Drive Shack (DSHK) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-31458
Entity Registrant Name	Drive Shack Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-0559116
Entity Address, Address Line One	218 W. 18th Street
Entity Address, Address Line Two	3rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	646
Local Phone Number	585-5591
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		67,227,944
Entity Central Index Key	0001175483
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	DS
Security Exchange Name	NYSE
Series B Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	9.75% Series B Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	DS-PB
Security Exchange Name	NYSE
Series C Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.05% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	DS-PC
Security Exchange Name	NYSE
Series D Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.375% Series D Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	DS-PD
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 13,314,000	$ 28,423,000
Restricted cash	2,904,000	3,103,000
Accounts receivable, net of allowance of $899 and $1,082, respectively	3,670,000	5,249,000
Real estate assets, held-for-sale, net	17,016,000	16,948,000
Real estate securities, available-for-sale	3,027,000	3,052,000
Other current assets	14,861,000	17,521,000
Total current assets	54,792,000	74,296,000
Restricted cash, noncurrent	286,000	438,000
Property and equipment, net of accumulated depreciation	175,014,000	179,641,000
Operating lease right-of-use assets	198,458,000	215,308,000
Intangibles, net of accumulated amortization	15,329,000	17,565,000
Other investments	0	24,020,000
Other assets	5,610,000	4,723,000
Total assets	449,489,000	515,991,000
Current liabilities
Obligations under finance leases	6,583,000	6,154,000
Membership deposit liabilities	14,815,000	10,791,000
Accounts payable and accrued expenses	38,964,000	25,877,000
Deferred revenue	15,351,000	26,268,000
Real estate liabilities, held-for-sale	5,000	4,000
Other current liabilities	30,452,000	23,964,000
Total current liabilities	106,170,000	93,058,000
Credit facilities and obligations under finance leases - noncurrent	12,435,000	13,125,000
Operating lease liabilities - noncurrent	171,592,000	187,675,000
Junior subordinated notes payable	51,185,000	51,192,000
Membership deposit liabilities, noncurrent	97,943,000	95,805,000
Deferred revenue, noncurrent	7,385,000	6,283,000
Other liabilities	3,154,000	3,278,000
Total liabilities	449,864,000	450,416,000
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, 2020 and December 31, 2019	61,583,000	61,583,000
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 67,227,944 and 67,068,751 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	672,000	671,000
Additional paid-in capital	3,178,319,000	3,177,183,000
Accumulated deficit	(3,242,337,000)	(3,175,572,000)
Accumulated other comprehensive income	1,388,000	1,710,000
Total equity	(375,000)	65,575,000
Total liabilities and equity	$ 449,489,000	$ 515,991,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Accounts receivable allowance	$ 899	$ 1,082
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)	67,227,944	67,068,751
Common stock, shares outstanding (in shares)	67,227,944	67,068,751
Series B Cumulative Redeemable Preferred Stock
Preferred stock, shares issued (in shares)	1,347,321	1,347,321
Preferred stock, shares outstanding (in shares)	1,347,321	1,347,321
Preferred stock, dividend rate	9.75%
Series C Cumulative Redeemable Preferred Stock
Preferred stock, shares issued (in shares)	496,000	496,000
Preferred stock, shares outstanding (in shares)	496,000	496,000
Preferred stock, dividend rate	8.05%
Series D Cumulative Redeemable Preferred Stock
Preferred stock, shares issued (in shares)	620,000	620,000
Preferred stock, shares outstanding (in shares)	620,000	620,000
Preferred stock, dividend rate	8.375%

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Total revenues	$ 66,465	$ 74,682	$ 159,700	$ 200,249
Operating costs
Operating expenses	54,993	63,454	142,584	169,897
Cost of sales - food and beverages	2,170	3,856	6,654	10,458
General and administrative expense	7,916	12,755	24,102	37,981
Depreciation and amortization	6,853	5,723	20,329	15,769
Pre-opening costs	227	4,350	1,049	7,229
(Gain) Loss on lease terminations and impairment	302	1,872	(2,031)	6,077
Total operating costs	72,461	92,010	192,687	247,411
Operating loss	(5,996)	(17,328)	(32,987)	(47,162)
Other income (expenses)
Interest and investment income	135	191	400	799
Interest expense, net	(2,896)	(2,061)	(8,232)	(6,008)
Other income (loss), net	(157)	7,341	(24,212)	12,955
Total other income (expenses)	(2,918)	5,471	(32,044)	7,746
Loss before income tax	(8,914)	(11,857)	(65,031)	(39,416)
Income tax expense	498	162	1,269	162
Net loss	(9,412)	(12,019)	(66,300)	(39,578)
Preferred dividends	(1,395)	(1,395)	(4,185)	(4,185)
Loss applicable to common stockholders	$ (10,807)	$ (13,414)	$ (70,485)	$ (43,763)
Loss applicable to common stock, per share
Basic (in dollars per share)	$ (0.16)	$ (0.20)	$ (1.05)	$ (0.65)
Diluted (in dollars per share)	$ (0.16)	$ (0.20)	$ (1.05)	$ (0.65)
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	67,212,532	67,040,692	67,131,827	67,032,519
Diluted (in shares)	67,212,532	67,040,692	67,131,827	67,032,519
Golf operations
Revenues
Total revenues	$ 58,766	$ 60,797	$ 137,066	$ 162,889
Food and beverages
Revenues
Total revenues	$ 7,699	$ 13,885	$ 22,634	$ 37,360

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (9,412)	$ (12,019)	$ (66,300)	$ (39,578)
Other comprehensive loss:
Net unrealized loss on available-for-sale securities	(67)	(229)	(322)	(229)
Other comprehensive loss	(67)	(229)	(322)	(229)
Total comprehensive loss	(9,479)	(12,248)	(66,622)	(39,807)
Comprehensive loss attributable to Drive Shack Inc. stockholders’ equity	$ (9,479)	$ (12,248)	$ (66,622)	$ (39,807)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Adjustment for adoption of ASC 842	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated DeficitAdjustment for adoption of ASC 842	Accumulated Other Comp. Income
Equity (deficit), beginning (in shares) at Dec. 31, 2018			2,463,321	67,027,104
Equity (deficit), beginning at Dec. 31, 2018	$ 134,667	$ (9,831)	$ 61,583	$ 670	$ 3,175,843	$ (3,105,307)	$ (9,831)	$ 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 (loss)	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	$ (9,831)	$ 61,583	$ 670	3,175,843	(3,105,307)	$ (9,831)	1,878
Comprehensive income (loss)
Net loss	(39,578)
Other comprehensive income (loss)	(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 (loss)	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
Comprehensive income (loss)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Dividends declared	$ (1,395)					(1,395)
Stock-based compensation	177				177
Shares issued from restricted stock units (in shares)				17,452
Shares issued from restricted stock units	0			$ 0	0
Net loss	(12,019)					(12,019)
Other comprehensive income (loss)	(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
Equity (deficit), beginning (in shares) at Dec. 31, 2019			2,463,321	67,068,751
Equity (deficit), beginning at Dec. 31, 2019	65,575		$ 61,583	$ 671	3,177,183	(3,175,572)		1,710
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(465)					(465)
Stock-based compensation	201				201
Shares issued from restricted stock units (in shares)				1,762
Shares issued from restricted stock units	0
Comprehensive income (loss)
Net loss	(17,362)					(17,362)
Other comprehensive income (loss)	(38)							(38)
Total comprehensive loss	(17,400)
Equity (deficit), ending (in shares) at Mar. 31, 2020			2,463,321	67,070,513
Equity (deficit), ending at Mar. 31, 2020	47,911		$ 61,583	$ 671	3,177,384	(3,193,399)		1,672
Equity (deficit), beginning (in shares) at Dec. 31, 2019			2,463,321	67,068,751
Equity (deficit), beginning at Dec. 31, 2019	65,575		$ 61,583	$ 671	3,177,183	(3,175,572)		1,710
Comprehensive income (loss)
Net loss	(66,300)
Other comprehensive income (loss)	(322)
Total comprehensive loss	(66,622)
Equity (deficit), ending (in shares) at Sep. 30, 2020			2,463,321	67,227,944
Equity (deficit), ending at Sep. 30, 2020	(375)		$ 61,583	$ 672	3,178,319	(3,242,337)		1,388
Equity (deficit), beginning (in shares) at Mar. 31, 2020			2,463,321	67,070,513
Equity (deficit), beginning at Mar. 31, 2020	47,911		$ 61,583	$ 671	3,177,384	(3,193,399)		1,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	500				500
Shares issued from restricted stock units (in shares)				141,849
Shares issued from restricted stock units	0			$ 1	(1)
Comprehensive income (loss)
Net loss	(39,526)					(39,526)
Other comprehensive income (loss)	(217)							(217)
Total comprehensive loss	(39,743)
Equity (deficit), ending (in shares) at Jun. 30, 2020			2,463,321	67,212,362
Equity (deficit), ending at Jun. 30, 2020	8,668		$ 61,583	$ 672	3,177,883	(3,232,925)		1,455
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	436				436
Shares issued from restricted stock units (in shares)				15,582
Shares issued from restricted stock units	0			$ 0	0
Comprehensive income (loss)
Net loss	(9,412)					(9,412)
Other comprehensive income (loss)	(67)							(67)
Total comprehensive loss	(9,479)
Equity (deficit), ending (in shares) at Sep. 30, 2020			2,463,321	67,227,944
Equity (deficit), ending at Sep. 30, 2020	$ (375)		$ 61,583	$ 672	$ 3,178,319	$ (3,242,337)		$ 1,388

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows From Operating Activities
Net loss	$ (66,300)	$ (39,578)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	20,329	15,769
Amortization of discount and premium	(304)	(196)
Other amortization	6,135	5,387
Amortization of revenue on golf membership deposit liabilities	(1,173)	(1,080)
Amortization of prepaid golf membership dues	(9,556)	(10,728)
Non-cash operating lease expense	7,636	5,306
Stock-based compensation	1,137	2,783
(Gain) Loss on lease terminations and impairment	(2,681)	6,077
Equity in (earnings), net of impairment from equity method investments	24,020	(1,033)
Other (gains) losses, net	390	(11,469)
Change in:
Accounts receivable, net, other current assets and other assets - noncurrent	3,614	1,605
Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent	14,452	(2,591)
Net cash used in operating activities	(2,301)	(29,748)
Cash Flows From Investing Activities
Proceeds from sale of property and equipment	(74)	44,468
Acquisition and additions of property and equipment and intangibles	(9,607)	(60,534)
Net cash used in investing activities	(9,681)	(16,066)
Cash Flows From Financing Activities
Repayments of debt obligations	(3,849)	(5,701)
Golf membership deposits received	2,241	1,776
Preferred stock dividends paid	(1,395)	(4,185)
Other financing activities	(475)	15
Net cash used in financing activities	(3,478)	(8,095)
Net Decrease in Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent	(15,460)	(53,909)
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, Beginning of Period	31,964	82,819
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, End of Period	16,504	28,910
Supplemental Schedule of Non-Cash Investing and Financing Activities
Preferred stock dividends declared but not paid	0	930
Additions to finance lease assets and liabilities	4,030	11,723
Increases in accounts payable and accrued expenses related to the purchase of property and equipment	$ 2,555	$ (2,141)

