Drive Shack (DSHK) 10-Q 12 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Nov. 04, 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
Entity Current Reporting Status	Yes
Amendment Flag	false
Entity Shell Company	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Common Stock, Shares Outstanding		67,056,036
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Interactive Data Current	Yes

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 24,816	$ 79,235
Restricted cash	3,163	3,326
Accounts receivable, net	5,243	7,518
Real estate assets, held-for-sale, net	27,833	75,862
Real estate securities, available-for-sale	2,914	2,953
Other current assets	18,615	20,505
Total current assets	82,584	189,399
Restricted cash, noncurrent	931	258
Property and equipment, net of accumulated depreciation	185,737	132,605
Operating lease right-of-use assets	220,197
Intangibles, net of accumulated amortization	18,208	48,388
Other investments	23,648	22,613
Other assets	4,601	8,684
Total assets	535,906	401,947
Current liabilities
Obligations under finance leases	6,222	5,489
Membership deposit liabilities	10,766	8,861
Accounts payable and accrued expenses	38,032	45,284
Deferred revenue	7,627	18,793
Real estate liabilities, held-for-sale	21	2,947
Other current liabilities	28,697	22,285
Total current liabilities	91,365	103,659
Credit facilities and obligations under finance leases - noncurrent	14,397	10,489
Operating lease liabilities - noncurrent	191,442
Junior subordinated notes payable	51,194	51,200
Membership deposit liabilities, noncurrent	93,988	90,684
Deferred revenue, noncurrent	6,170	6,016
Other liabilities	3,694	5,232
Total liabilities	452,250	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 September 30, 2019 and December 31, 2018	61,583	61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 67,050,556 and 67,027,104 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	670	670
Additional paid-in capital	3,178,655	3,175,843
Accumulated deficit	(3,158,901)	(3,105,307)
Accumulated other comprehensive income	1,649	1,878
Total equity	83,656	134,667
Total liabilities and equity	$ 535,906	$ 401,947

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 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)	67,050,556	67,027,104
Common stock, shares outstanding (in shares)	67,050,556	67,027,104
Series B Cumulative Redeemable Preferred Stock
Preferred stock, dividend rate	9.75%	9.75%
Preferred stock, shares issued (in shares)	1,347,321	1,347,321
Preferred stock, shares outstanding (in shares)	1,347,321	1,347,321
Series C Cumulative Redeemable Preferred Stock
Preferred stock, dividend rate	8.05%	8.05%
Preferred stock, shares issued (in shares)	496,000	496,000
Preferred stock, shares outstanding (in shares)	496,000	496,000
Series D Cumulative Redemable Preferred Stock
Preferred stock, dividend rate	8.375%	8.375%
Preferred stock, shares issued (in shares)	620,000	620,000
Preferred stock, shares outstanding (in shares)	620,000	620,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Total revenues	$ 74,682,000	$ 87,419,000	$ 200,249,000	$ 245,083,000
Operating costs
Operating expenses	63,454,000	70,330,000	169,897,000	194,751,000
Cost of sales - food and beverages	3,856,000	5,180,000	10,458,000	15,413,000
General and administrative expense	12,755,000	10,149,000	37,981,000	29,611,000
Depreciation and amortization	5,723,000	4,495,000	15,769,000	14,358,000
Pre-opening costs	4,350,000	245,000	7,229,000	2,048,000
Impairment and other losses	1,872,000	4,172,000	6,077,000	5,645,000
Realized and unrealized (gain) loss on investments	0	48,000	0	(283,000)
Total operating costs	92,010,000	94,619,000	247,411,000	261,543,000
Operating loss	(17,328,000)	(7,200,000)	(47,162,000)	(16,460,000)
Other income (expenses)
Interest and investment income	191,000	467,000	799,000	1,382,000
Interest expense, net	(2,061,000)	(4,290,000)	(6,008,000)	(12,940,000)
Other income (loss), net	7,341,000	(3,052,000)	12,955,000	(7,157,000)
Total other income (expenses)	5,471,000	(6,875,000)	7,746,000	(18,715,000)
Loss before income tax	(11,857,000)	(14,075,000)	(39,416,000)	(35,175,000)
Income tax expense	162,000	0	162,000	0
Net Loss	(12,019,000)	(14,075,000)	(39,578,000)	(35,175,000)
Preferred dividends	(1,395,000)	(1,395,000)	(4,185,000)	(4,185,000)
Loss Applicable to Common Stockholders	$ (13,414,000)	$ (15,470,000)	$ (43,763,000)	$ (39,360,000)
Loss Applicable to Common Stock, per share
Basic (in dollars per share)	$ (0.20)	$ (0.23)	$ (0.65)	$ (0.59)
Diluted (in dollars per share)	$ (0.20)	$ (0.23)	$ (0.65)	$ (0.59)
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	67,040,692	66,992,322	67,032,519	66,982,233
Diluted (in shares)	67,040,692	66,992,322	67,032,519	66,982,233
Golf operations
Revenues
Total revenues	$ 60,797,000	$ 68,928,000	$ 162,889,000	$ 191,632,000
Food and beverages
Revenues
Total revenues	$ 13,885,000	$ 18,491,000	$ 37,360,000	$ 53,451,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (12,019)	$ (14,075)	$ (39,578)	$ (35,175)
Other comprehensive income (loss):
Net unrealized (loss) gain on available-for-sale securities	(229)	738	(229)	801
Other comprehensive (loss) income	(229)	738	(229)	801
Total comprehensive loss	(12,248)	(13,337)	(39,807)	(34,374)
Comprehensive loss attributable to Drive Shack Inc. stockholders’ equity	$ (12,248)	$ (13,337)	$ (39,807)	$ (34,374)

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
Equity (deficit), beginning (in shares) at Dec. 31, 2017		2,463,321	66,977,104
Equity (deficit), beginning at Dec. 31, 2017	$ 171,051	$ 61,583	$ 670	$ 3,173,281	$ (3,065,853)	$ 1,370
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(1,395)				(1,395)
Stock-based compensation	278			278
Comprehensive income (loss)
Net loss	(16,297)				(16,297)
Other comprehensive income	33					33
Total comprehensive loss	(16,264)
Equity (deficit), ending (in shares) at Mar. 31, 2018		2,463,321	66,977,104
Equity (deficit), ending at Mar. 31, 2018	158,479	$ 61,583	$ 670	3,173,559	(3,078,736)	1,403
Equity (deficit), beginning (in shares) at Dec. 31, 2017		2,463,321	66,977,104
Equity (deficit), beginning at Dec. 31, 2017	171,051	$ 61,583	$ 670	3,173,281	(3,065,853)	1,370
Comprehensive income (loss)
Net loss	(35,175)
Other comprehensive income	801
Total comprehensive loss	(34,374)
Equity (deficit), ending (in shares) at Sep. 30, 2018		2,463,321	67,027,104
Equity (deficit), ending at Sep. 30, 2018	138,968	$ 61,583	$ 670	3,174,948	(3,100,404)	2,171
Equity (deficit), beginning (in shares) at Mar. 31, 2018		2,463,321	66,977,104
Equity (deficit), beginning at Mar. 31, 2018	158,479	$ 61,583	$ 670	3,173,559	(3,078,736)	1,403
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(1,395)				(1,395)
Stock-based compensation	530			530
Comprehensive income (loss)
Net loss	(4,803)				(4,803)
Other comprehensive income	30					30
Total comprehensive loss	(4,773)
Equity (deficit), ending (in shares) at Jun. 30, 2018		2,463,321	66,977,104
Equity (deficit), ending at Jun. 30, 2018	152,841	$ 61,583	$ 670	3,174,089	(3,084,934)	1,433
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(1,395)				(1,395)
Stock-based compensation	549			549
Purchase of common stock (directors) (in shares)			50,000
Purchase of common stock (directors)	310			310
Comprehensive income (loss)
Net loss	(14,075)				(14,075)
Other comprehensive income	738					738
Total comprehensive loss	(13,337)
Equity (deficit), ending (in shares) at Sep. 30, 2018		2,463,321	67,027,104
Equity (deficit), ending at Sep. 30, 2018	138,968	$ 61,583	$ 670	3,174,948	(3,100,404)	2,171
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(1,395)				(1,395)
Stock-based compensation	1,222			1,222
Comprehensive income (loss)
Net loss	(14,600)				(14,600)
Other comprehensive income	0
Total comprehensive loss	(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
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
Comprehensive income (loss)
Net loss	(39,578)
Other comprehensive income	(229)
Total comprehensive loss	(39,807)
Equity (deficit), ending (in shares) at Sep. 30, 2019		2,463,321	67,050,556
Equity (deficit), ending at Sep. 30, 2019	83,656	$ 61,583	$ 670	3,178,655	(3,158,901)	1,649
Equity (deficit), beginning (in shares) at Mar. 31, 2019		2,463,321	67,027,104
Equity (deficit), beginning at Mar. 31, 2019	110,063	$ 61,583	$ 670	3,177,065	(3,131,133)	1,878
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(1,395)				(1,395)
Stock-based compensation	1,384			1,384
Purchase of common stock (directors) (in shares)			6,000
Purchase of common stock (directors)	29			29
Comprehensive income (loss)
Net loss	(12,959)				(12,959)
Other comprehensive income	0
Total comprehensive loss	(12,959)
Equity (deficit), ending (in shares) at Jun. 30, 2019		2,463,321	67,033,104
Equity (deficit), ending at Jun. 30, 2019	97,122	$ 61,583	$ 670	3,178,478	(3,145,487)	1,878
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(1,395)				(1,395)
Stock-based compensation	177			177
Shares issued from restricted stock units (directors) (in shares)			17,452
Shares issued from restricted stock units (directors)	0
Comprehensive income (loss)
Net loss	(12,019)				(12,019)
Other comprehensive income	(229)					(229)
Total comprehensive loss	(12,248)
Equity (deficit), ending (in shares) at Sep. 30, 2019		2,463,321	67,050,556
Equity (deficit), ending at Sep. 30, 2019	$ 83,656	$ 61,583	$ 670	$ 3,178,655	$ (3,158,901)	$ 1,649

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows From Operating Activities
Net loss	$ (39,578)	$ (35,175)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	15,769	14,358
Amortization of discount and premium	(196)	891
Other amortization	10,693	8,217
Amortization of revenue on golf membership deposit liabilities	(1,080)	(1,127)
Amortization of prepaid golf membership dues	(10,728)	(19,570)
Stock-based compensation	2,783	1,409
Impairment and other losses	6,077	5,645
Equity in earnings from equity method investments, net of distributions	(1,033)	(1,123)
Other (gains) losses, net	(11,617)	2,075
Unrealized (gain) on investments	0	(283)
Loss on extinguishment of debt	148	66
Change in:
Accounts receivable, net, other current assets and other assets - noncurrent	1,605	1,436
Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent	(2,591)	1,064
Net cash used in operating activities	(29,748)	(22,117)
Cash Flows From Investing Activities
Proceeds from sale of property and equipment	44,468	3,186
Acquisition and additions of property and equipment and intangibles	(60,534)	(44,788)
Contributions to equity method investees	0	(7)
Net cash used in investing activities	(16,066)	(41,609)
Cash Flows From Financing Activities
Repayments of debt obligations	(5,701)	(3,712)
Golf membership deposits received	1,776	2,544
Preferred stock dividends paid	(4,185)	(4,185)
Other financing activities	15	(32)
Net cash used in financing activities	(8,095)	(5,385)
Net Decrease in Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent	(53,909)	(69,111)
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	28,910	104,577
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	11,723	4,035
Additions for operating lease right-of-use assets and operating lease liabilities	206,876	0
Increases (decreases) in accounts payable and accrued expenses related to the purchase of property and equipment	$ (2,141)	$ (945)

