Drive Shack (DSHK) 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 31, 2021
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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, Street	10670 N. Central Expressway
Entity Address, Suite	Suite 700
Entity Address, City	Dallas
Entity Address, State	TX
Entity Address, Postal Zip Code	75231
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		92,085,419
Entity Central Index Key	0001175483
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Common Stock
Document Information
Title of each class	Common Stock, $0.01 par value per share
Trading Symbols(s)	DS
Name of each exchange on which registered	NYSE
Series B Cumulative Redeemable Preferred Stock
Document Information
Title of each class	9.75% Series B Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbols(s)	DS-PB
Name of each exchange on which registered	NYSE
Series C Cumulative Redeemable Preferred Stock
Document Information
Title of each class	8.05% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbols(s)	DS-PC
Name of each exchange on which registered	NYSE
Series D Cumulative Redeemable Preferred Stock
Document Information
Title of each class	8.375% Series D Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbols(s)	DS-PD
Name of each exchange on which registered	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 81,428	$ 47,786
Restricted cash	2,990	2,252
Accounts receivable, net	4,577	4,446
Real estate securities, available-for-sale	3,341	3,223
Other current assets	22,879	14,410
Total current assets	115,215	72,117
Restricted cash, noncurrent	1,027	795
Property and equipment, net of accumulated depreciation	171,126	169,425
Operating lease right-of-use assets	187,870	192,828
Intangibles, net of accumulated amortization	14,181	15,124
Other assets	6,420	6,765
Total assets	495,839	457,054
Current liabilities
Obligations under finance leases	5,794	6,470
Membership deposit liabilities	14,748	14,692
Accounts payable and accrued expenses	32,752	29,596
Deferred revenue	16,529	23,010
Other current liabilities	24,775	28,217
Total current liabilities	94,598	101,985
Credit facilities and obligations under finance leases - noncurrent	10,402	12,751
Operating lease liabilities - noncurrent	172,372	167,837
Junior subordinated notes payable	51,179	51,182
Membership deposit liabilities, noncurrent	103,859	99,862
Deferred revenue, noncurrent	10,224	9,953
Other liabilities	3,695	3,447
Total liabilities	446,329	447,017
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 June 30, 2021 and December 31, 2020	61,583	61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 92,085,419 and 67,323,592 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	921	673
Additional paid-in capital	3,233,269	3,178,704
Accumulated deficit	(3,247,589)	(3,232,391)
Accumulated other comprehensive income	1,326	1,468
Total equity	49,510	10,037
Total liabilities and equity	$ 495,839	$ 457,054

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
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)	92,085,419	67,323,592
Common stock, shares outstanding (in shares)	92,085,419	67,323,592
Series B Cumulative Redeemable Preferred Stock
Preferred stock, shares issued (in shares)	1,347,321	1,347,321
Preferred stock, shares outstanding (in shares)	1,347,321	1,347,321
Preferred stock, dividend rate	9.75%	9.75%
Series C Cumulative Redeemable Preferred Stock
Preferred stock, shares issued (in shares)	496,000	496,000
Preferred stock, shares outstanding (in shares)	496,000	496,000
Preferred stock, dividend rate	8.05%	8.05%
Series D Cumulative 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%	8.375%

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Total revenues	$ 73,879	$ 32,100	$ 134,971	$ 93,235
Operating costs
Operating expenses	55,635	33,224	104,504	87,591
Cost of sales - food and beverages	3,151	829	5,255	4,484
General and administrative expense	8,028	6,368	16,012	16,186
Depreciation and amortization	5,784	6,682	12,029	13,476
Pre-opening costs	789	270	1,345	822
(Gain) Loss on lease terminations and impairment	(561)	(3,125)	2,648	(2,333)
Total operating costs	72,826	44,248	141,793	120,226
Operating income (loss)	1,053	(12,148)	(6,822)	(26,991)
Other income (expenses)
Interest and investment income	159	135	312	265
Interest expense, net	(2,713)	(2,591)	(5,339)	(5,336)
Other income (loss), net	(18)	(24,422)	(79)	(24,055)
Total other income (expenses)	(2,572)	(26,878)	(5,106)	(29,126)
Loss before income tax	(1,519)	(39,026)	(11,928)	(56,117)
Income tax expense	450	500	945	771
Net loss	(1,969)	(39,526)	(12,873)	(56,888)
Preferred dividends	(1,395)	(1,395)	(2,790)	(2,790)
Loss applicable to common stockholders	$ (3,364)	$ (40,921)	$ (15,663)	$ (59,678)
Loss applicable to common stock, per share
Basic (in dollars per share)	$ (0.04)	$ (0.61)	$ (0.18)	$ (0.89)
Diluted (in dollars per share)	$ (0.04)	$ (0.61)	$ (0.18)	$ (0.89)
Weighted average number of shares of common stock outstanding
Basic (in shares)	92,065,615	67,111,843	87,338,509	67,090,805
Diluted (in shares)	92,065,615	67,111,843	87,338,509	67,090,805
Golf operations
Revenues
Total revenues	$ 61,750	$ 29,675	$ 114,912	$ 78,300
Sales of food and beverages
Revenues
Total revenues	$ 12,129	$ 2,425	$ 20,059	$ 14,935

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,969)	$ (39,526)	$ (12,873)	$ (56,888)
Other comprehensive loss:
Net unrealized gain (loss) on available-for-sale securities	(66)	(217)	(142)	(255)
Other comprehensive gain (loss)	(66)	(217)	(142)	(255)
Total comprehensive loss	(2,035)	(39,743)	(13,015)	(57,143)
Comprehensive loss attributable to Drive Shack Inc. stockholders’ equity	$ (2,035)	$ (39,743)	$ (13,015)	$ (57,143)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid- in Capital	Accumulated Deficit	Accumulated Other Comp. Income
Equity (deficit), beginning at Dec. 31, 2019	$ 65,575	$ 61,583	$ 671	$ 3,177,183	$ (3,175,572)	$ 1,710
Equity (deficit), beginning (in shares) at Dec. 31, 2019		2,463,321	67,068,751
Increase (Decrease) in Stockholders' Equity
Dividends declared	(465)				(465)
Stock-based compensation	201			201
Shares issued from options and restricted stock units (in shares)			1,762
Comprehensive income (loss)
Net loss	(17,362)				(17,362)
Other comprehensive (loss) income	(38)					(38)
Comprehensive loss attributable to Drive Shack Inc. stockholders’ equity	(17,400)
Equity (deficit), ending at Mar. 31, 2020	47,911	$ 61,583	$ 671	3,177,384	(3,193,399)	1,672
Equity (deficit), ending (in shares) at Mar. 31, 2020		2,463,321	67,070,513
Equity (deficit), beginning at Dec. 31, 2019	65,575	$ 61,583	$ 671	3,177,183	(3,175,572)	1,710
Equity (deficit), beginning (in shares) at Dec. 31, 2019		2,463,321	67,068,751
Comprehensive income (loss)
Net loss	(56,888)
Other comprehensive (loss) income	(255)
Comprehensive loss attributable to Drive Shack Inc. stockholders’ equity	(57,143)
Equity (deficit), ending at Jun. 30, 2020	8,668	$ 61,583	$ 672	3,177,883	(3,232,925)	1,455
Equity (deficit), ending (in shares) at Jun. 30, 2020		2,463,321	67,212,362
Equity (deficit), beginning at Mar. 31, 2020	47,911	$ 61,583	$ 671	3,177,384	(3,193,399)	1,672
Equity (deficit), beginning (in shares) at Mar. 31, 2020		2,463,321	67,070,513
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	500			500
Shares issued from options and restricted stock units	0		$ 1	(1)
Shares issued from options and restricted stock units (in shares)			141,849
Comprehensive income (loss)
Net loss	(39,526)				(39,526)
Other comprehensive (loss) income	(217)					(217)
Comprehensive loss attributable to Drive Shack Inc. stockholders’ equity	(39,743)
Equity (deficit), ending at Jun. 30, 2020	8,668	$ 61,583	$ 672	3,177,883	(3,232,925)	1,455
Equity (deficit), ending (in shares) at Jun. 30, 2020		2,463,321	67,212,362
Equity (deficit), beginning at Dec. 31, 2020	10,037	$ 61,583	$ 673	3,178,704	(3,232,391)	1,468
Equity (deficit), beginning (in shares) at Dec. 31, 2020		2,463,321	67,323,592
Increase (Decrease) in Stockholders' Equity
Dividends declared	(930)				(930)
Stock-based compensation	350			350
Shares issued from options and restricted stock units	0		$ 7	(7)
Shares issued from options and restricted stock units (in shares)			745,881
Shares issued from equity raise	53,905		$ 239	53,666
Shares issued from equity raise (in shares)			23,958,333
Comprehensive income (loss)
Net loss	(10,904)				(10,904)
Other comprehensive (loss) income	(76)					(76)
Comprehensive loss attributable to Drive Shack Inc. stockholders’ equity	(10,980)
Equity (deficit), ending at Mar. 31, 2021	52,382	$ 61,583	$ 919	3,232,713	(3,244,225)	1,392
Equity (deficit), ending (in shares) at Mar. 31, 2021		2,463,321	92,027,806
Equity (deficit), beginning at Dec. 31, 2020	10,037	$ 61,583	$ 673	3,178,704	(3,232,391)	1,468
Equity (deficit), beginning (in shares) at Dec. 31, 2020		2,463,321	67,323,592
Comprehensive income (loss)
Net loss	(12,873)
Other comprehensive (loss) income	(142)
Comprehensive loss attributable to Drive Shack Inc. stockholders’ equity	(13,015)
Equity (deficit), ending at Jun. 30, 2021	49,510	$ 61,583	$ 921	3,233,269	(3,247,589)	1,326
Equity (deficit), ending (in shares) at Jun. 30, 2021		2,463,321	92,085,419
Equity (deficit), beginning at Mar. 31, 2021	52,382	$ 61,583	$ 919	3,232,713	(3,244,225)	1,392
Equity (deficit), beginning (in shares) at Mar. 31, 2021		2,463,321	92,027,806
Increase (Decrease) in Stockholders' Equity
Dividends declared	(1,395)				(1,395)
Stock-based compensation	558		$ 2	556
Shares issued from options and restricted stock units (in shares)			57,613
Comprehensive income (loss)
Net loss	(1,969)				(1,969)
Other comprehensive (loss) income	(66)					(66)
Comprehensive loss attributable to Drive Shack Inc. stockholders’ equity	(2,035)
Equity (deficit), ending at Jun. 30, 2021	$ 49,510	$ 61,583	$ 921	$ 3,233,269	$ (3,247,589)	$ 1,326
Equity (deficit), ending (in shares) at Jun. 30, 2021		2,463,321	92,085,419

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows From Operating Activities
Net loss	$ (12,873)	$ (56,888)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	12,029	13,476
Amortization of discount and premium	(262)	(193)
Other amortization	4,126	3,823
Amortization of revenue on golf membership deposit liabilities	(1,101)	(746)
Amortization of prepaid golf membership dues	(9,726)	(3,451)
Non-cash operating lease expense	2,161	6,333
Stock-based compensation	906	700
(Gain) Loss on lease terminations and impairment	2,648	(2,783)
Equity in earnings, net of impairment from equity method investments	0	24,020
Other losses, net	143	164
Change in:
Accounts receivable, net, other current assets and other assets - noncurrent	(6,522)	4,235
Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent	8,939	5,625
Net cash used in operating activities	468	(5,685)
Cash Flows From Investing Activities
Proceeds from sale of property and equipment	0	73
Acquisition and additions of property and equipment and intangibles	(16,139)	(7,702)
Net cash used in investing activities	(16,139)	(7,629)
Cash Flows From Financing Activities
Repayments of debt obligations	(3,082)	(2,068)
Golf membership deposits received	1,325	878
Proceeds from issuance of common stock	53,905	0
Preferred stock dividends paid	(1,395)	(1,395)
Other financing activities	(470)	(186)
Net cash provided by (used in) financing activities	50,283	(2,771)
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent	34,612	(16,085)
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, Beginning of Period	50,833	31,964
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, End of Period	85,445	15,879
Supplemental Schedule of Non-Cash Investing and Financing Activities
Preferred stock dividends declared but not paid	930	0
Additions to finance lease assets and liabilities	495	1,028
(Decreases)/increases in accounts payable and accrued expenses related to the purchase of property and equipment	(2,688)	4,192
Additions for Right of Use Assets and Liabilities	7,002	659
Cash paid during the period for interest expense	$ 1,552	$ 1,711