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Drive Shack Inc., a Maryland corporation, was formed in 2002, and its common stock is traded on the NYSE under the symbol “DS.” Drive Shack Inc., together with its subsidiaries, is referenced herein as "Drive Shack Inc.", "the Company", "we", or "our". The Company owns and operates golf-related leisure and entertainment venues and courses focused on bringing people together through competitive socializing, by combining sports and entertainment with elevated food and beverage offerings. The Company conducts its business through the following segments: (i) Entertainment Golf, (ii) Traditional Golf and (iii) corporate. For a further discussion of the reportable segments, see Note 4. As of September 30, 2020, the Company's Entertainment Golf segment was comprised of four owned or leased entertainment golf venues across three states with locations in Orlando, Florida; West Palm Beach, Florida; Raleigh, North Carolina; and Richmond, Virginia.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES COVID-19 Update — Following the temporary closure of all of our entertainment golf venues and substantially all of our traditional golf properties in March 2020 in response to the coronavirus ("COVID-19") global pandemic, three Drive Shack entertainment golf venues and all of our traditional golf properties were reopened by the end of the second quarter, subject to locally mandated capacity limitations and operational restrictions. As of the date of this report, our entertainment golf venue in Orlando, Florida remains closed. Restrictions on large group gatherings remain in effect in the majority of the jurisdictions we operate, which has resulted in the postponement or cancellation of the substantial majority of events, banquets, and other large group gatherings. The extended length of the COVID-19 pandemic and the related government response has caused, and is continuing to cause prolonged periods of various operational restrictions and capacity limitations impacting our business operations. In addition, the duration and intensity of the pandemic may result in changes in customer behaviors or preferences. These may lead to increased asset recovery and valuation risks, such as impairment of long-lived and other assets. The extent to which COVID-19 ultimately impacts our business will depend on future developments, which remain highly uncertain and cannot be predicted, including additional actions taken by various governmental bodies and private enterprises to contain COVID-19 or mitigate its impact, among others. The Company currently expects these developments to have a material adverse impact on its revenues, results of operations and cash flows in future periods. Going Concern — The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. As our operations remain subject to numerous locally mandated COVID-19 capacity limitations and operational restrictions. The loss of revenues and uncertainty related to the COVID-19 pandemic raised substantial doubt about the Company's ability to continue as a going concern, as disclosed in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020. In order to manage cash balances in the second quarter and continuing through the end of the third quarter, management reduced spending broadly, including furloughing employees, pausing construction on future planned venues to reduce capital spending, suspending declaration of dividends on our preferred stock, and deferring payment of certain operating and corporate expenditures, including rent payments. On October 16, 2020, the Company completed the sale of its remaining held-for-sale Traditional Golf property for a sale price of $34.5 million and received net cash proceeds of approximately $33.6 million. Management determined that the combination of cash proceeds from the sale with other cost reduction and cash conservation measures provide the Company with sufficient liquidity to meet its obligations for at least twelve months from the date of this report. Accordingly, management believes that its plans to improve the Company's liquidity position have been effectively implemented and the conditions that previously raised substantial doubt about the Company's ability to continue as a going concern have been mitigated. 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, 2019 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 6, 2020. Capitalized terms used herein, and not otherwise defined, are defined in the Company’s Consolidated Financial Statements for the year ended December 31, 2019. There have been no significant changes to our critical accounting policies as disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019. The Company’s significant accounting policies for these financial statements as of September 30, 2020 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, 2019. Use of Estimates – Our estimates are based on information available to management at the time of preparation of the Consolidated Financial Statements, including the result of historical analysis, our understanding and experience of the Company’s operations, our knowledge of the industry and market-participant data available to us. Actual results have historically been in line with management’s estimates and judgments used in applying each of the accounting policies and management periodically re-evaluates accounting estimates and assumptions. Actual results could differ from these estimates and materially impact our Consolidated Financial Statements. However, the Company does not expect our assessments and assumptions to materially change in the future. 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 to sell. 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 below carrying value are recognized as an impairment loss and recorded in "(Gain) Loss on lease terminations and impairment" on the Consolidated Statements of Operations. To the extent the fair value increases, any previously reported impairment is reversed to the extent of the impairment taken. 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, 2020, the Company continued to present one traditional golf property as held-for-sale. On October 16, 2020, the Company completed the sale of that remaining held-for-sale Traditional Golf property for a sale price of $34.5 million and received net cash proceeds of approximately $33.6 million. The real estate assets, held-for-sale, net are reported at a carrying value of $17.0 million and include $12.7 million of land, $4.0 million of buildings and improvements, $0.2 million of furniture, fixtures and equipment, and $0.2 million of other related assets as of September 30, 2020. 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. 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. Operating leases are subsequently amortized into lease cost on a straight-line basis. Depreciation of the finance lease ROU assets is 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. 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. 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 results. 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. As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value this real estate investment fall within Level 3 for fair value reporting. The operations and ongoing construction at the commercial real estate project halted due to the COVID-19 pandemic in mid-March and the Company recorded an other-than-temporary impairment charge of $24.7 million during the three months ended June 30, 2020. The other-than-temporary impairment charge was recorded in "Other income (loss), net" on the Consolidated Statements of Operations. The property reopened to the public with additional entertainment venues and retail shops in October 2020 while following COVID related operational restrictions and capacity limitations, and implementing social distancing measures. However, the ability of the commercial real estate project to obtain additional funding to complete the construction and attain the financial results needed to recover any of our investment remains highly uncertain. The carrying value of the investment was zero and $24.0 million as of September 30, 2020, and December 31, 2019, respectively. 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 is greater than the expected undiscounted cash flows, the asset is considered impaired and 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, 2020 December 31, 2019 Managed course receivables $ 5,244 $ 5,426 Prepaid expenses 2,806 3,608 Deposits 949 1,374 Inventory 2,173 2,762 Miscellaneous current assets, net 3,689 4,351 Other current assets $ 14,861 $ 17,521 Other Assets The following table summarizes the Company's other assets: September 30, 2020 December 31, 2019 Prepaid expenses $ 727 $ 317 Deposits 2,504 2,123 Miscellaneous assets, net 2,379 2,283 Other assets $ 5,610 $ 4,723 Other Current Liabilities The following table summarizes the Company's other current liabilities: September 30, 2020 December 31, 2019 Operating lease liabilities $ 20,336 $ 16,922 Accrued rent 5,863 2,769 Dividends payable — 930 Miscellaneous current liabilities 4,253 3,343 Other current liabilities $ 30,452 $ 23,964 Other Liabilities The following table summarized the Company's other liabilities: September 30, 2020 December 31, 2019 Service obligation intangible $ — $ 1,776 Miscellaneous liabilities 3,154 1,502 Other liabilities $ 3,154 $ 3,278 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. Other Income (Loss), Net — These items are comprised of the following: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Collateral management fee income, net 62 101 199 357 Equity in earnings, net of impairment from equity method investments — 348 (24,020) 1,033 Gain (loss) on sale of traditional golf properties (9) 7,096 (63) 11,763 Other (loss) income (210) (204) (328) (198) Other income (loss), net $ (157) $ 7,341 $ (24,212) $ 12,955 Equity in earnings, net of impairment from equity method investments - During the nine months ended September 30, 2020, the Company recorded an other-than-temporary impairment charge of $24.7 million on the Company's equity method investment. Gain (loss) on sale of traditional golf properties - During the three months ended September 30, 2019, the Company sold one traditional golf property resulting in net proceeds of $12.3 million, inclusive of transaction costs. The traditional golf property had a carrying value of $5.2 million and resulted in a gain on sale of $7.0 million. During the nine months ended September 30, 2019, the company sold eight traditional golf properties, resulting in net proceeds of $55.7 million. The traditional golf properties had a carrying value of $43.8 million and resulted in a gain on sale of $11.8 million. Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The standard removes certain exceptions for investments, intraperiod allocations and interim tax calculations and adds guidance to reduce complexity in accounting for income taxes. The effective date of the standard will be for annual periods beginning after December 15, 2020, with early adoption permitted. The various amendments in the standard are applied on a retrospective basis, modified retrospective basis and prospective basis, depending on the amendment. The Company is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements.

