Drive Shack (DSHK) 10-Q9 Aug 222022 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Aug. 08, 2022
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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		92,385,019
Entity Central Index Key	0001175483
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2022
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
Preferred Stock
Document Information
Title of each class	Preferred Stock Purchase Rights
Trading Symbols(s)	N/A
Name of each exchange on which registered	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 22,685	$ 58,286
Restricted cash	4,143	3,480
Accounts receivable, net	5,730	5,563
Real estate securities, available-for-sale	2,846	3,486
Other current assets	30,599	30,034
Total current assets	66,003	100,849
Restricted cash, noncurrent	216	798
Property and equipment, net of accumulated depreciation	181,126	179,260
Operating lease right-of-use assets	191,848	181,915
Intangibles, net of accumulated amortization	13,106	13,430
Other assets	5,739	6,538
Total assets	458,038	482,790
Current liabilities
Obligations under finance leases	5,023	5,400
Membership deposit liabilities	20,905	18,039
Accounts payable and accrued expenses	34,776	34,469
Deferred revenue	17,018	26,301
Other current liabilities	27,733	26,524
Total current liabilities	105,455	110,733
Credit facilities and obligations under finance leases - noncurrent	7,875	9,075
Operating lease liabilities - noncurrent	176,458	166,031
Junior subordinated notes payable	51,169	51,174
Membership deposit liabilities, noncurrent	105,122	104,430
Deferred revenue, noncurrent	12,165	10,005
Other liabilities	2,793	1,487
Total liabilities	461,037	452,935
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, 2022 and December 31, 2021	61,583	61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 92,385,019 and 92,093,425 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively.	924	921
Additional paid-in capital	3,232,324	3,233,608
Accumulated deficit	(3,300,065)	(3,268,876)
Accumulated other comprehensive income	170	1,163
Total equity of the company	(5,064)	28,399
Noncontrolling interest	2,065	1,456
Total equity (deficit)	(2,999)	29,855
Total liabilities and equity	$ 458,038	$ 482,790

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock liquidation preference (in usd per share)	$ 25	$ 25
Common stock, par value (in usd 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)	92,385,019	92,093,425
Common stock, shares outstanding (in shares)	92,385,019	92,093,425
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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Total revenues	$ 86,689	$ 73,879	$ 155,671	$ 134,971
Operating costs
Operating expenses	65,473	55,635	120,613	104,504
Cost of sales - food and beverages	5,788	3,151	9,149	5,255
General and administrative expense	11,558	8,028	20,622	16,012
Depreciation and amortization	6,132	5,784	12,325	12,029
Pre-opening costs	1,938	789	2,685	1,345
(Gain) loss on lease terminations and impairment	2,161	(561)	15,032	2,648
Total operating costs	93,050	72,826	180,426	141,793
Operating income (loss)	(6,361)	1,053	(24,755)	(6,822)
Other income (expenses)
Interest and investment income	216	159	416	312
Interest expense, net	(3,547)	(2,713)	(6,194)	(5,339)
Other income (loss), net	993	(18)	3,640	(79)
Total other income (expenses)	(2,338)	(2,572)	(2,138)	(5,106)
Loss before income tax	(8,699)	(1,519)	(26,893)	(11,928)
Income tax expense	868	450	1,589	945
Consolidated net loss	(9,567)	(1,969)	(28,482)	(12,873)
Less: net loss attributable to noncontrolling interest	(134)	0	(81)	0
Net loss attributable to the Company	(9,433)	(1,969)	(28,401)	(12,873)
Preferred dividends	(1,395)	(1,395)	(2,790)	(2,790)
Loss applicable to common stockholders, Basic	(10,828)	(3,364)	(31,191)	(15,663)
Loss applicable to common stockholders, diluted	$ (10,828)	$ (3,364)	$ (31,191)	$ (15,663)
Loss applicable to common stock, per share
Basic (in usd per share)	$ (0.12)	$ (0.04)	$ (0.34)	$ (0.18)
Diluted (in usd per share)	$ (0.12)	$ (0.04)	$ (0.34)	$ (0.18)
Weighted average number of shares of common stock outstanding
Basic (in shares)	92,378,928	92,065,615	92,316,851	87,338,509
Diluted (in shares)	92,378,928	92,065,615	92,316,851	87,338,509
Golf operations
Revenues
Total revenues	$ 67,577	$ 61,750	$ 122,861	$ 114,912
Sales of food and beverages
Revenues
Total revenues	$ 19,112	$ 12,129	$ 32,810	$ 20,059

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (9,567)	$ (1,969)	$ (28,482)	$ (12,873)
Other comprehensive loss:
Net unrealized gain (loss) on available-for-sale securities	(993)	(66)	(993)	(142)
Other comprehensive gain (loss)	(993)	(66)	(993)	(142)
Total comprehensive loss	(10,560)	(2,035)	(29,475)	(13,015)
Comprehensive loss attributable to noncontrolling interest	(134)	0	(81)	0
Comprehensive loss attributable to the Company	$ (10,426)	$ (2,035)	$ (29,394)	$ (13,015)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) (unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid- in Capital	Accumulated Deficit	Accumulated Other Comp. Income (loss)	Noncontrolling Interest
Balance, beginning at Dec. 31, 2020	$ 10,037	$ 61,583	$ 673	$ 3,178,704	$ (3,232,391)	$ 1,468	$ 0
Balance, beginning (in shares) at Dec. 31, 2020		2,463,321
Balance, beginning (in shares) at Dec. 31, 2020			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 income (loss)	(10,904)				(10,904)
Other comprehensive income (loss)	(76)					(76)
Total comprehensive loss	(10,980)
Balance, ending at Mar. 31, 2021	52,382	$ 61,583	$ 919	3,232,713	(3,244,225)	1,392	0
Balance, ending (in shares) at Mar. 31, 2021		2,463,321
Balance, ending (in shares) at Mar. 31, 2021			92,027,806
Balance, beginning at Dec. 31, 2020	10,037	$ 61,583	$ 673	3,178,704	(3,232,391)	1,468	0
Balance, beginning (in shares) at Dec. 31, 2020		2,463,321
Balance, beginning (in shares) at Dec. 31, 2020			67,323,592
Comprehensive income (loss)
Net income (loss)	(12,873)
Other comprehensive income (loss)	(142)
Total comprehensive loss	(13,015)
Balance, ending at Jun. 30, 2021	49,510	$ 61,583	$ 921	3,233,269	(3,247,589)	1,326	0
Balance, ending (in shares) at Jun. 30, 2021		2,463,321
Balance, ending (in shares) at Jun. 30, 2021			92,085,419
Balance, beginning at Mar. 31, 2021	52,382	$ 61,583	$ 919	3,232,713	(3,244,225)	1,392	0
Balance, beginning (in shares) at Mar. 31, 2021		2,463,321
Balance, beginning (in shares) at Mar. 31, 2021			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 income (loss)	(1,969)				(1,969)
Other comprehensive income (loss)	(66)					(66)
Total comprehensive loss	(2,035)
Balance, ending at Jun. 30, 2021	49,510	$ 61,583	$ 921	3,233,269	(3,247,589)	1,326	0
Balance, ending (in shares) at Jun. 30, 2021		2,463,321
Balance, ending (in shares) at Jun. 30, 2021			92,085,419
Balance, beginning at Dec. 31, 2021	$ 29,855	$ 61,583	$ 921	3,233,608	(3,268,876)	1,163	1,456
Balance, beginning (in shares) at Dec. 31, 2021		2,463,321
Balance, beginning (in shares) at Dec. 31, 2021	92,093,425		92,093,425
Increase (Decrease) in Stockholders' Equity
Dividends declared	$ (1,395)				(1,395)
Stock-based compensation	(696)			(696)
Shares issued from options and restricted stock units (in shares)			269,420
Contributed Capital	3						3
Capital Distribution	(40)						(40)
Comprehensive income (loss)
Net income (loss)	(18,913)				(18,966)		53
Total comprehensive loss	(18,913)						16
Balance, ending at Mar. 31, 2022	8,814	$ 61,583	$ 921	3,232,912	(3,289,237)	1,163	1,472
Balance, ending (in shares) at Mar. 31, 2022		2,463,321
Balance, ending (in shares) at Mar. 31, 2022			92,362,845
Balance, beginning at Dec. 31, 2021	$ 29,855	$ 61,583	$ 921	3,233,608	(3,268,876)	1,163	1,456
Balance, beginning (in shares) at Dec. 31, 2021		2,463,321
Balance, beginning (in shares) at Dec. 31, 2021	92,093,425		92,093,425
Comprehensive income (loss)
Net income (loss)	$ (28,482)
Other comprehensive income (loss)	(993)
Total comprehensive loss	(29,475)
Balance, ending at Jun. 30, 2022	$ (2,999)	$ 61,583	$ 924	3,232,324	(3,300,065)	170	2,065
Balance, ending (in shares) at Jun. 30, 2022		2,463,321
Balance, ending (in shares) at Jun. 30, 2022	92,385,019		92,385,019
Balance, beginning at Mar. 31, 2022	$ 8,814	$ 61,583	$ 921	3,232,912	(3,289,237)	1,163	1,472
Balance, beginning (in shares) at Mar. 31, 2022		2,463,321
Balance, beginning (in shares) at Mar. 31, 2022			92,362,845
Increase (Decrease) in Stockholders' Equity
Dividends declared	(1,395)				(1,395)
Stock-based compensation	139			139
Shares issued from options and restricted stock units	3		$ 3
Contributed Capital	0			(727)			727
Comprehensive income (loss)
Net income (loss)	(9,567)				(9,433)
Other comprehensive income (loss)	(993)					(993)
Total comprehensive loss	(10,560)						593
Balance, ending at Jun. 30, 2022	$ (2,999)	$ 61,583	$ 924	$ 3,232,324	$ (3,300,065)	$ 170	$ 2,065
Balance, ending (in shares) at Jun. 30, 2022		2,463,321
Balance, ending (in shares) at Jun. 30, 2022	92,385,019		92,385,019