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2021
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 ("F&B") 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 June 30, 2021, 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. This segment also includes the Company's newest entertainment golf brand currently under development, Puttery. The first Puttery venue, which is located north of Dallas in The Colony, Texas, is expected to open in late August 2021 and its second venue located in Charlotte, North Carolina is expected to open in Q4 2021. The Company has announced three additional Puttery venues located in Washington DC, Miami, Florida and Houston, Texas; all of which are currently in development. Two additional locations are currently in or nearing lease execution. The Company’s Traditional Golf segment is one of the largest operators of traditional golf properties in the United States. As of June 30, 2021, the Company owned, leased or managed 56 traditional golf properties across nine states. In March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of coronavirus (“COVID-19”). In response to the rapid spread of COVID-19, authorities around the world implemented numerous measures to contain the virus, such as travel bans and restrictions, quarantines, "stay-at-home" or "shelter-in-place" orders and business shutdowns. Many jurisdictions in which we operate required mandatory store closures or imposed capacity limitations and other restrictions affecting our operations. As a result, during March 2020, we temporarily closed all of our Entertainment Golf venues and substantially all of our Traditional Golf courses and furloughed a substantial majority of our employees. In response to the uncertainty caused by the pandemic, we took several actions after we suspended operations to preserve our liquidity position and prepare for multiple contingencies. Following the temporary closure of our venues in March 2020 in response to the COVID-19 pandemic, three of our four 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. Our Entertainment Golf venue in Orlando, Florida re-opened in December 2020. Restrictions on large group gatherings were in effect in the majority of the jurisdictions in which we operate, which resulted in the postponement or cancellation of events, banquets, and other large group gatherings. By April of this year the CDC lifted restrictions on group events and our business began to return to normal. These developments had a material adverse impact on Company revenues, results of operations and cash flows in historical periods, and the Company believes that the risk of further negative effects is not insignificant, as of the date of this Quarterly Report on Form 10-Q, subject to the degree to which the pandemic subsides, intensifies or maintains the current status quo.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation — The accompanying Consolidated Financial Statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements for the year ended December 31, 2020 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2021. Capitalized terms used herein, and not otherwise defined, are defined in the Company’s Consolidated Financial Statements for the year ended December 31, 2020. 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, 2020. The Company’s significant accounting policies for these financial statements as of June 30, 2021 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, 2020. 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. 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. As of June 30, 2021, the Company does not have any properties classified as held-for-sale. 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 2020 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-19 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 as of both June 30, 2021, and December 31, 2020. 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. Cash and Cash Equivalents and Restricted Cash — The Company considers all highly liquid short-term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed insured limits. The Company has not experienced any losses in the accounts and believe that the Company is not exposed to significant credit risk because the accounts are at major financial institutions. Restricted cash is required primarily for construction in progress, letters of credit, and credit card processing. The following table summarizes the Company's Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent: June 30, 2021 December 31, 2020 June 30, 2020 December 31, 2019 Cash and cash equivalents $ 81,428 47,786 12,638 28,423 Restricted cash 2,990 2,252 2,974 3,103 Restricted cash, noncurrent 1,027 795 267 438 Total Cash and cash equivalents, Restricted cash and Restricted cash, noncurrent $ 85,445 $ 50,833 $ 15,879 $ 31,964 Accounts Receivable, Net — Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts of $0.8 million and $0.9 million as of June 30, 2021 and December 31, 2020, respectively. The allowance for doubtful accounts is based upon several factors including the length of time the receivables are past due, historical payment trends, current economic factors, and our expectations of future events that affect collectability. Collateral is generally not required. Other Current Assets — The following table summarizes the Company's other current assets: June 30, 2021 December 31, 2020 Managed property receivables $ 8,420 $ 3,236 Prepaid expenses 3,442 3,158 Deposits 1,223 767 Inventory 1,953 1,950 Construction in progress receivables 2,158 1,839 Miscellaneous current assets, net 5,683 3,460 Other current assets $ 22,879 $ 14,410 Other Assets — The following table summarizes the Company's other assets: June 30, 2021 December 31, 2020 Prepaid expenses $ 1,023 $ 2,154 Deposits 3,444 2,504 Miscellaneous assets, net 1,953 2,107 Other assets $ 6,420 $ 6,765 Other Current Liabilities — The following table summarizes the Company's other current liabilities: June 30, 2021 December 31, 2020 Operating lease liabilities $ 17,624 $ 19,894 Accrued rent 2,967 4,318 Dividends payable 930 — Miscellaneous current liabilities 3,254 4,005 Other current liabilities $ 24,775 $ 28,217 Membership Deposit Liabilities - Private country club members in our Traditional Golf business generally pay an advance initiation fee deposit upon their acceptance as members to their respective country clubs. 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. See Note 3. Revenues. 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Collateral management fee income, net $ 48 $ 66 $ 104 $ 138 Equity in earnings, net of impairment from equity method investments — (24,365) — (24,020) Gain (loss) on sale of long-lived assets and intangibles (49) — (64) — Gain (loss) on sale of traditional golf properties — (102) — (54) Other (loss) income (17) (21) (119) (119) Other income (loss), net $ (18) $ (24,422) $ (79) $ (24,055) 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 is 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 adopted ASU 2019-12 as of the fiscal year beginning January 1, 2021. The adoption of ASU 2019-12 had no material impact on the Company's financial statements.

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The majority of the Company’s revenue is recognized 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. Private country club members in our Traditional Golf business generally pay an advance initiation fee deposit upon their acceptance as members to their respective country clubs. 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. See Note 2. Summary of Significant Accounting Policies - Membership Deposit Liabilities. Virtually all of 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 June 30, 2021 Six Months Ended June 30, 2021 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 $ 5,316 $ 28,693 $ 12,323 $ 15,418 $ 61,750 $ 8,737 $ 47,866 $ 27,042 $ 31,267 $ 114,912 Sales of food and beverages 6,273 3,994 1,862 — 12,129 11,075 5,849 3,135 — 20,059 Total revenues $ 11,589 $ 32,687 $ 14,185 $ 15,418 $ 73,879 $ 19,812 $ 53,715 $ 30,177 $ 31,267 $ 134,971 Three Months Ended June 30, 2020 Six Months Ended June 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 $ 762 $ 13,035 $ 6,507 $ 9,371 $ 29,675 $ 4,672 $ 29,058 $ 20,161 $ 24,409 $ 78,300 Sales of food and beverages 1,028 910 487 — 2,425 7,235 5,195 2,505 — 14,935 Total revenues $ 1,790 $ 13,945 $ 6,994 $ 9,371 $ 32,100 $ 11,907 $ 34,253 $ 22,666 $ 24,409 $ 93,235 (A) Includes $12.9 million and $26.7 million for the three and six months ended June 30, 2021, as well as $8.5 million and $21.8 million for the three and six months ended June 30, 2020, respectively, related to management contract reimbursements reported under ASC 606 - Revenue Recognition.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2021
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, including resource allocation and performance assessment, for each reportable segment to manage the Company. 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. It is also comprised of Puttery, the Company’s newest competitive socializing and entertainment platform. Puttery is a smaller venue format featuring technology-enabled indoor putting golf courses, F&B offerings, multiple bars, lounges, and VIP spaces. As of June 30, 2021, the Company operated 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 expects its first two venues to debut in Dallas and Charlotte in 2021. The Company's Traditional Golf business is one of the largest operators of golf courses and country clubs in the United States. As of June 30, 2021, the Company owned, leased or managed 56 Traditional Golf properties across nine states. . Following the close of business on March 31, 2021, management agreements expired for the Lomas Santa Fe Country Club, Tustin Ranch Golf Club, and Yorba Linda Country Club, reducing the total number of courses managed in our traditional golf business to 22. On May 5, 2021, the SeaCliff Country Club lease expired, reducing the total number of leased or owned courses to 34. The total annual revenue generated by the four properties during the fiscal year ended December 31, 2020 and the quarter ended March 31, 2021 was $22.4 million and $6.6 million, respectively. The total revenue generated by SeaCliff for the quarter ended June 30, 2021 was not material. The corporate segment consists primarily of investments in loans and securities, interest income on short-term investments, general and administrative expenses as a public company, interest expense on the junior subordinated notes payable (Note 8) and income tax expense (Note 14). Summary financial data on the Company’s segments is given below, together with a reconciliation to the same data for the Company as a whole: Six Months Ended June 30, 2021 Entertainment Golf Traditional Golf Corporate Total Revenues Golf operations $ 8,737 $ 106,175 $ — $ 114,912 Sales of food and beverages 11,075 8,984 — 20,059 Total revenues 19,812 115,159 — 134,971 Operating costs Operating expenses 10,679 93,823 2 104,504 Cost of sales - food and beverages 2,530 2,725 — 5,255 General and administrative expense (A) 4,472 5,073 6,095 15,640 General and administrative expense - acquisition and transaction expenses (B) 368 — 4 372 Depreciation and amortization 5,904 6,003 122 12,029 Pre-opening costs (C) 1,344 — 1 1,345 (Gain) Loss on lease terminations and impairment 22 (561) 3,187 2,648 Total operating costs 25,319 107,063 9,411 141,793 Operating income (loss) (5,507) 8,096 (9,411) (6,822) Other income (expenses) Interest and investment income — 36 276 312 Interest expense (D) (159) (4,620) (641) (5,420) Capitalized interest (D) — 28 53 81 Other income (loss), net — (176) 97 (79) Total other income (expenses) (159) (4,732) (215) (5,106) Income tax expense — — 945 945 Net income (loss) (5,666) 3,364 (10,571) (12,873) Preferred dividends — — (2,790) (2,790) Net income (loss) applicable to common stockholders $ (5,666) $ 3,364 $ (13,361) $ (15,663) June 30, 2021 Entertainment Golf Traditional Golf Corporate Total Total assets $ 171,386 $ 262,049 $ 62,404 $ 495,839 Total liabilities 47,133 336,894 62,302 446,329 Preferred stock — — 61,583 61,583 Equity $ 124,253 $ (74,845) $ (61,481) $ (12,073) Additions to property and equipment (including finance leases) during the six months ended June 30, 2021 $ 10,903 $ 2,989 $ 375 $ 14,267 Three Months Ended June 30, 2021 Entertainment Golf Traditional Golf Corporate Total Revenues Golf operations $ 5,316 $ 56,434 $ — $ 61,750 Sales of food and beverages 6,273 5,856 — 12,129 Total revenues 11,589 62,290 — 73,879 Operating costs Operating expenses 5,546 50,087 2 55,635 Cost of sales - food and beverages 1,445 1,706 — 3,151 General and administrative expense (A) 2,274 2,693 2,885 7,852 General and administrative expense - acquisition and transaction expenses (B) 176 — — 176 Depreciation and amortization 2,952 2,782 50 5,784 Pre-opening costs (C) 788 — 1 789 (Gain) Loss on lease terminations and impairment — (561) — (561) Total operating costs 13,181 56,707 2,938 72,826 Operating income (loss) (1,592) 5,583 (2,938) 1,053 Other income (expenses) Interest and investment income — 16 143 159 Interest expense (D) (77) (2,369) (325) (2,771) Capitalized interest (D) — 20 38 58 Other income (loss), net — (62) 44 (18) Total other income (expenses) (77) (2,395) (100) (2,572) Income tax expense — — 450 450 Net income (loss) (1,669) 3,188 (3,488) (1,969) Preferred dividends — — (1,395) (1,395) Net income (loss) applicable to common stockholders $ (1,669) $ 3,188 $ (4,883) $ (3,364) Six Months Ended June 30, 2020 Entertainment Golf Traditional Golf Corporate Total Revenues Golf operations $ 4,672 $ 73,628 $ — $ 78,300 Sales of food and beverages 7,235 7,700 — 14,935 Total revenues 11,907 81,328 — 93,235 Operating costs Operating expenses 10,801 76,790 — 87,591 Cost of sales - food and beverages 1,904 2,580 — 4,484 General and administrative expense (A) 4,529 5,282 4,361 14,172 General and administrative expense - acquisition and transaction expenses (B) 865 155 994 2,014 Depreciation and amortization 6,021 7,311 144 13,476 Pre-opening costs (C) 822 — — 822 (Gain) Loss on lease terminations and impairment — (2,333) — (2,333) Total operating costs 24,942 89,785 5,499 120,226 Operating loss (13,035) (8,457) (5,499) (26,991) Other income (expenses) Interest and investment income 1 38 226 265 Interest expense (D) (207) (4,245) (962) (5,414) Capitalized interest (D) — 22 56 78 Other income (loss), net — (166) (23,889) (24,055) Total other income (expenses) (206) (4,351) (24,569) (29,126) Income tax expense — — 771 771 Net loss (13,241) (12,808) (30,839) (56,888) Preferred dividends — — (2,790) (2,790) Loss applicable to common stockholders $ (13,241) $ (12,808) $ (33,629) $ (59,678) Three Months Ended June 30, 2020 Entertainment Golf Traditional Golf Corporate Total Revenues Golf operations $ 762 $ 28,913 $ — $ 29,675 Sales of food and beverages 1,028 1,397 — 2,425 Total revenues 1,790 30,310 — 32,100 Operating costs Operating expenses 2,629 30,595 — 33,224 Cost of sales - food and beverages 294 535 — 829 General and administrative expense (A) 1,360 2,189 1,983 5,532 General and administrative expense - acquisition and transaction expenses (B) 831 33 (28) 836 Depreciation and amortization 3,001 3,608 73 6,682 Pre-opening costs (C) 270 — — 270 Total operating costs 8,385 33,835 2,028 44,248 Operating loss (6,595) (3,525) (2,028) (12,148) Other income (expenses) Interest and investment income — 23 112 135 Interest expense (D) (102) (2,098) (436) (2,636) Capitalized interest (D) — 13 32 45 Other income (loss), net — (120) (24,302) (24,422) Total other income (expenses) (102) (2,182) (24,594) (26,878) Income tax expense — — 500 500 Net loss (6,697) (5,707) (27,122) (39,526) Preferred dividends — — (1,395) (1,395) Loss applicable to common stockholders $ (6,697) $ (5,707) $ (28,517) $ (40,921) (A) General and administrative expenses included severance expenses of zero and $0.1 million for the three and six months ended June 30, 2021, respectively, and zero and $0.7 million for the three and six months ended June 30, 2020, respectively. (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	6 Months Ended
	Jun. 30, 2021
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: June 30, 2021 December 31, 2020 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 142,064 (42,021) 100,043 142,635 (40,198) 102,437 Furniture, fixtures and equipment 51,033 (27,069) 23,964 51,622 (24,422) 27,200 Finance leases - equipment 30,362 (14,281) 16,081 34,339 (15,296) 19,043 Construction in progress 24,268 — 24,268 13,975 — 13,975 Total Property and Equipment $ 254,497 $ (83,371) $ 171,126 $ 249,341 $ (79,916) $ 169,425