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2020
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 revenues are generated within the Entertainment Golf 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, 2020 Nine Months Ended September 30, 2020 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 $ 2,736 $ 27,361 $ 11,833 $ 16,836 $ 58,766 $ 7,408 $ 56,419 $ 31,994 $ 41,245 $ 137,066 Sales of food and beverages 3,440 2,719 1,540 — 7,699 10,675 7,914 4,045 — 22,634 Total revenues $ 6,176 $ 30,080 $ 13,373 $ 16,836 $ 66,465 $ 18,083 $ 64,333 $ 36,039 $ 41,245 $ 159,700 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 (A) Includes $15.2 million and $37.1 million for the three and nine months ended September 30, 2020, respectively, and $15.7 million and $38.5 million for the three and nine months ended September 30, 2019, respectively, related to management contract reimbursements reported under ASC 606.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company currently has three reportable segments: (i) Entertainment Golf, (ii) Traditional Golf and (iii) corporate. The Company has determined that its chief operating decision maker (“CODM”) is the 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's Entertainment Golf segment, launched in 2018, is comprised of Drive Shack venues that feature tech-enabled hitting bays with in-bay dining, full-service restaurants, bars, and event spaces. As of September 30, 2020, the Company owned or leased four Drive Shack venues across three states which are located in Orlando, Florida; West Palm Beach, Florida; Raleigh, North Carolina; and Richmond, Virginia. The Company's Traditional Golf business is one of the largest operators of golf courses and country clubs in the United States. As of September 30, 2020, the Company owned, leased or managed 60 Traditional Golf properties across nine states. Entertainment Golf Traditional Golf Corporate Total Nine Months Ended September 30, 2020 Revenues Golf operations $ 7,408 $ 129,658 $ — $ 137,066 Sales of food and beverages 10,675 11,959 — 22,634 Total revenues 18,083 141,617 — 159,700 Operating costs Operating expenses 15,041 127,543 — 142,584 Cost of sales - food and beverages 2,747 3,907 — 6,654 General and administrative expense (A) 6,278 8,092 6,617 20,987 General and administrative expense - acquisition and transaction expenses (B) 1,861 196 1,058 3,115 Depreciation and amortization 9,012 11,100 217 20,329 Pre-opening costs (C) 1,049 — — 1,049 (Gain) Loss on lease terminations and impairment 16 (2,047) — (2,031) Realized and unrealized (gain) on investments — — — — Total operating costs 36,004 148,791 7,892 192,687 Operating (loss) income (17,921) (7,174) (7,892) (32,987) Other income (expenses) Interest and investment income 1 56 343 400 Interest expense (D) (301) (6,691) (1,319) (8,311) Capitalized interest (D) — 23 56 79 Other income (loss), net — (381) (23,831) (24,212) Total other income (expenses) (300) (6,993) (24,751) (32,044) Income tax expense 1 — 1,268 1,269 Net loss (18,222) (14,167) (33,911) (66,300) Preferred dividends — — (4,185) (4,185) Loss applicable to common stockholders $ (18,222) $ (14,167) $ (38,096) $ (70,485) Entertainment Golf Traditional Golf Corporate Total Three Months Ended September 30, 2020 Revenues Golf operations $ 2,736 $ 56,030 $ — $ 58,766 Sales of food and beverages 3,440 4,259 — 7,699 Total revenues 6,176 60,289 — 66,465 Operating costs Operating expenses 4,240 50,753 — 54,993 Cost of sales - food and beverages 843 1,327 — 2,170 General and administrative expense (A) 1,749 2,810 2,256 6,815 General and administrative expense - acquisition and transaction expenses (B) 996 41 64 1,101 Depreciation and amortization 2,991 3,789 73 6,853 Pre-opening costs (C) 227 — — 227 (Gain) Loss on lease terminations and impairment 16 286 — 302 Realized and unrealized loss on investments — — — — Total operating costs 11,062 59,006 2,393 72,461 Operating (loss) income (4,886) 1,283 (2,393) (5,996) Other income (expenses) Interest and investment income — 18 117 135 Interest expense (D) (94) (2,446) (357) (2,897) Capitalized interest (D) — 1 — 1 Other income (loss), net — (215) 58 (157) Total other income (expenses) (94) (2,642) (182) (2,918) Income tax expense 1 — 497 498 Net loss (4,981) (1,359) (3,072) (9,412) Preferred dividends — — (1,395) (1,395) Loss applicable to common stockholders $ (4,981) $ (1,359) $ (4,467) $ (10,807) Entertainment Golf Traditional Golf Corporate Total September 30, 2020 Total assets 152,062 285,262 12,165 449,489 Total liabilities 40,340 345,851 63,673 449,864 Preferred stock — — 61,583 61,583 Equity $ 111,722 $ (60,589) $ (113,091) $ (61,958) Additions to property and equipment (including finance leases) during the nine months ended September 30, 2020 $ 5,506 $ 3,596 $ 403 $ 9,505 Summary segment financial data (continued). 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 6,807 163,090 — 169,897 Cost of sales - food and beverages 1,106 9,352 — 10,458 General and administrative expense (A) 10,349 12,713 10,977 34,039 General and administrative expense - acquisition and transaction expenses (B) 3,094 539 309 3,942 Depreciation and amortization 3,119 12,528 122 15,769 Pre-opening costs (C) 7,229 — — 7,229 (Gain) Loss on lease terminations and impairment 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) income (26,087) (9,667) (11,408) (47,162) Other income (expenses) Interest and investment income 311 84 404 799 Interest expense (D) (245) (6,140) (1,856) (8,241) Capitalized interest (D) — 583 1,650 2,233 Other income (loss), 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) 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 3,202 60,252 — 63,454 Cost of sales - food and beverages 604 3,252 — 3,856 General and administrative expense (A) 3,433 4,500 2,467 10,400 General and administrative expense - acquisition and transaction expenses (B) 2,117 207 31 2,355 Depreciation and amortization 1,450 4,192 81 5,723 Pre-opening costs (C) 4,350 — — 4,350 (Gain) Loss on lease terminations and impairment 1,152 720 — 1,872 Total operating costs 16,308 73,123 2,579 92,010 Operating (loss) income (12,621) (2,128) (2,579) (17,328) Other income (expenses) Interest and investment income 64 24 103 191 Interest expense (D) (103) (2,088) (599) (2,790) Capitalized interest (D) — 169 560 729 Other income (loss), net — 6,896 445 7,341 Total other income (expenses) (39) 5,001 509 5,471 Income tax expense — — 162 162 Net loss (12,660) 2,873 (2,232) (12,019) Preferred dividends — — (1,395) (1,395) Loss applicable to common stockholders $ (12,660) $ 2,873 $ (3,627) $ (13,414) (B) Acquisition and transaction expenses include costs related to completed and potential acquisitions and transactions and strategic initiatives which may include advisory, legal, accounting and other professional or consulting fees. (C) Pre-opening costs are expensed as incurred and consist primarily of venue-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.

PROPERTY AND EQUIPMENT, NET OF

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION	9 Months Ended
	Sep. 30, 2020
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, 2020 December 31, 2019 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 6,770 $ — $ 6,770 $ 6,770 $ — $ 6,770 Buildings and improvements 150,116 (43,052) 107,064 147,146 (36,349) 110,797 Furniture, fixtures and equipment 54,340 (25,393) 28,947 52,327 (19,484) 32,843 Finance leases - equipment 34,209 (15,402) 18,807 36,166 (16,047) 20,119 Construction in progress 13,426 — 13,426 9,112 — 9,112 Total Property and Equipment $ 258,861 $ (83,847) $ 175,014 $ 251,521 $ (71,880) $ 179,641

LEASES

LEASES	9 Months Ended
	Sep. 30, 2020
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, 2020, and September 30, 2019, are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Finance lease cost Amortization of right-of-use assets $ 1,480 1,690 $ 4,496 4,736 Interest on lease liabilities 217 353 803 972 Total finance lease cost 1,697 2,043 5,299 5,708 Operating lease cost Operating lease cost 8,881 9,798 27,146 28,276 Short-term lease cost 432 420 1,282 1,882 Variable lease cost 5,044 5,544 9,375 12,696 Total operating lease cost 14,357 15,762 37,803 42,854 Total lease cost $ 16,054 17,805 $ 43,102 48,562 Other information related to leases included on the Consolidated Balance Sheet as of and for the nine months ended September 30, 2020 are as follows: Operating Leases Financing Leases Right-of-use assets 198,458 18,807 Lease liabilities 191,928 18,818 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows 17,086 803 Financing cash flows N/A 3,849 Right-of-use assets obtained in exchange for lease liabilities 679 4,030 Weighted average remaining lease term 12.6 years 3.5 years Weighted average discount rate 8.4 % 7.0 % Future minimum lease payments under non-cancellable leases as of September 30, 2020 are as follows: Operating Leases Financing Leases October 1, 2020 - December 31, 2020 12,047 1,915 2021 30,186 6,903 2022 29,102 5,267 2023 28,941 4,195 2024 22,789 1,993 Thereafter 197,827 934 Total minimum lease payments 320,892 21,207 Less: imputed interest 128,964 2,389 Total lease liabilities $ 191,928 $ 18,818
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, 2020, and September 30, 2019, are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Finance lease cost Amortization of right-of-use assets $ 1,480 1,690 $ 4,496 4,736 Interest on lease liabilities 217 353 803 972 Total finance lease cost 1,697 2,043 5,299 5,708 Operating lease cost Operating lease cost 8,881 9,798 27,146 28,276 Short-term lease cost 432 420 1,282 1,882 Variable lease cost 5,044 5,544 9,375 12,696 Total operating lease cost 14,357 15,762 37,803 42,854 Total lease cost $ 16,054 17,805 $ 43,102 48,562 Other information related to leases included on the Consolidated Balance Sheet as of and for the nine months ended September 30, 2020 are as follows: Operating Leases Financing Leases Right-of-use assets 198,458 18,807 Lease liabilities 191,928 18,818 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows 17,086 803 Financing cash flows N/A 3,849 Right-of-use assets obtained in exchange for lease liabilities 679 4,030 Weighted average remaining lease term 12.6 years 3.5 years Weighted average discount rate 8.4 % 7.0 % Future minimum lease payments under non-cancellable leases as of September 30, 2020 are as follows: Operating Leases Financing Leases October 1, 2020 - December 31, 2020 12,047 1,915 2021 30,186 6,903 2022 29,102 5,267 2023 28,941 4,195 2024 22,789 1,993 Thereafter 197,827 934 Total minimum lease payments 320,892 21,207 Less: imputed interest 128,964 2,389 Total lease liabilities $ 191,928 $ 18,818

INTANGIBLES, NET OF ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	9 Months Ended
	Sep. 30, 2020
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, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (157) $ 543 $ 700 $ (140) $ 560 Management contracts 31,830 (18,460) 13,370 32,331 (17,342) 14,989 Internally-developed software 267 (66) 201 252 (27) 225 Membership base 5,236 (5,049) 187 5,236 (4,488) 748 Nonamortizable liquor licenses 1,028 — 1,028 1,043 — 1,043 Total Intangibles $ 39,061 $ (23,732) $ 15,329 $ 39,562 $ (21,997) $ 17,565

DEBT OBLIGATIONS

DEBT OBLIGATIONS	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS The following table presents certain information regarding the Company’s debt obligations at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 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 3.09% 3.09 % 23.2 $ — $ 200 $ 200 Finance leases (Equipment) Jul 2014 - Sep 2020 18,818 18,818 Oct 2020 - Apr 2026 3.00% to 15.00% 6.97 % 3.5 — 19,079 19,079 19,018 19,018 6.93 % 3.7 — 19,279 19,279 Less current portion of obligations under finance leases 6,583 6,583 6,154 6,154 Credit facilities and obligations under finance leases - noncurrent 12,435 12,435 13,125 13,125 Corporate Junior subordinated notes payable (B) Mar 2006 51,004 51,185 Apr 2035 LIBOR+2.25% 2.49 % 14.6 51,004 51,004 51,192 Total debt obligations $ 70,022 $ 70,203 3.69 % 11.6 $ 51,004 $ 70,283 $ 70,471 (B) Interest rate based on 3 month LIBOR plus 2.25%. Collateral for this obligation is the Company's general credit.

