	$ 2,200
Cash deposit						9,400
Payable to buyer			2,700	2,100
Golf Properties | Disposed of by sale | California
Property, Plant and Equipment [Line Items]
Impairment		3,100
Golf Properties | Disposed of by sale | Georgia and California
Property, Plant and Equipment [Line Items]
Net Carrying Value		20,300		20,300
Sale price		28,700		28,700
Proceeds from sale				25,500
Transaction costs		500		500
Proceeds from sale of property and equipment				18,200
Gain on sale				5,200
Land
Property, Plant and Equipment [Line Items]
Gross Carrying Amount		6,747	6,747	6,747		6,747
Accumulated Depreciation		0	0	0		0
Net Carrying Value		6,747	6,747	6,747		6,747
Land | Golf Properties | Held-for-sale
Property, Plant and Equipment [Line Items]
Real estate assets, property and equipment		34,800		34,800
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross Carrying Amount		77,055	78,833	77,055		78,833
Accumulated Depreciation		(30,315)	(30,540)	(30,315)		(30,540)
Net Carrying Value		46,740	48,293	46,740		48,293
Buildings and improvements | Golf Properties | Held-for-sale
Property, Plant and Equipment [Line Items]
Real estate assets, property and equipment		17,300		17,300
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Gross Carrying Amount		27,179	26,726	27,179		26,726
Accumulated Depreciation		(17,396)	(16,729)	(17,396)		(16,729)
Net Carrying Value		9,783	9,997	9,783		9,997
Furniture, fixtures and equipment | Golf Properties | Held-for-sale
Property, Plant and Equipment [Line Items]
Real estate assets, property and equipment		1,100		1,100
Finance leases - equipment
Property, Plant and Equipment [Line Items]
Gross Carrying Amount		33,359	28,745	33,359		28,745
Accumulated Depreciation		(13,566)	(12,843)	(13,566)		(12,843)
Net Carrying Value		19,793	15,902	19,793		15,902
Construction in progress
Property, Plant and Equipment [Line Items]
Gross Carrying Amount		74,573	51,666	74,573		51,666
Accumulated Depreciation		0	0	0		0
Net Carrying Value		$ 74,573	$ 51,666	$ 74,573		$ 51,666

LEASES - Lease Related Costs (D

LEASES - Lease Related Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Finance lease cost
Amortization of right-of-use assets	$ 1,517
Interest on lease liabilities	246
Total finance lease cost	1,763
Operating Lease, Cost, Current	8,890
Operating lease cost	12,391
Short-term lease cost	751
Variable lease cost	2,750
Total lease cost	$ 14,154

LEASES - Other Information (Det

LEASES - Other Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease right-of-use assets	$ 223,278
Right-of-use assets, financing leases	19,793
Lease liabilities, operating leases	207,153
Lease liabilities, financing leases	19,775
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows, Operating Leases	7,484
Operating cash flows, Financing Leases	189
Financing cash flows, Financing Leases	1,355
Right-of-use assets obtained in exchange for lease liabilities, operating leases	4,305
Right-of-use assets obtained in exchange for lease liabilities, financing leases	$ 6,352
Weighted average remaining lease term, operating lease (in years)	13 years 1 month 15 days
Weighted average remaining lease term, financing lease (in years)	3 years 6 months 1 day
Weighted average discount rate, operating lease (as a percentage)	8.70%
Weighted average discount rate, financing lease (as a percentage)	5.10%

LEASES - Schedule of Lease Matu

LEASES - Schedule of Lease Maturity (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating Leases
April 1, 2019 - December 31, 2019	$ 22,899
2020	33,680
2021	30,739
2022	29,034
2023	28,862
Thereafter	225,126
Total minimum lease payments	370,340
Less: imputed interest	163,187
Total lease liabilities	207,153
Financing Leases
April 1, 2019 - December 31, 2019	6,009
2020	6,013
2021	4,509
2022	2,874
2023	1,803
Thereafter	258
Total minimum lease payments	21,466
Less: imputed interest	1,691
Total lease liabilities	$ 19,775

LEASES - Narrative (Details)

LEASES - Narrative (Details)	3 Months Ended
	Mar. 31, 2019renewal_option
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	20 years
Number of renewal terms	8
Renewal term (in years)	5 years
Lower Range
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	2 years
Upper Range
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	20 years
Traditional Golf Properties and Related Facilities [Member] | Lower Range
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	10 years
Traditional Golf Properties and Related Facilities [Member] | Upper Range
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	20 years
Golf Carts and Equipment [Member] | Lower Range
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	2 years
Golf Carts and Equipment [Member] | Upper Range
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	6 years