LEASES

LEASES	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
LEASES	LEASES The Company's commitments under lease arrangements are primarily ground leases, in the case of our Drive Shack brand, and commercial leases, in the case of our Puttery brand, 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 six months ended June 30, 2021, and June 30, 2020, are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Finance lease cost Amortization of right-of-use assets $ 1,280 $ 1,485 $ 2,747 $ 3,016 Interest on lease liabilities 296 246 622 587 Total finance lease cost 1,576 1,731 3,369 3,603 Operating lease cost Operating lease cost 7,666 9,002 16,570 18,269 Short-term lease cost 170 421 510 848 Variable lease cost 5,622 1,541 9,630 4,331 Total operating lease cost 13,458 10,964 26,710 23,448 Total lease cost $ 15,034 $ 12,695 $ 30,079 $ 27,051 Other information related to leases included on the Consolidated Balance Sheet as of and for the six months ended June 30, 2021 are as follows: Operating Leases Financing Leases Right-of-use assets $ 187,870 $ 16,081 Lease liabilities $ 189,997 $ 15,996 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows $ 15,242 $ 296 Financing cash flows $ — $ 3,082 Right-of-use assets obtained in exchange for lease liabilities $ 7,002 $ 495 Weighted average remaining lease term 14.3 years 3.4 years Weighted average discount rate 8.3 % 6.3 % Future minimum lease payments under non-cancellable leases as of June 30, 2021 are as follows: Operating Leases Financing Leases July 1, 2021 - December 31, 2021 $ 19,522 $ 3,406 2022 30,662 5,641 2023 30,514 4,642 2024 24,536 2,472 2025 21,555 1,264 Thereafter 183,074 330 Total minimum lease payments 309,863 17,755 Less: imputed interest 119,866 1,759 Total lease liabilities $ 189,997 $ 15,996
LEASES	LEASES The Company's commitments under lease arrangements are primarily ground leases, in the case of our Drive Shack brand, and commercial leases, in the case of our Puttery brand, 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 six months ended June 30, 2021, and June 30, 2020, are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Finance lease cost Amortization of right-of-use assets $ 1,280 $ 1,485 $ 2,747 $ 3,016 Interest on lease liabilities 296 246 622 587 Total finance lease cost 1,576 1,731 3,369 3,603 Operating lease cost Operating lease cost 7,666 9,002 16,570 18,269 Short-term lease cost 170 421 510 848 Variable lease cost 5,622 1,541 9,630 4,331 Total operating lease cost 13,458 10,964 26,710 23,448 Total lease cost $ 15,034 $ 12,695 $ 30,079 $ 27,051 Other information related to leases included on the Consolidated Balance Sheet as of and for the six months ended June 30, 2021 are as follows: Operating Leases Financing Leases Right-of-use assets $ 187,870 $ 16,081 Lease liabilities $ 189,997 $ 15,996 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows $ 15,242 $ 296 Financing cash flows $ — $ 3,082 Right-of-use assets obtained in exchange for lease liabilities $ 7,002 $ 495 Weighted average remaining lease term 14.3 years 3.4 years Weighted average discount rate 8.3 % 6.3 % Future minimum lease payments under non-cancellable leases as of June 30, 2021 are as follows: Operating Leases Financing Leases July 1, 2021 - December 31, 2021 $ 19,522 $ 3,406 2022 30,662 5,641 2023 30,514 4,642 2024 24,536 2,472 2025 21,555 1,264 Thereafter 183,074 330 Total minimum lease payments 309,863 17,755 Less: imputed interest 119,866 1,759 Total lease liabilities $ 189,997 $ 15,996

INTANGIBLES, NET OF ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	6 Months Ended
	Jun. 30, 2021
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: June 30, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 721 $ (175) $ 546 $ 700 $ (163) $ 537 Management contracts 28,912 (17,205) 11,707 31,043 (18,427) 12,616 Internally-developed software 341 (110) 231 314 (79) 235 Membership base 4,012 (3,276) 736 5,944 (5,236) 708 Non-amortizable liquor licenses 961 — 961 1,028 — 1,028 Total Intangibles $ 34,947 $ (20,766) $ 14,181 $ 39,029 $ (23,905) $ 15,124

DEBT OBLIGATIONS

DEBT OBLIGATIONS	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS The following table presents certain information regarding the Company’s debt obligations at June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Debt Obligation/Collateral Month Issued Outstanding Carrying Final Stated Maturity Weighted Weighted Average Weighted Average Life (Years) Face Amount of Outstanding Face Amount Carrying Value Credit Facilities and Finance Leases Vineyard II Dec 1993 $ 200 $ 200 Dec 2043 2.43% 2.43 % 22.5 $ — $ 200 $ 200 Finance leases (Equipment) Jul 2014 - Jun 2021 15,996 15,996 July 2021 - Jan 2027 3.00% to 15.00% 6.3 % 3.4 — 19,021 19,021 16,196 16,196 6.27 % 3.7 — 19,221 19,221 Less current portion of obligations under finance leases 5,794 5,794 6,470 6,470 Credit facilities and obligations under finance leases - noncurrent 10,402 10,402 12,751 12,751 Corporate Junior subordinated notes payable (B) Mar 2006 51,004 51,179 Apr 2035 LIBOR+2.25% 2.43 % 13.84 51,004 51,004 51,182 Total debt obligations $ 67,200 $ 67,375 3.18 % 11.4 $ 51,004 $ 70,225 $ 70,403 (B) Collateral for this obligation is the Company's general credit.