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	9 Months Ended
	Sep. 30, 2020
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, 2020, 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, 2020 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 $ 3,160 $ (1,521) $ 1,639 $ 1,388 $ — $ 3,027 1 CCC 0.76 % 29.10 % 3.2 50.0 % Total Securities, Available for Sale (E) $ 4,000 $ 3,160 $ (1,521) $ 1,639 $ 1,388 $ — $ 3,027 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.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2020
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, 2020: Carrying Value Estimated Fair Value Fair Value Method (A) Assets Real estate securities, available-for-sale $ 3,027 $ 3,027 Pricing models - Level 3 Cash and cash equivalents 13,314 13,314 Restricted cash, current and noncurrent 3,190 3,190 Liabilities Junior subordinated notes payable 51,185 8,200 Pricing models - Level 3 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, 2020: Significant Inputs Asset Type Amortized Cost Basis Fair Value Discount Prepayment Cumulative Default Rate Loss ABS - Non-Agency RMBS $ 1,639 $ 3,027 10.0 % 8.0 % 2.6 % 70.0 % 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, 2020 as follows: ABS - Non-Agency RMBS Balance at December 31, 2019 $ 3,052 Total gains (losses) (A) Included in other comprehensive income (loss) (322) Amortization included in interest income 338 Purchases, sales and repayments (A) Proceeds (41) Balance at September 30, 2020 $ 3,027 (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, 2020. There were no transfers into or out of Level 3 during the nine months ended September 30, 2020. 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, 2020
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, 2020: Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2019 6,898,346 $ 3.26 Expired (1,117,118) 5.44 Forfeited (770,652) 4.74 Balance at September 30, 2020 5,010,576 $ 2.55 2.42 Exercisable at September 30, 2020 3,702,422 $ 2.56 2.44 As of September 30, 2020, 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 Total 5,010,576 Weighted average strike price $ 2.55 (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. Stock-based compensation expense is recognized on a straight-line basis through the vesting date of the options. Stock-based compensation expense related to the employee options was $0.3 million and $0.5 million during the three and nine months ended September 30, 2020, respectively, and $(0.1) million and $2.3 million during the three and nine months ended September 30, 2019, 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 $1.4 million as of September 30, 2020 and will be expensed over a weighted average of 1.8 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, 2020. Number of RSUs Weighted Average Grant Date Fair Value (per unit) Balance at December 31, 2019 520,618 $ 4.66 Released (159,193) $ 4.69 Forfeited (144,447) $ 4.62 Balance at September 30, 2020 216,978 $ 4.67 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, 2020, the Company granted no RSUs to non-employee directors and 37,944 RSUs granted to non-employee directors vested. The Company also grants 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. During the nine months ended September 30, 2020, the Company granted no RSUs to employees and 160,954 RSUs granted to employees vested. Stock-based compensation expense is recognized on a straight-line basis through the vesting date of the RSUs. Stock-based compensation expense related to RSUs was $0.2 million and $0.6 million during the three and nine months ended September 30, 2020, respectively, and $0.3 million and $0.5 million for the three and nine months ended September 30, 2019, respectively. 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 $0.6 million as of September 30, 2020 and will be expensed over a weighted average of 1.6 years. C. Dividends 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 were paid on January 31, 2020. No dividends were declared during the nine months ended September 30, 2020. 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, 2020 2019 2020 2019 Numerator for basic and diluted earnings per share: Loss from continuing operations after preferred dividends and noncontrolling interests $ (10,807) $ (13,414) $ (70,485) $ (43,763) Loss Applicable to Common Stockholders $ (10,807) $ (13,414) $ (70,485) $ (43,763) Denominator: Denominator for basic earnings per share - weighted average shares 67,212,532 67,040,692 67,131,827 67,032,519 Effect of dilutive securities Options — — — — RSUs — — — — Denominator for diluted earnings per share - adjusted weighted average shares 67,212,532 67,040,692 67,131,827 67,032,519 Basic earnings per share: Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ (0.16) $ (0.20) $ (1.05) $ (0.65) Loss Applicable to Common Stock, per share $ (0.16) $ (0.20) $ (1.05) $ (0.65) Diluted earnings per share: Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ (0.16) $ (0.20) $ (1.05) $ (0.65) Loss Applicable to Common Stock, per share $ (0.16) $ (0.20) $ (1.05) $ (0.65)

TRANSACTIONS WITH AFFILIATES AN

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	9 Months Ended
	Sep. 30, 2020
Transactions With Affiliates And Affiliated Entity [Abstract]
TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES Other Affiliated EntitiesThe Company incurred expenses for services of Ms. Khouri prior to execution of an employment agreement, which will be reimbursed to an affiliate of a member of the Board of Directors, subject to Board approval. The Company accrued $0.2 million in compensation expense for the year ended December 31, 2019, and an additional $0.1 million during 2020. The amount remained unpaid as of September 30, 2020.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Contingencies - 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, 2020, 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 - As of September 30, 2020, the Company had future payments for additional operating leases that had not yet commenced of $12.2 million. The leases are expected to commence over the next 12 - 24 months with lease terms of approximately 10 years. These leases are primarily real estate leases for future Puttery venues and the recognition of these leases on our balance sheet generally occurs when the Company takes possession of the underlying property. Preferred Dividends in Arrears - As of September 30, 2020, $3.7 million of dividends on the Company's cumulative preferred stock were unpaid and in arrears.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2020
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 $0.5 million and $1.3 million for the three and nine months ended September 30, 2020, respectively. The Company's income tax provision was $0.2 million for the three and nine months ended September 30, 2019. The increase in the income tax provision is primarily due to tax on excess inclusion income. 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, 2020 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. Generally, the Company is no longer subject to tax examinations by tax authorities for years prior to 2016. At December 31, 2019 and September 30, 2020, the Company reported a total liability for unrecognized tax benefits of $1.2 million. The Company does not anticipate any significant increases or decreases to the balance of unrecognized tax benefits during the next 12 months. On March 27, 2020, as part of the business stimulus package in response to the COVID-19 pandemic, the U.S. government enacted the CARES Act. The CARES Act established new tax provisions including, but not limited to: (1) five-year carryback of NOLs generated in 2018, 2019 and 2020, and a temporary suspension of certain other limitations on the use of NOLs; (2) accelerated refund of AMT credit carryforwards; and (3) retroactive changes to allow accelerated depreciation for certain depreciable property. The legislation does not have a material impact on the Company’s tax positions due to the lack of taxable income in the carryback periods and the fact the Company was already expecting to receive a cash benefit for the remaining

(GAIN) LOSS ON LEASE TERMINATIO

(GAIN) LOSS ON LEASE TERMINATIONS AND IMPAIRMENT	9 Months Ended
	Sep. 30, 2020
Other than Temporary Impairment Losses, Investments [Abstract]
(GAIN) LOSS ON LEASE TERMINATIONS AND IMPAIRMENT	(GAIN) LOSS ON LEASE TERMINATIONS AND IMPAIRMENT 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, 2020 2019 2020 2019 (Gain) loss on lease terminations $ 201 $ — $ (2,924) $ — Impairment on traditional golf properties (held-for-sale) $ — $ 275 $ — $ 1,227 Impairment on traditional golf properties (held-for-use) — 445 792 3,580 Other losses 101 1,152 101 1,270 Total (gain) loss on lease terminations and impairment $ 302 $ 1,872 $ (2,031) $ 6,077 Gain on lease terminations - During the nine months ended September 30, 2020, the Company recorded a gain of $2.9 million on the termination of two traditional golf property leases. The gain primarily related to the derecognition of long-lived asset, intangible, and ROU asset and liability balances. Held-for-Sale Impairment: During the three and nine months ended September 30, 2019, the Company recognized impairment losses and recorded accumulated impairment totaling approximately $0.3 million and $1.2 million, respectively, on one and three traditional golf properties, 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: During the nine months ended September 30, 2020, the Company recorded impairment charges totaling $0.8 million for one traditional golf property. During the three and nine months ended September 30, 2019, the Company recorded impairment charges totaling $0.4 million and $3.6 million, respectively for one and two golf properties, respectively. The Company evaluated the recoverability of the carrying value of these assets using the income approach based on future assumptions of cash flows. 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: During the three and nine months ended September 30, 2019, the Company recorded losses of $1.2 million and $1.3 million, respectively, primarily due to the Company's decision to discontinue the use of certain internally-developed software at our entertainment golf venues.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
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, 2019 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 6, 2020. Capitalized terms used herein, and not otherwise defined, are defined in the Company’s Consolidated Financial Statements for the year ended December 31, 2019. There have been no significant changes to our critical accounting policies as disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
Use of Estimates	Use of Estimates – Our estimates are based on information available to management at the time of preparation of the Consolidated Financial Statements, including the result of historical analysis, our understanding and experience of the Company’s operations, our knowledge of the industry and market-participant data available to us. Actual results have historically been in line with management’s estimates and judgments used in applying each of the accounting policies and management periodically re-evaluates accounting estimates and assumptions. Actual results could differ from these estimates and materially impact our Consolidated Financial Statements. However, the Company does not expect our assessments and assumptions to materially change in the future.
Real Estate, Held-for-Sale	Real Estate, Held-for-Sale —
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. Operating leases are subsequently amortized into lease cost on a straight-line basis. Depreciation of the finance lease ROU assets is 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.
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. 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 results. 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. As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value this real estate investment fall within Level 3 for fair value reporting.
Impairment of Long-lived Assets	Impairment of Long-lived Assets —
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 December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The standard removes certain exceptions for investments, intraperiod allocations and interim tax calculations and adds guidance to reduce complexity in accounting for income taxes. The effective date of the standard will be for annual periods beginning after December 15, 2020, with early adoption permitted. The various amendments in the standard are applied on a retrospective basis, modified retrospective basis and prospective basis, depending on the amendment. The Company is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements.
Fair Value Measurements	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. 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
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, 2020
Accounting Policies [Abstract]
Schedule of other current assets	The following table summarizes the Company's other current assets: September 30, 2020 December 31, 2019 Managed course receivables $ 5,244 $ 5,426 Prepaid expenses 2,806 3,608 Deposits 949 1,374 Inventory 2,173 2,762 Miscellaneous current assets, net 3,689 4,351 Other current assets $ 14,861 $ 17,521
Schedule of other assets	The following table summarizes the Company's other assets: September 30, 2020 December 31, 2019 Prepaid expenses $ 727 $ 317 Deposits 2,504 2,123 Miscellaneous assets, net 2,379 2,283 Other assets $ 5,610 $ 4,723
Schedule of other current liabilities	The following table summarizes the Company's other current liabilities: September 30, 2020 December 31, 2019 Operating lease liabilities $ 20,336 $ 16,922 Accrued rent 5,863 2,769 Dividends payable — 930 Miscellaneous current liabilities 4,253 3,343 Other current liabilities $ 30,452 $ 23,964
Schedule of other liabilities	The following table summarized the Company's other liabilities: September 30, 2020 December 31, 2019 Service obligation intangible $ — $ 1,776 Miscellaneous liabilities 3,154 1,502 Other liabilities $ 3,154 $ 3,278
Other Income (Loss), Net	These items are comprised of the following: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Collateral management fee income, net 62 101 199 357 Equity in earnings, net of impairment from equity method investments — 348 (24,020) 1,033 Gain (loss) on sale of traditional golf properties (9) 7,096 (63) 11,763 Other (loss) income (210) (204) (328) (198) Other income (loss), net $ (157) $ 7,341 $ (24,212) $ 12,955