INTANGIBLES, NET OF ACCUMULAT_3

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Total Intangibles, Net Carrying Value	$ 20,952	$ 48,388
Golf Investments
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	(20,679)	(40,268)
Total Intangibles, Gross Carrying Amount	41,631	88,656
Total Intangibles, Net Carrying Value	20,952	48,388
Golf Investments | Nonamortizable liquor licenses
Finite-Lived Intangible Assets [Line Items]
Nonamortizable liquor licenses	1,037	893
Golf Investments | Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	700	700
Accumulated Amortization	(122)	(117)
Net Carrying Value	578	583
Golf Investments | Leasehold Intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	0	46,581
Accumulated Amortization	0	(20,270)
Net Carrying Value	0	26,311
Golf Investments | Management contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	32,331	32,932
Accumulated Amortization	(15,582)	(15,174)
Net Carrying Value	16,749	17,758
Golf Investments | Internally-developed software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,327	2,314
Accumulated Amortization	(1,048)	(967)
Net Carrying Value	1,279	1,347
Golf Investments | Membership base
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,236	5,236
Accumulated Amortization	(3,927)	(3,740)
Net Carrying Value	$ 1,309	$ 1,496

DEBT OBLIGATIONS (Details)

DEBT OBLIGATIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Less current portion of obligations under finance leases	$ 6,790	$ 5,489
Credit facilities and obligations under finance leases - noncurrent	13,185	10,489
Total debt obligations
Debt Instrument [Line Items]
Outstanding Face Amount	70,979	66,982
Carrying Value	$ 71,173	67,178
Weighted Average Funding Cost (as percent)	4.84%
Weighted Average Life (Years)	12 years 7 months 1 day
Face Amount of Floating Rate Debt	$ 51,204
Credit Facilities and Finance Leases
Debt Instrument [Line Items]
Outstanding Face Amount	19,975	15,978
Carrying Value	$ 19,975	15,978
Weighted Average Funding Cost (as percent)	5.11%
Weighted Average Life (Years)	3 years 8 months 1 day
Face Amount of Floating Rate Debt	$ 200
Vineyard II
Debt Instrument [Line Items]
Outstanding Face Amount	200	200
Carrying Value	$ 200	200
Weighted Average Coupon (as percent)	2.80%
Weighted Average Funding Cost (as percent)	2.80%
Weighted Average Life (Years)	24 years 8 months 1 day
Face Amount of Floating Rate Debt	$ 200
Finance leases (Equipment)
Debt Instrument [Line Items]
Outstanding Face Amount	19,775	15,778
Carrying Value	$ 19,775	15,778
Weighted Average Funding Cost (as percent)	5.13%
Weighted Average Life (Years)	3 years 6 months 1 day
Face Amount of Floating Rate Debt	$ 0
Finance leases (Equipment) | Lower Range
Debt Instrument [Line Items]
Weighted Average Coupon (as percent)	3.00%
Finance leases (Equipment) | Upper Range
Debt Instrument [Line Items]
Weighted Average Coupon (as percent)	15.00%
Less current portion of obligations under finance leases
Debt Instrument [Line Items]
Outstanding Face Amount	$ 6,790	5,489
Less current portion of obligations under finance leases	6,790	5,489
Credit facilities and obligations under finance leases - noncurrent
Debt Instrument [Line Items]
Outstanding Face Amount	13,185	10,489
Credit facilities and obligations under finance leases - noncurrent	13,185	10,489
Junior subordinated notes payable
Debt Instrument [Line Items]
Outstanding Face Amount	51,004	51,004
Carrying Value	$ 51,198	$ 51,200
Weighted Average Funding Cost (as percent)	4.74%
Weighted Average Life (Years)	16 years 1 month 1 day
Face Amount of Floating Rate Debt	$ 51,004
Junior subordinated notes payable | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Weighted Average Coupon (as percent)	2.25%

DEBT OBLIGATIONS (Narrative) (D

DEBT OBLIGATIONS (Narrative) (Details) - Finance leases (Equipment)	3 Months Ended
	Mar. 31, 2019
Lower Range
Debt Instrument [Line Items]
Lease terms	24 months
Upper Range
Debt Instrument [Line Items]
Lease terms	66 months