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows From Operating Activities
Net loss	$ (28,482)	$ (12,873)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	12,325	12,029
Amortization of discount and premium	(357)	(262)
Other amortization	4,933	4,126
Amortization of revenue on golf membership deposit liabilities	(1,139)	(1,101)
Amortization of prepaid golf membership dues	(7,870)	(9,726)
Non-cash operating lease expense	2,521	2,161
Stock-based compensation	(556)	906
Loss on lease terminations and impairment	15,032	2,648
Gain from insurance proceeds for property loss	(2,877)	0
Other losses, net	(188)	143
Change in:
Accounts receivable, net, other current assets and other assets - noncurrent	67	(6,522)
Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent	4,070	8,939
Net cash provided by (used in) operating activities	(2,521)	468
Cash Flows From Investing Activities
Insurance proceeds for property loss	2,877	0
Acquisition and additions of property and equipment and intangibles	(28,784)	(16,139)
Net cash used in investing activities	(25,907)	(16,139)
Cash Flows From Financing Activities
Repayments of debt obligations	(2,904)	(3,082)
Golf membership deposits received	58	1,325
Proceeds from issuance of common stock	3	53,905
Capital distribution paid	(40)	0
Preferred stock dividends paid	(2,790)	(1,395)
Other financing activities	(1,419)	(470)
Net cash provided by (used in) financing activities	(7,092)	50,283
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent	(35,520)	34,612
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, Beginning of Period	62,564	50,833
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, End of Period	27,044	85,445
Supplemental Schedule of Non-Cash Investing and Financing Activities
Preferred stock dividends declared but not paid	930	930
Additions to finance lease assets and liabilities	1,548	495
Decreases in accounts payable and accrued expenses related to the purchase of property and equipment	(3,361)	(2,688)
Additions for right of use assets in exchange for new operating lease liabilities	25,336	7,002
Cash paid during the period for interest expense	1,076	1,552
Cash paid during the period for income taxes	$ 1,985	$ 1,489

ORGANIZATION

ORGANIZATION	6 Months Ended
ORGANIZATION	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Drive Shack Inc., which is referred to in this Quarterly Report on Form 10-Q, as Drive Shack or the Company, is an owner and operator of golf-related leisure and entertainment venues focused on bringing people together through competitive socializing. The Company, a Maryland corporation, was formed in 2002, and its common stock is traded on the NYSE under the symbol “DS.” The Company conducts its business through the following segments: (i) entertainment golf, (ii) traditional golf and (iii) corporate. For a further discussion of the reportable segments, see Note 4. As of June 30, 2022, the Company's entertainment golf segment was comprised of seven owned or leased entertainment golf venues across four states and the District of Columbia with locations in Orlando, Florida; West Palm Beach, Florida; Raleigh, North Carolina; Richmond, Virginia; The Colony, Texas; Charlotte, North Carolina; and Washington, D.C. The Company’s traditional golf segment is one of the largest operators of traditional golf properties in the United States. As of June 30, 2022, the Company owned, leased or managed fifty-three (53) traditional golf properties across nine states. The corporate segment consists primarily of securities and other investments and executive management.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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”). Many jurisdictions in which we operate have previously imposed capacity limitations and other restrictions affecting our operations. The extended length of the COVID-19 pandemic and the related government response may continue to cause prolonged periods of various operational restrictions and capacity limitations impacting future business operations. In addition, the duration and intensity of the pandemic may result in changes in customer behaviors or preferences. These may lead to increased asset recovery and valuation risks, such as impairment of long-lived and other assets. The extent to which COVID-19 continues to impact our business will depend on future developments, which remain highly uncertain and cannot be predicted, including additional actions taken by various governmental bodies and private enterprises to contain COVID-19 or mitigate its impact, among others. Basis of Presentation — The accompanying Consolidated Financial Statements and related notes of the Company have been prepared in accordance with U.S. generally accepted accounting principles or GAAP for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interest. All significant intercompany accounts and transactions have been eliminated. 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, 2021 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 18, 2022. 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, 2021. 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. Seasonality – Seasonality can affect our results of operations. Our traditional golf business is subject to seasonal fluctuations as colder temperatures and shorter days reduce the demand for outdoor activities. As a result, the traditional golf business generates a disproportionate share of its annual revenue in the second and third quarters of each year. In addition, our Drive Shack and Puttery venues could be significantly impacted on a season-to-season basis, based on corporate event and social gathering volumes during holiday seasons and school vacation schedules. For this reason, a quarter-to-quarter comparison may not be a good indicator of our current and/or future performance. 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 the balance sheet with the Right of Use (“ROU”) assets in "Operating lease right-of-use assets" and lease liabilities are recognized in "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 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. 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. The following table summarizes the Company's Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent: June 30, 2022 December 31, 2021 Cash and cash equivalents $ 22,685 58,286 Restricted cash 4,143 3,480 Restricted cash, noncurrent 216 798 Total Cash and cash equivalents, Restricted cash and Restricted cash, noncurrent $ 27,044 $ 62,564 Accounts Receivable, Net — Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts of $0.3 million as of June 30, 2022 and $0.9 million as of December 31, 2021. 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, 2022 December 31, 2021 Managed property receivables $ 13,314 $ 19,316 Prepaid expenses 4,016 2,524 Deposits 1,805 1,827 Inventory 2,791 2,229 Miscellaneous current assets, net 8,673 4,138 Other current assets $ 30,599 $ 30,034 Other Assets — The following table summarizes the Company's other assets: June 30, 2022 December 31, 2021 Prepaid expenses $ 1,717 $ 2,156 Deposits 3,241 3,335 Miscellaneous assets, net 781 1,047 Other assets $ 5,739 $ 6,538 Other Current Liabilities — The following table summarizes the Company's other current liabilities: June 30, 2022 December 31, 2021 Operating lease liabilities $ 17,031 $ 16,519 Accrued rent 3,797 3,455 Dividends payable 930 930 Miscellaneous current liabilities 5,975 5,620 Other current liabilities $ 27,733 $ 26,524 Membership Deposit Liabilities - Initiation fees are non-refundable and recorded as revenue over the expected seven year life of an active membership. Until 2021, private country club members generally paid an advance initiation deposit upon their acceptance as a member to the respective country club that is refundable 30 years after the date of acceptance as a member. The difference between the initiation deposit paid by the member and the present value of the refund obligation is deferred and recognized into golf operations revenue in the Consolidated Statements of Operations on a straight-line basis over the expected life of an active membership, which is estimated to be seven years. The present value of the refund obligation is recorded as a membership deposit liability in the Consolidated Balance Sheets and accretes over a 30-year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the Consolidated Statements of Operations. In 2002 American Golf Corporation ("AGC"), when it was owned by a previous owner, entered into a Restated Membership Deposit Assumption Agreement, with two trusts established by a previous owner of AGC (the “Trusts”) under which the Trusts agreed to unconditionally assume the obligations of AGC to refund certain membership deposit liabilities ("MDLs") in exchange for shares in AGC. The MDLs assumed were refundable 30 years from the date of acceptance of the member with the first liabilities assumed by the Trusts becoming refundable in 2020. The total redemption value of membership deposit liabilities assumed by the Trusts was $181.9 million. No asset was recorded at the time of our acquisition of AGC in recognition of this assumption agreement for the $181.9 million of liabilities assumed by the Trusts for the following reasons. 1) the substantial time period between the assumption of the liabilities and the first liabilities becoming refundable; 2) the inability of AGC to verify and monitor the assets of the Trusts to ensure the ability to perform under the terms of the assumption agreements; 3) the fact that the Trusts are not required to maintain any assets that would support such performance; 4) the Trust settlors were not required contractually to fund the Trusts; and 5) The Company does not have the ability to determine the likelihood that the Trusts will meet their obligations. In the event the Trusts are not able to fulfill their obligations, the Company would be responsible for refunding the outstanding balance of the MDL and therefore, recognizes these MDLs on its balance sheet. Though the Trusts initially assumed $181.9 million of MDLs the balance of related MDLs carried on the books of AGC, as of June 30, 2022, has been reduced to an undiscounted nominal value of $115 million through various assignments to third parties and partial membership refunds due to membership transfers. To-date, the Trust has met all of their obligations that have come due for which the Trust assumed responsibility under the Restated Membership Deposit Assumption Agreement. As of June 30, 2022 the Trusts had refunded a total of approximately $0.4 million of MDLs, all of which they were obligated to pay under the terms of the assumption agreements. Other Income (Loss), Net — These items are comprised of the following: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Collateral management fee income, net $ 33 $ 48 $ 70 $ 104 Insurance proceeds 622 — — 3,424 Loss on sale of long-lived assets and intangibles — (49) (38) (64) Gain on Lease Modification/Termination (95) — (53) Other gain (loss) 433 (17) 237 (119) Other gain (loss), net $ 993 $ (18) $ 3,640 $ (79)