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 Nine Months Ended September 30, 2020 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 $ 2,736 $ 27,361 $ 11,833 $ 16,836 $ 58,766 $ 7,408 $ 56,419 $ 31,994 $ 41,245 $ 137,066 Sales of food and beverages 3,440 2,719 1,540 — 7,699 10,675 7,914 4,045 — 22,634 Total revenues $ 6,176 $ 30,080 $ 13,373 $ 16,836 $ 66,465 $ 18,083 $ 64,333 $ 36,039 $ 41,245 $ 159,700 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

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 Revenues Golf operations $ 7,408 $ 129,658 $ — $ 137,066 Sales of food and beverages 10,675 11,959 — 22,634 Total revenues 18,083 141,617 — 159,700 Operating costs Operating expenses 15,041 127,543 — 142,584 Cost of sales - food and beverages 2,747 3,907 — 6,654 General and administrative expense (A) 6,278 8,092 6,617 20,987 General and administrative expense - acquisition and transaction expenses (B) 1,861 196 1,058 3,115 Depreciation and amortization 9,012 11,100 217 20,329 Pre-opening costs (C) 1,049 — — 1,049 (Gain) Loss on lease terminations and impairment 16 (2,047) — (2,031) Realized and unrealized (gain) on investments — — — — Total operating costs 36,004 148,791 7,892 192,687 Operating (loss) income (17,921) (7,174) (7,892) (32,987) Other income (expenses) Interest and investment income 1 56 343 400 Interest expense (D) (301) (6,691) (1,319) (8,311) Capitalized interest (D) — 23 56 79 Other income (loss), net — (381) (23,831) (24,212) Total other income (expenses) (300) (6,993) (24,751) (32,044) Income tax expense 1 — 1,268 1,269 Net loss (18,222) (14,167) (33,911) (66,300) Preferred dividends — — (4,185) (4,185) Loss applicable to common stockholders $ (18,222) $ (14,167) $ (38,096) $ (70,485) Entertainment Golf Traditional Golf Corporate Total Three Months Ended September 30, 2020 Revenues Golf operations $ 2,736 $ 56,030 $ — $ 58,766 Sales of food and beverages 3,440 4,259 — 7,699 Total revenues 6,176 60,289 — 66,465 Operating costs Operating expenses 4,240 50,753 — 54,993 Cost of sales - food and beverages 843 1,327 — 2,170 General and administrative expense (A) 1,749 2,810 2,256 6,815 General and administrative expense - acquisition and transaction expenses (B) 996 41 64 1,101 Depreciation and amortization 2,991 3,789 73 6,853 Pre-opening costs (C) 227 — — 227 (Gain) Loss on lease terminations and impairment 16 286 — 302 Realized and unrealized loss on investments — — — — Total operating costs 11,062 59,006 2,393 72,461 Operating (loss) income (4,886) 1,283 (2,393) (5,996) Other income (expenses) Interest and investment income — 18 117 135 Interest expense (D) (94) (2,446) (357) (2,897) Capitalized interest (D) — 1 — 1 Other income (loss), net — (215) 58 (157) Total other income (expenses) (94) (2,642) (182) (2,918) Income tax expense 1 — 497 498 Net loss (4,981) (1,359) (3,072) (9,412) Preferred dividends — — (1,395) (1,395) Loss applicable to common stockholders $ (4,981) $ (1,359) $ (4,467) $ (10,807) Entertainment Golf Traditional Golf Corporate Total September 30, 2020 Total assets 152,062 285,262 12,165 449,489 Total liabilities 40,340 345,851 63,673 449,864 Preferred stock — — 61,583 61,583 Equity $ 111,722 $ (60,589) $ (113,091) $ (61,958) Additions to property and equipment (including finance leases) during the nine months ended September 30, 2020 $ 5,506 $ 3,596 $ 403 $ 9,505 Summary segment financial data (continued). 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 6,807 163,090 — 169,897 Cost of sales - food and beverages 1,106 9,352 — 10,458 General and administrative expense (A) 10,349 12,713 10,977 34,039 General and administrative expense - acquisition and transaction expenses (B) 3,094 539 309 3,942 Depreciation and amortization 3,119 12,528 122 15,769 Pre-opening costs (C) 7,229 — — 7,229 (Gain) Loss on lease terminations and impairment 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) income (26,087) (9,667) (11,408) (47,162) Other income (expenses) Interest and investment income 311 84 404 799 Interest expense (D) (245) (6,140) (1,856) (8,241) Capitalized interest (D) — 583 1,650 2,233 Other income (loss), 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) 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 3,202 60,252 — 63,454 Cost of sales - food and beverages 604 3,252 — 3,856 General and administrative expense (A) 3,433 4,500 2,467 10,400 General and administrative expense - acquisition and transaction expenses (B) 2,117 207 31 2,355 Depreciation and amortization 1,450 4,192 81 5,723 Pre-opening costs (C) 4,350 — — 4,350 (Gain) Loss on lease terminations and impairment 1,152 720 — 1,872 Total operating costs 16,308 73,123 2,579 92,010 Operating (loss) income (12,621) (2,128) (2,579) (17,328) Other income (expenses) Interest and investment income 64 24 103 191 Interest expense (D) (103) (2,088) (599) (2,790) Capitalized interest (D) — 169 560 729 Other income (loss), net — 6,896 445 7,341 Total other income (expenses) (39) 5,001 509 5,471 Income tax expense — — 162 162 Net loss (12,660) 2,873 (2,232) (12,019) Preferred dividends — — (1,395) (1,395) Loss applicable to common stockholders $ (12,660) $ 2,873 $ (3,627) $ (13,414) (B) Acquisition and transaction expenses include costs related to completed and potential acquisitions and transactions and strategic initiatives which may include advisory, legal, accounting and other professional or consulting fees. (C) Pre-opening costs are expensed as incurred and consist primarily of venue-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.

PROPERTY AND EQUIPMENT, NET O_2

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION (Tables)	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	The following table summarizes the Company’s property and equipment: September 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 6,770 $ — $ 6,770 $ 6,770 $ — $ 6,770 Buildings and improvements 150,116 (43,052) 107,064 147,146 (36,349) 110,797 Furniture, fixtures and equipment 54,340 (25,393) 28,947 52,327 (19,484) 32,843 Finance leases - equipment 34,209 (15,402) 18,807 36,166 (16,047) 20,119 Construction in progress 13,426 — 13,426 9,112 — 9,112 Total Property and Equipment $ 258,861 $ (83,847) $ 175,014 $ 251,521 $ (71,880) $ 179,641

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Lease related costs	Lease related costs recognized in the Consolidated Statements of Operations for the three and nine months ended September 30, 2020, and September 30, 2019, are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Finance lease cost Amortization of right-of-use assets $ 1,480 1,690 $ 4,496 4,736 Interest on lease liabilities 217 353 803 972 Total finance lease cost 1,697 2,043 5,299 5,708 Operating lease cost Operating lease cost 8,881 9,798 27,146 28,276 Short-term lease cost 432 420 1,282 1,882 Variable lease cost 5,044 5,544 9,375 12,696 Total operating lease cost 14,357 15,762 37,803 42,854 Total lease cost $ 16,054 17,805 $ 43,102 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, 2020 are as follows: Operating Leases Financing Leases Right-of-use assets 198,458 18,807 Lease liabilities 191,928 18,818 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows 17,086 803 Financing cash flows N/A 3,849 Right-of-use assets obtained in exchange for lease liabilities 679 4,030 Weighted average remaining lease term 12.6 years 3.5 years Weighted average discount rate 8.4 % 7.0 %
Schedule of future minimum lease payments, operating lease	Future minimum lease payments under non-cancellable leases as of September 30, 2020 are as follows: Operating Leases Financing Leases October 1, 2020 - December 31, 2020 12,047 1,915 2021 30,186 6,903 2022 29,102 5,267 2023 28,941 4,195 2024 22,789 1,993 Thereafter 197,827 934 Total minimum lease payments 320,892 21,207 Less: imputed interest 128,964 2,389 Total lease liabilities $ 191,928 $ 18,818
Schedule of future minimum lease payments, finance lease	Future minimum lease payments under non-cancellable leases as of September 30, 2020 are as follows: Operating Leases Financing Leases October 1, 2020 - December 31, 2020 12,047 1,915 2021 30,186 6,903 2022 29,102 5,267 2023 28,941 4,195 2024 22,789 1,993 Thereafter 197,827 934 Total minimum lease payments 320,892 21,207 Less: imputed interest 128,964 2,389 Total lease liabilities $ 191,928 $ 18,818

INTANGIBLES, NET OF ACCUMULAT_2

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	The following table summarizes the Company’s intangible assets: September 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (157) $ 543 $ 700 $ (140) $ 560 Management contracts 31,830 (18,460) 13,370 32,331 (17,342) 14,989 Internally-developed software 267 (66) 201 252 (27) 225 Membership base 5,236 (5,049) 187 5,236 (4,488) 748 Nonamortizable liquor licenses 1,028 — 1,028 1,043 — 1,043 Total Intangibles $ 39,061 $ (23,732) $ 15,329 $ 39,562 $ (21,997) $ 17,565

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of debt obligations	The following table presents certain information regarding the Company’s debt obligations at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 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 3.09% 3.09 % 23.2 $ — $ 200 $ 200 Finance leases (Equipment) Jul 2014 - Sep 2020 18,818 18,818 Oct 2020 - Apr 2026 3.00% to 15.00% 6.97 % 3.5 — 19,079 19,079 19,018 19,018 6.93 % 3.7 — 19,279 19,279 Less current portion of obligations under finance leases 6,583 6,583 6,154 6,154 Credit facilities and obligations under finance leases - noncurrent 12,435 12,435 13,125 13,125 Corporate Junior subordinated notes payable (B) Mar 2006 51,004 51,185 Apr 2035 LIBOR+2.25% 2.49 % 14.6 51,004 51,004 51,192 Total debt obligations $ 70,022 $ 70,203 3.69 % 11.6 $ 51,004 $ 70,283 $ 70,471 (B) Interest rate based on 3 month LIBOR plus 2.25%. Collateral for this obligation is the Company's general credit.