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 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, and is currently in the process of installing new technology and making other design and operational improvements to this first venue during a brief closure period that began on September 29, 2019 (with an expected re-opening date of December 2019). The Company opened its second, third and fourth Entertainment Golf venues in Raleigh, North Carolina; Richmond, Virginia and West Palm Beach, Florida in August 2019, September 2019 and October 2019, respectively. The Company expects to increase the number of Entertainment Golf venues across the United States and internationally in the coming years, which combine golf, competition, fun and food and drinks. In addition to the large format venues, such as the four that the Company opened in 2018 and 2019, the Company also plans to open smaller venues in urban markets. The Company’s Traditional Golf business is one of the largest operators of golf properties in the United States. As of September 30, 2019 , the Company owned, leased or managed 62 properties across 10 states.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 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 or 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 September 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Unrealized loss (gain) on non-hedge derivative instruments — 48 — (283 ) Realized and unrealized (gain) loss on investments $ — $ 48 $ — $ (283 ) Loss on lease modifications and terminations $ — $ (173 ) $ — $ (969 ) Gain (loss) on extinguishment of debt, net (126 ) 75 (148 ) (66 ) Collateral management fee income, net 101 142 357 443 Equity in earnings of equity method investments 348 357 1,033 1,123 Gain (loss) on sale of long-lived assets and intangibles 7,096 (2,769 ) 11,763 (1,921 ) Other loss (A) (78 ) (684 ) (50 ) (5,767 ) Other income (loss), net $ 7,341 $ (3,052 ) $ 12,955 $ (7,157 ) (A) During the nine months ended September 30, 2018 , the Company recorded a net loss of approximately $4.9 million related to the settlement of a legal dispute and a related discharge of liabilities assumed by the counterparty to the settlement. See Note 13 for additional information. Real Estate, Held-for-Sale — 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 and other losses" 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 an amount equal to the lease payments for a 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 Investments — The Company owns an approximately 22% economic interest in a limited liability company which owns preferred equity in a commercial real estate project. The Company accounts for this investment as an equity method investment. As of September 30, 2019 and December 31, 2018 , the carrying value of this investment was $23.6 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 Long-lived 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 and right-of-use 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. Other Current Assets The following table summarizes the Company's other current assets: September 30, 2019 December 31, 2018 Prepaid expenses $ 2,948 $ 2,651 Deposits 2,476 2,494 Inventory 2,930 2,855 Miscellaneous current assets, net 10,261 12,505 Other current assets $ 18,615 $ 20,505 Other Assets The following table summarizes the Company's other assets: September 30, 2019 December 31, 2018 Prepaid expenses $ 196 $ 277 Deposits 2,120 2,140 Miscellaneous assets, net 2,285 6,267 Other assets $ 4,601 $ 8,684 Other Current Liabilities The following table summarizes the Company's other current liabilities: September 30, 2019 December 31, 2018 Security deposits payable $ 5,783 $ 14,188 Operating lease liabilities 16,307 — Accrued rent 2,914 2,885 Dividends payable 930 930 Miscellaneous current liabilities 2,763 4,282 Other current liabilities $ 28,697 $ 22,285 Other Liabilities The following table summarized the Company's other liabilities: September 30, 2019 December 31, 2018 Security deposits payable $ 298 $ 91 Service obligation intangible 1,865 2,759 Accrued rent — 1,617 Miscellaneous liabilities 1,531 765 Other liabilities $ 3,694 $ 5,232 Membership Deposit Liabilities - Private country club members in our Traditional Golf business generally pay an advance initiation fee deposit upon their acceptance as a member to the respective country club. Initiation fee deposits are refundable 30 years after the date of acceptance as a member. The difference between the initiation fee deposit paid by the member and the present value of the refund obligation is deferred and recognized into Golf operations revenue in the Consolidated Statements of Operations on a straight-line basis over the expected life of an active membership, which is estimated to be seven years . The present value of the refund obligation is recorded as a membership deposit liability in the Consolidated Balance Sheets and accretes over a 30-year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the Consolidated Statements of Operations. 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 utilized the effective date transition method and accordingly was not required to adjust its comparative period financial information for effects of ASU 2016-02. The Company 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 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. In April 2019, the FASB issued ASU 2019-04 Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which addresses certain fair value disclosure requirements, the measurement basis under the measurement alternative and which equity securities have to be remeasured at historical exchange rates. In May 2019, the FASB issued Financial Instruments - Credit Losses (Topic 326), Targeted Transition Relief , which allows entities to elect to measure assets in the scope of ASC 326-20, using the fair value option when ASU 2016-13 is adopted. The effective date of the standards 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's implementation activities, which remain in progress, include identifying the financial assets in the scope of the new standard, developing methods to estimate current expected credit losses associated with these financial assets, and determining changes needed to control activities. The Company is currently gathering data and evaluating the effects the adoption will 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	9 Months Ended
	Sep. 30, 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. Revenue from membership dues is recognized in the month earned. Membership dues received in advance are included in deferred revenue and recognized as revenue ratably over the appropriate period, which is generally twelve months or less for private club members and the following month for The Players Club members. The Company’s revenue is all generated within the Entertainment and Traditional Golf segments. The following tables disaggregate revenue by category: Entertainment golf venues, public and private golf properties (owned and leased) and managed golf properties. Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Total Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Total Golf operations $ 1,431 $ 30,258 $ 11,902 $ 17,206 $ 60,797 $ 2,720 $ 76,624 $ 40,707 $ 42,838 $ 162,889 Sales of food and beverages 2,256 9,053 2,576 — 13,885 4,167 24,646 8,547 — 37,360 Total revenues $ 3,687 $ 39,311 $ 14,478 $ 17,206 $ 74,682 $ 6,887 $ 101,270 $ 49,254 $ 42,838 $ 200,249 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Total Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Total Golf operations $ 710 $ 34,689 $ 25,362 $ 8,167 $ 68,928 $ 1,565 $ 91,668 $ 78,202 $ 20,197 $ 191,632 Sales of food and beverages 830 10,757 6,904 — 18,491 1,782 30,271 21,398 — 53,451 Total revenues $ 1,540 $ 45,446 $ 32,266 $ 8,167 $ 87,419 $ 3,347 $ 121,939 $ 99,600 $ 20,197 $ 245,083 (A) Includes $15.7 million and $38.5 million for the three and nine months ended September 30, 2019 , respectively, and $7.4 million and $18.2 million for the three and nine months ended September 30, 2018 , respectively, due to management contract reimbursements reported under the new revenue standard.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 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 and President, 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 opened its second, third and fourth Entertainment Golf venues in Raleigh, North Carolina; Richmond, Virginia and West Palm Beach, Florida on August 19, 2019, September 16, 2019 and October 14, 2019, respectively. The Company expects to increase the number of Entertainment Golf venues across the United States and internationally in the coming years, which combine golf, competition, fun and food and drinks. In addition to the large format venues, such as the four that the Company opened in 2018 and 2019, the Company also plans to open smaller venues in urban markets. Additionally, the Company's Traditional Golf business is one of the largest operators of golf properties in the United States. As of September 30, 2019 , the Company owned, leased or managed 62 Traditional Golf properties across 10 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). 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 Nine Months Ended September 30, 2019 Revenues Golf operations $ 2,720 $ 160,169 $ — $ 162,889 Sales of food and beverages 4,167 33,193 — 37,360 Total revenues 6,887 193,362 — 200,249 Operating costs Operating expenses (A) 6,807 163,090 — 169,897 Cost of sales - food and beverages 1,106 9,352 — 10,458 General and administrative expense (B) 10,349 12,713 10,977 34,039 General and administrative expense - acquisition and transaction expenses (C) 3,094 539 309 3,942 Depreciation and amortization 3,119 12,528 122 15,769 Pre-opening costs (D) 7,229 — — 7,229 Impairment and other losses 1,270 4,807 — 6,077 Realized and unrealized (gain) on investments — — — — Total operating costs 32,974 203,029 11,408 247,411 Operating loss (26,087 ) (9,667 ) (11,408 ) (47,162 ) Other income (expenses) Interest and investment income 311 84 404 799 Interest expense (E) (245 ) (6,140 ) (1,856 ) (8,241 ) Capitalized interest (E) — 583 1,650 2,233 Other (loss) income, net (7 ) 11,582 1,380 12,955 Total other income (expenses) 59 6,109 1,578 7,746 Income tax expense — — 162 162 Net loss (26,028 ) (3,558 ) (9,992 ) (39,578 ) Preferred dividends — — (4,185 ) (4,185 ) Loss applicable to common stockholders $ (26,028 ) $ (3,558 ) $ (14,177 ) $ (43,763 ) Summary segment financial data (continued). Entertainment Golf Traditional Golf Corporate Total Three Months Ended September 30, 2019 Revenues Golf operations $ 1,431 $ 59,366 $ — $ 60,797 Sales of food and beverages 2,256 11,629 — 13,885 Total revenues 3,687 70,995 — 74,682 Operating costs Operating expenses (A) 3,202 60,252 — 63,454 Cost of sales - food and beverages 604 3,252 — 3,856 General and administrative expense (B) 3,433 4,500 2,467 10,400 General and administrative expense - acquisition and transaction expenses (C) 2,117 207 31 2,355 Depreciation and amortization 1,450 4,192 81 5,723 Pre-opening costs (D) 4,350 — — 4,350 Impairment and other losses 1,152 720 — 1,872 Realized and unrealized loss on investments — — — — Total operating costs 16,308 73,123 2,579 92,010 Operating loss (12,621 ) (2,128 ) (2,579 ) (17,328 ) Other income (expenses) Interest and investment income 64 24 103 191 Interest expense (E) (103 ) (2,088 ) (599 ) (2,790 ) Capitalized interest (E) — 169 560 729 Other (loss) income, net — 6,896 445 7,341 Total other income (expenses) (39 ) 5,001 509 5,471 Income tax expense — — 162 162 Net (loss) income (12,660 ) 2,873 (2,232 ) (12,019 ) Preferred dividends — — (1,395 ) (1,395 ) (Loss) income applicable to common stockholders $ (12,660 ) $ 2,873 $ (3,627 ) $ (13,414 ) Entertainment Golf Traditional Golf Corporate (F) Total September 30, 2019 Total assets 176,366 319,279 40,261 535,906 Total liabilities 42,841 346,593 62,816 452,250 Preferred stock — — 61,583 61,583 Equity attributable to common stockholders $ 133,525 $ (27,314 ) $ (84,138 ) $ 22,073 Additions to property and equipment (including finance leases) during the nine months ended September 30, 2019 $ 56,977 $ 10,661 $ 1,733 $ 69,371 Summary segment financial data (continued). Entertainment Golf Traditional Golf Corporate Total Nine Months Ended September 30, 2018 Revenues Golf operations $ 1,565 $ 190,067 $ — $ 191,632 Sales of food and beverages 1,782 51,669 — 53,451 Total revenues 3,347 241,736 — 245,083 Operating costs Operating expenses (A) 3,599 191,152 — 194,751 Cost of sales - food and beverages 432 14,981 — 15,413 General and administrative expense (B) 4,515 12,781 9,448 26,744 General and administrative expense - acquisition and transaction expenses (C) 2,024 706 137 2,867 Depreciation and amortization 1,148 13,198 12 14,358 Pre-opening costs (D) 2,048 — — 2,048 Impairment and other losses — 5,498 147 5,645 Realized and unrealized (gain) on investments — (283 ) — (283 ) Total operating costs 13,766 238,033 9,744 261,543 Operating (loss) income (10,419 ) 3,703 (9,744 ) (16,460 ) Other income (expenses) Interest and investment income 196 144 1,042 1,382 Interest expense (E) — (12,149 ) (1,661 ) (13,810 ) Capitalized interest (E) — 580 290 870 Other (loss) income, net — (8,715 ) 1,558 (7,157 ) Total other income (expenses) 196 (20,140 ) 1,229 (18,715 ) Income tax expense — — — — Net loss (10,223 ) (16,437 ) (8,515 ) (35,175 ) Preferred dividends — — (4,185 ) (4,185 ) Loss applicable to common stockholders $ (10,223 ) $ (16,437 ) $ (12,700 ) $ (39,360 ) Summary segment financial data (continued). Entertainment Golf Traditional Golf Corporate Total Three Months Ended September 30, 2018 Revenues Golf operations $ 710 $ 68,218 $ — $ 68,928 Sales of food and beverages 830 17,661 — 18,491 Total revenues 1,540 85,879 — 87,419 Operating costs Operating expenses (A) 1,765 68,565 — 70,330 Cost of sales - food and beverages 204 4,976 — 5,180 General and administrative expense (B) 1,878 4,313 3,189 9,380 General and administrative expense - acquisition and transaction expenses (C) 570 199 — 769 Depreciation and amortization 614 3,877 4 4,495 Pre-opening costs (D) 245 — — 245 Impairment and other losses — 4,172 — 4,172 Realized and unrealized loss on investments — 48 — 48 Total operating costs 5,276 86,150 3,193 94,619 Operating loss (3,736 ) (271 ) (3,193 ) (7,200 ) Other income (expenses) Interest and investment income 85 48 334 467 Interest expense (E) — (4,050 ) (597 ) (4,647 ) Capitalized interest (E) — 238 119 357 Other (loss) income, net — (3,548 ) 496 (3,052 ) Total other income (expenses) 85 (7,312 ) 352 (6,875 ) Income tax expense — — — — Net loss (3,651 ) (7,583 ) (2,841 ) (14,075 ) Preferred dividends — — (1,395 ) (1,395 ) Loss applicable to common stockholders $ (3,651 ) $ (7,583 ) $ (4,236 ) $ (15,470 ) (A) Operating expenses include rental expenses recorded under operating leases for carts and equipment in the amount of $0.2 million and $0.7 million for the three and nine months ended September 30, 2019 , respectively, and $0.5 million and $1.6 million for the three and nine months ended September 30, 2018 , respectively. (B) General and administrative expenses include severance expense in the amount of $0.5 million and $1.6 million for the three and nine months ended September 30, 2019 , respectively, and zero and $0.1 million for the three and nine months ended September 30, 2018 , respectively. (C) 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. (D) Pre-opening costs are expensed as incurred and consist primarily of site-related marketing expenses, lease expense, employee payroll, travel and related expenses, training costs, food, beverage and other operating expenses incurred prior to opening an Entertainment Golf venue. (E) Interest expense includes the accretion of membership deposit liabilities in the amount of $1.8 million and $5.4 million for the three and nine months ended September 30, 2019 , respectively, and $1.7 million and $5.1 million for the three and nine months ended September 30, 2018 , respectively. Interest expense and capitalized interest are combined in interest expense, net on the Consolidated Statements of Operations. (F) Total assets in the corporate segment include an equity method investment in the amount of $23.6 million as of September 30, 2019 recorded in other investments on the Consolidated Balance Sheets.