REVENUES

REVENUES	6 Months Ended
REVENUES	Jun. 30, 2022
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. The Company’s revenue is all 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, 2022 Six Months Ended June 30, 2022 Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Corporate Total Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Corporate Total Golf operations $ 7,397 $ 30,741 $ 11,716 $ 17,515 $ 208 $ 67,577 $ 13,827 $ 50,242 $ 26,282 $ 32,117 $ 393 $ 122,861 Sales of food and beverages 8,316 8,612 2,184 — — 19,112 16,066 12,975 3,769 — — 32,810 Total revenues $ 15,713 $ 39,353 $ 13,900 $ 17,515 $ 208 $ 86,689 $ 29,893 $ 63,217 $ 30,051 $ 32,117 $ 393 $ 155,671 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) Corporate Total Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Corporate 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 (A) Includes $15.2 million and $28.2 million for the three and six months ended June 30, 2022, and $12.9 million $26.7 million for the three and six months ended June 30, 2021, respectively, related to management contract reimbursements reported under ASC 606.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
SEGMENT REPORTING	Jun. 30, 2022
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company currently has three reportable segments: (i) entertainment golf, (ii) traditional golf and (iii) corporate. The chief operating decision maker (“CODM”) for each segment is the chief executive officer and president, who reviews discrete financial information for each reportable segment to manage the Company, including resource allocation and performance assessment. The Company's entertainment golf segment, launched in 2018, is comprised of Drive Shack venues that feature tech-enabled hitting bays with in-bay dining, full-service restaurants, bars, and event spaces and Puttery venues that feature indoor putting courses anchored by bars and other social spaces as well as a full-service kitchen that serve to create engaging and fun experiences for guests. As of June 30, 2022, the Company owned or leased four Drive Shack venues across three states which are located in Orlando, Florida; West Palm Beach, Florida; Raleigh, North Carolina; and Richmond, Virginia, and leased three Puttery venues located in The Colony, Texas; Charlotte, North Carolina; and Washington, D.C. The Company's traditional golf segment is one of the largest operators of golf courses and country clubs in the United States. As of June 30, 2022, the Company owned, leased or managed 53 traditional golf properties across nine states. The corporate segment consists primarily of investments in loans and securities, interest income on short-term investments, general and administrative expenses as a public company, interest expense on the junior subordinated notes payable (Note 8) and income tax expense (Note 14). Summary financial data on the Company’s segments is given below, together with a reconciliation to the same data for the Company as a whole: Six Months Ended June 30, 2022 Entertainment Golf Traditional Golf Corporate Total Revenues Golf operations $ 13,827 $ 108,641 $ 393 $ 122,861 Sales of food and beverages 16,066 16,744 — 32,810 Total revenues 29,893 125,385 393 155,671 Operating costs Operating expenses 16,785 103,783 45 120,613 Cost of sales - food and beverages 4,444 4,705 — 9,149 General and administrative expense (A) 4,800 6,817 9,005 20,622 Depreciation and amortization 6,842 5,273 210 12,325 Pre-opening costs (C) 2,685 — — 2,685 (Gain) Loss on lease terminations and impairment 15,048 (16) — 15,032 Total operating costs 50,604 120,562 9,260 180,426 Operating income (loss) (20,711) 4,823 (8,867) (24,755) Other income (expenses) Interest and investment income 2 41 373 416 Interest expense (D) (110) (5,327) (757) (6,194) Other income (loss), net (16) 3,590 66 3,640 Total other income (expenses) (124) (1,696) (318) (2,138) Income tax expense 40 2 1,547 1,589 Net income (loss) (20,875) 3,125 (10,732) (28,482) Less: net loss attributable to NCI — — (81) (81) Net loss attributable to the company (20,875) 3,125 (10,651) (28,401) Preferred dividends — — (2,790) (2,790) Net income (loss) applicable to common stockholders $ (20,875) $ 3,125 $ (13,441) $ (31,191) June 30, 2022 Entertainment Golf Traditional Golf Corporate Total Total assets $ 196,605 $ 248,672 $ 12,761 $ 458,038 Total liabilities 69,734 325,114 66,189 461,037 Preferred stock — — 61,583 61,583 Noncontrolling interest 2,579 — (514) 2,065 Equity (loss) attributable to common stockholders $ 124,292 $ (76,442) $ (114,497) $ (66,647) Additions to property and equipment (including finance leases) during the three months ended June 30, 2022 $ 6,276 $ 2,428 $ (86) $ 8,618 Three Months Ended June 30, 2022 Entertainment Golf Traditional Golf Corporate Total Revenues Golf operations $ 7,397 $ 59,972 $ 208 $ 67,577 Sales of food and beverages 8,316 10,796 — 19,112 Total revenues 15,713 70,768 208 86,689 Operating costs Operating expenses 8,525 56,968 (20) 65,473 Cost of sales - food and beverages 2,701 3,087 — 5,788 General and administrative expense (A) 1,074 3,923 6,561 11,558 Depreciation and amortization 3,401 2,629 102 6,132 Pre-opening costs (C) 1,938 — — 1,938 Loss on lease terminations and impairment 2,159 2 — 2,161 Total operating costs 19,798 66,609 6,643 93,050 Operating income (loss) (4,085) 4,159 (6,435) (6,361) Other income (expenses) Interest and investment income 2 15 199 216 Interest expense (D) (52) (3,078) (417) (3,547) Capitalized interest (D) — — — — Other income (loss), net — 962 31 993 Total other income (expenses) (50) (2,101) (187) (2,338) Income tax expense 8 2 858 868 Net income (loss) (4,143) 2,056 (7,480) (9,567) Less: net loss attributable to NCI — — (134) (134) Net loss attributable to the company (4,143) 2,056 (7,346) (9,433) Preferred dividends — — (1,395) (1,395) Net income (loss) applicable to common stockholders $ (4,143) $ 2,056 $ (8,741) $ (10,828) 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 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) 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) (A) General and administrative expenses included severance expenses of $0.2 million and $0.4 million for the three and six months ended June 30, 2022 and $0.1 million and $0.1 million three and six months ended June 30, 2021, 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
PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION	Jun. 30, 2022
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, 2022 December 31, 2021 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 162,689 (51,334) 111,355 155,086 (46,399) 108,687 Furniture, fixtures and equipment 61,063 (33,085) 27,978 56,809 (28,821) 27,988 Finance leases - equipment 27,788 (14,766) 13,022 29,886 (15,602) 14,284 Construction in progress 22,001 — 22,001 21,531 — 21,531 Total Property and Equipment $ 280,311 $ (99,185) $ 181,126 $ 270,082 $ (90,822) $ 179,260

LEASES

LEASES	6 Months Ended
LEASES	Jun. 30, 2022
Leases [Abstract]
LEASES	LEASESThe Company's commitments under lease arrangements are primarily leases for entertainment golf venues and traditional golf properties and related facilities, office leases and leases for golf carts and equipment. The majority of lease terms for our entertainment golf venues and traditional golf properties and related facilities initially range from 10 to 20 years and include up to eight 5-year renewal options. In addition to minimum payments, certain leases require payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments. The leases generally require the payment of taxes assessed against the leased property and the cost of insurance and maintenance. Certain leases include scheduled increases or decreases in minimum rental payments at various times during the term of the lease. During the three months ended June 30, 2022, the Company commenced one new lease for entertainment golf venues. Right-of-use assets of $3.8 million and lease liabilities of $5.2 million related to the lease is included on the Consolidated Balance Sheet as of and for the six months ended June 30, 2022. During the six months ended June 30, 2022, the Company commenced three new leases for entertainment golf venues. Right-of-use assets of $24.8 million and lease liabilities of $27.2 million related to these leases are included on the Consolidated Balance Sheet as of and for the six months ended June 30, 2022.
LEASES	LEASESThe Company's commitments under lease arrangements are primarily leases for entertainment golf venues and traditional golf properties and related facilities, office leases and leases for golf carts and equipment. The majority of lease terms for our entertainment golf venues and traditional golf properties and related facilities initially range from 10 to 20 years and include up to eight 5-year renewal options. In addition to minimum payments, certain leases require payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments. The leases generally require the payment of taxes assessed against the leased property and the cost of insurance and maintenance. Certain leases include scheduled increases or decreases in minimum rental payments at various times during the term of the lease. During the three months ended June 30, 2022, the Company commenced one new lease for entertainment golf venues. Right-of-use assets of $3.8 million and lease liabilities of $5.2 million related to the lease is included on the Consolidated Balance Sheet as of and for the six months ended June 30, 2022. During the six months ended June 30, 2022, the Company commenced three new leases for entertainment golf venues. Right-of-use assets of $24.8 million and lease liabilities of $27.2 million related to these leases are included on the Consolidated Balance Sheet as of and for the six months ended June 30, 2022.