REAL ESTATE SECURITIES (Real Es

REAL ESTATE SECURITIES (Real Estate Securities Holdings) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)security	Dec. 31, 2018USD ($)
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 4,000
Before Impairment - Amortized Cost Basis	2,650
Other-Than-Temporary Impairment - Amortized Cost Basis	(1,521)
After Impairment - Amortized Cost Basis	1,129
Gross Unrealized Gains	1,878
Gross Unrealized Losses	0
Carrying Value	$ 3,007	$ 2,953
Number of Securities | security	1
Total outstanding face amount of floating rate securities	$ 4,000
Securities in an unrealized loss position | security	0
ABS - Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 4,000
Before Impairment - Amortized Cost Basis	2,650
Other-Than-Temporary Impairment - Amortized Cost Basis	(1,521)
After Impairment - Amortized Cost Basis	1,129
Gross Unrealized Gains	1,878
Gross Unrealized Losses	0
Carrying Value	$ 3,007
Number of Securities | security	1
Weighted Average Coupon (as percent)	2.88%
Weighted Average Yield (as percent)	32.00%
Weighted Average Life (Years)	4 years 8 months 1 day
Weighted Average Principal Subordination (as percent)	38.70%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Values and Estimated Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 49,599	$ 79,235
Carrying Value
Assets
Real estate securities, available-for-sale	3,007
Cash and cash equivalents	49,599
Restricted cash, current and noncurrent	3,623
Liabilities
Junior subordinated notes payable	51,198
Estimated Fair Value
Assets
Real estate securities, available-for-sale	3,007
Cash and cash equivalents	49,599
Restricted cash, current and noncurrent	3,623
Liabilities
Junior subordinated notes payable	$ 29,383

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Significant Observable Inputs) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost Basis	$ 1,129
ABS - Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost Basis	1,129
Real Estate Securities Available For Sale | ABS - Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost Basis	1,129
Fair Value	$ 3,007
Real Estate Securities Available For Sale | ABS - Non-Agency RMBS | Discount Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, significant input (as percent)	0.100
Real Estate Securities Available For Sale | ABS - Non-Agency RMBS | Prepayment Speed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, significant input (as percent)	0.080
Real Estate Securities Available For Sale | ABS - Non-Agency RMBS | Cumulative Default Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, significant input (as percent)	0.029
Real Estate Securities Available For Sale | ABS - Non-Agency RMBS | Loss Severity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, significant input (as percent)	0.433

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Change in Fair Value of Level 3 Investments) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)
Purchases, sales and repayments
Transfers into Level 3	$ 0
Transfers out of Level 3	0
Level 3 Market Quotations (Unobservable) | Measured on a Recurring Basis | ABS - Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2018	2,953,000
Total gains (losses)
Included in other comprehensive income (loss)	0
Amortization included in interest income	82,000
Purchases, sales and repayments
Proceeds	(28,000)
Balance at March 31, 2019	3,007,000
Purchases	0
Sales	$ 0

EQUITY AND EARNINGS PER SHARE_2

EQUITY AND EARNINGS PER SHARE (Outstanding Options) (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Number of Options
Balance, beginning balance (in shares) | shares	8,436,931
Balance, ending balance (in shares) | shares	8,436,931
Exercisable (in shares) | shares	2,705,586
Weighted Average Strike Price
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 3.72
Outstanding, ending balance (in dollars per share) | $ / shares	3.72
Exercisable (in dollars per share) | $ / shares	$ 2.64
Weighted Average Life Remaining (in years)
Outstanding	7 years 5 months 20 days
Exercisable	4 years 4 months 19 days

EQUITY AND EARNINGS PER SHARE_3

EQUITY AND EARNINGS PER SHARE (Outstanding Options Summary) (Details) - $ / shares	1 Months Ended
	Nov. 30, 2018	Mar. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Stock options outstanding (in shares)		8,436,931
Weighted average strike price (in dollars per share)		$ 3.72	$ 3.72
Held by the former Manager
Related Party Transaction [Line Items]
Stock options outstanding (in shares)		2,705,253
Issued to the former Manager and subsequently transferred to certain of the Manager’s employees
Related Party Transaction [Line Items]
Stock options outstanding (in shares)		2,304,990
Issued to the former Manager and subsequently transferred to certain of the Manager’s employees | February 2017
Related Party Transaction [Line Items]
Stock options outstanding (in shares)		1,152,495
Issued to the former Manager and subsequently transferred to certain of the Manager’s employees | April 2018
Related Party Transaction [Line Items]
Stock options outstanding (in shares)		1,152,495
Issued to the independent directors
Related Party Transaction [Line Items]
Stock options outstanding (in shares)		333
Drive Shake employees
Related Party Transaction [Line Items]
Stock options outstanding (in shares)		3,426,355
Stock options
Related Party Transaction [Line Items]
Vesting period (in years)	3 years
Stock options | Tranche One
Related Party Transaction [Line Items]
Options granted (in shares)	3,351,355
Stock options | Tranche Two
Related Party Transaction [Line Items]
Options granted (in shares)	75,000