PROPERTY AND EQUIPMENT, NET OF

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION	9 Months Ended
	Sep. 30, 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: September 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 6,770 $ — $ 6,770 $ 6,747 $ — $ 6,747 Buildings and improvements 124,414 (34,022 ) 90,392 78,833 (30,540 ) 48,293 Furniture, fixtures and equipment 45,328 (19,795 ) 25,533 26,726 (16,729 ) 9,997 Finance leases - equipment 37,098 (15,678 ) 21,420 28,745 (12,843 ) 15,902 Construction in progress 41,622 — 41,622 51,666 — 51,666 Total Property and Equipment $ 255,232 $ (69,495 ) $ 185,737 $ 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 September 30, 2019 , the Company continues to present four 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 $ 27.8 million and include $ 23.0 million of land, $ 4.3 million of buildings and improvements, $ 0.4 million of furniture, fixtures and equipment, and $ 0.4 million of other related assets, partially offset by accumulated impairment. The real estate liabilities, held-for-sale, are reported at a carrying value of less than $ 0.1 million and include property liabilities to be assumed, primarily prepaid membership dues. 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. Subsequent to the completion of the sale, the Company entered into a management agreement on the California golf property. During the three months ended June 30, 2019, the Company sold two public golf properties in New Jersey and California and two private golf properties in Tennessee and Washington for an aggregate sale price of $19.7 million , resulting in net proceeds of $17.9 million , inclusive of transaction costs of $0.8 million . The Company received sale proceeds of $14.9 million during the three months ended June 30, 2019, consisting of $18.4 million for the golf properties sold during the three months ended June 30, 2019, less $3.5 million that was remitted to buyers for golf properties that were sold in 2018 and the first quarter of 2019. The golf properties had a carrying value of $18.3 million and resulted in a loss on sale of $0.4 million . The loss on sale is recorded in other income (loss), net on the Consolidated Statement of Operations. Subsequent to the completion of the sale, the Company entered into a management agreement on the Washington golf property. During the three months ended September 30, 2019 , the Company sold a public golf property in California for a sale price of $12.5 million , resulting in net proceeds of $12.3 million , inclusive of transaction costs of $0.2 million . The golf property had a carrying value of $5.2 million and resulted in a gain on sale of $7.0 million . The gain on sale is recorded in other income (loss), net on the Consolidated Statement of Operations. Subsequent to the completion of the sale, the Company entered into a management agreement on this golf property.

LEASES

LEASES	9 Months Ended
	Sep. 30, 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 golf carts and equipment. 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 24 to 66 months 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 and nine months ended September 30, 2019 are as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Finance lease cost Amortization of right-of-use assets $ 1,690 $ 4,736 Interest on lease liabilities 353 972 Total finance lease cost 2,043 5,708 Operating lease cost Operating lease cost 9,798 28,276 Short-term lease cost 420 1,882 Variable lease cost 5,544 12,696 Total operating lease cost 15,762 42,854 Total lease cost $ 17,805 $ 48,562 Other information related to leases included on the Consolidated Balance Sheet as of and for the nine months ended September 30, 2019 are as follows: Operating Leases Financing Leases Right-of-use assets 220,197 21,420 Lease liabilities 207,749 20,419 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows 22,531 668 Financing cash flows N/A 5,702 Right-of-use assets obtained in exchange for lease liabilities 10,813 11,723 Weighted average remaining lease term 12.6 years 3.6 years Weighted average discount rate 8.8 % 7.2 % Future minimum lease payments under non-cancellable leases as of September 30, 2019 are as follows: Operating Leases Financing Leases October 1, 2019 - December 31, 2019 7,647 2,053 2020 33,151 7,275 2021 32,514 5,785 2022 31,133 4,137 2023 30,962 3,073 Thereafter 229,981 1,047 Total minimum lease payments 365,388 23,370 Less: imputed interest 157,639 2,951 Total lease liabilities $ 207,749 $ 20,419
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 golf carts and equipment. 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 24 to 66 months 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 and nine months ended September 30, 2019 are as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Finance lease cost Amortization of right-of-use assets $ 1,690 $ 4,736 Interest on lease liabilities 353 972 Total finance lease cost 2,043 5,708 Operating lease cost Operating lease cost 9,798 28,276 Short-term lease cost 420 1,882 Variable lease cost 5,544 12,696 Total operating lease cost 15,762 42,854 Total lease cost $ 17,805 $ 48,562 Other information related to leases included on the Consolidated Balance Sheet as of and for the nine months ended September 30, 2019 are as follows: Operating Leases Financing Leases Right-of-use assets 220,197 21,420 Lease liabilities 207,749 20,419 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows 22,531 668 Financing cash flows N/A 5,702 Right-of-use assets obtained in exchange for lease liabilities 10,813 11,723 Weighted average remaining lease term 12.6 years 3.6 years Weighted average discount rate 8.8 % 7.2 % Future minimum lease payments under non-cancellable leases as of September 30, 2019 are as follows: Operating Leases Financing Leases October 1, 2019 - December 31, 2019 7,647 2,053 2020 33,151 7,275 2021 32,514 5,785 2022 31,133 4,137 2023 30,962 3,073 Thereafter 229,981 1,047 Total minimum lease payments 365,388 23,370 Less: imputed interest 157,639 2,951 Total lease liabilities $ 207,749 $ 20,419

INTANGIBLES, NET OF ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	9 Months Ended
	Sep. 30, 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: September 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (134 ) $ 566 $ 700 $ (117 ) $ 583 Leasehold intangibles (A) (B) — — — 46,581 (20,270 ) 26,311 Management contracts 32,330 (16,812 ) 15,518 32,932 (15,174 ) 17,758 Internally-developed software 161 (15 ) 146 2,314 (967 ) 1,347 Membership base 5,236 (4,301 ) 935 5,236 (3,740 ) 1,496 Nonamortizable liquor licenses 1,043 — 1,043 893 — 893 Total Intangibles $ 39,470 $ (21,262 ) $ 18,208 $ 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	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS The following table presents certain information regarding the Company’s debt obligations at September 30, 2019 and December 31, 2018 : September 30, 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 % 24.2 $ 200 $ 200 $ 200 Finance leases (Equipment) Jun 2014 - Sep 2019 20,419 20,419 Oct 2019 - Mar 2025 3.00% to 15.00% 7.23 % 3.6 — 15,778 15,778 20,619 20,619 7.19 % 3.8 200 15,978 15,978 Less current portion of obligations under finance leases 6,222 6,222 5,489 5,489 Credit facilities and obligations under finance leases - noncurrent 14,397 14,397 10,489 10,489 Corporate Junior subordinated notes payable (B) Mar 2006 51,004 51,194 Apr 2035 LIBOR+2.25% 4.48 % 15.6 51,004 51,004 51,200 Total debt obligations $ 71,623 $ 71,813 5.26 % 12.2 $ 51,204 $ 66,982 $ 67,178 (A) Including the effect of deferred financing costs. (B) Interest rate based on 3 month LIBOR plus 2.25% .

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	9 Months Ended
	Sep. 30, 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 September 30, 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. September 30, 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 $ 2,786 $ (1,521 ) $ 1,265 $ 1,649 $ — $ 2,914 1 CCC 2.45 % 31.92 % 4.2 41.9 % Total Securities, Available for Sale (E) $ 4,000 $ 2,786 $ (1,521 ) $ 1,265 $ 1,649 $ — $ 2,914 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 September 30, 2019 . The Company has no activity related to credit losses on debt securities for the nine months ended September 30, 2019 .

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 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 September 30, 2019 : Carrying Value Estimated Fair Value Fair Value Method (A) Assets Real estate securities, available-for-sale $ 2,914 $ 2,914 Pricing models - Level 3 Cash and cash equivalents 24,816 24,816 Restricted cash, current and noncurrent 4,094 4,094 Liabilities Junior subordinated notes payable 51,194 24,327 Pricing models - Level 3 (A) Pricing models are used for (i) real estate securities 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 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 methodologies 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 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 September 30, 2019 : Weighted Average Significant Input Asset Type Amortized Cost Basis Fair Value Discount Prepayment Cumulative Default Rate Loss ABS - Non-Agency RMBS $ 1,265 $ 2,914 10.0 % 8.0 % 2.8 % 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 nine months ended September 30, 2019 as follows: ABS - Non-Agency RMBS Balance at December 31, 2018 $ 2,953 Total gains (losses) (A) Included in other comprehensive income (loss) (229 ) Amortization included in interest income 275 Purchases, sales and repayments (A) Proceeds (85 ) Balance at September 30, 2019 $ 2,914 (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 nine months ended September 30, 2019 . There were no transfers into or out of Level 3 during the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2019 : Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2018 8,436,931 $ 3.72 Granted (B) 695,652 4.66 Balance at September 30, 2019 9,132,583 $ 3.79 6.02 Exercisable at September 30, 2019 3,627,578 $ 2.59 3.49 As of September 30, 2019 , the Company’s outstanding options were summarized as follows: Number of Options Held by the former Manager 3,627,245 Issued to the former Manager and subsequently transferred to certain of the Manager’s employees (A) 1,382,998 Issued to the independent directors 333 Issued to Drive Shack employees (B) 4,122,007 Total 9,132,583 Weighted average strike price $ 3.79 (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. In July 2019, a certain employee was terminated by the Company and 921,992 options reverted back to the former Manager. The Company reversed $1.2 million in stock compensation expense related to these options. (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. In April 2019, the Company issued 695,652 options to an employee that vest and become exercisable in equal annual installment on each of the first three anniversaries of the grant date. The grant date fair value of the employee options is determined using the Black-Scholes option valuation model. The Black-Scholes option valuation model uses assumptions of expected volatility, expected dividend yield of the Company’s stock, expected term of the awards and the risk-free interest rate. The fair value of the options granted was determined using the following assumptions: Option Valuation Date April 11, 2019 Expected Volatility 36.80 % Expected Dividend Yield 0.00 % Expected Remaining Term 6.0 years Risk-Free Rate 2.34 % Fair Value at Grant Date $ 1,280 Stock-based compensation expense is recognized on a straight-line basis through the vesting date of the options. There was a reversal of stock-based compensation expense of $0.1 million during the three months ended September 30, 2019 related to the forfeiture of options by a former employee. Stock-based compensation expense related to the employee options was $2.3 million during the nine months ended September 30, 2019 , and $0.5 million and $1.3 million during the three and nine months ended September 30, 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 $9.0 million as of September 30, 2019 and will be expensed over a weighted average of 2.3 years . B. Restricted Stock Units ("RSUs") The following is a summary of the changes in the Company’s RSUs for the nine months ended September 30, 2019 . Number of RSUs Weighted Average Grant Date Fair Value (per unit) Balance at December 31, 2018 54,641 $ 5.02 Granted 589,967 $ 4.70 Released (17,452 ) $ 5.73 Forfeited (95,284 ) $ 4.68 Balance at September 30, 2019 531,872 $ 4.71 The Company grants RSUs to the non-employee directors as part of their annual compensation. The RSUs are subject to a one year vesting period. During the nine months ended September 30, 2019 , the Company granted 37,944 RSUs to non-employee directors and issued 17,452 shares upon vesting of RSUs that were granted in 2018. During the nine months ended September 30, 2019 , the Company granted 552,023 RSUs to employees as part of their annual compensation. The RSUs vest in equal annual installments on each of the first three anniversaries of the grant date. Stock-based compensation expense is recognized on a straight-line basis through the vesting date of the RSUs. During the nine months ended September 30, 2019 , a non-employee director forfeited RSUs following their resignation from the board and former employees forfeited RSUs upon termination of employment. Stock-based compensation expense related to RSUs was $0.3 million and $0.5 million during the three and nine months ended September 30, 2019 , respectively, and less than $0.1 million for both the three and nine months ended September 30, 2018 . Stock-based compensation expense 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 $2.1 million as of September 30, 2019 and will be expensed over a weighted average of 2.5 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 . 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 were paid on July 31, 2019 . On July 30, 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 August 1, 2019 and ending October 31, 2019. Dividends totaling $1.4 million were paid on October 31, 2019. D. Earnings Per Share The following table shows the Company's basic and diluted earnings per share (“EPS”): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator for basic and diluted earnings per share: Loss from continuing operations after preferred dividends and noncontrolling interests $ (13,414 ) $ (15,470 ) $ (43,763 ) $ (39,360 ) Loss Applicable to Common Stockholders $ (13,414 ) $ (15,470 ) $ (43,763 ) $ (39,360 ) Denominator: Denominator for basic earnings per share - weighted average shares 67,040,692 66,992,322 67,032,519 66,982,233 Effect of dilutive securities Options — — — — RSUs — — — — Denominator for diluted earnings per share - adjusted weighted average shares 67,040,692 66,992,322 67,032,519 66,982,233 Basic earnings per share: Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ (0.20 ) $ (0.23 ) $ (0.65 ) $ (0.59 ) Loss Applicable to Common Stock, per share $ (0.20 ) $ (0.23 ) $ (0.65 ) $ (0.59 ) Diluted earnings per share: Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ (0.20 ) $ (0.23 ) $ (0.65 ) $ (0.59 ) Loss Applicable to Common Stock, per share $ (0.20 ) $ (0.23 ) $ (0.65 ) $ (0.59 ) The Company’s dilutive securities are outstanding stock options and RSUs. During the three and nine months ended September 30, 2019 , the Company had 333,170 and 481,639 antidilutive securities, respectively. During both the three and nine months ended September 30, 2018 , the Company had zero antidilutive securities. During the three and nine months ended September 30, 2019 , based on the treasury stock method, the Company had 1,915,008 and 2,328,494 potentially dilutive securities, respectively, which were excluded due to the Company's loss position. During the three and nine months ended September 30, 2018 , based on the treasury stock method, the Company had 3,004,777 and 2,804,451 potentially dilutive securities, respectively, which were excluded due to the Company's loss position.