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021, which are classified as available-for-sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired. Amortized Cost Basis Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Before Impairment Other-Than- Temporary Impairment After Impairment Gains Losses Carrying Number of Securities Rating (B) Coupon Yield Life Principal Subordination (D) June 30, 2021 ABS - Non-Agency RMBS (E) $ 4,000 $ 3,535 $ (1,521) $ 2,014 $ 1,327 $ — $ 3,341 1 CCC 0.68 % 29.16 % 2.11 58.9 % December 31, 2020 ABS - Non-Agency RMBS (E) $ 4,000 $ 3,276 $ (1,521) $ 1,755 $ 1,468 $ — $ 3,223 1 CCC 0.73 % 29.14 % 2.6 52.2 % (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 investment. (E) The ABS - Non-Agency RMBS is a floating rate security and the collateral securing it is located in various geographic regions in the United States. The Company does not have significant investments in any one geographic region.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021: June 30, 2021 December 31, 2020 Carrying Value Estimated Fair Value Fair Value Method (A) Carrying Value Estimated Fair Value Assets Real estate securities, available-for-sale $ 3,341 $ 3,341 Pricing models - Level 3 $ 3,223 $ 3,223 Cash and cash equivalents 81,428 81,428 47,786 47,786 Restricted cash, current and noncurrent 4,017 4,017 3,047 3,047 Liabilities Junior subordinated notes payable $ 51,179 $ 25,465 Pricing models - Level 3 $ 51,182 $ 18,591 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 June 30, 2021: Significant Inputs Asset Type Amortized Cost Basis Fair Value Discount Prepayment Cumulative Default Rate Loss ABS - Non-Agency RMBS $ 2,014 $ 3,341 10.0 % 7.5 % 2.7 % 65.0 % 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 six months ended June 30, 2021 as follows: ABS - Non-Agency RMBS Balance at December 31, 2020 $ 3,223 Total gains (losses) (A) Included in other comprehensive income (loss) (142) Amortization included in interest income 272 Purchases, sales and repayments (A) Proceeds (12) Balance at June 30, 2021 $ 3,341 (A) There were no purchases, sales or transfers into or out of Level 3 during the six months ended June 30, 2021. 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	6 Months Ended
	Jun. 30, 2021
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 six months ended June 30, 2021: Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2020 4,935,732 $ 2.57 Exercised (1,048,652) 1.00 Balance at June 30, 2021 3,887,080 $ 3.00 2.00 Exercisable at June 30, 2021 2,883,458 $ 3.00 2.00 As of June 30, 2021, the Company’s outstanding options were summarized as follows: Number of Options Held by a former Manager 2,578,593 Issued to a former Manager and subsequently transferred to certain of that Manager’s employees (A) 1,308,154 Issued to the independent directors 333 Total 3,887,080 Weighted average strike price $ 3.00 (A) The Company and a former Manager agreed that options held by certain employees formerly employed by that Manager will not terminate or be forfeited as a result of the Termination and Cooperation Agreement, and the vesting of such options will relate to the relevant holder’s employment with the Company and its affiliates following January 1, 2018. In both February 2017 and April 2018, the former Manager issued 1,152,495 options to certain employees formerly employed by the Manager as part of their compensation. The options fully vest and are exercisable one year prior to the option expiration date, beginning March 2020 through January 2024. For the six months ended June 30, 2021, the former Manager exercised 1,048,652 options at a weighted average strike price of $1.00 resulting in common shares issued of 736,551. 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 $0.2 million and $0.4 million during the three and six months ended June 30, 2021, and $0.3 million and $0.2 million during the three and six months ended June 30, 2020, 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 $0.7 million as of June 30, 2021 and will be expensed over a weighted average of 1.4 years. B. Restricted Stock Units ("RSUs") The following is a summary of the changes in the Company’s RSUs for the six months ended June 30, 2021. Number of RSUs Weighted Average Grant Date Fair Value (per unit) Balance at December 31, 2020 259,238 $ 3.72 Vested / Released (66,943) $ 4.59 Forfeited (46,967) $ 3.64 Balance at June 30, 2021 145,328 $ 3.34 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 six months ended June 30, 2021, the Company granted no RSUs to non-employee directors and 5,423 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 six months ended June 30, 2021, the Company granted no RSUs to employees and 61,520 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 $0.1 million and $0.2 million during the three and six months ended June 30, 2021, and $0.2 million and $0.5 million for the three and six months ended June 30, 2020, 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 $0.3 million as of June 30, 2021 and will be expensed over a weighted average period of 0.72 years. C. Dividends No dividends were declared on the 9.750% Series B, 8.050% Series C or 8.375% Series D preferred stock, for the twelve-month period beginning February 1, 2020 and ending January 31, 2021. As of June 30, 2021, $5.6 million of dividends on the Company's cumulative preferred stock were unpaid and in arrears. On March 12, 2021 the board of directors declared dividends on the Company’s preferred stock for the period beginning February 1, 2021 and ending April 30, 2021, payable on April 30, 2021 to holders of record of preferred stock on April 1, 2021, in an amount equal to $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. Dividends totaling $1.4 million were paid on April 29, 2021. On May 7, 2021 the board of directors declared dividends on the Company’s preferred stock for the period beginning May 1, 2021 and ending July 31, 2021, payable on July 30, 2021 to holders of record of preferred stock on July 1, 2021, in an amount equal to $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. Dividends totaling $1.4 million were paid on July 30, 2021. D. Earnings Per Share The following table shows the Company's basic and diluted earnings per share (“EPS”): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator for basic and diluted earnings per share: Loss Applicable to Common Stockholders $ (3,364) $ (40,921) $ (15,663) $ (59,678) Denominator: Denominator for basic earnings per share - weighted average shares 92,065,615 67,111,843 87,338,509 67,090,805 Effect of dilutive securities Options — — — — RSUs — — — — Denominator for diluted earnings per share - adjusted weighted average shares 92,065,615 67,111,843 87,338,509 67,090,805 Basic earnings per share: Loss from continuing operations per share of common stock after preferred dividends $ (0.04) $ (0.61) $ (0.18) $ (0.89) Loss Applicable to Common Stock, per share $ (0.04) $ (0.61) $ (0.18) $ (0.89) Diluted earnings per share: Loss from continuing operations per share of common stock after preferred dividends $ (0.04) $ (0.61) $ (0.18) $ (0.89) Loss Applicable to Common Stock, per share $ (0.04) $ (0.61) $ (0.18) $ (0.89) The Company’s dilutive securities are outstanding stock options and RSUs. During the three and six months ended June 30, 2021, based on the treasury stock method, the Company had 542,438 and 711,237 outstanding stock options and RSUs, respectively, which were excluded due to the Company's loss position. During the three and six months ended June 30, 2020, based on the treasury stock method, the Company had 964,335 potentially dilutive securities. On February 2, 2021, the Company completed the public offering of 23,285,553 shares of common stock and the sale of 672,780 shares of common stock to the Chairman of our Board of Directors resulting in net proceeds to the Company of $54.6 million, after deducting the underwriters discount of $2.9 million. Other expenses related to the offering totaled $0.6 million. The Company intends to use all of the net proceeds from the offering to fund its Puttery expansion and for general corporate purposes.

TRANSACTIONS WITH AFFILIATES AN

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	6 Months Ended
	Jun. 30, 2021
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 a Company executive prior to execution of an employment agreement, which were 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 amounts were repaid as of December 31, 2020.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021, 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 June 30, 2021, the Company had future payments for additional operating leases that had not yet commenced of $19.0 million. The leases are expected to commence over the next 12 - 24 months with lease terms of approximately 10 to 15 years. These leases are primarily commercial 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 June 30, 2021, $5.6 million of dividends on the Company's cumulative preferred stock were unpaid and in arrears.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
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 $0.9 million for the three and six months ended June 30, 2021, and $0.5 million and $0.8 million for the three and six months ended June 30, 2020. 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 maintained a valuation allowance against its deferred tax assets as of June 30, 2021 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 United States federal and state income tax returns in various jurisdictions. As of June 30, 2021, the Company is not subject to examination by the IRS for the years prior to 2017 and is currently under examination in Idaho for open tax years 2017 and later. At December 31, 2020 and June 30, 2021, 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 11, 2021 the American Rescue Plan Act of 2021 was signed into law in response to the COVID-19 pandemic. The new law contains certain tax credits for businesses and changes to tax rules for the allocation of interest expense. The legislation does not have a material impact on the Company's tax positions.

(GAIN) LOSS ON LEASE TERMINATIO

(GAIN) LOSS ON LEASE TERMINATIONS AND IMPAIRMENT	6 Months Ended
	Jun. 30, 2021
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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Gain) Loss on lease terminations $ (655) $ (3,125) $ (655) $ (3,125) Impairment on corporate office assets (held-for-use) — — 3,303 — Impairment on traditional golf properties (held-for-use) — — — 792 Other losses 94 — — — Total (Gain) Loss on lease terminations and impairment $ (561) $ (3,125) $ 2,648 $ (2,333) (Gain) Loss on lease terminations - During the three and six months ended June 30, 2021, the Company recorded a gain of $0.7 million on the termination of one traditional golf course lease. The gain related to the derecognition of long-lived, intangible, and ROU assets and membership deposit liability balances. During the three and six months ended June 30, 2020, the Company recorded a gain of $3.1 million on the termination of two traditional golf course leases. The gains related to the derecognition of long-lived, intangible, and ROU assets and membership deposit liability balances. Held-for-use impairment - During the six months ended June 30, 2021, the Company recorded impairment charges of $3.3 million related to right-of-use and other lease related assets of our former headquarters office in New York given the relocation of the Company’s headquarters to Dallas, TX. This includes impairment of leasehold improvements of $0.1 million, furniture fixtures, and equipment of $0.6 million, and ROU assets of $2.3 million. The Company evaluated the recoverability of the carrying value of these assets using the income approach based on future assumptions of cash flows. The development of discounted cash flow models used to estimate the fair value of the asset groups required the application of significant judgement in determining market participant assumptions, including the projected sublease income over the remaining lease terms, expected downtime prior to the commencement of future subleases, expected lease incentives offered to future tenants, and discount rates that reflected the level of risk associated with these future 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 -

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On July 12, 2021, the Company entered into an Investment Agreement among the Company and Symphony Ventures, a partnership organized under the laws of Ireland, pursuant to which Symphony Ventures committed to invest $10.0 million in Puttery. On the terms and subject to the conditions set forth in the Investment Agreement, the Company will sell to Symphony Ventures 10% of the partnership interests in each of the wholly owned subsidiary limited partnerships, which we refer to as “SLPs”, formed by the Company to hold each of the Company’s Puttery venues, in exchange for an amount in cash equal to 10% of the total cost to build the Puttery venue owned by such SLP. Symphony Ventures’ purchase price in each such SLP will be applied to satisfy the commitment. In connection with each investment in an SLP, Symphony Ventures will receive the option to purchase partnership interests representing an additional 10% of the partnership interests in such SLP, at a purchase price equal to the original purchase price, exercisable within the first year following each investment. The Commitment expires on January 1, 2024. Following the satisfaction of its commitment of $10,000,000.00, Symphony Ventures will have the right, but not the obligation, to invest in each Puttery venue that the Company opens through the end of 2023, on the same terms as those applicable to the committed amount.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
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, 2020 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2021. Capitalized terms used herein, and not otherwise defined, are defined in the Company’s Consolidated Financial Statements for the year ended December 31, 2020. There have been no
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. The operations and ongoing construction at the commercial real estate project halted due to the COVID-19 pandemic in mid-March 2020 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-19 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 as of both June 30, 2021, and December 31, 2020.
Impairment of Long-lived Assets	Impairment of Long-lived Assets —
Impairment of Long-lived Assets	Impairment of Long-lived Assets —
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash — The Company considers all highly liquid short-term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed insured limits. The Company has not experienced any losses in the accounts and believe that the Company is
Accounts Receivable, Net	Accounts Receivable, Net — Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts of $0.8 million and $0.9 million as of June 30, 2021 and December 31, 2020, respectively. The allowance for doubtful accounts is based upon several factors including the length of time the receivables are past due, historical payment trends, current economic factors, and our expectations of future events that affect collectability. Collateral is generally not required.
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 members to their respective country clubs. 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. See Note 3. Revenues. 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 is 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 adopted ASU 2019-12 as of the fiscal year beginning January 1, 2021. The adoption of ASU 2019-12 had no material impact on the Company's 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 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
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)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of restrictions on cash and cash equivalents	The following table summarizes the Company's Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent: June 30, 2021 December 31, 2020 June 30, 2020 December 31, 2019 Cash and cash equivalents $ 81,428 47,786 12,638 28,423 Restricted cash 2,990 2,252 2,974 3,103 Restricted cash, noncurrent 1,027 795 267 438 Total Cash and cash equivalents, Restricted cash and Restricted cash, noncurrent $ 85,445 $ 50,833 $ 15,879 $ 31,964
Schedule of other current assets	The following table summarizes the Company's other current assets: June 30, 2021 December 31, 2020 Managed property receivables $ 8,420 $ 3,236 Prepaid expenses 3,442 3,158 Deposits 1,223 767 Inventory 1,953 1,950 Construction in progress receivables 2,158 1,839 Miscellaneous current assets, net 5,683 3,460 Other current assets $ 22,879 $ 14,410
Schedule of other assets	The following table summarizes the Company's other assets: June 30, 2021 December 31, 2020 Prepaid expenses $ 1,023 $ 2,154 Deposits 3,444 2,504 Miscellaneous assets, net 1,953 2,107 Other assets $ 6,420 $ 6,765
Schedule of other current liabilities	The following table summarizes the Company's other current liabilities: June 30, 2021 December 31, 2020 Operating lease liabilities $ 17,624 $ 19,894 Accrued rent 2,967 4,318 Dividends payable 930 — Miscellaneous current liabilities 3,254 4,005 Other current liabilities $ 24,775 $ 28,217
Schedule of other income (loss), net	These items are comprised of the following: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Collateral management fee income, net $ 48 $ 66 $ 104 $ 138 Equity in earnings, net of impairment from equity method investments — (24,365) — (24,020) Gain (loss) on sale of long-lived assets and intangibles (49) — (64) — Gain (loss) on sale of traditional golf properties — (102) — (54) Other (loss) income (17) (21) (119) (119) Other income (loss), net $ (18) $ (24,422) $ (79) $ (24,055)