INTANGIBLES, NET OF ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	6 Months Ended
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	Jun. 30, 2022
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, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 721 $ (198) $ 523 $ 721 $ (187) $ 534 Management contracts 28,913 (18,715) 10,198 28,913 (17,960) 10,953 Internally-developed software 1,217 (980) 237 417 (143) 274 Membership base 4,012 (3,333) 679 4,012 (3,304) 708 Non-amortizable liquor licenses 1,469 — 1,469 961 — 961 Total Intangibles $ 36,332 $ (23,226) $ 13,106 $ 35,024 $ (21,594) $ 13,430

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT The following table presents certain information regarding the Company’s debt obligations at June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Debt Obligation/Collateral Month Issued Outstanding Face Amount Carrying Value Final Stated Maturity Weighted Average Coupon Weighted Average Funding Cost (A) Weighted Average Life (Years) Face Amount of Floating Rate Debt Outstanding Face Amount Carrying Value Credit Facilities and Finance Leases Vineyard II Dec 1993 $ 200 $ 200 Dec 2043 1.79% 3.54 % 21.5 $ — $ 200 $ 200 Finance leases (Equipment) Jul 2014 - Jun 2022 12,699 12,699 Jul 2022 - Aug 2027 3.95% to 8.65% 5.69 % 3.4 — 14,275 14,275 12,899 12,899 5.72 % 3.8 — 14,475 14,475 Less current portion of obligations under finance leases 5,023 5,023 5,400 5,400 Credit facilities and obligations under finance leases - noncurrent 7,875 7,875 9,075 9,075 Corporate Junior subordinated notes payable (B) Mar 2006 51,004 51,169 Apr 2035 LIBOR+2.25% 3.54 % 10.59 51,004 51,004 51,174 Total debt obligations $ 63,903 $ 64,068 3.96 % 9.2 $ 51,004 $ 65,479 $ 65,649 (B) Collateral for this obligation is the Company's general credit.

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	6 Months Ended
REAL ESTATE SECURITIES	Jun. 30, 2022
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, 2022, 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 Other-Than- Temporary Impairment (Discount) Premium After Impairment and (Discount) Premium Gains Losses Carrying Value (A) Number of Securities Rating (B) Coupon Yield Life (Years) (C) Principal Subordination (D) June 30, 2022 ABS - Non-Agency RMBS (E) $ 4,000 $ (1,521) $ 197 $ 2,676 $ 170 $ — $ 2,846 1 CCC 1.59 % 29.16 % 0.08 — % December 31, 2021 ABS - Non-Agency RMBS (E) $ 4,000 $ (1,521) $ (156) $ 2,323 $ 1,163 $ — $ 3,486 1 CCC 0.68 % 29.16 % 1.6 67.4 % (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
FAIR VALUE OF FINANCIAL INSTRUMENTS	Jun. 30, 2022
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, 2022: June 30, 2022 December 31, 2021 Carrying Value Estimated Fair Value Fair Value Method (A) Carrying Value Estimated Fair Value Assets Real estate securities, available-for-sale $ 2,846 $ 2,846 Pricing models - Level 3 $ 3,486 $ 3,486 Cash and cash equivalents 22,685 22,685 58,286 58,286 Restricted cash, current and noncurrent 4,359 4,359 4,278 4,278 Liabilities Junior subordinated notes payable $ 51,169 $ 27,388 Pricing models - Level 3 $ 51,174 $ 27,625 Fair Value Measurements 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. 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 those of 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, 2022: Weighted Average Significant Input Asset Type Amortized Cost Basis Fair Value Discount Prepayment Cumulative Default Rate Loss ABS - Non-Agency RMBS $ 2,676 $ 2,846 13.0 % 7.5 % 3.0 % 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, 2022 as follows: ABS - Non-Agency RMBS Balance at December 31, 2021 $ 3,486 Total gains (losses) (A) Included in other comprehensive income (loss) (993) Amortization included in interest income 362 Proceeds (9) Balance at June 30, 2022 $ 2,846 (A) None of the gains (losses) recorded in earnings during the period is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date. There were no purchases or sales during the six months ended June 30, 2022. There were no transfers into or out of Level 3 during the six months ended June 30, 2022. 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
EQUITY AND EARNINGS PER SHARE	Jun. 30, 2022
Equity [Abstract]
EQUITY AND EARNINGS PER SHARE	EQUITY AND EARNINGS PER SHARE Earnings per Share The Company is required to present both basic and diluted earnings per share (“EPS”). The following table shows the amounts used in computing basic and diluted EPS: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator for basic and diluted earnings per share: Loss from continuing operations after preferred dividends $ (10,828) $ (3,364) $ (31,191) $ (15,663) Loss Applicable to Common Stockholders $ (10,828) $ (3,364) $ (31,191) $ (15,663) Denominator: Denominator for basic earnings per share - weighted average shares 92,378,928 92,065,615 92,316,851 87,338,509 Effect of dilutive securities Options — — — — RSUs — — — — Denominator for diluted earnings per share - adjusted weighted average shares 92,378,928 92,065,615 92,316,851 87,338,509 Basic earnings per share: Loss from continuing operations per share of common stock after preferred dividends $ (0.12) $ (0.04) $ (0.34) $ (0.18) Loss Applicable to Common Stock, per share $ (0.12) $ (0.04) $ (0.34) $ (0.18) Diluted earnings per share: Loss from continuing operations per share of common stock after preferred dividends $ (0.12) $ (0.04) $ (0.34) $ (0.18) Loss Applicable to Common Stock, per share $ (0.12) $ (0.04) $ (0.34) $ (0.18) Basic EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of dilutive securities during each period. The Company’s dilutive securities are its options and RSUs. Based on the treasury stock method, the Company had 100,659 and 75,829 potentially dilutive securities during the three and six months ended June 30, 2022, respectively and 1,253,675 potentially dilutive securities during the three and six months ended June 30, 2021, which were excluded due to the Company's loss position. Net loss applicable to common stockholders is equal to net loss less preferred dividends. Stock Options The following is a summary of the changes in the Company’s outstanding options for the six months ended June 30, 2022: Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2021 3,582,548 $ 3.17 Balance at June 30, 2022 3,582,548 $ 3.17 1.1 Exercisable at June 30, 2022 3,167,044 $ 3.09 1.1 As of June 30, 2022, the Company’s outstanding options were summarized as follows: Number of Options Held by a former Manager 3,167,044 Granted to the former Manager and subsequently transferred to certain Manager’s employees (A) 415,504 Total 3,582,548 (A) The Company and a former manager (the "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. 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 $0.1 million and $0.2 million during the three and six months ended June 30, 2022, and $0.2 million and $0.4 million during the three and six months ended June 30, 2021, respectively, and is recorded in general and administrative expense on the Consolidated Statements of Operations. During the six months ended June 30, 2022, the Company reversed $0.6 million in stock compensation expense related to certain previously issued options. The unrecognized stock-based compensation expense related to the unvested options was $0.2 million as of June 30, 2022 and will be expensed over a weighted average of 1.0 year. Restricted Stock Units (RSUs) The following is a summary of the changes in the Company’s RSUs for the six months ended June 30, 2022. Number of RSUs Weighted Average Grant Date Fair Value (per unit) Balance at December 31, 2021 193,190 $ 2.2 Vested (23,605) $ 4.66 Forfeited (A) (8,047) $ 4.66 Balance at June 30, 2022 161,538 $ 1.71 (A) Unvested RSUs are forfeited by non-employee directors upon their departure from the board of directors and generally forfeited by employees upon their termination. 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, 2022, the Company granted no RSUs to non-employee directors and 87,757 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, 2022, the Company did not grant RSUs to employees and 23,605 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 $0.1 million for the six months ended June 30, 2022 and $0.1 million and $0.2 million for three and six months ended June 30, 2021, respectively. Stock-based compensation expense is recorded in general and administrative expense on the Consolidated Statements of Operations. During the six months ended June 30, 2022, the Company reversed $0.3 million in stock compensation expense related to certain previosuly issued RSUs. The unrecognized stock-based compensation expense related to the unvested RSUs was $0.1 million as of June 30, 2022 and will be expensed over a weighted average period of 0.3 years. Preferred Stock Dividends totaling $1.4 million were paid on January 31, 2022 to holders of record of preferred stock on January 1, 2022, 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 May 2, 2022 to holders of record of preferred stock on April 1, 2022, 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. On May 1, 2022, the Board of Directors of the Company declared dividends on the Company’s preferred stock for the period beginning May 1, 2022 and ending July 31, 2022. The dividends are payable on August 1, 2022, to holders of record of preferred stock on July 1, 2022, 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. On August 2, 2022, the Board of Directors of the Company declared dividends on the Company’s preferred stock for the period beginning August 1, 2022 and ending October 31, 2022. The dividends are payable on October 31, 2022, to holders of record of preferred stock on October 3, 2022, 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. As of June 30, 2022, $5.6 million of dividends on the Company's cumulative preferred stock were unpaid and in arrears. Noncontrolling Interest On July 12, 2021, the Company entered into an investment agreement among the Company and Symphony Ventures , which we refer to as Symphony , a company organized under the laws of Ireland, in which the Company agreed to sell to Symphony 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’s purchase price in each such SLP will be fully committed on the date the certificate of occupancy for the Puttery venue is received, up to a total commitment of $10 million. We control through a wholly owned subsidiary all general partnership interests and 90% of the limited partnership interests in the SLP, thus retaining all rights, powers and authority that govern the partnership and, as a result, we consolidate the financial results of this SLP, and report the noncontrolling interest representing the economic interest in the SLP held by Symphony. Currently the Company and Symphony are party to three SLPs, for the Puttery locations in The Colony, Texas, Charlotte, North Carolina, and Washington, D.C. Tax Benefits Preservation Plan

TRANSACTIONS WITH AFFILIATES AN

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	6 Months Ended
TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	Jun. 30, 2022
Related Party Transactions [Abstract]
TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES Agreements with the Former ManagerAt June 30, 2022, the Manager, through its affiliates, and principals of the Manager, owned 9.0 million shares of the Company’s common stock and Fortress, through its affiliates, had options relating to an additional 3.2 million shares of the Company’s common stock (Note 11).