TRANSACTIONS WITH AFFILIATES AN

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	9 Months Ended
	Sep. 30, 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, which is referred to in this Quarterly Report as 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 terminated the Transition Services Agreement during the second quarter of 2019 and incurred zero and less than $0.1 million in costs for Transition Services during the three and nine months ended September 30, 2019 , respectively, and less than $0.1 million and $0.4 million during the three and nine months ended September 30, 2018 , respectively. These costs are reported in general and administrative expense on the Consolidated Statements of Operations. At September 30, 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 3.6 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 incurred less than $0.1 million for the nine months ended September 30, 2019 . The Company paid the aircraft operator market rates for the charters. The Company previously leased corporate office space from an affiliate of a member of our board of directors. The Company incurred $0.2 million in rent expense during the nine months ended September 30, 2019 , which represents market rates for the office space. The Company agreed to reimburse an affiliate of a member of our board of directors for services of an employee prior to execution of an employment agreement. The Company will pay market rates for these services.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 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 $1.8 million of the quarterly installments as of September 30, 2019 , and the final payment is due in December 2019. The Company is and may become, from time to time, involved in legal actions in the ordinary course of business, including governmental and administrative investigations, inquiries and proceedings concerning employment, labor, environmental, 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 September 30, 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 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 September 30, 2019 , the Company has additional operating leases that have not yet commenced of $85.7 million . The leases are expected to commence over the next 12 - 24 months with lease terms of approximately 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 which generally occurs prior to construction.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 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 $0.2 million for both the three and nine months ended September 30, 2019 . There was no income tax provision for the three and nine months ended September 30, 2018 . The increase in the income tax provision is due to tax on excess inclusion income and an increase in unrecognized tax benefits related to the current period. 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 September 30, 2019 as management does not believe that it is more likely than not that the deferred tax assets will be realized. The Company and its subsidiaries file U.S. federal and state income tax returns in various jurisdictions. The Company is currently under New York State examination for the 2015, 2016 and 2017 tax years. At this time, the Company cannot estimate when the examination will conclude or the impact such examination will have on its Consolidated Financial Statements, if any. Generally, the Company is no longer subject to tax examinations by tax authorities for years prior to 2016. At December 31, 2018, the Company reported a total liability for unrecognized tax benefits of $0.7 million . During the nine months ended September 30, 2019 , the Company increased the liability by $0.1 million . The Company does not anticipate any significant increases or decreases to the balance of unrecognized tax benefits during the next 12 months.

IMPAIRMENT AND OTHER LOSSES

IMPAIRMENT AND OTHER LOSSES	9 Months Ended
	Sep. 30, 2019
Other than Temporary Impairment Losses, Investments [Abstract]
IMPAIRMENT AND OTHER LOSSES	IMPAIRMENT AND OTHER LOSSES The following table summarizes the amounts the Company recorded in the Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Traditional golf properties (held-for-sale) $ 275 $ 4,172 $ 1,227 $ 5,498 Traditional golf properties (held-for-use) 445 — 3,580 — Valuation allowance on loans — — — 147 Other losses 1,152 — 1,270 — Total impairment and other losses $ 1,872 $ 4,172 $ 6,077 $ 5,645 Held-for-Sale Impairment: For the three and nine months ended September 30, 2019 , the Company reassessed the real estate assets, held-for-sale, net and determined that the carrying value of one and three properties, respectively, exceeded the fair value less anticipated costs to sell. As a result, the Company recognized impairment losses and recorded accumulated impairment totaling approximately $0.3 million and $1.2 million for the three and nine months ended September 30, 2019 , respectively. 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. Held-for-Use Impairment: For the three and nine months ended September 30, 2019 , the Company evaluated the recoverability of the carrying value of one and two Traditional Golf leased golf properties, respectively, using the income approach based on future assumptions of cash flows. Based on the analysis, the Company recorded impairment charges of $0.4 million and $3.6 million for the three and nine months ended September 30, 2019 , respectively. As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value these properties fall within Level 3 for fair value reporting. Other Losses: For the three and nine months ended September 30, 2019 , the Company recorded loss on disposals of $1.2 million and $1.3 million , respectively, primarily due to the Company's decision to discontinue certain software used at our Entertainment Golf venues.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 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 September 30, 2019 through the issuance of these Consolidated Financial Statements. In October 2019, the Company consummated the sale of a public golf property in New Jersey for a sale price of $0.8 million . In October 2019, the Company opened an Entertainment Golf venue in West Palm Beach, Florida. In November 2019, the Company consummated the sale of two public golf properties in California for a total sale price of $18.3 million . On November 11, 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 November 1, 2019 and ending January 31, 2020. Dividends totaling $1.4 million will be paid on January 31, 2020 to stockholders of record on January 2, 2020.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 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 or 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 .
Real Estate, Held-for-Sale	Real Estate, Held-for-Sale — 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 and other losses" 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 an amount equal to the lease payments for a 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 Investments	Other Investments — The Company owns an approximately 22% economic interest in a limited liability company which owns preferred equity in a commercial real estate project. The Company accounts for this investment as an equity method investment. As of September 30, 2019 and December 31, 2018 , the carrying value of this investment was $23.6 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 Long-lived Assets	Impairment of Long-lived 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 and right-of-use 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.
Impairment of Long-lived Assets	Impairment of Long-lived 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 and right-of-use 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.
Membership Deposit Liabilities	Membership Deposit Liabilities - Private country club members in our Traditional Golf business generally pay an advance initiation fee deposit upon their acceptance as a member to the respective country club. Initiation fee deposits are refundable 30 years after the date of acceptance as a member. The difference between the initiation fee deposit paid by the member and the present value of the refund obligation is deferred and recognized into Golf operations revenue in the Consolidated Statements of Operations on a straight-line basis over the expected life of an active membership, which is estimated to be seven years . The present value of the refund obligation is recorded as a membership deposit liability in the Consolidated Balance Sheets and accretes over a 30-year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the Consolidated Statements of Operations.
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 utilized the effective date transition method and accordingly was not required to adjust its comparative period financial information for effects of ASU 2016-02. The Company 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 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. In April 2019, the FASB issued ASU 2019-04 Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which addresses certain fair value disclosure requirements, the measurement basis under the measurement alternative and which equity securities have to be remeasured at historical exchange rates. In May 2019, the FASB issued Financial Instruments - Credit Losses (Topic 326), Targeted Transition Relief , which allows entities to elect to measure assets in the scope of ASC 326-20, using the fair value option when ASU 2016-13 is adopted. The effective date of the standards 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's implementation activities, which remain in progress, include identifying the financial assets in the scope of the new standard, developing methods to estimate current expected credit losses associated with these financial assets, and determining changes needed to control activities. The Company is currently gathering data and evaluating the effects the adoption will 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	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. 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 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 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 methodologies 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 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.
Valuation of Options	The grant date fair value of the employee options is 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.
Earnings Per Share	The Company’s dilutive securities are outstanding stock options and RSUs.
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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Unrealized loss (gain) on non-hedge derivative instruments — 48 — (283 ) Realized and unrealized (gain) loss on investments $ — $ 48 $ — $ (283 ) Loss on lease modifications and terminations $ — $ (173 ) $ — $ (969 ) Gain (loss) on extinguishment of debt, net (126 ) 75 (148 ) (66 ) Collateral management fee income, net 101 142 357 443 Equity in earnings of equity method investments 348 357 1,033 1,123 Gain (loss) on sale of long-lived assets and intangibles 7,096 (2,769 ) 11,763 (1,921 ) Other loss (A) (78 ) (684 ) (50 ) (5,767 ) Other income (loss), net $ 7,341 $ (3,052 ) $ 12,955 $ (7,157 ) (A) During the nine months ended September 30, 2018 , the Company recorded a net loss of approximately $4.9 million related to the settlement of a legal dispute and a related discharge of liabilities assumed by the counterparty to the settlement. See Note 13 for additional information.
Schedule of other current assets	The following table summarizes the Company's other current assets: September 30, 2019 December 31, 2018 Prepaid expenses $ 2,948 $ 2,651 Deposits 2,476 2,494 Inventory 2,930 2,855 Miscellaneous current assets, net 10,261 12,505 Other current assets $ 18,615 $ 20,505
Schedule of other assets	The following table summarizes the Company's other assets: September 30, 2019 December 31, 2018 Prepaid expenses $ 196 $ 277 Deposits 2,120 2,140 Miscellaneous assets, net 2,285 6,267 Other assets $ 4,601 $ 8,684
Schedule of other current liabilities	The following table summarizes the Company's other current liabilities: September 30, 2019 December 31, 2018 Security deposits payable $ 5,783 $ 14,188 Operating lease liabilities 16,307 — Accrued rent 2,914 2,885 Dividends payable 930 930 Miscellaneous current liabilities 2,763 4,282 Other current liabilities $ 28,697 $ 22,285
Schedule of other liabilities	The following table summarized the Company's other liabilities: September 30, 2019 December 31, 2018 Security deposits payable $ 298 $ 91 Service obligation intangible 1,865 2,759 Accrued rent — 1,617 Miscellaneous liabilities 1,531 765 Other liabilities $ 3,694 $ 5,232

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables disaggregate revenue by category: Entertainment golf venues, public and private golf properties (owned and leased) and managed golf properties. Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Total Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Total Golf operations $ 1,431 $ 30,258 $ 11,902 $ 17,206 $ 60,797 $ 2,720 $ 76,624 $ 40,707 $ 42,838 $ 162,889 Sales of food and beverages 2,256 9,053 2,576 — 13,885 4,167 24,646 8,547 — 37,360 Total revenues $ 3,687 $ 39,311 $ 14,478 $ 17,206 $ 74,682 $ 6,887 $ 101,270 $ 49,254 $ 42,838 $ 200,249 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Total Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Total Golf operations $ 710 $ 34,689 $ 25,362 $ 8,167 $ 68,928 $ 1,565 $ 91,668 $ 78,202 $ 20,197 $ 191,632 Sales of food and beverages 830 10,757 6,904 — 18,491 1,782 30,271 21,398 — 53,451 Total revenues $ 1,540 $ 45,446 $ 32,266 $ 8,167 $ 87,419 $ 3,347 $ 121,939 $ 99,600 $ 20,197 $ 245,083