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 Six Months Ended June 30, 2021 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 $ 5,316 $ 28,693 $ 12,323 $ 15,418 $ 61,750 $ 8,737 $ 47,866 $ 27,042 $ 31,267 $ 114,912 Sales of food and beverages 6,273 3,994 1,862 — 12,129 11,075 5,849 3,135 — 20,059 Total revenues $ 11,589 $ 32,687 $ 14,185 $ 15,418 $ 73,879 $ 19,812 $ 53,715 $ 30,177 $ 31,267 $ 134,971 Three Months Ended June 30, 2020 Six Months Ended June 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 $ 762 $ 13,035 $ 6,507 $ 9,371 $ 29,675 $ 4,672 $ 29,058 $ 20,161 $ 24,409 $ 78,300 Sales of food and beverages 1,028 910 487 — 2,425 7,235 5,195 2,505 — 14,935 Total revenues $ 1,790 $ 13,945 $ 6,994 $ 9,371 $ 32,100 $ 11,907 $ 34,253 $ 22,666 $ 24,409 $ 93,235 (A) Includes $12.9 million and $26.7 million for the three and six months ended June 30, 2021, as well as $8.5 million and $21.8 million for the three and six months ended June 30, 2020, respectively, related to management contract reimbursements reported under ASC 606 - Revenue Recognition.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2021
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: Six Months Ended June 30, 2021 Entertainment Golf Traditional Golf Corporate Total Revenues Golf operations $ 8,737 $ 106,175 $ — $ 114,912 Sales of food and beverages 11,075 8,984 — 20,059 Total revenues 19,812 115,159 — 134,971 Operating costs Operating expenses 10,679 93,823 2 104,504 Cost of sales - food and beverages 2,530 2,725 — 5,255 General and administrative expense (A) 4,472 5,073 6,095 15,640 General and administrative expense - acquisition and transaction expenses (B) 368 — 4 372 Depreciation and amortization 5,904 6,003 122 12,029 Pre-opening costs (C) 1,344 — 1 1,345 (Gain) Loss on lease terminations and impairment 22 (561) 3,187 2,648 Total operating costs 25,319 107,063 9,411 141,793 Operating income (loss) (5,507) 8,096 (9,411) (6,822) Other income (expenses) Interest and investment income — 36 276 312 Interest expense (D) (159) (4,620) (641) (5,420) Capitalized interest (D) — 28 53 81 Other income (loss), net — (176) 97 (79) Total other income (expenses) (159) (4,732) (215) (5,106) Income tax expense — — 945 945 Net income (loss) (5,666) 3,364 (10,571) (12,873) Preferred dividends — — (2,790) (2,790) Net income (loss) applicable to common stockholders $ (5,666) $ 3,364 $ (13,361) $ (15,663) June 30, 2021 Entertainment Golf Traditional Golf Corporate Total Total assets $ 171,386 $ 262,049 $ 62,404 $ 495,839 Total liabilities 47,133 336,894 62,302 446,329 Preferred stock — — 61,583 61,583 Equity $ 124,253 $ (74,845) $ (61,481) $ (12,073) Additions to property and equipment (including finance leases) during the six months ended June 30, 2021 $ 10,903 $ 2,989 $ 375 $ 14,267 Three Months Ended June 30, 2021 Entertainment Golf Traditional Golf Corporate Total Revenues Golf operations $ 5,316 $ 56,434 $ — $ 61,750 Sales of food and beverages 6,273 5,856 — 12,129 Total revenues 11,589 62,290 — 73,879 Operating costs Operating expenses 5,546 50,087 2 55,635 Cost of sales - food and beverages 1,445 1,706 — 3,151 General and administrative expense (A) 2,274 2,693 2,885 7,852 General and administrative expense - acquisition and transaction expenses (B) 176 — — 176 Depreciation and amortization 2,952 2,782 50 5,784 Pre-opening costs (C) 788 — 1 789 (Gain) Loss on lease terminations and impairment — (561) — (561) Total operating costs 13,181 56,707 2,938 72,826 Operating income (loss) (1,592) 5,583 (2,938) 1,053 Other income (expenses) Interest and investment income — 16 143 159 Interest expense (D) (77) (2,369) (325) (2,771) Capitalized interest (D) — 20 38 58 Other income (loss), net — (62) 44 (18) Total other income (expenses) (77) (2,395) (100) (2,572) Income tax expense — — 450 450 Net income (loss) (1,669) 3,188 (3,488) (1,969) Preferred dividends — — (1,395) (1,395) Net income (loss) applicable to common stockholders $ (1,669) $ 3,188 $ (4,883) $ (3,364) Six Months Ended June 30, 2020 Entertainment Golf Traditional Golf Corporate Total Revenues Golf operations $ 4,672 $ 73,628 $ — $ 78,300 Sales of food and beverages 7,235 7,700 — 14,935 Total revenues 11,907 81,328 — 93,235 Operating costs Operating expenses 10,801 76,790 — 87,591 Cost of sales - food and beverages 1,904 2,580 — 4,484 General and administrative expense (A) 4,529 5,282 4,361 14,172 General and administrative expense - acquisition and transaction expenses (B) 865 155 994 2,014 Depreciation and amortization 6,021 7,311 144 13,476 Pre-opening costs (C) 822 — — 822 (Gain) Loss on lease terminations and impairment — (2,333) — (2,333) Total operating costs 24,942 89,785 5,499 120,226 Operating loss (13,035) (8,457) (5,499) (26,991) Other income (expenses) Interest and investment income 1 38 226 265 Interest expense (D) (207) (4,245) (962) (5,414) Capitalized interest (D) — 22 56 78 Other income (loss), net — (166) (23,889) (24,055) Total other income (expenses) (206) (4,351) (24,569) (29,126) Income tax expense — — 771 771 Net loss (13,241) (12,808) (30,839) (56,888) Preferred dividends — — (2,790) (2,790) Loss applicable to common stockholders $ (13,241) $ (12,808) $ (33,629) $ (59,678) Three Months Ended June 30, 2020 Entertainment Golf Traditional Golf Corporate Total Revenues Golf operations $ 762 $ 28,913 $ — $ 29,675 Sales of food and beverages 1,028 1,397 — 2,425 Total revenues 1,790 30,310 — 32,100 Operating costs Operating expenses 2,629 30,595 — 33,224 Cost of sales - food and beverages 294 535 — 829 General and administrative expense (A) 1,360 2,189 1,983 5,532 General and administrative expense - acquisition and transaction expenses (B) 831 33 (28) 836 Depreciation and amortization 3,001 3,608 73 6,682 Pre-opening costs (C) 270 — — 270 Total operating costs 8,385 33,835 2,028 44,248 Operating loss (6,595) (3,525) (2,028) (12,148) Other income (expenses) Interest and investment income — 23 112 135 Interest expense (D) (102) (2,098) (436) (2,636) Capitalized interest (D) — 13 32 45 Other income (loss), net — (120) (24,302) (24,422) Total other income (expenses) (102) (2,182) (24,594) (26,878) Income tax expense — — 500 500 Net loss (6,697) (5,707) (27,122) (39,526) Preferred dividends — — (1,395) (1,395) Loss applicable to common stockholders $ (6,697) $ (5,707) $ (28,517) $ (40,921) (A) General and administrative expenses included severance expenses of zero and $0.1 million for the three and six months ended June 30, 2021, respectively, and zero and $0.7 million for the three and six months ended June 30, 2020, respectively. (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)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	The following table summarizes the Company’s property and equipment: June 30, 2021 December 31, 2020 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 142,064 (42,021) 100,043 142,635 (40,198) 102,437 Furniture, fixtures and equipment 51,033 (27,069) 23,964 51,622 (24,422) 27,200 Finance leases - equipment 30,362 (14,281) 16,081 34,339 (15,296) 19,043 Construction in progress 24,268 — 24,268 13,975 — 13,975 Total Property and Equipment $ 254,497 $ (83,371) $ 171,126 $ 249,341 $ (79,916) $ 169,425

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of lease related costs	Lease related costs recognized in the Consolidated Statements of Operations for the three and six months ended June 30, 2021, and June 30, 2020, are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Finance lease cost Amortization of right-of-use assets $ 1,280 $ 1,485 $ 2,747 $ 3,016 Interest on lease liabilities 296 246 622 587 Total finance lease cost 1,576 1,731 3,369 3,603 Operating lease cost Operating lease cost 7,666 9,002 16,570 18,269 Short-term lease cost 170 421 510 848 Variable lease cost 5,622 1,541 9,630 4,331 Total operating lease cost 13,458 10,964 26,710 23,448 Total lease cost $ 15,034 $ 12,695 $ 30,079 $ 27,051
Schedule of lease, other information	Other information related to leases included on the Consolidated Balance Sheet as of and for the six months ended June 30, 2021 are as follows: Operating Leases Financing Leases Right-of-use assets $ 187,870 $ 16,081 Lease liabilities $ 189,997 $ 15,996 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows $ 15,242 $ 296 Financing cash flows $ — $ 3,082 Right-of-use assets obtained in exchange for lease liabilities $ 7,002 $ 495 Weighted average remaining lease term 14.3 years 3.4 years Weighted average discount rate 8.3 % 6.3 %
Schedule of future minimum lease payments, operating lease	Future minimum lease payments under non-cancellable leases as of June 30, 2021 are as follows: Operating Leases Financing Leases July 1, 2021 - December 31, 2021 $ 19,522 $ 3,406 2022 30,662 5,641 2023 30,514 4,642 2024 24,536 2,472 2025 21,555 1,264 Thereafter 183,074 330 Total minimum lease payments 309,863 17,755 Less: imputed interest 119,866 1,759 Total lease liabilities $ 189,997 $ 15,996
Schedule of future minimum lease payments, finance lease	Future minimum lease payments under non-cancellable leases as of June 30, 2021 are as follows: Operating Leases Financing Leases July 1, 2021 - December 31, 2021 $ 19,522 $ 3,406 2022 30,662 5,641 2023 30,514 4,642 2024 24,536 2,472 2025 21,555 1,264 Thereafter 183,074 330 Total minimum lease payments 309,863 17,755 Less: imputed interest 119,866 1,759 Total lease liabilities $ 189,997 $ 15,996

INTANGIBLES, NET OF ACCUMULAT_2

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	The following table summarizes the Company’s intangible assets: June 30, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 721 $ (175) $ 546 $ 700 $ (163) $ 537 Management contracts 28,912 (17,205) 11,707 31,043 (18,427) 12,616 Internally-developed software 341 (110) 231 314 (79) 235 Membership base 4,012 (3,276) 736 5,944 (5,236) 708 Non-amortizable liquor licenses 961 — 961 1,028 — 1,028 Total Intangibles $ 34,947 $ (20,766) $ 14,181 $ 39,029 $ (23,905) $ 15,124

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of debt obligations	The following table presents certain information regarding the Company’s debt obligations at June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Debt Obligation/Collateral Month Issued Outstanding Carrying Final Stated Maturity Weighted Weighted Average Weighted Average Life (Years) Face Amount of Outstanding Face Amount Carrying Value Credit Facilities and Finance Leases Vineyard II Dec 1993 $ 200 $ 200 Dec 2043 2.43% 2.43 % 22.5 $ — $ 200 $ 200 Finance leases (Equipment) Jul 2014 - Jun 2021 15,996 15,996 July 2021 - Jan 2027 3.00% to 15.00% 6.3 % 3.4 — 19,021 19,021 16,196 16,196 6.27 % 3.7 — 19,221 19,221 Less current portion of obligations under finance leases 5,794 5,794 6,470 6,470 Credit facilities and obligations under finance leases - noncurrent 10,402 10,402 12,751 12,751 Corporate Junior subordinated notes payable (B) Mar 2006 51,004 51,179 Apr 2035 LIBOR+2.25% 2.43 % 13.84 51,004 51,004 51,182 Total debt obligations $ 67,200 $ 67,375 3.18 % 11.4 $ 51,004 $ 70,225 $ 70,403 (B) Collateral for this obligation is the Company's general credit.