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation - 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, 2022, will not materially affect the Company’s consolidated results of operations, financial position or cash flow. Given the inherent unpredictability of these types of proceedings, however, it is possible that future adverse outcomes could have a material effect on our financial results. Environmental Costs — As a commercial real estate owner, the Company is subject to potential environmental costs. At June 30, 2022, management of the Company is not aware of any environmental concerns that would have a material adverse effect on the Company’s consolidated financial position or results of operations. Surety Bonds — The Company is required to maintain bonds under certain third-party agreements, as requested by certain utility providers, and under the rules and regulations of licensing authorities and other governmental agencies. The Company had bonds outstanding of approximately $0.9 million as of June 30, 2022. Month-to-Month Leases — The traditional golf segment has four month-to-month property leases which are cancellable by the parties with 30 days written notice. The traditional golf segment also has various month-to-month operating leases for carts and equipment. Lease expense is recorded in short-term lease cost as disclosed in Note 6. Membership Deposit Liability — In the traditional golf business, until 2021 private country club members generally paid an advance initiation deposit upon their acceptance as a member to the respective country club. Initiation deposits are refundable 30 years after the date of acceptance as a member. As of June 30, 2022, the total nominal value of initiation fee deposits was approximately $249.3 million with annual maturities through 2051. In 2002 American Golf Corporation ("AGC"), when it was owned by a previous owner, entered into a Restated Membership Deposit Assumption Agreement, with two trusts established by a previous owner of AGC (the “Trusts”) under which the Trusts agreed to unconditionally assume the obligations of AGC to refund certain membership deposit liabilities ("MDLs") in exchange for shares in AGC. The MDLs assumed were refundable 30 years from the date of acceptance of the member with the first liabilities assumed by the Trusts becoming refundable in 2020. The total redemption value of membership deposit liabilities assumed by the Trusts was $181.9 million. No asset was recorded at the time of our acquisition of AGC in recognition of this assumption agreement for the $181.9 million of liabilities assumed by the Trusts for the following reasons. 1) the substantial time period between the assumption of the liabilities and the first liabilities becoming refundable; 2) the inability of AGC to verify and monitor the assets of the Trusts to ensure the ability to perform under the terms of the assumption agreements; 3) the fact that the Trusts are not required to maintain any assets that would support such performance; 4) the Trust settlors were not required contractually to fund the Trusts; and 5) The Company does not have the ability to determine the likelihood that the Trusts will meet their obligations. In the event the Trusts are not able to fulfill their obligations, the Company would be responsible for refunding the outstanding balance of the MDL and therefore, recognizes these MDLs on its balance sheet. Though the Trusts initially assumed $181.9 million of MDLs the balance of related MDLs carried on the books of AGC, as of June 30, 2022, has been reduced to an undiscounted nominal value of $115 million through various assignments to third parties and partial membership refunds due to membership transfers. To-date, the Trust has met all of their obligations that have come due for which the Trust assumed responsibility under the Restated Membership Deposit Assumption Agreement. As of June 30, 2022 the Trusts had refunded a total of approximately $0.4 million of MDLs under the terms of the assumption agreements. Restricted Cash — Approximately $4.1 million of restricted cash at June 30, 2022 is used as credit enhancement for traditional golf’s obligations related to the performance of lease agreements and certain insurance claims. Commitments - As of June 30, 2022, the Company has additional operating leases that have not yet commenced of $73.2 million. The leases are expected to commence over the next 12 months with initial lease terms of approximately 10 years. These leases are primarily real estate leases for future entertainment golf venues. Preferred Dividends in Arrears - As of June 30, 2022, $5.6 million of dividends on the Company's cumulative preferred stock were unpaid and in arrears.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2022
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 $0.9 million and $1.6 million for the three and six months ended June 30, 2022, respectively and $0.5 million and $0.9 million for the three and six months ended June 30, 2021 , respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. The Company recorded a valuation allowance against its deferred tax assets as of June 30, 2022 as management does not believe that it is more likely than not that the deferred tax assets will be realized. The Company and its subsidiaries file U.S. federal and state income tax returns in various jurisdictions. As of June 30, 2022 , the Company is currently not subject to examination by the IRS for any open tax years and is currently under examination in Idaho for open tax years 2017 and after. At June 30, 2022 and December 31, 2021 , the Company reported a total liability for unrecognized tax benefits of $0.7 million . The Company does not anticipate any significant increases or decreases to the balance of unrecognized tax benefits during the next 12 months.

IMPAIRMENT

IMPAIRMENT	6 Months Ended
IMPAIRMENT	Jun. 30, 2022
Other than Temporary Impairment Losses, Investments [Abstract]
IMPAIRMENT	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, 2022 2021 2022 2021 (Gain) loss on lease terminations $ 2,161 $ (655) $ 2,196 $ (655) Loss on corporate office assets (held-for-use) — — — 3,303 Impairment on entertainment golf properties — — 12,854 — Other (gains) loss — 94 (18) — Total loss on impairment $ 2,161 $ (561) $ 15,032 $ 2,648 During the six months ended June 30, 2022 , the Company recorded impairment charges of $11.3 million related to construction in progress assets for its Drive Shack New Orleans venue as the Company determined that it will not restart construction of the venue. The assets consist primarily of a partially constructed, unfinished building and parking lot. During the second quarter of 2022, the Company entered into a termination agreement to terminate the underlying ground lease for the site. The Company recorded a $2.2 million loss on lease terminations related to the Drive Shack New Orleans venue. During the six months ended June 30, 2022, the Company recorded impairment charges of $1.6 million related to certain assets acquired for our Puttery venues in Charlotte, North Carolina; Miami, Florida; and Washington, DC. The assets consisted of gameplay tracking cameras and supporting hardware and software for our venues. The Company has determined that it will not utilize the devices and they will therefore not be installed. The Company is unable to recover the cost of the devices and the impairment charge represents the full value of the equipment. 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 included impairment of leasehold improvements of $0.3 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. During the three months ended June 30, 2021, the Company recorded other losses totaling $0.1 million on retirement of other traditional golf assets.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSThe Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2022
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 U.S. generally accepted accounting principles or GAAP for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interest. All significant intercompany accounts and transactions have been eliminated. 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, 2021 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 18, 2022. 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, 2021.
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.
Seasonality	Seasonality – Seasonality can affect our results of operations. Our traditional golf business is subject to seasonal fluctuations as colder temperatures and shorter days reduce the demand for outdoor activities. As a result, the traditional golf business generates a disproportionate share of its annual revenue in the second and third quarters of each year. In addition, our Drive Shack and Puttery venues could be significantly impacted on a season-to-season basis, based on corporate event and social gathering volumes during holiday seasons and school vacation schedules. For this reason, a quarter-to-quarter comparison may not be a good indicator of our current and/or future performance.
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 the balance sheet with the Right of Use (“ROU”) assets in "Operating lease right-of-use assets" and lease liabilities are recognized in "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 payment for the cost of insurance and maintenance. Variable lease payments are recognized when the associated activity occurs and contingency is resolved.
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 $0.3 million as of June 30, 2022 and $0.9 million as of December 31, 2021. 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 - Initiation fees are non-refundable and recorded as revenue over the expected seven year life of an active membership. Until 2021, private country club members generally paid an advance initiation deposit upon their acceptance as a member to the respective country club that is refundable 30 years after the date of acceptance as a member. The difference between the initiation deposit paid by the member and the present value of the refund obligation is deferred and recognized into golf operations revenue in the Consolidated Statements of Operations on a straight-line basis over the expected life of an active membership, which is estimated to be seven years. The present value of the refund obligation is recorded as a membership deposit liability in the Consolidated Balance Sheets and accretes over a 30-year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the Consolidated Statements of Operations. In 2002 American Golf Corporation ("AGC"), when it was owned by a previous owner, entered into a Restated Membership Deposit Assumption Agreement, with two trusts established by a previous owner of AGC (the “Trusts”) under which the Trusts agreed to unconditionally assume the obligations of AGC to refund certain membership deposit liabilities ("MDLs") in exchange for shares in AGC. The MDLs assumed were refundable 30 years from the date of acceptance of the member with the first liabilities assumed by the Trusts becoming refundable in 2020. The total redemption value of membership deposit liabilities assumed by the Trusts was $181.9 million. No asset was recorded at the time of our acquisition of AGC in recognition of this assumption agreement for the $181.9 million of liabilities assumed by the Trusts for the following reasons. 1) the substantial time period between the assumption of the liabilities and the first liabilities becoming refundable; 2) the inability of AGC to verify and monitor the assets of the Trusts to ensure the ability to perform under the terms of the assumption agreements; 3) the fact that the Trusts are not required to maintain any assets that would support such performance; 4) the Trust settlors were not required contractually to fund the Trusts; and 5) The Company does not have the ability to determine the likelihood that the Trusts will meet their obligations. In the event the Trusts are not able to fulfill their obligations, the Company would be responsible for refunding the outstanding balance of the MDL and therefore, recognizes these MDLs on its balance sheet.
Fair Value Measurements	Fair Value Measurements 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. 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 those of other market participants. Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodologies used to determine fair value and such changes could result in a significant increase or decrease in the fair value. For the Company’s investments in real estate securities categorized within Level 3 of the fair value hierarchy, the significant unobservable inputs include the discount rates, assumptions relating to prepayments, default rates and loss severities. Liabilities for Which Fair Value is Only Disclosed The following table summarizes the level of the fair value hierarchy, valuation techniques and inputs used for estimating each class of liabilities not measured at fair value in the statement of financial position but for which fair value is disclosed: Type of Liabilities Not Measured At Fair Value for Which Fair Value Is Disclosed Fair Value Hierarchy Valuation Techniques and Significant Inputs Junior subordinated notes payable Level 3 Valuation technique is based on discounted cash flows. Significant inputs include: l Amount and timing of expected future cash flows l Interest rates l Market yields and the credit spread of the Company
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.
Earnings Per Share	Basic EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of dilutive securities during each period. The Company’s dilutive securities are its options and RSUs.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Jun. 30, 2022
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, 2022 December 31, 2021 Cash and cash equivalents $ 22,685 58,286 Restricted cash 4,143 3,480 Restricted cash, noncurrent 216 798 Total Cash and cash equivalents, Restricted cash and Restricted cash, noncurrent $ 27,044 $ 62,564
Schedule of other current assets	The following table summarizes the Company's other current assets: June 30, 2022 December 31, 2021 Managed property receivables $ 13,314 $ 19,316 Prepaid expenses 4,016 2,524 Deposits 1,805 1,827 Inventory 2,791 2,229 Miscellaneous current assets, net 8,673 4,138 Other current assets $ 30,599 $ 30,034
Schedule of other assets	The following table summarizes the Company's other assets: June 30, 2022 December 31, 2021 Prepaid expenses $ 1,717 $ 2,156 Deposits 3,241 3,335 Miscellaneous assets, net 781 1,047 Other assets $ 5,739 $ 6,538
Schedule of other current liabilities	The following table summarizes the Company's other current liabilities: June 30, 2022 December 31, 2021 Operating lease liabilities $ 17,031 $ 16,519 Accrued rent 3,797 3,455 Dividends payable 930 930 Miscellaneous current liabilities 5,975 5,620 Other current liabilities $ 27,733 $ 26,524
Schedule of other income (loss), net	These items are comprised of the following: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Collateral management fee income, net $ 33 $ 48 $ 70 $ 104 Insurance proceeds 622 — — 3,424 Loss on sale of long-lived assets and intangibles — (49) (38) (64) Gain on Lease Modification/Termination (95) — (53) Other gain (loss) 433 (17) 237 (119) Other gain (loss), net $ 993 $ (18) $ 3,640 $ (79)