EQUITY AND EARNINGS PER SHARE_4

EQUITY AND EARNINGS PER SHARE (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	May 07, 2019	Apr. 29, 2019	Mar. 13, 2019	Nov. 30, 2018	Aug. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Stock options
Class of Stock [Line Items]
Antidilutive securities (in shares)						706,694	0
Common stock equivalents
Class of Stock [Line Items]
Dilutive common stock equivalents (in shares)						2,233,692	2,509,765
Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)			$ 0.609375
Preferred stock, dividend rate (as percent)			9.75%			9.75%		9.75%
Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)			$ 0.503125
Preferred stock, dividend rate (as percent)			8.05%			8.05%		8.05%
Series D Cumulative Redemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)			$ 0.523438
Preferred stock, dividend rate (as percent)			8.375%			8.375%		8.375%
Stock options
Class of Stock [Line Items]
Stock-based compensation expense (amount less than for RSUs)						$ 1.2	$ 0.3
Unrecognized stock-based compensation expense						$ 12
Unrecognized stock-based compensation expense, period for recognition						2 years 1 month 1 day
Vesting period (in years)				3 years
Dilutive common stock equivalents (in shares)						0	0
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Stock-based compensation expense (amount less than for RSUs)						$ 0.1
Unrecognized stock-based compensation expense						$ 0.1
Unrecognized stock-based compensation expense, period for recognition						5 months 15 days
Dilutive common stock equivalents (in shares)						0	0
Restricted Stock Units (RSUs) | Directors
Class of Stock [Line Items]
Vesting period (in years)					1 year
Subsequent event
Class of Stock [Line Items]
Dividends paid		$ 1.4
Subsequent event | Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	$ 0.609375
Preferred stock, dividend rate (as percent)	9.75%
Subsequent event | Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	$ 0.503125
Preferred stock, dividend rate (as percent)	8.05%
Subsequent event | Series D Cumulative Redemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	$ 0.523438
Preferred stock, dividend rate (as percent)	8.375%

EQUITY AND EARNINGS PER SHARE_5

EQUITY AND EARNINGS PER SHARE (Summary of RSUs) (Details) - RSUs - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of RSUs	54,641	54,641
Weighted average grant date fair value (in dollars per share)	$ 5.02	$ 5.02

EQUITY AND EARNINGS PER SHARE_6

EQUITY AND EARNINGS PER SHARE (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator for basic and diluted earnings per share:
Loss from continuing operations after preferred dividends and noncontrolling interests	$ (15,995)	$ (17,690)
Loss Applicable to Common Stockholders	$ (15,995)	$ (17,690)
Denominator:
Denominator for basic earnings per share - weighted average shares (in shares)	67,027,104	66,977,104
Effect of dilutive securities
Denominator for diluted earnings per share - adjusted weighted average shares (in shares)	67,027,104	66,977,104
Basic earnings per share:
(Loss) Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests (in dollars per share)	$ (0.24)	$ (0.26)
(Loss) Income Applicable to Common Stock, per share (in dollars per share)	(0.24)	(0.26)
Diluted earnings per share:
(Loss) Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests (in dollars per share)	(0.24)	(0.26)
(Loss) Income Applicable to Common Stock, per share (in dollars per share)	$ (0.24)	$ (0.26)
Options
Effect of dilutive securities
Options (in shares)	0	0
RSUs
Effect of dilutive securities
Options (in shares)	0	0

TRANSACTIONS WITH AFFILIATES _2

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Stock options outstanding (in shares)	8,436,931
Manager | Transition Services Agreement
Related Party Transaction [Line Items]
Costs for transition services agreement	$ 0.1	$ 0.2
Affiliated Entity
Related Party Transaction [Line Items]
Shares held by Fortress and affiliates (in shares)	7,300,000
Stock options outstanding (in shares)	2,700,000
Accrued rent, related parties	$ 0.2