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, 2019 Revenues Golf operations $ 2,720 $ 160,169 $ — $ 162,889 Sales of food and beverages 4,167 33,193 — 37,360 Total revenues 6,887 193,362 — 200,249 Operating costs Operating expenses (A) 6,807 163,090 — 169,897 Cost of sales - food and beverages 1,106 9,352 — 10,458 General and administrative expense (B) 10,349 12,713 10,977 34,039 General and administrative expense - acquisition and transaction expenses (C) 3,094 539 309 3,942 Depreciation and amortization 3,119 12,528 122 15,769 Pre-opening costs (D) 7,229 — — 7,229 Impairment and other losses 1,270 4,807 — 6,077 Realized and unrealized (gain) on investments — — — — Total operating costs 32,974 203,029 11,408 247,411 Operating loss (26,087 ) (9,667 ) (11,408 ) (47,162 ) Other income (expenses) Interest and investment income 311 84 404 799 Interest expense (E) (245 ) (6,140 ) (1,856 ) (8,241 ) Capitalized interest (E) — 583 1,650 2,233 Other (loss) income, net (7 ) 11,582 1,380 12,955 Total other income (expenses) 59 6,109 1,578 7,746 Income tax expense — — 162 162 Net loss (26,028 ) (3,558 ) (9,992 ) (39,578 ) Preferred dividends — — (4,185 ) (4,185 ) Loss applicable to common stockholders $ (26,028 ) $ (3,558 ) $ (14,177 ) $ (43,763 ) Summary segment financial data (continued). Entertainment Golf Traditional Golf Corporate Total Three Months Ended September 30, 2019 Revenues Golf operations $ 1,431 $ 59,366 $ — $ 60,797 Sales of food and beverages 2,256 11,629 — 13,885 Total revenues 3,687 70,995 — 74,682 Operating costs Operating expenses (A) 3,202 60,252 — 63,454 Cost of sales - food and beverages 604 3,252 — 3,856 General and administrative expense (B) 3,433 4,500 2,467 10,400 General and administrative expense - acquisition and transaction expenses (C) 2,117 207 31 2,355 Depreciation and amortization 1,450 4,192 81 5,723 Pre-opening costs (D) 4,350 — — 4,350 Impairment and other losses 1,152 720 — 1,872 Realized and unrealized loss on investments — — — — Total operating costs 16,308 73,123 2,579 92,010 Operating loss (12,621 ) (2,128 ) (2,579 ) (17,328 ) Other income (expenses) Interest and investment income 64 24 103 191 Interest expense (E) (103 ) (2,088 ) (599 ) (2,790 ) Capitalized interest (E) — 169 560 729 Other (loss) income, net — 6,896 445 7,341 Total other income (expenses) (39 ) 5,001 509 5,471 Income tax expense — — 162 162 Net (loss) income (12,660 ) 2,873 (2,232 ) (12,019 ) Preferred dividends — — (1,395 ) (1,395 ) (Loss) income applicable to common stockholders $ (12,660 ) $ 2,873 $ (3,627 ) $ (13,414 ) Entertainment Golf Traditional Golf Corporate (F) Total September 30, 2019 Total assets 176,366 319,279 40,261 535,906 Total liabilities 42,841 346,593 62,816 452,250 Preferred stock — — 61,583 61,583 Equity attributable to common stockholders $ 133,525 $ (27,314 ) $ (84,138 ) $ 22,073 Additions to property and equipment (including finance leases) during the nine months ended September 30, 2019 $ 56,977 $ 10,661 $ 1,733 $ 69,371 Summary segment financial data (continued). Entertainment Golf Traditional Golf Corporate Total Nine Months Ended September 30, 2018 Revenues Golf operations $ 1,565 $ 190,067 $ — $ 191,632 Sales of food and beverages 1,782 51,669 — 53,451 Total revenues 3,347 241,736 — 245,083 Operating costs Operating expenses (A) 3,599 191,152 — 194,751 Cost of sales - food and beverages 432 14,981 — 15,413 General and administrative expense (B) 4,515 12,781 9,448 26,744 General and administrative expense - acquisition and transaction expenses (C) 2,024 706 137 2,867 Depreciation and amortization 1,148 13,198 12 14,358 Pre-opening costs (D) 2,048 — — 2,048 Impairment and other losses — 5,498 147 5,645 Realized and unrealized (gain) on investments — (283 ) — (283 ) Total operating costs 13,766 238,033 9,744 261,543 Operating (loss) income (10,419 ) 3,703 (9,744 ) (16,460 ) Other income (expenses) Interest and investment income 196 144 1,042 1,382 Interest expense (E) — (12,149 ) (1,661 ) (13,810 ) Capitalized interest (E) — 580 290 870 Other (loss) income, net — (8,715 ) 1,558 (7,157 ) Total other income (expenses) 196 (20,140 ) 1,229 (18,715 ) Income tax expense — — — — Net loss (10,223 ) (16,437 ) (8,515 ) (35,175 ) Preferred dividends — — (4,185 ) (4,185 ) Loss applicable to common stockholders $ (10,223 ) $ (16,437 ) $ (12,700 ) $ (39,360 ) Summary segment financial data (continued). Entertainment Golf Traditional Golf Corporate Total Three Months Ended September 30, 2018 Revenues Golf operations $ 710 $ 68,218 $ — $ 68,928 Sales of food and beverages 830 17,661 — 18,491 Total revenues 1,540 85,879 — 87,419 Operating costs Operating expenses (A) 1,765 68,565 — 70,330 Cost of sales - food and beverages 204 4,976 — 5,180 General and administrative expense (B) 1,878 4,313 3,189 9,380 General and administrative expense - acquisition and transaction expenses (C) 570 199 — 769 Depreciation and amortization 614 3,877 4 4,495 Pre-opening costs (D) 245 — — 245 Impairment and other losses — 4,172 — 4,172 Realized and unrealized loss on investments — 48 — 48 Total operating costs 5,276 86,150 3,193 94,619 Operating loss (3,736 ) (271 ) (3,193 ) (7,200 ) Other income (expenses) Interest and investment income 85 48 334 467 Interest expense (E) — (4,050 ) (597 ) (4,647 ) Capitalized interest (E) — 238 119 357 Other (loss) income, net — (3,548 ) 496 (3,052 ) Total other income (expenses) 85 (7,312 ) 352 (6,875 ) Income tax expense — — — — Net loss (3,651 ) (7,583 ) (2,841 ) (14,075 ) Preferred dividends — — (1,395 ) (1,395 ) Loss applicable to common stockholders $ (3,651 ) $ (7,583 ) $ (4,236 ) $ (15,470 ) (A) Operating expenses include rental expenses recorded under operating leases for carts and equipment in the amount of $0.2 million and $0.7 million for the three and nine months ended September 30, 2019 , respectively, and $0.5 million and $1.6 million for the three and nine months ended September 30, 2018 , respectively. (B) General and administrative expenses include severance expense in the amount of $0.5 million and $1.6 million for the three and nine months ended September 30, 2019 , respectively, and zero and $0.1 million for the three and nine months ended September 30, 2018 , respectively. (C) 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. (D) Pre-opening costs are expensed as incurred and consist primarily of site-related marketing expenses, lease expense, employee payroll, travel and related expenses, training costs, food, beverage and other operating expenses incurred prior to opening an Entertainment Golf venue. (E) Interest expense includes the accretion of membership deposit liabilities in the amount of $1.8 million and $5.4 million for the three and nine months ended September 30, 2019 , respectively, and $1.7 million and $5.1 million for the three and nine months ended September 30, 2018 , respectively. Interest expense and capitalized interest are combined in interest expense, net on the Consolidated Statements of Operations. (F) Total assets in the corporate segment include an equity method investment in the amount of $23.6 million as of September 30, 2019 recorded in other investments on the Consolidated Balance Sheets.

PROPERTY AND EQUIPMENT, NET O_2

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION (Tables)	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	The following table summarizes the Company’s property and equipment: September 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 6,770 $ — $ 6,770 $ 6,747 $ — $ 6,747 Buildings and improvements 124,414 (34,022 ) 90,392 78,833 (30,540 ) 48,293 Furniture, fixtures and equipment 45,328 (19,795 ) 25,533 26,726 (16,729 ) 9,997 Finance leases - equipment 37,098 (15,678 ) 21,420 28,745 (12,843 ) 15,902 Construction in progress 41,622 — 41,622 51,666 — 51,666 Total Property and Equipment $ 255,232 $ (69,495 ) $ 185,737 $ 192,717 $ (60,112 ) $ 132,605

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease Related Costs	Lease related costs recognized in the Consolidated Statements of Operations for the three and nine months ended September 30, 2019 are as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Finance lease cost Amortization of right-of-use assets $ 1,690 $ 4,736 Interest on lease liabilities 353 972 Total finance lease cost 2,043 5,708 Operating lease cost Operating lease cost 9,798 28,276 Short-term lease cost 420 1,882 Variable lease cost 5,544 12,696 Total operating lease cost 15,762 42,854 Total lease cost $ 17,805 $ 48,562
Lease, Other Information	Other information related to leases included on the Consolidated Balance Sheet as of and for the nine months ended September 30, 2019 are as follows: Operating Leases Financing Leases Right-of-use assets 220,197 21,420 Lease liabilities 207,749 20,419 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows 22,531 668 Financing cash flows N/A 5,702 Right-of-use assets obtained in exchange for lease liabilities 10,813 11,723 Weighted average remaining lease term 12.6 years 3.6 years Weighted average discount rate 8.8 % 7.2 %
Schedule of Future Minimum Lease Payments, Operating Lease	Future minimum lease payments under non-cancellable leases as of September 30, 2019 are as follows: Operating Leases Financing Leases October 1, 2019 - December 31, 2019 7,647 2,053 2020 33,151 7,275 2021 32,514 5,785 2022 31,133 4,137 2023 30,962 3,073 Thereafter 229,981 1,047 Total minimum lease payments 365,388 23,370 Less: imputed interest 157,639 2,951 Total lease liabilities $ 207,749 $ 20,419
Schedule of Future Minimum Lease Payments, Finance Lease	Future minimum lease payments under non-cancellable leases as of September 30, 2019 are as follows: Operating Leases Financing Leases October 1, 2019 - December 31, 2019 7,647 2,053 2020 33,151 7,275 2021 32,514 5,785 2022 31,133 4,137 2023 30,962 3,073 Thereafter 229,981 1,047 Total minimum lease payments 365,388 23,370 Less: imputed interest 157,639 2,951 Total lease liabilities $ 207,749 $ 20,419

INTANGIBLES, NET OF ACCUMULAT_2

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	The following table summarizes the Company’s intangible assets: September 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (134 ) $ 566 $ 700 $ (117 ) $ 583 Leasehold intangibles (A) (B) — — — 46,581 (20,270 ) 26,311 Management contracts 32,330 (16,812 ) 15,518 32,932 (15,174 ) 17,758 Internally-developed software 161 (15 ) 146 2,314 (967 ) 1,347 Membership base 5,236 (4,301 ) 935 5,236 (3,740 ) 1,496 Nonamortizable liquor licenses 1,043 — 1,043 893 — 893 Total Intangibles $ 39,470 $ (21,262 ) $ 18,208 $ 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)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of debt obligations	The following table presents certain information regarding the Company’s debt obligations at September 30, 2019 and December 31, 2018 : September 30, 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 % 24.2 $ 200 $ 200 $ 200 Finance leases (Equipment) Jun 2014 - Sep 2019 20,419 20,419 Oct 2019 - Mar 2025 3.00% to 15.00% 7.23 % 3.6 — 15,778 15,778 20,619 20,619 7.19 % 3.8 200 15,978 15,978 Less current portion of obligations under finance leases 6,222 6,222 5,489 5,489 Credit facilities and obligations under finance leases - noncurrent 14,397 14,397 10,489 10,489 Corporate Junior subordinated notes payable (B) Mar 2006 51,004 51,194 Apr 2035 LIBOR+2.25% 4.48 % 15.6 51,004 51,004 51,200 Total debt obligations $ 71,623 $ 71,813 5.26 % 12.2 $ 51,204 $ 66,982 $ 67,178 (A) Including the effect of deferred financing costs. (B) Interest rate based on 3 month LIBOR plus 2.25% .