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
REVENUES (Tables)	Jun. 30, 2022
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, 2022 Six Months Ended June 30, 2022 Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Corporate Total Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Corporate Total Golf operations $ 7,397 $ 30,741 $ 11,716 $ 17,515 $ 208 $ 67,577 $ 13,827 $ 50,242 $ 26,282 $ 32,117 $ 393 $ 122,861 Sales of food and beverages 8,316 8,612 2,184 — — 19,112 16,066 12,975 3,769 — — 32,810 Total revenues $ 15,713 $ 39,353 $ 13,900 $ 17,515 $ 208 $ 86,689 $ 29,893 $ 63,217 $ 30,051 $ 32,117 $ 393 $ 155,671 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) Corporate Total Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Corporate 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 (A) Includes $15.2 million and $28.2 million for the three and six months ended June 30, 2022, and $12.9 million $26.7 million for the three and six months ended June 30, 2021, respectively, related to management contract reimbursements reported under ASC 606.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
SEGMENT REPORTING (Tables)	Jun. 30, 2022
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, 2022 Entertainment Golf Traditional Golf Corporate Total Revenues Golf operations $ 13,827 $ 108,641 $ 393 $ 122,861 Sales of food and beverages 16,066 16,744 — 32,810 Total revenues 29,893 125,385 393 155,671 Operating costs Operating expenses 16,785 103,783 45 120,613 Cost of sales - food and beverages 4,444 4,705 — 9,149 General and administrative expense (A) 4,800 6,817 9,005 20,622 Depreciation and amortization 6,842 5,273 210 12,325 Pre-opening costs (C) 2,685 — — 2,685 (Gain) Loss on lease terminations and impairment 15,048 (16) — 15,032 Total operating costs 50,604 120,562 9,260 180,426 Operating income (loss) (20,711) 4,823 (8,867) (24,755) Other income (expenses) Interest and investment income 2 41 373 416 Interest expense (D) (110) (5,327) (757) (6,194) Other income (loss), net (16) 3,590 66 3,640 Total other income (expenses) (124) (1,696) (318) (2,138) Income tax expense 40 2 1,547 1,589 Net income (loss) (20,875) 3,125 (10,732) (28,482) Less: net loss attributable to NCI — — (81) (81) Net loss attributable to the company (20,875) 3,125 (10,651) (28,401) Preferred dividends — — (2,790) (2,790) Net income (loss) applicable to common stockholders $ (20,875) $ 3,125 $ (13,441) $ (31,191) June 30, 2022 Entertainment Golf Traditional Golf Corporate Total Total assets $ 196,605 $ 248,672 $ 12,761 $ 458,038 Total liabilities 69,734 325,114 66,189 461,037 Preferred stock — — 61,583 61,583 Noncontrolling interest 2,579 — (514) 2,065 Equity (loss) attributable to common stockholders $ 124,292 $ (76,442) $ (114,497) $ (66,647) Additions to property and equipment (including finance leases) during the three months ended June 30, 2022 $ 6,276 $ 2,428 $ (86) $ 8,618 Three Months Ended June 30, 2022 Entertainment Golf Traditional Golf Corporate Total Revenues Golf operations $ 7,397 $ 59,972 $ 208 $ 67,577 Sales of food and beverages 8,316 10,796 — 19,112 Total revenues 15,713 70,768 208 86,689 Operating costs Operating expenses 8,525 56,968 (20) 65,473 Cost of sales - food and beverages 2,701 3,087 — 5,788 General and administrative expense (A) 1,074 3,923 6,561 11,558 Depreciation and amortization 3,401 2,629 102 6,132 Pre-opening costs (C) 1,938 — — 1,938 Loss on lease terminations and impairment 2,159 2 — 2,161 Total operating costs 19,798 66,609 6,643 93,050 Operating income (loss) (4,085) 4,159 (6,435) (6,361) Other income (expenses) Interest and investment income 2 15 199 216 Interest expense (D) (52) (3,078) (417) (3,547) Capitalized interest (D) — — — — Other income (loss), net — 962 31 993 Total other income (expenses) (50) (2,101) (187) (2,338) Income tax expense 8 2 858 868 Net income (loss) (4,143) 2,056 (7,480) (9,567) Less: net loss attributable to NCI — — (134) (134) Net loss attributable to the company (4,143) 2,056 (7,346) (9,433) Preferred dividends — — (1,395) (1,395) Net income (loss) applicable to common stockholders $ (4,143) $ 2,056 $ (8,741) $ (10,828) 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 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) 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) (A) General and administrative expenses included severance expenses of $0.2 million and $0.4 million for the three and six months ended June 30, 2022 and $0.1 million and $0.1 million three and six months ended June 30, 2021, 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, 2022
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	The following table summarizes the Company’s property and equipment: June 30, 2022 December 31, 2021 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 162,689 (51,334) 111,355 155,086 (46,399) 108,687 Furniture, fixtures and equipment 61,063 (33,085) 27,978 56,809 (28,821) 27,988 Finance leases - equipment 27,788 (14,766) 13,022 29,886 (15,602) 14,284 Construction in progress 22,001 — 22,001 21,531 — 21,531 Total Property and Equipment $ 280,311 $ (99,185) $ 181,126 $ 270,082 $ (90,822) $ 179,260

INTANGIBLES, NET OF ACCUMULAT_2

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	6 Months Ended
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	The following table summarizes the Company’s intangible assets: June 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 721 $ (198) $ 523 $ 721 $ (187) $ 534 Management contracts 28,913 (18,715) 10,198 28,913 (17,960) 10,953 Internally-developed software 1,217 (980) 237 417 (143) 274 Membership base 4,012 (3,333) 679 4,012 (3,304) 708 Non-amortizable liquor licenses 1,469 — 1,469 961 — 961 Total Intangibles $ 36,332 $ (23,226) $ 13,106 $ 35,024 $ (21,594) $ 13,430

DEBT (Tables)

DEBT (Tables)	6 Months Ended
DEBT (Tables)	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of debt obligations	The following table presents certain information regarding the Company’s debt obligations at June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Debt Obligation/Collateral Month Issued Outstanding Face Amount Carrying Value Final Stated Maturity Weighted Average Coupon Weighted Average Funding Cost (A) Weighted Average Life (Years) Face Amount of Floating Rate Debt Outstanding Face Amount Carrying Value Credit Facilities and Finance Leases Vineyard II Dec 1993 $ 200 $ 200 Dec 2043 1.79% 3.54 % 21.5 $ — $ 200 $ 200 Finance leases (Equipment) Jul 2014 - Jun 2022 12,699 12,699 Jul 2022 - Aug 2027 3.95% to 8.65% 5.69 % 3.4 — 14,275 14,275 12,899 12,899 5.72 % 3.8 — 14,475 14,475 Less current portion of obligations under finance leases 5,023 5,023 5,400 5,400 Credit facilities and obligations under finance leases - noncurrent 7,875 7,875 9,075 9,075 Corporate Junior subordinated notes payable (B) Mar 2006 51,004 51,169 Apr 2035 LIBOR+2.25% 3.54 % 10.59 51,004 51,004 51,174 Total debt obligations $ 63,903 $ 64,068 3.96 % 9.2 $ 51,004 $ 65,479 $ 65,649 (B) Collateral for this obligation is the Company's general credit.