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

13 Months Ended

19 Months Ended

Aug. 31, 2018renewal

Jul. 31, 2018USD ($)installment

Feb. 28, 2018renewal

Dec. 31, 2017renewal

Jun. 30, 2017renewal

Dec. 31, 2016USD ($)

Mar. 31, 2019USD ($)propertyrenewal_option

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Sep. 30, 2018USD ($)

Jun. 30, 2018USD ($)

Sep. 30, 2017property

Loss Contingencies [Line Items]

Lease exit costs

$ 800

Accounts payable and accrued expenses

$ 37,740

$ 45,284

Operating lease term (in years)

20 years

Number of renewal terms | renewal_option

8

Renewal term (in years)

5 years

Operating lease not yet commenced

$ 115,400

Operating leases commence (in years)

12 months

Finance leases commence (in years)

24 months

Number of golf properties | property

64

Lower Range

Loss Contingencies [Line Items]

Operating lease term (in years)

2 years

Upper Range

Loss Contingencies [Line Items]

Operating lease term (in years)

20 years

Florida | Hurricane Irma

Loss Contingencies [Line Items]

Number of golf properties | property

3

Property damage costs

$ 200

$ 5,700

Amount reimbursed by insurer

$ 3,000

$ 2,000

Ground Lease, Orlando, Florida

Loss Contingencies [Line Items]

Operating lease term (in years)

20 years

Number of renewal terms | renewal

3

Renewal term (in years)

5 years

Ground Lease, Richmond, Virgina

Loss Contingencies [Line Items]

Operating lease term (in years)

20 years

20 years

Number of renewal terms | renewal

3

Renewal term (in years)

5 years

5 years

Ground Lease, West Palm Beach, Florida

Loss Contingencies [Line Items]

Operating lease term (in years)

20 years

Number of renewal terms | renewal

5

Renewal term (in years)

5 years

Ground Lease, New Orleans, Louisiana

Loss Contingencies [Line Items]

Operating lease term (in years)

20 years

Number of renewal terms | renewal

8

Renewal term (in years)

5 years

Lease Termination Dispute

Loss Contingencies [Line Items]

Litigation amount awarded

$ 7,400

Settlement amount payable immediately

5,200

Settlement amount payable in installments

$ 2,200

Number of quarterly payment installments | installment

6

Payment of quarterly installment

$ 1,100

Settled Litigation | Lease Termination Dispute

Loss Contingencies [Line Items]

Accounts payable and accrued expenses

$ 6,600

Litigation amount awarded

$ 7,400

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income tax provision	$ 0	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	May 09, 2019	May 07, 2019	Apr. 11, 2019	Mar. 13, 2019	Apr. 30, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Subsequent Event [Line Items]
Proceeds from sale of property and equipment						$ 17,749	$ 0
Series B preferred stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)				$ 0.609375
Preferred stock, dividend rate (as percent)				9.75%		9.75%		9.75%
Series C preferred stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)				$ 0.503125
Preferred stock, dividend rate (as percent)				8.05%		8.05%		8.05%
Series D preferred stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)				$ 0.523438
Preferred stock, dividend rate (as percent)				8.375%		8.375%		8.375%
Subsequent event
Subsequent Event [Line Items]
Dividends declared		$ 1,400
Subsequent event | Series B preferred stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)		$ 0.609375
Preferred stock, dividend rate (as percent)		9.75%
Subsequent event | Series C preferred stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)		$ 0.503125
Preferred stock, dividend rate (as percent)		8.05%
Subsequent event | Series D preferred stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)		$ 0.523438
Preferred stock, dividend rate (as percent)		8.375%
Employee | Subsequent event
Subsequent Event [Line Items]
Options issued (in shares)			695,652
Strike price (in dollars per share)			$ 4.66
Disposed of by sale | Golf Properties
Subsequent Event [Line Items]
Proceeds from sale of property and equipment						$ 17,700	$ 2,200
Disposed of by sale | Golf Properties | TENNESSEE | Subsequent event
Subsequent Event [Line Items]
Proceeds from sale of property and equipment					$ 4,800
Disposed of by sale | Golf Properties | WASHINGTON | Subsequent event
Subsequent Event [Line Items]
Proceeds from sale of property and equipment	$ 8,900

Uncategorized Items - ds-201903

Label	Element	Value
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 4,809,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(9,831,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	4,809,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (9,831,000)