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020, 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, 2020 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 $ 3,160 $ (1,521) $ 1,639 $ 1,388 $ — $ 3,027 1 CCC 0.76 % 29.10 % 3.2 50.0 % Total Securities, Available for Sale (E) $ 4,000 $ 3,160 $ (1,521) $ 1,639 $ 1,388 $ — $ 3,027 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.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020: Carrying Value Estimated Fair Value Fair Value Method (A) Assets Real estate securities, available-for-sale $ 3,027 $ 3,027 Pricing models - Level 3 Cash and cash equivalents 13,314 13,314 Restricted cash, current and noncurrent 3,190 3,190 Liabilities Junior subordinated notes payable 51,185 8,200 Pricing models - Level 3
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, 2020: Significant Inputs Asset Type Amortized Cost Basis Fair Value Discount Prepayment Cumulative Default Rate Loss ABS - Non-Agency RMBS $ 1,639 $ 3,027 10.0 % 8.0 % 2.6 % 70.0 %
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, 2020 as follows: ABS - Non-Agency RMBS Balance at December 31, 2019 $ 3,052 Total gains (losses) (A) Included in other comprehensive income (loss) (322) Amortization included in interest income 338 Purchases, sales and repayments (A) Proceeds (41) Balance at September 30, 2020 $ 3,027
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, 2020
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, 2020: Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2019 6,898,346 $ 3.26 Expired (1,117,118) 5.44 Forfeited (770,652) 4.74 Balance at September 30, 2020 5,010,576 $ 2.55 2.42 Exercisable at September 30, 2020 3,702,422 $ 2.56 2.44
Schedule of outstanding options summary	As of September 30, 2020, 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 Total 5,010,576 Weighted average strike price $ 2.55
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, 2020. Number of RSUs Weighted Average Grant Date Fair Value (per unit) Balance at December 31, 2019 520,618 $ 4.66 Released (159,193) $ 4.69 Forfeited (144,447) $ 4.62 Balance at September 30, 2020 216,978 $ 4.67
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, 2020 2019 2020 2019 Numerator for basic and diluted earnings per share: Loss from continuing operations after preferred dividends and noncontrolling interests $ (10,807) $ (13,414) $ (70,485) $ (43,763) Loss Applicable to Common Stockholders $ (10,807) $ (13,414) $ (70,485) $ (43,763) Denominator: Denominator for basic earnings per share - weighted average shares 67,212,532 67,040,692 67,131,827 67,032,519 Effect of dilutive securities Options — — — — RSUs — — — — Denominator for diluted earnings per share - adjusted weighted average shares 67,212,532 67,040,692 67,131,827 67,032,519 Basic earnings per share: Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ (0.16) $ (0.20) $ (1.05) $ (0.65) Loss Applicable to Common Stock, per share $ (0.16) $ (0.20) $ (1.05) $ (0.65) Diluted earnings per share: Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ (0.16) $ (0.20) $ (1.05) $ (0.65) Loss Applicable to Common Stock, per share $ (0.16) $ (0.20) $ (1.05) $ (0.65)

(GAIN) LOSS ON LEASE TERMINAT_2

(GAIN) LOSS ON LEASE TERMINATIONS AND IMPAIRMENT (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 2019 2020 2019 (Gain) loss on lease terminations $ 201 $ — $ (2,924) $ — Impairment on traditional golf properties (held-for-sale) $ — $ 275 $ — $ 1,227 Impairment on traditional golf properties (held-for-use) — 445 792 3,580 Other losses 101 1,152 101 1,270 Total (gain) loss on lease terminations and impairment $ 302 $ 1,872 $ (2,031) $ 6,077

ORGANIZATION (Details)

ORGANIZATION (Details)	2 Months Ended
	Jun. 30, 2020property	Sep. 30, 2020stateproperty
Entertainment Golf
Segment Reporting Information [Line Items]
Number of properties		4
Number of states in which properties owned | state		3
Number of opened venues	3
Traditional Golf
Segment Reporting Information [Line Items]
Number of states in which properties owned | state		9
Traditional Golf | Operating Segments
Segment Reporting Information [Line Items]
Number of properties		60

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	Oct. 16, 2020USD ($)	Mar. 07, 2018property	Sep. 30, 2019USD ($)Securities	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)Securities	Dec. 31, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Proceeds from sale of property and equipment				$ (74,000)	$ 44,468,000
Ownership in equity investment (as percent)				22.00%
Other-than-temporary impairment charge				$ 24,700,000
Other investments				$ 0		$ 24,020,000
Golf Properties | Disposed of by sale
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Proceeds from sale of property and equipment			$ 12,300,000		$ 55,700,000
Number of real estate properties sold | Securities			1		8
Carrying value of property disposed during the period			$ 5,200,000		$ 43,800,000
Gain (loss) on disposition of property			$ (7,000,000)		$ 11,800,000
Golf Properties | Disposed of by sale | Subsequent event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sale price on sale of property	$ 34,500,000
Proceeds from sale of property and equipment	$ 33,600,000
Golf Properties | Held-for-sale
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of properties held for sale | property		26		1
Real estate assets carrying value				$ 17,000,000
Real estate assets, other related assets				200,000
Golf Properties | Held-for-sale | Land
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Real estate assets				12,700,000
Golf Properties | Held-for-sale | Buildings and improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Real estate assets				4,000,000
Golf Properties | Held-for-sale | Furniture, fixtures and equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Real estate assets				$ 200,000
Membership
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deposit refundable period				30 years
Weighted average life				7 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Current Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Managed course receivables	$ 5,244	$ 5,426
Prepaid expenses	2,806	3,608
Deposits	949	1,374
Inventory	2,173	2,762
Miscellaneous current assets, net	3,689	4,351
Other current assets	$ 14,861	$ 17,521

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Prepaid expenses	$ 727	$ 317
Deposits	2,504	2,123
Miscellaneous assets, net	2,379	2,283
Other assets	$ 5,610	$ 4,723

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Current Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Operating lease liabilities	$ 20,336	$ 16,922
Accrued rent	5,863	2,769
Dividends payable	0	930
Miscellaneous current liabilities	4,253	3,343
Other current liabilities	$ 30,452	$ 23,964

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Service obligation intangible	$ 0	$ 1,776
Miscellaneous liabilities	3,154	1,502
Other liabilities	$ 3,154	$ 3,278

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Income, Net) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other income (loss), net
Collateral management fee income, net	$ 62	$ 101	$ 199	$ 357
Equity in earnings, net of impairment from equity method investments	0	348	(24,020)	1,033
Gain (loss) on sale of traditional golf properties	(9)	7,096	(63)	11,763
Other (loss) income	(210)	(204)	(328)	(198)
Other income (loss), net	$ (157)	$ 7,341	$ (24,212)	$ 12,955

REVENUES (Disaggregation of Rev

REVENUES (Disaggregation of Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 66,465	$ 74,682	$ 159,700	$ 200,249
Golf operations, ent. golf venues
Disaggregation of Revenue [Line Items]
Total revenues	2,736	1,431	7,408	2,720
Golf operations, public golf properties
Disaggregation of Revenue [Line Items]
Total revenues	27,361	30,258	56,419	76,624
Golf operations, private golf properties
Disaggregation of Revenue [Line Items]
Total revenues	11,833	11,902	31,994	40,707
Golf operations, managed golf properties
Disaggregation of Revenue [Line Items]
Total revenues	16,836	17,206	41,245	42,838
Golf operations
Disaggregation of Revenue [Line Items]
Total revenues	58,766	60,797	137,066	162,889
Food and beverage, ent. golf venues
Disaggregation of Revenue [Line Items]
Total revenues	3,440	2,256	10,675	4,167
Food and beverage, public golf properties
Disaggregation of Revenue [Line Items]
Total revenues	2,719	9,053	7,914	24,646
Food and beverage, private golf properties
Disaggregation of Revenue [Line Items]
Total revenues	1,540	2,576	4,045	8,547
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	7,699	13,885	22,634	37,360
Ent. golf venues
Disaggregation of Revenue [Line Items]
Total revenues	6,176	3,687	18,083	6,887
Public golf properties
Disaggregation of Revenue [Line Items]
Total revenues	30,080	39,311	64,333	101,270
Private golf properties
Disaggregation of Revenue [Line Items]
Total revenues	13,373	14,478	36,039	49,254
Managed golf properties
Disaggregation of Revenue [Line Items]
Total revenues	16,836	17,206	41,245	42,838
Management contract reimbursements
Disaggregation of Revenue [Line Items]
Total revenues	$ 15,200	$ 15,700	$ 37,100	$ 38,500

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details)	2 Months Ended	9 Months Ended
	Jun. 30, 2020property	Sep. 30, 2020segmentstateproperty
Segment Reporting Information [Line Items]
Number of reportable segments | segment		3
Entertainment Golf
Segment Reporting Information [Line Items]
Number of opened venues	3
Number of golf properties		4
Number of states in which properties owned | state		3
Traditional Golf
Segment Reporting Information [Line Items]
Number of states in which properties owned | state		9
Traditional Golf | Operating Segments
Segment Reporting Information [Line Items]
Number of golf properties		60