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	6 Months Ended
REAL ESTATE SECURITIES (Tables)	Jun. 30, 2022
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, 2022, 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 Other-Than- Temporary Impairment (Discount) Premium After Impairment and (Discount) Premium Gains Losses Carrying Value (A) Number of Securities Rating (B) Coupon Yield Life (Years) (C) Principal Subordination (D) June 30, 2022 ABS - Non-Agency RMBS (E) $ 4,000 $ (1,521) $ 197 $ 2,676 $ 170 $ — $ 2,846 1 CCC 1.59 % 29.16 % 0.08 — % December 31, 2021 ABS - Non-Agency RMBS (E) $ 4,000 $ (1,521) $ (156) $ 2,323 $ 1,163 $ — $ 3,486 1 CCC 0.68 % 29.16 % 1.6 67.4 % (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
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Jun. 30, 2022
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, 2022: June 30, 2022 December 31, 2021 Carrying Value Estimated Fair Value Fair Value Method (A) Carrying Value Estimated Fair Value Assets Real estate securities, available-for-sale $ 2,846 $ 2,846 Pricing models - Level 3 $ 3,486 $ 3,486 Cash and cash equivalents 22,685 22,685 58,286 58,286 Restricted cash, current and noncurrent 4,359 4,359 4,278 4,278 Liabilities Junior subordinated notes payable $ 51,169 $ 27,388 Pricing models - Level 3 $ 51,174 $ 27,625
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, 2022: Weighted Average Significant Input Asset Type Amortized Cost Basis Fair Value Discount Prepayment Cumulative Default Rate Loss ABS - Non-Agency RMBS $ 2,676 $ 2,846 13.0 % 7.5 % 3.0 % 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, 2022 as follows: ABS - Non-Agency RMBS Balance at December 31, 2021 $ 3,486 Total gains (losses) (A) Included in other comprehensive income (loss) (993) Amortization included in interest income 362 Proceeds (9) Balance at June 30, 2022 $ 2,846 (A) None of the gains (losses) recorded in earnings during the period is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date. There were no purchases or sales during the six months ended June 30, 2022. There were no transfers into or out of Level 3 during the six months ended June 30, 2022.
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
EQUITY AND EARNINGS PER SHARE (Tables)	Jun. 30, 2022
Equity [Abstract]
Schedule of amounts used in computing basic and diluted EPS	The Company is required to present both basic and diluted earnings per share (“EPS”). The following table shows the amounts used in computing basic and diluted EPS: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator for basic and diluted earnings per share: Loss from continuing operations after preferred dividends $ (10,828) $ (3,364) $ (31,191) $ (15,663) Loss Applicable to Common Stockholders $ (10,828) $ (3,364) $ (31,191) $ (15,663) Denominator: Denominator for basic earnings per share - weighted average shares 92,378,928 92,065,615 92,316,851 87,338,509 Effect of dilutive securities Options — — — — RSUs — — — — Denominator for diluted earnings per share - adjusted weighted average shares 92,378,928 92,065,615 92,316,851 87,338,509 Basic earnings per share: Loss from continuing operations per share of common stock after preferred dividends $ (0.12) $ (0.04) $ (0.34) $ (0.18) Loss Applicable to Common Stock, per share $ (0.12) $ (0.04) $ (0.34) $ (0.18) Diluted earnings per share: Loss from continuing operations per share of common stock after preferred dividends $ (0.12) $ (0.04) $ (0.34) $ (0.18) Loss Applicable to Common Stock, per share $ (0.12) $ (0.04) $ (0.34) $ (0.18)
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, 2022: Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2021 3,582,548 $ 3.17 Balance at June 30, 2022 3,582,548 $ 3.17 1.1 Exercisable at June 30, 2022 3,167,044 $ 3.09 1.1
Schedule of outstanding options summary	As of June 30, 2022, the Company’s outstanding options were summarized as follows: Number of Options Held by a former Manager 3,167,044 Granted to the former Manager and subsequently transferred to certain Manager’s employees (A) 415,504 Total 3,582,548
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, 2022. Number of RSUs Weighted Average Grant Date Fair Value (per unit) Balance at December 31, 2021 193,190 $ 2.2 Vested (23,605) $ 4.66 Forfeited (A) (8,047) $ 4.66 Balance at June 30, 2022 161,538 $ 1.71 (A) Unvested RSUs are forfeited by non-employee directors upon their departure from the board of directors and generally forfeited by employees upon their termination.

IMPAIRMENT (Tables)

IMPAIRMENT (Tables)	6 Months Ended
IMPAIRMENT (Tables)	Jun. 30, 2022
Other than Temporary Impairment Losses, Investments [Abstract]
Summary of amounts recorded in the statement of operations for OTTI	The following table summarizes the amounts the Company recorded in the Consolidated Statements of Operations: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Gain) loss on lease terminations $ 2,161 $ (655) $ 2,196 $ (655) Loss on corporate office assets (held-for-use) — — — 3,303 Impairment on entertainment golf properties — — 12,854 — Other (gains) loss — 94 (18) — Total loss on impairment $ 2,161 $ (561) $ 15,032 $ 2,648

ORGANIZATION (Details)

ORGANIZATION (Details)	Jun. 30, 2022 state property
Entertainment Golf Segment
Segment Reporting Information
Number of properties (property) \| property	7
Number of states in which properties owned \| state	4
Traditional Golf
Segment Reporting Information
Number of properties (property) \| property	53
Number of states in which properties owned \| state	9

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2020	Dec. 31, 2021
Segment Reporting Information
Allowances for doubtful accounts	$ 300		$ 900
Expected life of active golf membership (in years)	7 years
Refundable term for initiation fees (in years)	30 years	30 years
Fee deposit	$ 12,165		$ 10,005
Refunded customer deposits	$ 400
Trusts
Segment Reporting Information
Fee deposit		$ 181,900

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, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 22,685	$ 58,286
Restricted cash	4,143	3,480
Restricted cash, noncurrent	216	798
Total Cash and cash equivalents, Restricted cash and Restricted cash, noncurrent	$ 27,044	$ 62,564	$ 85,445	$ 50,833

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Current Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Managed property receivables	$ 13,314	$ 19,316
Prepaid expenses	4,016	2,524
Deposits	1,805	1,827
Inventory	2,791	2,229
Miscellaneous current assets, net	8,673	4,138
Other current assets	$ 30,599	$ 30,034

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Prepaid expenses	$ 1,717	$ 2,156
Deposits	3,241	3,335
Miscellaneous assets, net	781	1,047
Other assets	$ 5,739	$ 6,538

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Current Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Operating lease liabilities	$ 17,031	$ 16,519
Accrued rent	3,797	3,455
Dividends payable	930	930
Miscellaneous current liabilities	5,975	5,620
Other current liabilities	$ 27,733	$ 26,524

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other gain (loss), net
Collateral management fee income, net	$ 33	$ 48	$ 70	$ 104
Insurance proceeds	622	0	3,424
Loss on sale of long-lived assets and intangibles	0	(49)	(38)	(64)
Gain on Lease Modification/Termination	(95)	0	(53)
Other gain (loss)	433	(17)	237	(119)
Other gain (loss), net	$ 993	$ (18)	$ 3,640	$ (79)

REVENUES (Disaggregation of Rev

REVENUES (Disaggregation of Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue
Total revenues	$ 86,689	$ 73,879	$ 155,671	$ 134,971
Golf operations
Disaggregation of Revenue
Total revenues	67,577	61,750	122,861	114,912
Golf operations, ent. golf venues
Disaggregation of Revenue
Total revenues	7,397	5,316	13,827	8,737
Golf operations, public golf properties
Disaggregation of Revenue
Total revenues	30,741	28,693	50,242	47,866
Golf operations, private golf properties
Disaggregation of Revenue
Total revenues	11,716	12,323	26,282	27,042
Golf operations, managed golf properties
Disaggregation of Revenue
Total revenues	17,515	15,418	32,117	31,267
Golf course operations, corporate
Disaggregation of Revenue
Total revenues	208	0	393	0
Sales of food and beverages
Disaggregation of Revenue
Total revenues	19,112	12,129	32,810	20,059
Food and beverage, ent. golf venues
Disaggregation of Revenue
Total revenues	8,316	6,273	16,066	11,075
Food and beverage, public golf properties
Disaggregation of Revenue
Total revenues	8,612	3,994	12,975	5,849
Food and beverage, private golf properties
Disaggregation of Revenue
Total revenues	2,184	1,862	3,769	3,135
Food and beverage, managed golf properties
Disaggregation of Revenue
Total revenues	0	0	0	0
Food and Beverage, Corporate
Disaggregation of Revenue
Total revenues	0	0	0	0
Entertainment Golf Venues
Disaggregation of Revenue
Total revenues	15,713	11,589	29,893	19,812
Public Golf Properties
Disaggregation of Revenue
Total revenues	39,353	32,687	63,217	53,715
Private Golf Properties
Disaggregation of Revenue
Total revenues	13,900	14,185	30,051	30,177
Managed Golf Properties
Disaggregation of Revenue
Total revenues	17,515	15,418	32,117	31,267
Corporate golf properties
Disaggregation of Revenue
Total revenues	208	0	393	0
Management contract reimbursements
Disaggregation of Revenue
Total revenues	$ 15,200	$ 12,900	$ 28,200	$ 26,700

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details)	6 Months Ended
SEGMENT REPORTING (Narrative) (Details)	Jun. 30, 2022 state property segment
Segment Reporting Information
Number of reportable segments \| segment	3
Puttery venues located in The Colony, Texas; Charlotte, North Carolina and Washington, D.C.
Segment Reporting Information
Number of golf properties	3
Entertainment Golf Segment
Segment Reporting Information
Number of golf properties	7
Number of states in which properties owned \| state	4
Entertainment Golf Segment \| Drive Shack Venues Located in located in Orlando, Florida; West Palm Beach, Florida; Raleigh, North Carolina; and Richmond, Virginia
Segment Reporting Information
Number of golf properties	4
Number of states in which properties owned \| state	3
Traditional Golf
Segment Reporting Information
Number of golf properties	53
Number of states in which properties owned \| state	9