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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. September 30, 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 $ 2,786 $ (1,521 ) $ 1,265 $ 1,649 $ — $ 2,914 1 CCC 2.45 % 31.92 % 4.2 41.9 % Total Securities, Available for Sale (E) $ 4,000 $ 2,786 $ (1,521 ) $ 1,265 $ 1,649 $ — $ 2,914 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)	9 Months Ended
	Sep. 30, 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 September 30, 2019 : Carrying Value Estimated Fair Value Fair Value Method (A) Assets Real estate securities, available-for-sale $ 2,914 $ 2,914 Pricing models - Level 3 Cash and cash equivalents 24,816 24,816 Restricted cash, current and noncurrent 4,094 4,094 Liabilities Junior subordinated notes payable 51,194 24,327 Pricing models - Level 3 (A) Pricing models are used for (i) real estate securities 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 September 30, 2019 : Weighted Average Significant Input Asset Type Amortized Cost Basis Fair Value Discount Prepayment Cumulative Default Rate Loss ABS - Non-Agency RMBS $ 1,265 $ 2,914 10.0 % 8.0 % 2.8 % 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 nine months ended September 30, 2019 as follows: ABS - Non-Agency RMBS Balance at December 31, 2018 $ 2,953 Total gains (losses) (A) Included in other comprehensive income (loss) (229 ) Amortization included in interest income 275 Purchases, sales and repayments (A) Proceeds (85 ) Balance at September 30, 2019 $ 2,914 (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 nine months ended September 30, 2019 . There were no transfers into or out of Level 3 during the nine months ended September 30, 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)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2019 : Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2018 8,436,931 $ 3.72 Granted (B) 695,652 4.66 Balance at September 30, 2019 9,132,583 $ 3.79 6.02 Exercisable at September 30, 2019 3,627,578 $ 2.59 3.49
Schedule of outstanding options summary	As of September 30, 2019 , the Company’s outstanding options were summarized as follows: Number of Options Held by the former Manager 3,627,245 Issued to the former Manager and subsequently transferred to certain of the Manager’s employees (A) 1,382,998 Issued to the independent directors 333 Issued to Drive Shack employees (B) 4,122,007 Total 9,132,583 Weighted average strike price $ 3.79 (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. In July 2019, a certain employee was terminated by the Company and 921,992 options reverted back to the former Manager. The Company reversed $1.2 million in stock compensation expense related to these options. (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. In April 2019, the Company issued 695,652 options to an employee that vest and become exercisable in equal annual installment on each of the first three anniversaries of the grant date.
Schedule of stock option fair value assumptions	The fair value of the options granted was determined using the following assumptions: Option Valuation Date April 11, 2019 Expected Volatility 36.80 % Expected Dividend Yield 0.00 % Expected Remaining Term 6.0 years Risk-Free Rate 2.34 % Fair Value at Grant Date $ 1,280
Summary of changes in RSUs	The following is a summary of the changes in the Company’s RSUs for the nine months ended September 30, 2019 . Number of RSUs Weighted Average Grant Date Fair Value (per unit) Balance at December 31, 2018 54,641 $ 5.02 Granted 589,967 $ 4.70 Released (17,452 ) $ 5.73 Forfeited (95,284 ) $ 4.68 Balance at September 30, 2019 531,872 $ 4.71
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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator for basic and diluted earnings per share: Loss from continuing operations after preferred dividends and noncontrolling interests $ (13,414 ) $ (15,470 ) $ (43,763 ) $ (39,360 ) Loss Applicable to Common Stockholders $ (13,414 ) $ (15,470 ) $ (43,763 ) $ (39,360 ) Denominator: Denominator for basic earnings per share - weighted average shares 67,040,692 66,992,322 67,032,519 66,982,233 Effect of dilutive securities Options — — — — RSUs — — — — Denominator for diluted earnings per share - adjusted weighted average shares 67,040,692 66,992,322 67,032,519 66,982,233 Basic earnings per share: Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ (0.20 ) $ (0.23 ) $ (0.65 ) $ (0.59 ) Loss Applicable to Common Stock, per share $ (0.20 ) $ (0.23 ) $ (0.65 ) $ (0.59 ) Diluted earnings per share: Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ (0.20 ) $ (0.23 ) $ (0.65 ) $ (0.59 ) Loss Applicable to Common Stock, per share $ (0.20 ) $ (0.23 ) $ (0.65 ) $ (0.59 )

IMPAIRMENT AND OTHER LOSSES (Ta

IMPAIRMENT AND OTHER LOSSES (Tables)	9 Months Ended
	Sep. 30, 2019
Other than Temporary Impairment Losses, Investments [Abstract]
Summary of impairment (reversal)	The following table summarizes the amounts the Company recorded in the Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Traditional golf properties (held-for-sale) $ 275 $ 4,172 $ 1,227 $ 5,498 Traditional golf properties (held-for-use) 445 — 3,580 — Valuation allowance on loans — — — 147 Other losses 1,152 — 1,270 — Total impairment and other losses $ 1,872 $ 4,172 $ 6,077 $ 5,645

ORGANIZATION (Details)

ORGANIZATION (Details)	Sep. 30, 2019stateproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of golf properties | property	62
Number of states in which properties owned | state	10

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 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	$ 23,648		$ 22,613
Operating lease right-of-use assets	220,197
Lease liabilities, operating leases	$ 207,749
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 225,600
Lease liabilities, operating leases		$ 205,900
Membership
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deposit refundable period	30 years
Weighted Average Life (Years)	7 years

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Realized and unrealized (gain) loss on investments
Unrealized loss (gain) on non-hedge derivative instruments	$ 0	$ 48	$ 0	$ (283)
Realized and unrealized (gain) loss on investments	0	48	0	(283)
Other income (loss), net
Loss on lease modifications and terminations	0	(173)	0	(969)
Gain (loss) on extinguishment of debt, net	(126)	75	(148)	(66)
Collateral management fee income, net	101	142	357	443
Equity in earnings of equity method investments	348	357	1,033	1,123
Gain (loss) on sale of long-lived assets and intangibles	7,096	(2,769)	11,763	(1,921)
Other income (loss)	(78)	(684)	(50)	(5,767)
Other income (loss), net	$ 7,341	$ (3,052)	12,955	$ (7,157)
Loss related to settlement of legal dispute			$ 4,900

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Current Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Prepaid expenses	$ 2,948	$ 2,651
Deposits	2,476	2,494
Inventory	2,930	2,855
Miscellaneous current assets, net	10,261	12,505
Other current assets	$ 18,615	$ 20,505

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Prepaid expenses	$ 196	$ 277
Deposits	2,120	2,140
Miscellaneous assets, net	2,285	6,267
Other assets	$ 4,601	$ 8,684

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Current Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Security deposits payable	$ 5,783	$ 14,188
Operating lease liabilities	16,307	0
Accrued rent	2,914	2,885
Dividends payable	930	930
Miscellaneous current liabilities	2,763	4,282
Other current liabilities	$ 28,697	$ 22,285

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Security deposits payable	$ 298	$ 91
Service obligation intangible	1,865	2,759
Accrued rent	0	1,617
Miscellaneous liabilities	1,531	765
Other liabilities	$ 3,694	$ 5,232

REVENUES (Disaggregation of Rev

REVENUES (Disaggregation of Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 74,682	$ 87,419	$ 200,249	$ 245,083
Golf operations, ent. golf venues
Disaggregation of Revenue [Line Items]
Total revenues	1,431	710	2,720	1,565
Golf operations, public golf properties
Disaggregation of Revenue [Line Items]
Total revenues	30,258	34,689	76,624	91,668
Golf operations, private golf properties
Disaggregation of Revenue [Line Items]
Total revenues	11,902	25,362	40,707	78,202
Golf operations, managed golf properties
Disaggregation of Revenue [Line Items]
Total revenues	17,206	8,167	42,838	20,197
Golf operations
Disaggregation of Revenue [Line Items]
Total revenues	60,797	68,928	162,889	191,632
Food and beverage, ent. golf venues
Disaggregation of Revenue [Line Items]
Total revenues	2,256	830	4,167	1,782
Food and beverage, public golf properties
Disaggregation of Revenue [Line Items]
Total revenues	9,053	10,757	24,646	30,271
Food and beverage, private golf properties
Disaggregation of Revenue [Line Items]
Total revenues	2,576	6,904	8,547	21,398
Food and beverage, managed golf properties
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Food and beverages
Disaggregation of Revenue [Line Items]
Total revenues	13,885	18,491	37,360	53,451
Ent. golf venues
Disaggregation of Revenue [Line Items]
Total revenues	3,687	1,540	6,887	3,347
Public golf properties
Disaggregation of Revenue [Line Items]
Total revenues	39,311	45,446	101,270	121,939
Private golf properties
Disaggregation of Revenue [Line Items]
Total revenues	14,478	32,266	49,254	99,600
Managed golf properties
Disaggregation of Revenue [Line Items]
Total revenues	17,206	8,167	42,838	20,197
Management contract reimbursements
Disaggregation of Revenue [Line Items]
Total revenues	$ 15,700	$ 7,400	$ 38,500	$ 18,200

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details)	9 Months Ended
	Sep. 30, 2019statesegmentproperty
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Number of golf properties | property	62
Number of states in which properties owned | state	10
Entertainment Golf | Operating Segments
Segment Reporting Information [Line Items]
Number of golf properties | property	62
Number of states in which properties owned | state	10

SEGMENT REPORTING (Segment Repo

SEGMENT REPORTING (Segment Reporting) (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Revenues
Total revenues	$ 74,682,000			$ 87,419,000			$ 200,249,000	$ 245,083,000
Operating costs
Operating expenses	63,454,000			70,330,000			169,897,000	194,751,000
Cost of sales - food and beverages	3,856,000			5,180,000			10,458,000	15,413,000
General and administrative expense	10,400,000			9,380,000			34,039,000	26,744,000
General and administrative expense - acquisition and transaction expenses	2,355,000			769,000			3,942,000	2,867,000
Depreciation and amortization	5,723,000			4,495,000			15,769,000	14,358,000
Pre-opening costs	4,350,000			245,000			7,229,000	2,048,000
Impairment and other losses	1,872,000			4,172,000			6,077,000	5,645,000
Realized and unrealized (gain) loss on investments	0			48,000			0	(283,000)
Total operating costs	92,010,000			94,619,000			247,411,000	261,543,000
Operating loss	(17,328,000)			(7,200,000)			(47,162,000)	(16,460,000)
Other income (expenses)
Interest and investment income	191,000			467,000			799,000	1,382,000
Interest expense	(2,790,000)			(4,647,000)			(8,241,000)	(13,810,000)
Capitalized interest	729,000			357,000			2,233,000	870,000
Other (loss) income, net	7,341,000			(3,052,000)			12,955,000	(7,157,000)
Total other income (expenses)	5,471,000			(6,875,000)			7,746,000	(18,715,000)
Income tax expense	162,000			0			162,000	0
Net Loss	(12,019,000)	$ (12,959,000)	$ (14,600,000)	(14,075,000)	$ (4,803,000)	$ (16,297,000)	(39,578,000)	(35,175,000)
Preferred dividends	(1,395,000)			(1,395,000)			(4,185,000)	(4,185,000)
Loss Applicable to Common Stockholders	(13,414,000)			(15,470,000)			(43,763,000)	(39,360,000)
Total assets	535,906,000						535,906,000		$ 401,947,000
Total liabilities	452,250,000						452,250,000		267,280,000
Preferred stock	61,583,000						61,583,000		61,583,000
Equity attributable to common stockholders	22,073,000						22,073,000
Additions to property and equipment (including finance leases) during the nine months ended September 30, 2019							69,371,000
Rental expenses recorded under operating leases	200,000			500,000
Rental expenses recorded under operating leases							700,000	1,600,000
Severance expenses	500,000			0			1,600,000	100,000
Equity method investment	23,648,000						23,648,000		$ 22,613,000
Golf operations
Revenues
Total revenues	60,797,000			68,928,000			162,889,000	191,632,000
Food and beverages
Revenues
Total revenues	13,885,000			18,491,000			37,360,000	53,451,000
Entertainment Golf | Operating Segments
Revenues
Total revenues	3,687,000			1,540,000			6,887,000	3,347,000
Operating costs
Operating expenses	3,202,000			1,765,000			6,807,000	3,599,000
Cost of sales - food and beverages	604,000			204,000			1,106,000	432,000
General and administrative expense	3,433,000			1,878,000			10,349,000	4,515,000
General and administrative expense - acquisition and transaction expenses	2,117,000			570,000			3,094,000	2,024,000
Depreciation and amortization	1,450,000			614,000			3,119,000	1,148,000
Pre-opening costs	4,350,000			245,000			7,229,000	2,048,000
Impairment and other losses	1,152,000			0			1,270,000	0
Realized and unrealized (gain) loss on investments	0			0			0	0
Total operating costs	16,308,000			5,276,000			32,974,000	13,766,000
Operating loss	(12,621,000)			(3,736,000)			(26,087,000)	(10,419,000)
Other income (expenses)
Interest and investment income	64,000			85,000			311,000	196,000
Interest expense	(103,000)			0			(245,000)	0
Capitalized interest	0			0			0	0
Other (loss) income, net	0			0			(7,000)	0
Total other income (expenses)	(39,000)			85,000			59,000	196,000
Income tax expense	0			0			0	0
Net Loss	(12,660,000)			(3,651,000)			(26,028,000)	(10,223,000)
Preferred dividends	0			0			0	0
Loss Applicable to Common Stockholders	(12,660,000)			(3,651,000)			(26,028,000)	(10,223,000)
Total assets	176,366,000						176,366,000
Total liabilities	42,841,000						42,841,000
Preferred stock	0						0
Equity attributable to common stockholders	133,525,000						133,525,000
Additions to property and equipment (including finance leases) during the nine months ended September 30, 2019							56,977,000
Entertainment Golf | Operating Segments | Golf operations
Revenues
Total revenues	1,431,000			710,000			2,720,000	1,565,000
Entertainment Golf | Operating Segments | Food and beverages
Revenues
Total revenues	2,256,000			830,000			4,167,000	1,782,000
Traditional Golf
Other income (expenses)
Accretion of membership deposit liabilities	1,800,000			1,700,000			5,400,000	5,100,000
Traditional Golf | Operating Segments
Revenues
Total revenues	70,995,000			85,879,000			193,362,000	241,736,000
Operating costs
Operating expenses	60,252,000			68,565,000			163,090,000	191,152,000
Cost of sales - food and beverages	3,252,000			4,976,000			9,352,000	14,981,000
General and administrative expense	4,500,000			4,313,000			12,713,000	12,781,000
General and administrative expense - acquisition and transaction expenses	207,000			199,000			539,000	706,000
Depreciation and amortization	4,192,000			3,877,000			12,528,000	13,198,000
Pre-opening costs	0			0			0	0
Impairment and other losses	720,000			4,172,000			4,807,000	5,498,000
Realized and unrealized (gain) loss on investments	0			48,000			0	(283,000)
Total operating costs	73,123,000			86,150,000			203,029,000	238,033,000
Operating loss	(2,128,000)			(271,000)			(9,667,000)	3,703,000
Other income (expenses)
Interest and investment income	24,000			48,000			84,000	144,000
Interest expense	(2,088,000)			(4,050,000)			(6,140,000)	(12,149,000)
Capitalized interest	169,000			238,000			583,000	580,000
Other (loss) income, net	6,896,000			(3,548,000)			11,582,000	(8,715,000)
Total other income (expenses)	5,001,000			(7,312,000)			6,109,000	(20,140,000)
Income tax expense	0			0			0	0
Net Loss	2,873,000			(7,583,000)			(3,558,000)	(16,437,000)
Preferred dividends	0			0			0	0
Loss Applicable to Common Stockholders	2,873,000			(7,583,000)			(3,558,000)	(16,437,000)
Total assets	319,279,000						319,279,000
Total liabilities	346,593,000						346,593,000
Preferred stock	0						0
Equity attributable to common stockholders	(27,314,000)						(27,314,000)
Additions to property and equipment (including finance leases) during the nine months ended September 30, 2019							10,661,000
Traditional Golf | Operating Segments | Golf operations
Revenues
Total revenues	59,366,000			68,218,000			160,169,000	190,067,000
Traditional Golf | Operating Segments | Food and beverages
Revenues
Total revenues	11,629,000			17,661,000			33,193,000	51,669,000
Corporate | Operating Segments
Revenues
Total revenues	0			0			0	0
Operating costs
Operating expenses	0			0			0	0
Cost of sales - food and beverages	0			0			0	0
General and administrative expense	2,467,000			3,189,000			10,977,000	9,448,000
General and administrative expense - acquisition and transaction expenses	31,000			0			309,000	137,000
Depreciation and amortization	81,000			4,000			122,000	12,000
Pre-opening costs	0			0			0	0
Impairment and other losses	0			0			0	147,000
Realized and unrealized (gain) loss on investments	0			0			0	0
Total operating costs	2,579,000			3,193,000			11,408,000	9,744,000
Operating loss	(2,579,000)			(3,193,000)			(11,408,000)	(9,744,000)
Other income (expenses)
Interest and investment income	103,000			334,000			404,000	1,042,000
Interest expense	(599,000)			(597,000)			(1,856,000)	(1,661,000)
Capitalized interest	560,000			119,000			1,650,000	290,000
Other (loss) income, net	445,000			496,000			1,380,000	1,558,000
Total other income (expenses)	509,000			352,000			1,578,000	1,229,000
Income tax expense	162,000			0			162,000	0
Net Loss	(2,232,000)			(2,841,000)			(9,992,000)	(8,515,000)
Preferred dividends	(1,395,000)			(1,395,000)			(4,185,000)	(4,185,000)
Loss Applicable to Common Stockholders	(3,627,000)			(4,236,000)			(14,177,000)	(12,700,000)
Total assets	40,261,000						40,261,000
Total liabilities	62,816,000						62,816,000
Preferred stock	61,583,000						61,583,000
Equity attributable to common stockholders	(84,138,000)						(84,138,000)
Additions to property and equipment (including finance leases) during the nine months ended September 30, 2019							1,733,000
Equity method investment	23,600,000						23,600,000
Corporate | Operating Segments | Golf operations
Revenues
Total revenues	0			0			0	0
Corporate | Operating Segments | Food and beverages
Revenues
Total revenues	$ 0			$ 0			$ 0	$ 0