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021, which are classified as available-for-sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired. Amortized Cost Basis Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Before Impairment Other-Than- Temporary Impairment After Impairment Gains Losses Carrying Number of Securities Rating (B) Coupon Yield Life Principal Subordination (D) June 30, 2021 ABS - Non-Agency RMBS (E) $ 4,000 $ 3,535 $ (1,521) $ 2,014 $ 1,327 $ — $ 3,341 1 CCC 0.68 % 29.16 % 2.11 58.9 % December 31, 2020 ABS - Non-Agency RMBS (E) $ 4,000 $ 3,276 $ (1,521) $ 1,755 $ 1,468 $ — $ 3,223 1 CCC 0.73 % 29.14 % 2.6 52.2 % (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 investment. (E) The ABS - Non-Agency RMBS is a floating rate security and the collateral securing it is located in various geographic regions in the United States. The Company does not have significant investments in any one geographic region.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021: June 30, 2021 December 31, 2020 Carrying Value Estimated Fair Value Fair Value Method (A) Carrying Value Estimated Fair Value Assets Real estate securities, available-for-sale $ 3,341 $ 3,341 Pricing models - Level 3 $ 3,223 $ 3,223 Cash and cash equivalents 81,428 81,428 47,786 47,786 Restricted cash, current and noncurrent 4,017 4,017 3,047 3,047 Liabilities Junior subordinated notes payable $ 51,179 $ 25,465 Pricing models - Level 3 $ 51,182 $ 18,591
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 June 30, 2021: Significant Inputs Asset Type Amortized Cost Basis Fair Value Discount Prepayment Cumulative Default Rate Loss ABS - Non-Agency RMBS $ 2,014 $ 3,341 10.0 % 7.5 % 2.7 % 65.0 %
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 six months ended June 30, 2021 as follows: ABS - Non-Agency RMBS Balance at December 31, 2020 $ 3,223 Total gains (losses) (A) Included in other comprehensive income (loss) (142) Amortization included in interest income 272 Purchases, sales and repayments (A) Proceeds (12) Balance at June 30, 2021 $ 3,341 (A) There were no purchases, sales or transfers into or out of Level 3 during the six months ended June 30, 2021.
Summary of 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)	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Schedule of outstanding options	The following is a summary of the changes in the Company’s outstanding options for the six months ended June 30, 2021: Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2020 4,935,732 $ 2.57 Exercised (1,048,652) 1.00 Balance at June 30, 2021 3,887,080 $ 3.00 2.00 Exercisable at June 30, 2021 2,883,458 $ 3.00 2.00
Schedule of outstanding options summary	As of June 30, 2021, the Company’s outstanding options were summarized as follows: Number of Options Held by a former Manager 2,578,593 Issued to a former Manager and subsequently transferred to certain of that Manager’s employees (A) 1,308,154 Issued to the independent directors 333 Total 3,887,080 Weighted average strike price $ 3.00 (A) The Company and a former Manager agreed that options held by certain employees formerly employed by that Manager will not terminate or be forfeited as a result of the Termination and Cooperation Agreement, and the vesting of such options will relate to the relevant holder’s employment with the Company and its affiliates following January 1, 2018. In both February 2017 and April 2018, the former Manager issued 1,152,495 options to certain employees formerly employed by the Manager as part of their compensation. The options fully vest and are exercisable one year prior to the option expiration date, beginning March 2020 through January 2024. For the six months ended June 30, 2021, the former Manager exercised 1,048,652 options at a weighted average strike price of $1.00 resulting in common shares issued of 736,551.
Summary of changes in RSUs	The following is a summary of the changes in the Company’s RSUs for the six months ended June 30, 2021. Number of RSUs Weighted Average Grant Date Fair Value (per unit) Balance at December 31, 2020 259,238 $ 3.72 Vested / Released (66,943) $ 4.59 Forfeited (46,967) $ 3.64 Balance at June 30, 2021 145,328 $ 3.34
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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator for basic and diluted earnings per share: Loss Applicable to Common Stockholders $ (3,364) $ (40,921) $ (15,663) $ (59,678) Denominator: Denominator for basic earnings per share - weighted average shares 92,065,615 67,111,843 87,338,509 67,090,805 Effect of dilutive securities Options — — — — RSUs — — — — Denominator for diluted earnings per share - adjusted weighted average shares 92,065,615 67,111,843 87,338,509 67,090,805 Basic earnings per share: Loss from continuing operations per share of common stock after preferred dividends $ (0.04) $ (0.61) $ (0.18) $ (0.89) Loss Applicable to Common Stock, per share $ (0.04) $ (0.61) $ (0.18) $ (0.89) Diluted earnings per share: Loss from continuing operations per share of common stock after preferred dividends $ (0.04) $ (0.61) $ (0.18) $ (0.89) Loss Applicable to Common Stock, per share $ (0.04) $ (0.61) $ (0.18) $ (0.89)

(GAIN) LOSS ON LEASE TERMINAT_2

(GAIN) LOSS ON LEASE TERMINATIONS AND IMPAIRMENT (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Gain) Loss on lease terminations $ (655) $ (3,125) $ (655) $ (3,125) Impairment on corporate office assets (held-for-use) — — 3,303 — Impairment on traditional golf properties (held-for-use) — — — 792 Other losses 94 — — — Total (Gain) Loss on lease terminations and impairment $ (561) $ (3,125) $ 2,648 $ (2,333)

ORGANIZATION (Details)

ORGANIZATION (Details)	3 Months Ended
	Mar. 31, 2020property	Jun. 30, 2021propertystate
Entertainment Golf
Segment Reporting Information
Number of properties (property)		4
Number of properties reopened (property)	3
Number of states in which properties owned | state		3
Traditional Golf
Segment Reporting Information
Number of properties (property)		56
Number of states in which properties owned | state		9

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	Oct. 16, 2020USD ($)	Mar. 07, 2018property	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)property	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
New Accounting Pronouncements or Change in Accounting Principle
Proceeds from sale of property and equipment				$ 0	$ 73,000
Ownership in equity investment (as percent)				22.00%
Other-than-temporary impairment charge			$ 24,700,000
Other investments				$ 0		$ 0
Deposit refundable period (in years)				30 years
Allowance for doubtful accounts				$ 800,000		$ 900,000
Weighted average life (in years)				7 years
Entertainment Golf
New Accounting Pronouncements or Change in Accounting Principle
Number of properties (property) | property				4
Golf Properties | Held-for-sale
New Accounting Pronouncements or Change in Accounting Principle
Number of properties held for sale | property		26
Golf Properties | Disposed of by sale
New Accounting Pronouncements or Change in Accounting Principle
Sale price on sale of property	$ 34,500,000
Proceeds from sale of property and equipment	$ 33,600,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 81,428	$ 47,786	$ 12,638	$ 28,423
Restricted cash	2,990	2,252	2,974	3,103
Restricted cash, noncurrent	1,027	795	267	438
Total Cash and cash equivalents, Restricted cash and Restricted cash, noncurrent	$ 85,445	$ 50,833	$ 15,879	$ 31,964

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Current Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Managed property receivables	$ 8,420	$ 3,236
Prepaid expenses	3,442	3,158
Deposits	1,223	767
Inventory	1,953	1,950
Construction in progress receivables	2,158	1,839
Miscellaneous current assets, net	5,683	3,460
Other current assets	$ 22,879	$ 14,410

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Prepaid expenses	$ 1,023	$ 2,154
Deposits	3,444	2,504
Miscellaneous assets, net	1,953	2,107
Other assets	$ 6,420	$ 6,765

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Current Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Operating lease liabilities	$ 17,624	$ 19,894
Accrued rent	2,967	4,318
Dividends payable	930	0
Miscellaneous current liabilities	3,254	4,005
Other current liabilities	$ 24,775	$ 28,217

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Income, Net) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other income (loss), net
Collateral management fee income, net	$ 48	$ 66	$ 104	$ 138
Equity in earnings, net of impairment from equity method investments	0	(24,365)	0	(24,020)
Gain (loss) on sale of long-lived assets and intangibles	(49)	0	(64)	0
Gain (loss) on sale of traditional golf properties	0	(102)	0	(54)
Other (loss) income	(17)	(21)	(119)	(119)
Other income (loss), net	$ (18)	$ (24,422)	$ (79)	$ (24,055)

REVENUES (Narrative) (Details)

REVENUES (Narrative) (Details)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Deposit refundable period (in years)	30 years
Weighted average life (in years)	7 years

REVENUES (Disaggregation of Rev

REVENUES (Disaggregation of Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue
Total revenues	$ 73,879	$ 32,100	$ 134,971	$ 93,235
Golf operations
Disaggregation of Revenue
Total revenues	61,750	29,675	114,912	78,300
Golf operations, ent. golf venues
Disaggregation of Revenue
Total revenues	5,316	762	8,737	4,672
Golf operations, public golf properties
Disaggregation of Revenue
Total revenues	28,693	13,035	47,866	29,058
Golf operations, private golf properties
Disaggregation of Revenue
Total revenues	12,323	6,507	27,042	20,161
Golf operations, managed golf properties
Disaggregation of Revenue
Total revenues	15,418	9,371	31,267	24,409
Sales of food and beverages
Disaggregation of Revenue
Total revenues	12,129	2,425	20,059	14,935
Food and beverage, ent. golf venues
Disaggregation of Revenue
Total revenues	6,273	1,028	11,075	7,235
Food and beverage, public golf properties
Disaggregation of Revenue
Total revenues	3,994	910	5,849	5,195
Food and beverage, private golf properties
Disaggregation of Revenue
Total revenues	1,862	487	3,135	2,505
Food and beverage, managed golf properties
Disaggregation of Revenue
Total revenues	0	0	0	0
Ent. golf venues
Disaggregation of Revenue
Total revenues	11,589	1,790	19,812	11,907
Public golf properties
Disaggregation of Revenue
Total revenues	32,687	13,945	53,715	34,253
Private golf properties
Disaggregation of Revenue
Total revenues	14,185	6,994	30,177	22,666
Managed golf properties
Disaggregation of Revenue
Total revenues	15,418	9,371	31,267	24,409
Management contract reimbursements
Disaggregation of Revenue
Total revenues	$ 12,900	$ 8,500	$ 26,700	$ 21,800

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)property	Jun. 30, 2021propertystatesegment	Dec. 31, 2020USD ($)	Dec. 31, 2021property	May 01, 2021property	Apr. 01, 2021property
Segment Reporting Information
Number of reportable segments | segment		3
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations
Segment Reporting Information
Number of golf properties	4
Revenue | $	$ 6.6		$ 22.4
Entertainment Golf
Segment Reporting Information
Number of golf properties		4
Number of states in which properties owned | state		3
Entertainment Golf | Dallas, TX & Charlotte, NC | Forecast | Subsequent event
Segment Reporting Information
Number of golf properties				2
Traditional Golf
Segment Reporting Information
Number of golf properties		56
Number of states in which properties owned | state		9
Traditional Golf | Managed
Segment Reporting Information
Number of golf properties						22
Traditional Golf | Leased
Segment Reporting Information
Number of golf properties					34