SEGMENT REPORTING (Segment Repo

SEGMENT REPORTING (Segment Reporting) (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenues
Total revenues	$ 66,465,000			$ 74,682,000			$ 159,700,000	$ 200,249,000
Operating costs
Operating expenses	54,993,000			63,454,000			142,584,000	169,897,000
Cost of sales - food and beverages	2,170,000			3,856,000			6,654,000	10,458,000
General and administrative expense	6,815,000			10,400,000			20,987,000	34,039,000
General and administrative expense - acquisition and transaction expenses	1,101,000			2,355,000			3,115,000	3,942,000
Depreciation and amortization	6,853,000			5,723,000			20,329,000	15,769,000
Pre-opening costs	227,000			4,350,000			1,049,000	7,229,000
(Gain) Loss on lease terminations and impairment	302,000			1,872,000			(2,031,000)	6,077,000
Realized and unrealized gain (loss) on investments	0						0	0
Total operating costs	72,461,000			92,010,000			192,687,000	247,411,000
Operating loss	(5,996,000)			(17,328,000)			(32,987,000)	(47,162,000)
Other income (expenses)
Interest and investment income	135,000			191,000			400,000	799,000
Interest expense	(2,897,000)			(2,790,000)			(8,311,000)	(8,241,000)
Capitalized interest	1,000			729,000			79,000	2,233,000
Other income (loss), net	(157,000)			7,341,000			(24,212,000)	12,955,000
Total other income (expenses)	(2,918,000)			5,471,000			(32,044,000)	7,746,000
Income tax expense	498,000			162,000			1,269,000	162,000
Net loss	(9,412,000)	$ (39,526,000)	$ (17,362,000)	(12,019,000)	$ (12,959,000)	$ (14,600,000)	(66,300,000)	(39,578,000)
Preferred dividends	(1,395,000)			(1,395,000)			(4,185,000)	(4,185,000)
Loss applicable to common stockholders	(10,807,000)			(13,414,000)			(70,485,000)	(43,763,000)
Total assets	449,489,000						449,489,000		$ 515,991,000
Total liabilities	449,864,000						449,864,000		450,416,000
Preferred stock	61,583,000						61,583,000		61,583,000
Equity	(61,958,000)						(61,958,000)
Additions to property and equipment (including finance leases) during the nine months ended September 30, 2020							9,505,000
Severance expenses	400,000			500,000			1,100,000	1,600,000
Equity method investment	0						0		$ 24,020,000
Golf operations
Revenues
Total revenues	58,766,000			60,797,000			137,066,000	162,889,000
Food and beverages
Revenues
Total revenues	7,699,000			13,885,000			22,634,000	37,360,000
Entertainment Golf
Other income (expenses)
Accretion of membership deposit liabilities	2,300,000			1,800,000			6,100,000	5,400,000
Entertainment Golf | Operating Segments
Revenues
Total revenues	6,176,000			3,687,000			18,083,000	6,887,000
Operating costs
Operating expenses	4,240,000			3,202,000			15,041,000	6,807,000
Cost of sales - food and beverages	843,000			604,000			2,747,000	1,106,000
General and administrative expense	1,749,000			3,433,000			6,278,000	10,349,000
General and administrative expense - acquisition and transaction expenses	996,000			2,117,000			1,861,000	3,094,000
Depreciation and amortization	2,991,000			1,450,000			9,012,000	3,119,000
Pre-opening costs	227,000			4,350,000			1,049,000	7,229,000
(Gain) Loss on lease terminations and impairment	16,000			1,152,000			16,000	1,270,000
Realized and unrealized gain (loss) on investments	0						0	0
Total operating costs	11,062,000			16,308,000			36,004,000	32,974,000
Operating loss	(4,886,000)			(12,621,000)			(17,921,000)	(26,087,000)
Other income (expenses)
Interest and investment income	0			64,000			1,000	311,000
Interest expense	(94,000)			(103,000)			(301,000)	(245,000)
Capitalized interest	0			0			0	0
Other income (loss), net	0			0			0	(7,000)
Total other income (expenses)	(94,000)			(39,000)			(300,000)	59,000
Income tax expense	1,000			0			1,000	0
Net loss	(4,981,000)			(12,660,000)			(18,222,000)	(26,028,000)
Preferred dividends	0			0			0	0
Loss applicable to common stockholders	(4,981,000)			(12,660,000)			(18,222,000)	(26,028,000)
Total assets	152,062,000						152,062,000
Total liabilities	40,340,000						40,340,000
Preferred stock	0						0
Equity	111,722,000						111,722,000
Additions to property and equipment (including finance leases) during the nine months ended September 30, 2020							5,506,000
Entertainment Golf | Operating Segments | Golf operations
Revenues
Total revenues	2,736,000			1,431,000			7,408,000	2,720,000
Entertainment Golf | Operating Segments | Food and beverages
Revenues
Total revenues	3,440,000			2,256,000			10,675,000	4,167,000
Traditional Golf | Operating Segments
Revenues
Total revenues	60,289,000			70,995,000			141,617,000	193,362,000
Operating costs
Operating expenses	50,753,000			60,252,000			127,543,000	163,090,000
Cost of sales - food and beverages	1,327,000			3,252,000			3,907,000	9,352,000
General and administrative expense	2,810,000			4,500,000			8,092,000	12,713,000
General and administrative expense - acquisition and transaction expenses	41,000			207,000			196,000	539,000
Depreciation and amortization	3,789,000			4,192,000			11,100,000	12,528,000
Pre-opening costs	0			0			0	0
(Gain) Loss on lease terminations and impairment	286,000			720,000			(2,047,000)	4,807,000
Realized and unrealized gain (loss) on investments	0						0	0
Total operating costs	59,006,000			73,123,000			148,791,000	203,029,000
Operating loss	1,283,000			(2,128,000)			(7,174,000)	(9,667,000)
Other income (expenses)
Interest and investment income	18,000			24,000			56,000	84,000
Interest expense	(2,446,000)			(2,088,000)			(6,691,000)	(6,140,000)
Capitalized interest	1,000			169,000			23,000	583,000
Other income (loss), net	(215,000)			6,896,000			(381,000)	11,582,000
Total other income (expenses)	(2,642,000)			5,001,000			(6,993,000)	6,109,000
Income tax expense	0			0			0	0
Net loss	(1,359,000)			2,873,000			(14,167,000)	(3,558,000)
Preferred dividends	0			0			0	0
Loss applicable to common stockholders	(1,359,000)			2,873,000			(14,167,000)	(3,558,000)
Total assets	285,262,000						285,262,000
Total liabilities	345,851,000						345,851,000
Preferred stock	0						0
Equity	(60,589,000)						(60,589,000)
Additions to property and equipment (including finance leases) during the nine months ended September 30, 2020							3,596,000
Traditional Golf | Operating Segments | Golf operations
Revenues
Total revenues	56,030,000			59,366,000			129,658,000	160,169,000
Traditional Golf | Operating Segments | Food and beverages
Revenues
Total revenues	4,259,000			11,629,000			11,959,000	33,193,000
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	2,256,000			2,467,000			6,617,000	10,977,000
General and administrative expense - acquisition and transaction expenses	64,000			31,000			1,058,000	309,000
Depreciation and amortization	73,000			81,000			217,000	122,000
Pre-opening costs	0			0			0	0
(Gain) Loss on lease terminations and impairment	0			0			0	0
Realized and unrealized gain (loss) on investments	0						0	0
Total operating costs	2,393,000			2,579,000			7,892,000	11,408,000
Operating loss	(2,393,000)			(2,579,000)			(7,892,000)	(11,408,000)
Other income (expenses)
Interest and investment income	117,000			103,000			343,000	404,000
Interest expense	(357,000)			(599,000)			(1,319,000)	(1,856,000)
Capitalized interest	0			560,000			56,000	1,650,000
Other income (loss), net	58,000			445,000			(23,831,000)	1,380,000
Total other income (expenses)	(182,000)			509,000			(24,751,000)	1,578,000
Income tax expense	497,000			162,000			1,268,000	162,000
Net loss	(3,072,000)			(2,232,000)			(33,911,000)	(9,992,000)
Preferred dividends	(1,395,000)			(1,395,000)			(4,185,000)	(4,185,000)
Loss applicable to common stockholders	(4,467,000)			(3,627,000)			(38,096,000)	(14,177,000)
Total assets	12,165,000						12,165,000
Total liabilities	63,673,000						63,673,000
Preferred stock	61,583,000						61,583,000
Equity	(113,091,000)						(113,091,000)
Additions to property and equipment (including finance leases) during the nine months ended September 30, 2020							403,000
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) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Finance leases - equipment, Net Carrying Value	$ 18,807
Gross Carrying Amount	258,861	$ 251,521
Accumulated Depreciation	(83,847)	(71,880)
Net Carrying Value	175,014	179,641
Land
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	6,770	6,770
Accumulated Depreciation	0	0
Net Carrying Value	6,770	6,770
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	150,116	147,146
Accumulated Depreciation	(43,052)	(36,349)
Net Carrying Value	107,064	110,797
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	54,340	52,327
Accumulated Depreciation	(25,393)	(19,484)
Net Carrying Value	28,947	32,843
Finance leases - equipment
Property, Plant and Equipment [Line Items]
Finance leases - equipment, Gross Carrying Amount	34,209	36,166
Finance leases - equipment, Accumulated Depreciation	(15,402)	(16,047)
Finance leases - equipment, Net Carrying Value	18,807	20,119
Construction in progress
Property, Plant and Equipment [Line Items]
Gross Carrying Amount	13,426	9,112
Accumulated Depreciation	0	0
Net Carrying Value	$ 13,426	$ 9,112

LEASES (Narrative) (Details)

LEASES (Narrative) (Details)	9 Months Ended
	Sep. 30, 2020renewal_option
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	10 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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Finance lease cost
Amortization of right-of-use assets	$ 1,480	$ 1,690	$ 4,496	$ 4,736
Interest on lease liabilities	217	353	803	972
Total finance lease cost	1,697	2,043	5,299	5,708
Operating lease cost
Operating lease cost	8,881	9,798	27,146	28,276
Short-term lease cost	432	420	1,282	1,882
Variable lease cost	5,044	5,544	9,375	12,696
Total operating lease cost	14,357	15,762	37,803	42,854
Total lease cost	$ 16,054	$ 17,805	$ 43,102	$ 48,562

LEASES (Other Information) (Det

LEASES (Other Information) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 198,458	$ 215,308
Right-of-use assets, financing leases	18,807
Lease liabilities, operating leases	191,928
Lease liabilities, financing leases	18,818
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows, Operating Leases	17,086
Operating cash flows, Financing Leases	803
Financing cash flows, Financing Leases	3,849
Right-of-use assets obtained in exchange for lease liabilities, operating leases	679
Right-of-use assets obtained in exchange for lease liabilities, financing leases	$ 4,030
Weighted average remaining lease term, operating lease	12 years 7 months 6 days
Weighted average remaining lease term, financing lease	3 years 6 months
Weighted average discount rate, operating lease	8.40%
Weighted average discount rate, financing lease	7.00%

LEASES (Schedule of Lease Matur

LEASES (Schedule of Lease Maturity) (Details) $ in Thousands	Sep. 30, 2020USD ($)
Operating Leases
October 1, 2020 - December 31, 2020	$ 12,047
2021	30,186
2022	29,102
2023	28,941
2024	22,789
Thereafter	197,827
Total minimum lease payments	320,892
Less: imputed interest	128,964
Total lease liabilities	191,928
Financing Leases
October 1, 2020 - December 31, 2020	1,915
2021	6,903
2022	5,267
2023	4,195
2024	1,993
Thereafter	934
Total minimum lease payments	21,207
Less: imputed interest	2,389
Total lease liabilities	$ 18,818