PROPERTY AND EQUIPMENT, NET O_3

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION (Details) $ in Thousands	Mar. 07, 2018property	Dec. 31, 2018USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)property	Mar. 31, 2019USD ($)property	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Property, Plant and Equipment [Line Items]
Gross Carrying Amount		$ 192,717	$ 255,232			$ 255,232		$ 192,717
Accumulated Depreciation		(60,112)	(69,495)			(69,495)		(60,112)
Net Carrying Value		132,605	185,737			185,737		132,605
Proceeds from sale of property and equipment						$ 44,468	$ 3,186
Golf Properties | Held-for-sale
Property, Plant and Equipment [Line Items]
Number of properties held for sale | property	26					4
Real estate assets			27,800			$ 27,800
Real estate assets, other related assets			400			400
Real estate liabilities			100			100
Golf Properties | Disposed of by sale
Property, Plant and Equipment [Line Items]
Proceeds from sale of property and equipment		2,200		$ 14,900	$ 17,700
Payable to buyer		2,700		$ 3,500	$ 2,100
Cash deposit								9,400
Golf Properties | Disposed of by sale | Georgia
Property, Plant and Equipment [Line Items]
Number of real estate properties sold | property					2
Golf Properties | Disposed of by sale | Georgia and California
Property, Plant and Equipment [Line Items]
Net Carrying Value					$ 20,300
Sale price					28,700
Proceeds from sale					25,500
Transaction costs					500
Proceeds from sale of property and equipment					18,200
Gain (loss) on sale					$ 5,200
Golf Properties | Disposed of by sale | New Jersey and California
Property, Plant and Equipment [Line Items]
Number of real estate properties sold | property				2
Golf Properties | Disposed of by sale | Tennessee and Washington
Property, Plant and Equipment [Line Items]
Number of real estate properties sold | property				2
Golf Properties | Disposed of by sale | New Jersey and California and Tennessee and Washington
Property, Plant and Equipment [Line Items]
Net Carrying Value				$ 18,300
Sale price				19,700
Proceeds from sale				17,900
Transaction costs				800
Proceeds from sale of property and equipment				18,400
Gain (loss) on sale				$ (400)
Golf Properties | Disposed of by sale | California
Property, Plant and Equipment [Line Items]
Net Carrying Value			5,200			5,200
Sale price			12,500			12,500
Proceeds from sale			12,300
Transaction costs			200			200
Gain (loss) on sale			7,000
Land
Property, Plant and Equipment [Line Items]
Gross Carrying Amount		6,747	6,770			6,770		6,747
Accumulated Depreciation		0	0			0		0
Net Carrying Value		6,747	6,770			6,770		6,747
Land | Golf Properties | Held-for-sale
Property, Plant and Equipment [Line Items]
Real estate assets, property and equipment			23,000			23,000
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross Carrying Amount		78,833	124,414			124,414		78,833
Accumulated Depreciation		(30,540)	(34,022)			(34,022)		(30,540)
Net Carrying Value		48,293	90,392			90,392		48,293
Buildings and improvements | Golf Properties | Held-for-sale
Property, Plant and Equipment [Line Items]
Real estate assets, property and equipment			4,300			4,300
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Gross Carrying Amount		26,726	45,328			45,328		26,726
Accumulated Depreciation		(16,729)	(19,795)			(19,795)		(16,729)
Net Carrying Value		9,997	25,533			25,533		9,997
Furniture, fixtures and equipment | Golf Properties | Held-for-sale
Property, Plant and Equipment [Line Items]
Real estate assets, property and equipment			400			400
Finance leases - equipment
Property, Plant and Equipment [Line Items]
Gross Carrying Amount		28,745	37,098			37,098		28,745
Accumulated Depreciation		(12,843)	(15,678)			(15,678)		(12,843)
Net Carrying Value		15,902	21,420			21,420		15,902
Construction in progress
Property, Plant and Equipment [Line Items]
Gross Carrying Amount		51,666	41,622			41,622		51,666
Accumulated Depreciation		0	0			0		0
Net Carrying Value		$ 51,666	$ 41,622			$ 41,622		$ 51,666

LEASES - Narrative (Details)

LEASES - Narrative (Details)	9 Months Ended
	Sep. 30, 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
Traditional Golf Properties and Related Facilities | Lower Range
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	10 years
Traditional Golf Properties and Related Facilities | Upper Range
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	20 years
Golf Carts and Equipment | Lower Range
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	24 months
Golf Carts and Equipment | Upper Range
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	66 months

LEASES - Lease Related Costs (D

LEASES - Lease Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Finance lease cost
Amortization of right-of-use assets	$ 1,690	$ 4,736
Interest on lease liabilities	353	972
Total finance lease cost	2,043	5,708
Operating lease cost
Operating lease cost	9,798	28,276
Short-term lease cost	420	1,882
Variable lease cost	5,544	12,696
Total operating lease cost	15,762	42,854
Total lease cost	$ 17,805	$ 48,562

LEASES - Other Information (Det

LEASES - Other Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Leases [Abstract]
Operating lease right-of-use assets	$ 220,197
Right-of-use assets, financing leases	21,420
Lease liabilities, operating leases	207,749
Lease liabilities, financing leases	20,419
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows, Operating Leases	22,531
Operating cash flows, Financing Leases	668
Financing cash flows, Financing Leases	5,702
Right-of-use assets obtained in exchange for lease liabilities, operating leases	10,813
Right-of-use assets obtained in exchange for lease liabilities, financing leases	$ 11,723
Weighted average remaining lease term, operating lease	12 years 7 months 1 day
Weighted average remaining lease term, financing lease	3 years 7 months 1 day
Weighted average discount rate, operating lease	8.80%
Weighted average discount rate, financing lease	7.20%

LEASES - Schedule of Lease Matu

LEASES - Schedule of Lease Maturity (Details) $ in Thousands	Sep. 30, 2019USD ($)
Operating Leases
October 1, 2019 - December 31, 2019	$ 7,647
2020	33,151
2021	32,514
2022	31,133
2023	30,962
Thereafter	229,981
Total minimum lease payments	365,388
Less: imputed interest	157,639
Total lease liabilities	207,749
Financing Leases
October 1, 2019 - December 31, 2019	2,053
2020	7,275
2021	5,785
2022	4,137
2023	3,073
Thereafter	1,047
Total minimum lease payments	23,370
Less: imputed interest	2,951
Total lease liabilities	$ 20,419

INTANGIBLES, NET OF ACCUMULAT_3

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (21,262)	$ (40,268)
Total Intangibles, Gross Carrying Amount	39,470	88,656
Total Intangibles, Net Carrying Value	18,208	48,388
Nonamortizable liquor licenses
Finite-Lived Intangible Assets [Line Items]
Nonamortizable liquor licenses	1,043	893
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	700	700
Accumulated Amortization	(134)	(117)
Net Carrying Value	566	583
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
Management contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	32,330	32,932
Accumulated Amortization	(16,812)	(15,174)
Net Carrying Value	15,518	17,758
Internally-developed software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	161	2,314
Accumulated Amortization	(15)	(967)
Net Carrying Value	146	1,347
Membership base
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,236	5,236
Accumulated Amortization	(4,301)	(3,740)
Net Carrying Value	$ 935	$ 1,496

DEBT OBLIGATIONS (Details)

DEBT OBLIGATIONS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Less current portion of obligations under finance leases	$ 6,222	$ 5,489
Credit facilities and obligations under finance leases - noncurrent	14,397	10,489
Total debt obligations
Debt Instrument [Line Items]
Outstanding Face Amount	71,623	66,982
Carrying Value	$ 71,813	67,178
Weighted Average Funding Cost	5.26%
Weighted Average Life	12 years 2 months 1 day
Face Amount of Floating Rate Debt	$ 51,204
Credit Facilities and Finance Leases
Debt Instrument [Line Items]
Outstanding Face Amount	20,619	15,978
Carrying Value	$ 20,619	15,978
Weighted Average Funding Cost	7.19%
Weighted Average Life	3 years 9 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	2.80%
Weighted Average Funding Cost	2.80%
Weighted Average Life	24 years 2 months 1 day
Face Amount of Floating Rate Debt	$ 200
Finance leases (Equipment)
Debt Instrument [Line Items]
Outstanding Face Amount	20,419	15,778
Carrying Value	$ 20,419	15,778
Weighted Average Funding Cost	7.23%
Weighted Average Life	3 years 7 months 1 day
Face Amount of Floating Rate Debt	$ 0
Finance leases (Equipment) | Lower Range
Debt Instrument [Line Items]
Weighted Average Coupon	3.00%
Finance leases (Equipment) | Upper Range
Debt Instrument [Line Items]
Weighted Average Coupon	15.00%
Less current portion of obligations under finance leases
Debt Instrument [Line Items]
Outstanding Face Amount	$ 6,222	5,489
Less current portion of obligations under finance leases	6,222	5,489
Credit facilities and obligations under finance leases - noncurrent
Debt Instrument [Line Items]
Outstanding Face Amount	14,397	10,489
Credit facilities and obligations under finance leases - noncurrent	14,397	10,489
Junior subordinated notes payable
Debt Instrument [Line Items]
Outstanding Face Amount	51,004	51,004
Carrying Value	$ 51,194	$ 51,200
Weighted Average Funding Cost	4.48%
Weighted Average Life	15 years 7 months 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	2.25%