SEGMENT REPORTING (Segment Repo

SEGMENT REPORTING (Segment Reporting) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenues
Revenues	$ 73,879		$ 32,100		$ 134,971	$ 93,235
Operating costs
Operating expenses	55,635		33,224		104,504	87,591
Cost of sales - food and beverages	3,151		829		5,255	4,484
General and administrative expense	7,852		5,532		15,640	14,172
General and administrative expense - acquisition and transaction expenses	176		836		372	2,014
Depreciation and amortization	5,784		6,682		12,029	13,476
Pre-opening costs	789		270		1,345	822
(Gain) Loss on lease terminations and impairment	(561)		(3,125)		2,648	(2,333)
Total operating costs	72,826		44,248		141,793	120,226
Operating income (loss)	1,053		(12,148)		(6,822)	(26,991)
Other income (expenses)
Interest and investment income	159		135		312	265
Interest expense	(2,771)		(2,636)		(5,420)	(5,414)
Capitalized interest	58		45		81	78
Other income (loss), net	(18)		(24,422)		(79)	(24,055)
Total other income (expenses)	(2,572)		(26,878)		(5,106)	(29,126)
Income tax expense	450		500		945	771
Net loss	(1,969)	$ (10,904)	(39,526)	$ (17,362)	(12,873)	(56,888)
Preferred dividends	(1,395)		(1,395)		(2,790)	(2,790)
Loss applicable to common stockholders	(3,364)		(40,921)		(15,663)	(59,678)
Total assets	495,839		457,073		495,839	457,073	$ 457,054
Total liabilities	446,329		448,405		446,329	448,405	447,017
Preferred stock	61,583		61,583		61,583	61,583	$ 61,583
Equity	(12,073)		(52,915)		(12,073)	(52,915)
Additions to property and equipment (including finance leases)					14,267	7,702
Severance expenses	0		0		100	700
Accretion of membership deposit liabilities	2,100		1,900		4,100	3,600
Golf operations
Revenues
Revenues	61,750		29,675		114,912	78,300
Sales of food and beverages
Revenues
Revenues	12,129		2,425		20,059	14,935
Operating Segments | Entertainment Golf
Revenues
Revenues	11,589		1,790		19,812	11,907
Operating costs
Operating expenses	5,546		2,629		10,679	10,801
Cost of sales - food and beverages	1,445		294		2,530	1,904
General and administrative expense	2,274		1,360		4,472	4,529
General and administrative expense - acquisition and transaction expenses	176		831		368	865
Depreciation and amortization	2,952		3,001		5,904	6,021
Pre-opening costs	788		270		1,344	822
(Gain) Loss on lease terminations and impairment	0				22	0
Total operating costs	13,181		8,385		25,319	24,942
Operating income (loss)	(1,592)		(6,595)		(5,507)	(13,035)
Other income (expenses)
Interest and investment income	0		0		0	1
Interest expense	(77)		(102)		(159)	(207)
Capitalized interest	0		0		0	0
Other income (loss), net	0		0		0	0
Total other income (expenses)	(77)		(102)		(159)	(206)
Income tax expense	0		0		0	0
Net loss	(1,669)		(6,697)		(5,666)	(13,241)
Preferred dividends	0		0		0	0
Loss applicable to common stockholders	(1,669)		(6,697)		(5,666)	(13,241)
Total assets	171,386		158,187		171,386	158,187
Total liabilities	47,133		41,997		47,133	41,997
Preferred stock	0		0		0	0
Equity	124,253		116,190		124,253	116,190
Additions to property and equipment (including finance leases)					10,903	4,297
Operating Segments | Entertainment Golf | Golf operations
Revenues
Revenues	5,316		762		8,737	4,672
Operating Segments | Entertainment Golf | Sales of food and beverages
Revenues
Revenues	6,273		1,028		11,075	7,235
Operating Segments | Traditional Golf
Revenues
Revenues	62,290		30,310		115,159	81,328
Operating costs
Operating expenses	50,087		30,595		93,823	76,790
Cost of sales - food and beverages	1,706		535		2,725	2,580
General and administrative expense	2,693		2,189		5,073	5,282
General and administrative expense - acquisition and transaction expenses	0		33		0	155
Depreciation and amortization	2,782		3,608		6,003	7,311
Pre-opening costs	0		0		0	0
(Gain) Loss on lease terminations and impairment	(561)				(561)	(2,333)
Total operating costs	56,707		33,835		107,063	89,785
Operating income (loss)	5,583		(3,525)		8,096	(8,457)
Other income (expenses)
Interest and investment income	16		23		36	38
Interest expense	(2,369)		(2,098)		(4,620)	(4,245)
Capitalized interest	20		13		28	22
Other income (loss), net	(62)		(120)		(176)	(166)
Total other income (expenses)	(2,395)		(2,182)		(4,732)	(4,351)
Income tax expense	0		0		0	0
Net loss	3,188		(5,707)		3,364	(12,808)
Preferred dividends	0		0		0	0
Loss applicable to common stockholders	3,188		(5,707)		3,364	(12,808)
Total assets	262,049		284,874		262,049	284,874
Total liabilities	336,894		343,136		336,894	343,136
Preferred stock	0		0		0	0
Equity	(74,845)		(58,262)		(74,845)	(58,262)
Additions to property and equipment (including finance leases)					2,989	2,982
Operating Segments | Traditional Golf | Golf operations
Revenues
Revenues	56,434		28,913		106,175	73,628
Operating Segments | Traditional Golf | Sales of food and beverages
Revenues
Revenues	5,856		1,397		8,984	7,700
Operating Segments | Corporate
Revenues
Revenues	0		0		0	0
Operating costs
Operating expenses	2		0		2	0
Cost of sales - food and beverages	0		0		0	0
General and administrative expense	2,885		1,983		6,095	4,361
General and administrative expense - acquisition and transaction expenses	0		(28)		4	994
Depreciation and amortization	50		73		122	144
Pre-opening costs	1		0		1	0
(Gain) Loss on lease terminations and impairment	0				3,187	0
Total operating costs	2,938		2,028		9,411	5,499
Operating income (loss)	(2,938)		(2,028)		(9,411)	(5,499)
Other income (expenses)
Interest and investment income	143		112		276	226
Interest expense	(325)		(436)		(641)	(962)
Capitalized interest	38		32		53	56
Other income (loss), net	44		(24,302)		97	(23,889)
Total other income (expenses)	(100)		(24,594)		(215)	(24,569)
Income tax expense	450		500		945	771
Net loss	(3,488)		(27,122)		(10,571)	(30,839)
Preferred dividends	(1,395)		(1,395)		(2,790)	(2,790)
Loss applicable to common stockholders	(4,883)		(28,517)		(13,361)	(33,629)
Total assets	62,404		14,012		62,404	14,012
Total liabilities	62,302		63,272		62,302	63,272
Preferred stock	61,583		61,583		61,583	61,583
Equity	(61,481)		(110,843)		(61,481)	(110,843)
Additions to property and equipment (including finance leases)					375	423
Operating Segments | Corporate | Golf operations
Revenues
Revenues	0		0		0	0
Operating Segments | Corporate | Sales of food and beverages
Revenues
Revenues	$ 0		$ 0		$ 0	$ 0

PROPERTY AND EQUIPMENT, NET O_3

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment
Finance leases - equipment, Net Carrying Value	$ 16,081
Gross Carrying Amount	254,497	$ 249,341
Accumulated Depreciation	(83,371)	(79,916)
Net Carrying Value	171,126	169,425
Land
Property, Plant and Equipment
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
Gross Carrying Amount	142,064	142,635
Accumulated Depreciation	(42,021)	(40,198)
Net Carrying Value	100,043	102,437
Furniture, fixtures and equipment
Property, Plant and Equipment
Gross Carrying Amount	51,033	51,622
Accumulated Depreciation	(27,069)	(24,422)
Net Carrying Value	23,964	27,200
Finance leases - equipment
Property, Plant and Equipment
Finance leases - equipment, Gross Carrying Amount	30,362	34,339
Finance leases - equipment, Accumulated Depreciation	(14,281)	(15,296)
Finance leases - equipment, Net Carrying Value	16,081	19,043
Construction in progress
Property, Plant and Equipment
Gross Carrying Amount	24,268	13,975
Accumulated Depreciation	0	0
Net Carrying Value	$ 24,268	$ 13,975

LEASES (Narrative) (Details)

LEASES (Narrative) (Details)	6 Months Ended
	Jun. 30, 2021renewal_option
Lessee, Lease, Description
Operating lease term (in years)	10 years
Number of renewal terms	8
Renewal term (in years)	5 years
Upper Range
Lessee, Lease, Description
Operating lease term (in years)	15 years
Traditional Golf Properties and Related Facilities | Lower Range
Lessee, Lease, Description
Operating lease term (in years)	10 years
Traditional Golf Properties and Related Facilities | Upper Range
Lessee, Lease, Description
Operating lease term (in years)	20 years
Golf Carts and Equipment | Lower Range
Lessee, Lease, Description
Operating lease term (in years)	24 months
Golf Carts and Equipment | Upper Range
Lessee, Lease, Description
Operating lease term (in years)	66 months

LEASES (Lease Related Costs) (D

LEASES (Lease Related Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Finance lease cost
Amortization of right-of-use assets	$ 1,280	$ 1,485	$ 2,747	$ 3,016
Interest on lease liabilities	296	246	622	587
Total finance lease cost	1,576	1,731	3,369	3,603
Operating lease cost
Operating lease cost	7,666	9,002	16,570	18,269
Short-term lease cost	170	421	510	848
Variable lease cost	5,622	1,541	9,630	4,331
Total operating lease cost	13,458	10,964	26,710	23,448
Total lease cost	$ 15,034	$ 12,695	$ 30,079	$ 27,051

LEASES (Other Information) (Det

LEASES (Other Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use assets	$ 187,870	$ 192,828
Right-of-use assets, financing leases	16,081
Lease liabilities, operating leases	189,997
Lease liabilities, financing leases	15,996
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows, Operating Leases	15,242
Operating cash flows, Financing Leases	296
Financing cash flows, operating lease	0
Financing cash flows, Financing Leases	3,082
Right-of-use assets obtained in exchange for lease liabilities, operating leases	7,002
Right-of-use assets obtained in exchange for lease liabilities, financing leases	$ 495
Weighted average remaining lease term, operating lease (in years)	14 years 3 months 18 days
Weighted average remaining lease term, financing lease (in years)	3 years 4 months 24 days
Weighted average discount rate, operating lease (in percent)	8.30%
Weighted average discount rate, financing lease (in percent)	6.30%

LEASES (Schedule of Lease Matur

LEASES (Schedule of Lease Maturity) (Details) $ in Thousands	Jun. 30, 2021USD ($)
Operating Leases
July 1, 2021 - December 31, 2021	$ 19,522
2022	30,662
2023	30,514
2024	24,536
2025	21,555
Thereafter	183,074
Total minimum lease payments	309,863
Less: imputed interest	119,866
Total lease liabilities	189,997
Financing Leases
July 1, 2021 - December 31, 2021	3,406
2022	5,641
2023	4,642
2024	2,472
2025	1,264
Thereafter	330
Total minimum lease payments	17,755
Less: imputed interest	1,759
Total lease liabilities	$ 15,996

INTANGIBLES, NET OF ACCUMULAT_3

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets
Accumulated Amortization	$ (20,766)	$ (23,905)
Total Intangibles, Gross Carrying Amount	34,947	39,029
Total Intangibles, Net Carrying Value	14,181	15,124
Non-amortizable liquor licenses
Finite-Lived Intangible Assets
Non-amortizable liquor licenses	961	1,028
Trade name
Finite-Lived Intangible Assets
Gross Carrying Amount	721	700
Accumulated Amortization	(175)	(163)
Net Carrying Value	546	537
Management contracts
Finite-Lived Intangible Assets
Gross Carrying Amount	28,912	31,043
Accumulated Amortization	(17,205)	(18,427)
Net Carrying Value	11,707	12,616
Internally-developed software
Finite-Lived Intangible Assets
Gross Carrying Amount	341	314
Accumulated Amortization	(110)	(79)
Net Carrying Value	231	235
Membership base
Finite-Lived Intangible Assets
Gross Carrying Amount	4,012	5,944
Accumulated Amortization	(3,276)	(5,236)
Net Carrying Value	$ 736	$ 708

DEBT OBLIGATIONS (Details)

DEBT OBLIGATIONS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument
Less current portion of obligations under finance leases	$ 5,794	$ 6,470
Total debt obligations
Debt Instrument
Outstanding Face Amount	67,200	70,225
Carrying Value	$ 67,375	70,403
Weighted Average Funding Cost	3.18%
Weighted Average Life (Years)	11 years 4 months 24 days
Face Amount of Floating Rate Debt	$ 51,004
Credit Facilities and Finance Leases
Debt Instrument
Outstanding Face Amount	16,196	19,221
Carrying Value	$ 16,196	19,221
Weighted Average Funding Cost	6.27%
Weighted Average Life (Years)	3 years 8 months 12 days
Face Amount of Floating Rate Debt	$ 0
Vineyard II
Debt Instrument
Outstanding Face Amount	200	200
Carrying Value	$ 200	200
Weighted Average Coupon	2.43%
Weighted Average Funding Cost	2.43%
Weighted Average Life (Years)	22 years 6 months
Face Amount of Floating Rate Debt	$ 0
Finance leases (Equipment)
Debt Instrument
Outstanding Face Amount	15,996	19,021
Carrying Value	$ 15,996	19,021
Weighted Average Funding Cost	6.30%
Weighted Average Life (Years)	3 years 4 months 24 days
Face Amount of Floating Rate Debt	$ 0
Finance leases (Equipment) | Lower Range
Debt Instrument
Weighted Average Coupon	3.00%
Finance leases (Equipment) | Upper Range
Debt Instrument
Weighted Average Coupon	15.00%
Less current portion of obligations under finance leases
Debt Instrument
Outstanding Face Amount	$ 5,794	6,470
Less current portion of obligations under finance leases	5,794	6,470
Credit facilities and obligations under finance leases - noncurrent
Debt Instrument
Outstanding Face Amount	10,402	12,751
Credit facilities and obligations under finance leases - noncurrent	10,402	12,751
Junior subordinated notes payable
Debt Instrument
Outstanding Face Amount	51,004	51,004
Carrying Value	$ 51,179	$ 51,182
Weighted Average Funding Cost	2.43%
Weighted Average Life (Years)	13 years 10 months 2 days
Face Amount of Floating Rate Debt	$ 51,004
Junior subordinated notes payable | London Interbank Offered Rate (LIBOR)
Debt Instrument
Weighted Average Coupon	2.25%