INTANGIBLES, NET OF ACCUMULAT_3

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (23,732)	$ (21,997)
Total Intangibles, Gross Carrying Amount	39,061	39,562
Total Intangibles, Net Carrying Value	15,329	17,565
Nonamortizable liquor licenses
Finite-Lived Intangible Assets [Line Items]
Nonamortizable liquor licenses	1,028	1,043
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	700	700
Accumulated Amortization	(157)	(140)
Net Carrying Value	543	560
Management contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	31,830	32,331
Accumulated Amortization	(18,460)	(17,342)
Net Carrying Value	13,370	14,989
Internally-developed software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	267	252
Accumulated Amortization	(66)	(27)
Net Carrying Value	201	225
Membership base
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,236	5,236
Accumulated Amortization	(5,049)	(4,488)
Net Carrying Value	$ 187	$ 748

DEBT OBLIGATIONS (Details)

DEBT OBLIGATIONS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Less current portion of obligations under finance leases	$ 6,583	$ 6,154
Total debt obligations
Debt Instrument [Line Items]
Outstanding Face Amount	70,022	70,283
Carrying Value	$ 70,203	70,471
Weighted Average Funding Cost	3.69%
Weighted Average Life	11 years 7 months 6 days
Face Amount of Floating Rate Debt	$ 51,004
Credit Facilities and Finance Leases
Debt Instrument [Line Items]
Outstanding Face Amount	19,018	19,279
Carrying Value	$ 19,018	19,279
Weighted Average Funding Cost	6.93%
Weighted Average Life	3 years 8 months 12 days
Face Amount of Floating Rate Debt	$ 0
Vineyard II
Debt Instrument [Line Items]
Outstanding Face Amount	200	200
Carrying Value	$ 200	200
Weighted Average Coupon	3.09%
Weighted Average Funding Cost	3.09%
Weighted Average Life	23 years 2 months 12 days
Face Amount of Floating Rate Debt	$ 0
Finance leases (Equipment)
Debt Instrument [Line Items]
Outstanding Face Amount	18,818	19,079
Carrying Value	$ 18,818	19,079
Weighted Average Funding Cost	6.97%
Weighted Average Life	3 years 6 months
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	$ 6,583	6,154
Less current portion of obligations under finance leases	6,583	6,154
Credit facilities and obligations under finance leases - noncurrent
Debt Instrument [Line Items]
Outstanding Face Amount	12,435	13,125
Credit facilities and obligations under finance leases - noncurrent	12,435	13,125
Junior subordinated notes payable
Debt Instrument [Line Items]
Outstanding Face Amount	51,004	51,004
Carrying Value	$ 51,185	$ 51,192
Weighted Average Funding Cost	2.49%
Weighted Average Life	14 years 7 months 6 days
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, 2020USD ($)securitySecurities	Dec. 31, 2019USD ($)
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 4,000
Before Impairment - Amortized Cost Basis	3,160
Other-Than-Temporary Impairment - Amortized Cost Basis	(1,521)
After Impairment - Amortized Cost Basis	1,639
Gross Unrealized Gains	1,388
Gross Unrealized Losses	0
Carrying Value	$ 3,027	$ 3,052
Number of Securities | security	1
Total outstanding face amount of floating rate securities	$ 4,000
Securities in an unrealized loss position | Securities	0
ABS - Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 4,000
Before Impairment - Amortized Cost Basis	3,160
Other-Than-Temporary Impairment - Amortized Cost Basis	(1,521)
After Impairment - Amortized Cost Basis	1,639
Gross Unrealized Gains	1,388
Gross Unrealized Losses	0
Carrying Value	$ 3,027
Number of Securities | security	1
Weighted Average Coupon (as percent)	0.76%
Weighted Average Yield (as percent)	29.10%
Weighted Average Life	3 years 2 months 12 days
Weighted Average Principal Subordination (as percent)	50.00%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Values and Estimated Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 13,314	$ 28,423
Carrying Value
Assets
Real estate securities, available-for-sale	3,027
Cash and cash equivalents	13,314
Restricted cash, current and noncurrent	3,190
Liabilities
Junior subordinated notes payable	51,185
Estimated Fair Value
Assets
Real estate securities, available-for-sale	3,027
Cash and cash equivalents	13,314
Restricted cash, current and noncurrent	3,190
Liabilities
Junior subordinated notes payable	$ 8,200

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Significant Unobservable Inputs) (Details) $ in Thousands	Sep. 30, 2020USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost Basis	$ 1,639
ABS - Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost Basis	1,639
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	1,639
Fair Value	$ 3,027
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)	0.026
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)	0.700

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, 2020USD ($)
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, 2019	3,052,000
Total gains (losses)
Included in other comprehensive income (loss)	(322,000)
Amortization included in interest income	338,000
Purchases, sales and repayments
Proceeds	(41,000)
Balance at September 30, 2020	3,027,000
Purchases	0
Sales	$ 0

EQUITY AND EARNINGS PER SHARE_2

EQUITY AND EARNINGS PER SHARE (Outstanding Options) (Details)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Number of Options
Balance, beginning balance (in shares) | shares	6,898,346
Expired (in shares) | shares	(1,117,118)
Forfeited (in shares) | shares	(770,652)
Balance, ending balance (in shares) | shares	5,010,576
Exercisable (in shares) | shares	3,702,422
Weighted Average Strike Price
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 3.26
Expired (in dollars per shares) | $ / shares	5.44
Forfeited (in dollars per shares) | $ / shares	4.74
Outstanding, ending balance (in dollars per share) | $ / shares	2.55
Exercisable (in dollars per share) | $ / shares	$ 2.56
Weighted Average Life Remaining (in years)
Outstanding	2 years 5 months 1 day
Exercisable	2 years 5 months 8 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	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Stock options outstanding (in shares)		5,010,576		5,010,576
Weighted average strike price (in dollars per share)		$ 2.55		$ 2.55		$ 3.26
Options vest and exercisable prior to option expiration date				1 year
Number of options reverted (in shares)	921,992
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 | 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
Stock options
Related Party Transaction [Line Items]
Stock-based compensation expense		$ 0.3	$ (0.1)	$ 0.5	$ 2.3
Unrecognized stock-based compensation expense		$ 1.4		$ 1.4
Unrecognized stock-based compensation expense, period for recognition				1 year 9 months 18 days

EQUITY AND EARNINGS PER SHARE_4

EQUITY AND EARNINGS PER SHARE (Summary of RSUs) (Details) - RSUs	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Number of RSUs
Beginning balance (in shares) | shares	520,618
Released (in shares) | shares	(159,193)
Forfeited (in shares) | shares	(144,447)
Ending balance (in shares) | shares	216,978
Weighted Average Grant Date Fair Value (per unit)
Beginning weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.66
Released (in dollars per share) | $ / shares	4.69
Forfeited (in dollars per share) | $ / shares	4.62
Ending weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.67

EQUITY AND EARNINGS PER SHARE_5

EQUITY AND EARNINGS PER SHARE (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 31, 2020	Nov. 11, 2019	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Dividends paid	$ 1.4
Common stock equivalents
Class of Stock [Line Items]
Dilutive common stock equivalents (in shares)			450,498		1,915,008	632,722	2,328,494
Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)		$ 0.609375
Preferred stock, dividend rate (as percent)		9.75%		9.75%		9.75%
Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)		$ 0.503125
Preferred stock, dividend rate (as percent)		8.05%		8.05%		8.05%
Series D Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)		$ 0.523438
Preferred stock, dividend rate (as percent)		8.375%		8.375%		8.375%
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Granted (in shares)						160,954
Stock-based compensation expense (amount less than for RSUs)			$ 0.2		$ 0.3	$ 0.6	$ 0.5
Unrecognized stock-based compensation expense			$ 0.6			$ 0.6
Unrecognized stock-based compensation expense, period for recognition						1 year 7 months 6 days
Dilutive common stock equivalents (in shares)			0		0	0	0
Nonemployee | Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Vesting period						1 year
Shares issued upon vesting						37,944
Granted (in shares)						0
Employee | Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Granted (in shares)						0

EQUITY AND EARNINGS PER SHARE_6

EQUITY AND EARNINGS PER SHARE (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator for basic and diluted earnings per share:
Loss from continuing operations after preferred dividends and noncontrolling interests	$ (10,807)	$ (13,414)	$ (70,485)	$ (43,763)
Loss applicable to common stockholders	$ (10,807)	$ (13,414)	$ (70,485)	$ (43,763)
Denominator:
Denominator for basic earnings per share - weighted average shares (in shares)	67,212,532	67,040,692	67,131,827	67,032,519
Effect of dilutive securities
Denominator for diluted earnings per share - adjusted weighted average shares (in shares)	67,212,532	67,040,692	67,131,827	67,032,519
Basic earnings per share:
Loss Applicable to Common Stock, per share (in dollars per share)	$ (0.16)	$ (0.20)	$ (1.05)	$ (0.65)
Diluted earnings per share:
Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests (in dollars per share)	(0.16)	(0.20)	(1.05)	(0.65)
Loss Applicable to Common Stock, per share (in dollars per share)	$ (0.16)	$ (0.20)	$ (1.05)	$ (0.65)
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	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Affiliated Entity
Related Party Transaction [Line Items]
Compensation expense	$ 0.1	$ 0.2

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Loss Contingencies [Line Items]
Operating lease not yet commenced	$ 12.2
Operating lease term	10 years
Cumulative preferred stock unpaid and in arrears	$ 3.7
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 ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax provision	$ 498	$ 162	$ 1,269	$ 162
Unrecognized tax benefits	$ 1,200		$ 1,200		$ 1,200

(GAIN) LOSS ON LEASE TERMINAT_3

(GAIN) LOSS ON LEASE TERMINATIONS AND IMPAIRMENT (Summary of impairment and other losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other than Temporary Impairment Losses, Investments [Abstract]
(Gain) loss on lease terminations	$ 201	$ 0	$ (2,924)	$ 0
Impairment on traditional golf properties (held-for-sale)	0	275	0	1,227
Impairment on traditional golf properties (held-for-use)	0	445	792	3,580
Other losses	101	1,152	101	1,270
(Gain) Loss on lease terminations and impairment	$ 302	$ 1,872	$ (2,031)	$ 6,077

(GAIN) LOSS ON LEASE TERMINAT_4

(GAIN) LOSS ON LEASE TERMINATIONS AND IMPAIRMENT (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)property	Sep. 30, 2020USD ($)propertylease	Sep. 30, 2019USD ($)property
Other than Temporary Impairment Losses, Investments [Abstract]
Gain on lease terminations	$ (201)	$ 0	$ 2,924	$ 0
Number of leases terminated | lease			2
Held-for-sale impairment	0	$ 275	$ 0	$ 1,227
Number of impaired properties held-for-sale | property		1		3
Held-for-use impairment	0	$ 445	$ 792	$ 3,580
Number of impaired properties held-for-use | property		1	1	2
Other losses	$ 101	$ 1,152	$ 101	$ 1,270