REAL ESTATE SECURITIES (Real Es

REAL ESTATE SECURITIES (Real Estate Securities Holdings) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)security	Dec. 31, 2018USD ($)
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 4,000
Before Impairment - Amortized Cost Basis	2,786
Other-Than-Temporary Impairment - Amortized Cost Basis	(1,521)
After Impairment - Amortized Cost Basis	1,265
Gross Unrealized Gains	1,649
Gross Unrealized Losses	0
Carrying Value (A)	$ 2,914	$ 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	2,786
Other-Than-Temporary Impairment - Amortized Cost Basis	(1,521)
After Impairment - Amortized Cost Basis	1,265
Gross Unrealized Gains	1,649
Gross Unrealized Losses	0
Carrying Value (A)	$ 2,914
Number of Securities | security	1
Weighted Average Coupon (as percent)	2.45%
Weighted Average Yield (as percent)	31.92%
Weighted Average Life	4 years 2 months 15 days
Weighted Average Principal Subordination (as percent)	41.90%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Values and Estimated Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 24,816	$ 79,235
Carrying Value
Assets
Real estate securities, available-for-sale	2,914
Cash and cash equivalents	24,816
Restricted cash, current and noncurrent	4,094
Liabilities
Junior subordinated notes payable	51,194
Estimated Fair Value
Assets
Real estate securities, available-for-sale	2,914
Cash and cash equivalents	24,816
Restricted cash, current and noncurrent	4,094
Liabilities
Junior subordinated notes payable	$ 24,327

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Significant Unobservable Inputs) (Details) $ in Thousands	Sep. 30, 2019USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost Basis	$ 1,265
ABS - Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost Basis	1,265
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	1,265
Fair Value	$ 2,914
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 (as a percent)
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)	0.028
Real Estate Securities Available For Sale | ABS - Non-Agency RMBS | Loss Severity (as a percent)
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)	9 Months Ended
	Sep. 30, 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)	(229,000)
Amortization included in interest income	275,000
Purchases, sales and repayments
Proceeds	(85,000)
Balance at September 30, 2019	2,914,000
Purchases	0
Sales	$ 0

EQUITY AND EARNINGS PER SHARE_2

EQUITY AND EARNINGS PER SHARE (Outstanding Options) (Details)	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Number of Options
Balance, beginning balance (in shares) | shares	8,436,931
Granted (in shares) | shares	695,652
Balance, ending balance (in shares) | shares	9,132,583
Exercisable (in shares) | shares	3,627,578
Weighted Average Strike Price
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 3.72
Granted (in dollars per share) | $ / shares	4.66
Outstanding, ending balance (in dollars per share) | $ / shares	3.79
Exercisable (in dollars per share) | $ / shares	$ 2.59
Weighted Average Life Remaining (in years)
Outstanding	6 years 8 days
Exercisable	3 years 5 months 25 days

EQUITY AND EARNINGS PER SHARE_3

EQUITY AND EARNINGS PER SHARE (Outstanding Options Summary) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 31, 2019	Nov. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Stock options outstanding (in shares)			9,132,583		9,132,583
Weighted average strike price (in dollars per share)			$ 3.79		$ 3.79		$ 3.72
Number of options reverted (in shares)	921,992
Options granted (in shares)					695,652
Held by the former Manager
Related Party Transaction [Line Items]
Stock options outstanding (in shares)			3,627,245		3,627,245
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)			1,382,998		1,382,998
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		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		1,152,495
Issued to the independent directors
Related Party Transaction [Line Items]
Stock options outstanding (in shares)			333		333
Drive Shake employees
Related Party Transaction [Line Items]
Stock options outstanding (in shares)			4,122,007		4,122,007
Stock options
Related Party Transaction [Line Items]
Stock-based compensation expense	$ (1.2)		$ (0.1)	$ 0.5	$ 2.3	$ 1.3
Vesting period		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 (Fair Value Assumptions) (Details)	Apr. 11, 2019USD ($)
Stockholders' Equity Note [Abstract]
Expected Volatility (as a percentage)	36.80%
Expected Dividend Yield (as a percentage)	$ 0
Expected Remaining Term	6 years
Risk-Free Rate (as a percentage)	2.34%
Fair Value at Grant Date	$ 1,280,000

EQUITY AND EARNINGS PER SHARE_5

EQUITY AND EARNINGS PER SHARE (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 11, 2019	Oct. 31, 2019	Jul. 31, 2019	Jul. 30, 2019	May 07, 2019	Apr. 29, 2019	Mar. 13, 2019	Jul. 31, 2019	Nov. 30, 2018	Aug. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Dividends paid			$ 1.4			$ 1.4
Stock options
Class of Stock [Line Items]
Antidilutive securities (in shares)											333,170	0	481,639	0
Common stock equivalents
Class of Stock [Line Items]
Dilutive common stock equivalents (in shares)											1,915,008	3,004,777	2,328,494	2,804,451
Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)				$ 0.609375	$ 0.609375		$ 0.609375
Preferred stock, dividend rate (as percent)				9.75%	9.75%		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	$ 0.503125		$ 0.503125
Preferred stock, dividend rate (as percent)				8.05%	8.05%		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	$ 0.523438		$ 0.523438
Preferred stock, dividend rate (as percent)				8.375%	8.375%		8.375%						8.375%		8.375%
Stock options
Class of Stock [Line Items]
Stock-based compensation expense (amount less than for RSUs)								$ (1.2)			$ (0.1)	$ 0.5	$ 2.3	$ 1.3
Unrecognized stock-based compensation expense											$ 9		$ 9
Unrecognized stock-based compensation expense, period for recognition													2 years 3 months 1 day
Vesting period									3 years
Dilutive common stock equivalents (in shares)											0	0	0	0
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Stock-based compensation expense (amount less than for RSUs)											$ 0.3	$ 0.1	$ 0.5	$ 0.1
Unrecognized stock-based compensation expense											$ 2.1		$ 2.1
Unrecognized stock-based compensation expense, period for recognition													2 years 5 months 20 days
Shares issued upon vesting													17,452
Granted (in shares)													589,967
Dilutive common stock equivalents (in shares)											0	0	0	0
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%
Nonemployee | Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Vesting period										1 year
Granted (in shares)													37,944
Employee | Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Granted (in shares)													552,023

EQUITY AND EARNINGS PER SHARE_6

EQUITY AND EARNINGS PER SHARE (Summary of RSUs) (Details) - RSUs	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Number of RSUs
Beginning balance (in shares) | shares	54,641
Granted (in shares) | shares	589,967
Released (in shares) | shares	(17,452)
Forfeited (in shares) | shares	(95,284)
Ending balance (in shares) | shares	531,872
Weighted Average Grant Date Fair Value (per unit)
Beginning weighted average grant date fair value (in dollars per share) | $ / shares	$ 5.02
Granted (in dollars per share) | $ / shares	4.70
Vested (in dollars per share) | $ / shares	5.73
Forfeited (in dollars per share) | $ / shares	4.68
Ending weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.71

EQUITY AND EARNINGS PER SHARE_7

EQUITY AND EARNINGS PER SHARE (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator for basic and diluted earnings per share:
Loss from continuing operations after preferred dividends and noncontrolling interests	$ (13,414)	$ (15,470)	$ (43,763)	$ (39,360)
Loss Applicable to Common Stockholders	$ (13,414)	$ (15,470)	$ (43,763)	$ (39,360)
Denominator:
Denominator for basic earnings per share - weighted average shares	67,040,692	66,992,322	67,032,519	66,982,233
Effect of dilutive securities
Denominator for diluted earnings per share - adjusted weighted average shares	67,040,692	66,992,322	67,032,519	66,982,233
Basic earnings per share:
Loss Applicable to Common Stock, per share (in dollars per share)	$ (0.20)	$ (0.23)	$ (0.65)	$ (0.59)
Diluted earnings per share:
Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests (in dollars per share)	(0.20)	(0.23)	(0.65)	(0.59)
Loss Applicable to Common Stock, per share (in dollars per share)	$ (0.20)	$ (0.23)	$ (0.65)	$ (0.59)
Options
Effect of dilutive securities
Effect of dilutive securities (in shares)	0	0	0	0
RSUs
Effect of dilutive securities
Effect of dilutive securities (in shares)	0	0	0	0

TRANSACTIONS WITH AFFILIATES _2

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction [Line Items]
Stock options outstanding (in shares)	9,132,583		9,132,583
Manager | Transition Services Agreement
Related Party Transaction [Line Items]
Costs for transition services agreement	$ 0	$ 0.1	$ 0.1	$ 0.4
Affiliated Entity
Related Party Transaction [Line Items]
Shares held by Fortress and affiliates (in shares)	7,300,000		7,300,000
Stock options outstanding (in shares)	3,600,000		3,600,000
Accrued rent, related parties			$ 0.2
Affiliated Entity | Aircraft Operator Fees
Related Party Transaction [Line Items]
Payment to related party (less than)			$ 0.1

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	1 Months Ended			9 Months Ended	19 Months Ended
	Dec. 31, 2018USD ($)renewal	Jul. 31, 2018USD ($)installment	Dec. 31, 2016USD ($)	Sep. 30, 2019USD ($)renewal_option	Jun. 30, 2018USD ($)
Loss Contingencies [Line Items]
Lease exit costs			$ 800
Accounts payable and accrued expenses	$ 45,284			$ 38,032
Operating lease term				20 years
Number of renewal terms | renewal_option				8
Renewal term				5 years
Operating lease not yet commenced				$ 85,700
Ground Lease, New Orleans, Louisiana
Loss Contingencies [Line Items]
Operating lease term	20 years
Number of renewal terms | renewal	8
Renewal term	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				$ 1,800
Settled Litigation | Lease Termination Dispute
Loss Contingencies [Line Items]
Accounts payable and accrued expenses					$ 6,600
Litigation amount awarded					$ 7,400
Lower Range
Loss Contingencies [Line Items]
Operating leases commence				12 months
Upper Range
Loss Contingencies [Line Items]
Operating leases commence				24 months

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax provision	$ 162,000	$ 0	$ 162,000	$ 0
Unrecognized tax benefits					$ 700,000
Increase in liability for unrecognized tax benefits			$ 100,000

IMPAIRMENT AND OTHER LOSSES - S

IMPAIRMENT AND OTHER LOSSES - SUMMARY OF IMPAIRMENT AND OTHER LOSSES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other than Temporary Impairment Losses, Investments [Abstract]
Traditional golf properties (held-for-sale)	$ 275	$ 4,172	$ 1,227	$ 5,498
Traditional golf properties (held-for-use)	445	0	3,580	0
Valuation allowance on loans	0	0	0	147
Other losses	1,152	0	1,270	0
Total impairment and other losses	$ 1,872	$ 4,172	$ 6,077	$ 5,645

IMPAIRMENT AND OTHER LOSSES - N

IMPAIRMENT AND OTHER LOSSES - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)
Other than Temporary Impairment Losses, Investments [Abstract]
Number of impaired properties held-for-sale | property	1		3
Held-for-sale impairment	$ 275	$ 4,172	$ 1,227	$ 5,498
Number of impaired properties held-for-use | property	1		2
Held-for-use impairment	$ 445	0	$ 3,580	0
Other losses	$ 1,152	$ 0	$ 1,270	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Jan. 31, 2020USD ($)	Nov. 11, 2019USD ($)$ / shares	Jul. 30, 2019$ / shares	May 07, 2019$ / shares	Mar. 13, 2019$ / shares	Nov. 30, 2019USD ($)property	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2018	Nov. 11, 2020USD ($)	Oct. 31, 2019USD ($)
Subsequent Event [Line Items]
Dividends declared | $							$ 1,395,000	$ 1,395,000	$ 1,395,000	$ 1,395,000	$ 1,395,000	$ 1,395,000
Series B preferred stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share) | $ / shares			$ 0.609375	$ 0.609375	$ 0.609375
Preferred stock, dividend rate (as percent)			9.75%	9.75%	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) | $ / shares			$ 0.503125	$ 0.503125	$ 0.503125
Preferred stock, dividend rate (as percent)			8.05%	8.05%	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) | $ / shares			$ 0.523438	$ 0.523438	$ 0.523438
Preferred stock, dividend rate (as percent)			8.375%	8.375%	8.375%								8.375%	8.375%
Subsequent event
Subsequent Event [Line Items]
Dividends declared | $	$ 1,400,000
Subsequent event | Series B preferred stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share) | $ / shares		$ 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) | $ / shares		$ 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) | $ / shares		$ 0.523438
Preferred stock, dividend rate (as percent)		8.375%
Golf Properties | New Jersey | Disposed of by sale | Subsequent event
Subsequent Event [Line Items]
Sale price | $																$ 800,000
Golf Properties | California | Disposed of by sale
Subsequent Event [Line Items]
Sale price | $							$ 12,500,000						$ 12,500,000
Golf Properties | California | Disposed of by sale | Subsequent event
Subsequent Event [Line Items]
Sale price | $						$ 18,300,000
Number of real estate properties sold | property						2
Former Chief Executive Officer | Customary separation and release agreement | Subsequent event
Subsequent Event [Line Items]
Payment to related party | $		$ 250,000													$ 100,000

Uncategorized Items - ds-201909

Label	Element	Value
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)