REAL ESTATE SECURITIES (Real Es

REAL ESTATE SECURITIES (Real Estate Securities Holdings) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)security	Dec. 31, 2020USD ($)security
Debt Securities, Available-for-sale
Carrying Value	$ 3,341	$ 3,223
Weighted average life (in years)	7 years
Securities in an unrealized loss position | security	0
ABS - Non-Agency RMBS
Debt Securities, Available-for-sale
Outstanding Face Amount	$ 4,000	4,000
Before Impairment - Amortized Cost Basis	3,535	3,276
Other-Than-Temporary Impairment - Amortized Cost Basis	(1,521)	(1,521)
After Impairment - Amortized Cost Basis	2,014	1,755
Gross Unrealized Gains	1,327	1,468
Gross Unrealized Losses	0	0
Carrying Value	$ 3,341	$ 3,223
Number of Securities | security	1	1
Weighted Average Coupon (as percent)	0.68%	0.73%
Weighted Average Yield (as percent)	29.16%	29.14%
Weighted average life (in years)	2 years 1 month 9 days	2 years 7 months 6 days
Weighted Average Principal Subordination (as percent)	58.90%	52.20%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Values and Estimated Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 81,428	$ 47,786	$ 12,638	$ 28,423
Carrying Value
Assets
Real estate securities, available-for-sale	3,341	3,223
Cash and cash equivalents	81,428	47,786
Restricted cash, current and noncurrent	4,017	3,047
Liabilities
Junior subordinated notes payable	51,179	51,182
Estimated Fair Value
Assets
Real estate securities, available-for-sale	3,341	3,223
Cash and cash equivalents	81,428	47,786
Restricted cash, current and noncurrent	4,017	3,047
Liabilities
Junior subordinated notes payable	$ 25,465	$ 18,591

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Significant Unobservable Inputs) (Details) - ABS - Non-Agency RMBS $ in Thousands	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Amortized Cost Basis	$ 2,014	$ 1,755
Real Estate Securities Available For Sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Amortized Cost Basis	2,014
Fair Value	$ 3,341
Real Estate Securities Available For Sale | Discount Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Debt securities, significant input (as percent)	0.100
Real Estate Securities Available For Sale | Prepayment Speed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Debt securities, significant input (as percent)	0.075
Real Estate Securities Available For Sale | Cumulative Default Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Debt securities, significant input (as percent)	0.027
Real Estate Securities Available For Sale | Loss Severity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Debt securities, significant input (as percent)	0.650

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Change in Fair Value of Level 3 Investments) (Details) - Level 3 Market Quotations (Unobservable) - Measured on a Recurring Basis - ABS - Non-Agency RMBS	6 Months Ended
	Jun. 30, 2021USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning balance	$ 3,223,000
Total gains (losses)
Included in other comprehensive income (loss)	(142,000)
Amortization included in interest income	272,000
Purchases, sales and repayments
Proceeds	(12,000)
Ending balance	3,341,000
Purchases	0
Sales	$ 0

EQUITY AND EARNINGS PER SHARE_2

EQUITY AND EARNINGS PER SHARE (Outstanding Options) (Details)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Number of Options
Balance, beginning balance (in shares) | shares	4,935,732
Exercised (in shares) | shares	(1,048,652)
Balance, ending balance (in shares) | shares	3,887,080
Exercisable (in shares) | shares	2,883,458
Weighted Average Strike Price
Beginning balance (in dollars per share) | $ / shares	$ 2.57
Exercised (in dollars per share) | $ / shares	1
Ending balance (in dollars per share) | $ / shares	3
Exercisable (in dollars per share) | $ / shares	$ 3
Weighted Average Life Remaining (in years)
Outstanding	2 years
Exercisable	2 years

EQUITY AND EARNINGS PER SHARE_3

EQUITY AND EARNINGS PER SHARE (Outstanding Options Summary) (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 02, 2021	Apr. 30, 2018	Feb. 28, 2017	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction
Stock options outstanding (in shares)				3,887,080		3,887,080		4,935,732
Exercised (in shares)						1,048,652
Exercised (in dollars per share)						$ 1
Shares issued from equity raise (in shares)	23,285,553
Held by a former Manager
Related Party Transaction
Stock options outstanding (in shares)				2,578,593		2,578,593
Exercised (in shares)						1,048,652
Exercised (in dollars per share)						$ 1
Shares issued from equity raise (in shares)						736,551
Issued to the former Manager and subsequently transferred to certain of the Manager’s employees
Related Party Transaction
Stock options outstanding (in shares)				1,308,154		1,308,154
Shares granted (shares)		1,152,495	1,152,495
Issued to the independent directors
Related Party Transaction
Stock options outstanding (in shares)				333		333
Stock options
Related Party Transaction
Stock-based compensation expense (adjustment)				$ 0.2	$ 0.3	$ 0.4	$ 0.2
Unrecognized stock-based compensation expense				$ 0.7		$ 0.7
Unrecognized stock-based compensation expense, period for recognition						1 year 4 months 24 days

EQUITY AND EARNINGS PER SHARE_4

EQUITY AND EARNINGS PER SHARE (Summary of RSUs) (Details) - RSUs	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Number of RSUs
Beginning balance (in shares) | shares	259,238
Vested/Released (in shares) | shares	(66,943)
Forfeited (in shares) | shares	(46,967)
Ending balance (in shares) | shares	145,328
Weighted Average Grant Date Fair Value (per unit)
Beginning balance (in dollars per share) | $ / shares	$ 3.72
Vested/Released (in dollars per share) | $ / shares	4.59
Forfeited (in dollars per share) | $ / shares	3.64
Ending balance (in dollars per share) | $ / shares	$ 3.34

EQUITY AND EARNINGS PER SHARE_5

EQUITY AND EARNINGS PER SHARE (Narrative) (Details) - USD ($)	Aug. 05, 2021	Jul. 30, 2021	May 07, 2021	Apr. 29, 2021	Mar. 12, 2021	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Class of Stock
Dividends paid				$ 1,400,000					$ 0
Shares issued (in shares)						23,285,553
Proceeds from issuance of common stock						$ 54,600,000			$ 53,905,000	$ 0
Underwriters discount						2,900,000
Stock issuance cost						$ 600,000
Subsequent event
Class of Stock
Dividends paid		$ 1,400,000
Board of Directors Chairman
Class of Stock
Shares issued (in shares)						672,780
Common stock equivalents
Class of Stock
Dilutive common stock equivalents (in shares)								964,335
Series B Cumulative Redeemable Preferred Stock
Class of Stock
Preferred stock, dividend rate (as percent)			9.75%		9.75%				9.75%		9.75%
Dividends declared per share of preferred stock (in dollars per share)			$ 0.609375		$ 0.609375
Series B Cumulative Redeemable Preferred Stock | Subsequent event
Class of Stock
Preferred stock, dividend rate (as percent)	9.75%
Dividends declared per share of preferred stock (in dollars per share)	$ 0.609375
Series C Cumulative Redeemable Preferred Stock
Class of Stock
Preferred stock, dividend rate (as percent)			8.05%		8.05%				8.05%		8.05%
Dividends declared per share of preferred stock (in dollars per share)			$ 0.503125		$ 0.503125
Series C Cumulative Redeemable Preferred Stock | Subsequent event
Class of Stock
Preferred stock, dividend rate (as percent)	8.05%
Dividends declared per share of preferred stock (in dollars per share)	$ 0.503125
Series D Cumulative Redeemable Preferred Stock
Class of Stock
Preferred stock, dividend rate (as percent)			8.375%		8.375%				8.375%		8.375%
Dividends declared per share of preferred stock (in dollars per share)			$ 0.523438		$ 0.523438
Series D Cumulative Redeemable Preferred Stock | Subsequent event
Class of Stock
Preferred stock, dividend rate (as percent)	8.375%
Dividends declared per share of preferred stock (in dollars per share)	$ 0.523438
Preferred Stock
Class of Stock
Cumulative preferred stock unpaid dividend							$ 5,600,000		$ 5,600,000
Restricted Stock Units (RSUs)
Class of Stock
Shares issued upon vesting (in shares)									66,943
Stock-based compensation expense								$ 200,000		$ 500,000
Unrecognized stock-based compensation expense							$ 300,000		$ 300,000
Unrecognized stock-based compensation expense, period for recognition									8 months 19 days
Dilutive common stock equivalents (in shares)							0	0	0	0
Restricted Stock Units (RSUs) | Common stock equivalents
Class of Stock
Dilutive common stock equivalents (in shares)							542,438		711,237	964,335
Nonemployee | Restricted Stock Units (RSUs)
Class of Stock
Vesting period									1 year
Granted (in shares)									0
Shares issued upon vesting (in shares)									5,423
Employee | Restricted Stock Units (RSUs)
Class of Stock
Granted (in shares)									0
Shares issued upon vesting (in shares)									61,520

EQUITY AND EARNINGS PER SHARE_6

EQUITY AND EARNINGS PER SHARE (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator for basic and diluted earnings per share:
Loss applicable to common stockholders, basic	$ (3,364)	$ (40,921)	$ (15,663)	$ (59,678)
Loss applicable to common stockholders, diluted	$ (3,364)	$ (40,921)	$ (15,663)	$ (59,678)
Denominator:
Denominator for basic earnings per share - weighted average shares (in shares)	92,065,615	67,111,843	87,338,509	67,090,805
Effect of dilutive securities
Denominator for diluted earnings per share - adjusted weighted average shares (in shares)	92,065,615	67,111,843	87,338,509	67,090,805
Basic earnings per share:
Loss Applicable to Common Stock, per share (in dollars per share)	$ (0.04)	$ (0.61)	$ (0.18)	$ (0.89)
Diluted earnings per share:
Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests (in dollars per share)	(0.04)	(0.61)	(0.18)	(0.89)
Loss Applicable to Common Stock, per share (in dollars per share)	$ (0.04)	$ (0.61)	$ (0.18)	$ (0.89)
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Affiliated Entity
Related Party Transaction
Compensation expense	$ 0.1	$ 0.2

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Loss Contingencies
Operating lease not yet commenced	$ 19
Operating lease term (in years)	10 years
Cumulative preferred stock unpaid and in arrears	$ 5.6
Lower Range
Loss Contingencies
Operating leases commence (in months)	12 months
Upper Range
Loss Contingencies
Operating leases commence (in months)	24 months
Operating lease term (in years)	15 years

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax provision	$ 450	$ 500	$ 945	$ 771
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other than Temporary Impairment Losses, Investments [Abstract]
(Gain) Loss on lease terminations	$ (655)	$ (3,125)	$ (655)	$ (3,125)
Impairment on corporate office assets (held-for-use)	0	0	3,303	0
Impairment on traditional golf properties (held-for-use)	0	0	0	792
Other losses	94	0	0	0
Total (Gain) Loss on lease terminations and impairment	$ (561)	$ (3,125)	$ 2,648	$ (2,333)

(GAIN) LOSS ON LEASE TERMINAT_4

(GAIN) LOSS ON LEASE TERMINATIONS AND IMPAIRMENT (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)lease	Jun. 30, 2020USD ($)lease	Jun. 30, 2021USD ($)lease	Jun. 30, 2020USD ($)lease
Property, Plant and Equipment
Gain on lease terminations	$ 655	$ 3,125	$ 655	$ 3,125
Number of leases terminated | lease	1	2	1	2
Impairment on corporate office assets (held-for-use)	$ 0	$ 0	$ 3,303	$ 0
Leasehold Improvements
Property, Plant and Equipment
Impairment on corporate office assets (held-for-use)			100
Furniture Fixtures and Equipment
Property, Plant and Equipment
Impairment on corporate office assets (held-for-use)			600
Right-of-Use Asset
Property, Plant and Equipment
Impairment on corporate office assets (held-for-use)			$ 2,300

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Jul. 12, 2021	Jun. 30, 2021
Subsequent Event
Ownership in equity investment (as percent)		22.00%
Subsequent event | Symphony Ventures
Subsequent Event
Other commitment	$ 10,000
Ownership in equity investment (as percent)	10.00%