SEGMENT REPORTING (Segment Repo

SEGMENT REPORTING (Segment Reporting) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenues [Abstract]
Total revenues	$ 86,689		$ 73,879		$ 155,671	$ 134,971
Operating costs
Operating expenses	65,473		55,635		120,613	104,504
Cost of sales - food and beverages	5,788		3,151		9,149	5,255
General and administrative expense	11,558		7,852		20,622	15,640
General and administrative expense - acquisition and transaction expenses			176			372
Depreciation and amortization	6,132		5,784		12,325	12,029
Pre-opening costs	1,938		789		2,685	1,345
(Gain) loss on lease terminations and impairment	2,161		(561)		15,032	2,648
Total operating costs	93,050		72,826		180,426	141,793
Operating income (loss)	(6,361)		1,053		(24,755)	(6,822)
Other income (expenses)
Interest and investment income	216		159		416	312
Interest expense	(3,547)		(2,771)		(6,194)	(5,420)
Capitalized interest	0		58			81
Other income (loss), net	993		(18)		3,640	(79)
Total other income (expenses)	(2,338)		(2,572)		(2,138)	(5,106)
Income tax expense	868		450		1,589	945
Net income (loss)	(9,567)	$ (18,913)	(1,969)	$ (10,904)	(28,482)	(12,873)
Less: net loss attributable to NCI	(134)		0		(81)	0
Net loss attributable to the company	(9,433)		(1,969)		(28,401)	(12,873)
Preferred dividends	(1,395)		(1,395)		(2,790)	(2,790)
Net income (loss) applicable to common stockholders	(10,828)		(3,364)		(31,191)	(15,663)
Total assets	458,038		495,839		458,038	495,839	$ 482,790
Total liabilities	461,037		446,329		461,037	446,329	452,935
Preferred stock	61,583		61,583		61,583	61,583	61,583
Noncontrolling interest	2,065				2,065		$ 1,456
Equity (loss) attributable to common stockholders	(66,647)		(12,073)		(66,647)	(12,073)
Additions to property and equipment (including finance leases)					8,618	14,267
Severance expenses	200		100		400	100
Accretion of membership deposit liabilities	2,900		2,100		4,900	4,100
Golf operations
Revenues [Abstract]
Total revenues	67,577		61,750		122,861	114,912
Sales of food and beverages
Revenues [Abstract]
Total revenues	19,112		12,129		32,810	20,059
Operating Segments \| Entertainment Golf
Revenues [Abstract]
Total revenues	15,713		11,589		29,893	19,812
Operating costs
Operating expenses	8,525		5,546		16,785	10,679
Cost of sales - food and beverages	2,701		1,445		4,444	2,530
General and administrative expense	1,074		2,274		4,800	4,472
General and administrative expense - acquisition and transaction expenses			176			368
Depreciation and amortization	3,401		2,952		6,842	5,904
Pre-opening costs	1,938		788		2,685	1,344
(Gain) loss on lease terminations and impairment	2,159		0		15,048	22
Total operating costs	19,798		13,181		50,604	25,319
Operating income (loss)	(4,085)		(1,592)		(20,711)	(5,507)
Other income (expenses)
Interest and investment income	2		0		2	0
Interest expense	(52)		(77)		(110)	(159)
Capitalized interest	0		0			0
Other income (loss), net	0		0		(16)	0
Total other income (expenses)	(50)		(77)		(124)	(159)
Income tax expense	8		0		40	0
Net income (loss)	(4,143)		(1,669)		(20,875)	(5,666)
Less: net loss attributable to NCI	0				0
Net loss attributable to the company	(4,143)				(20,875)
Preferred dividends	0		0		0	0
Net income (loss) applicable to common stockholders	(4,143)		(1,669)		(20,875)	(5,666)
Total assets	196,605		171,386		196,605	171,386
Total liabilities	69,734		47,133		69,734	47,133
Preferred stock	0		0		0	0
Noncontrolling interest	2,579				2,579
Equity (loss) attributable to common stockholders	124,292		124,253		124,292	124,253
Additions to property and equipment (including finance leases)					6,276	10,903
Operating Segments \| Entertainment Golf \| Golf operations
Revenues [Abstract]
Total revenues	7,397		5,316		13,827	8,737
Operating Segments \| Entertainment Golf \| Sales of food and beverages
Revenues [Abstract]
Total revenues	8,316		6,273		16,066	11,075
Operating Segments \| Traditional Golf
Revenues [Abstract]
Total revenues	70,768		62,290		125,385	115,159
Operating costs
Operating expenses	56,968		50,087		103,783	93,823
Cost of sales - food and beverages	3,087		1,706		4,705	2,725
General and administrative expense	3,923		2,693		6,817	5,073
General and administrative expense - acquisition and transaction expenses			0			0
Depreciation and amortization	2,629		2,782		5,273	6,003
Pre-opening costs	0		0		0	0
(Gain) loss on lease terminations and impairment	2		(561)		(16)	(561)
Total operating costs	66,609		56,707		120,562	107,063
Operating income (loss)	4,159		5,583		4,823	8,096
Other income (expenses)
Interest and investment income	15		16		41	36
Interest expense	(3,078)		(2,369)		(5,327)	(4,620)
Capitalized interest	0		20			28
Other income (loss), net	962		(62)		3,590	(176)
Total other income (expenses)	(2,101)		(2,395)		(1,696)	(4,732)
Income tax expense	2		0		2	0
Net income (loss)	2,056		3,188		3,125	3,364
Less: net loss attributable to NCI	0				0
Net loss attributable to the company	2,056				3,125
Preferred dividends	0		0		0	0
Net income (loss) applicable to common stockholders	2,056		3,188		3,125	3,364
Total assets	248,672		262,049		248,672	262,049
Total liabilities	325,114		336,894		325,114	336,894
Preferred stock	0		0		0	0
Noncontrolling interest	0				0
Equity (loss) attributable to common stockholders	(76,442)		(74,845)		(76,442)	(74,845)
Additions to property and equipment (including finance leases)					2,428	2,989
Operating Segments \| Traditional Golf \| Golf operations
Revenues [Abstract]
Total revenues	59,972		56,434		108,641	106,175
Operating Segments \| Traditional Golf \| Sales of food and beverages
Revenues [Abstract]
Total revenues	10,796		5,856		16,744	8,984
Operating Segments \| Corporate
Revenues [Abstract]
Total revenues	208		0		393	0
Operating costs
Operating expenses	(20)		2		45	2
Cost of sales - food and beverages	0		0		0	0
General and administrative expense	6,561		2,885		9,005	6,095
General and administrative expense - acquisition and transaction expenses			0			4
Depreciation and amortization	102		50		210	122
Pre-opening costs	0		1		0	1
(Gain) loss on lease terminations and impairment	0		0		0	3,187
Total operating costs	6,643		2,938		9,260	9,411
Operating income (loss)	(6,435)		(2,938)		(8,867)	(9,411)
Other income (expenses)
Interest and investment income	199		143		373	276
Interest expense	(417)		(325)		(757)	(641)
Capitalized interest	0		38			53
Other income (loss), net	31		44		66	97
Total other income (expenses)	(187)		(100)		(318)	(215)
Income tax expense	858		450		1,547	945
Net income (loss)	(7,480)		(3,488)		(10,732)	(10,571)
Less: net loss attributable to NCI	(134)				(81)
Net loss attributable to the company	(7,346)				(10,651)
Preferred dividends	(1,395)		(1,395)		(2,790)	(2,790)
Net income (loss) applicable to common stockholders	(8,741)		(4,883)		(13,441)	(13,361)
Total assets	12,761		62,404		12,761	62,404
Total liabilities	66,189		62,302		66,189	62,302
Preferred stock	61,583		61,583		61,583	61,583
Noncontrolling interest	(514)				(514)
Equity (loss) attributable to common stockholders	(114,497)		(61,481)		(114,497)	(61,481)
Additions to property and equipment (including finance leases)					(86)	375
Operating Segments \| Corporate \| Golf operations
Revenues [Abstract]
Total revenues	208		0		393	0
Operating Segments \| Corporate \| Sales of food and beverages
Revenues [Abstract]
Total revenues	$ 0		$ 0		$ 0	$ 0

PROPERTY AND EQUIPMENT, NET O_3

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Total Property and Equipment
Gross Carrying Amount	$ 280,311	$ 270,082
Accumulated Depreciation	(99,185)	(90,822)
Net Carrying Value	181,126	179,260
Land
PP&E
Gross Carrying Amount	6,770	6,770
Accumulated Depreciation	0	0
Net Carrying Value	6,770	6,770
Buildings and improvements
PP&E
Gross Carrying Amount	162,689	155,086
Accumulated Depreciation	(51,334)	(46,399)
Net Carrying Value	111,355	108,687
Furniture, fixtures and equipment
PP&E
Gross Carrying Amount	61,063	56,809
Accumulated Depreciation	(33,085)	(28,821)
Net Carrying Value	27,978	27,988
Finance leases - equipment
Finance leases - equipment
Gross Carrying Amount	27,788	29,886
Accumulated Depreciation	(14,766)	(15,602)
Net Carrying Value	13,022	14,284
Construction in progress
PP&E
Gross Carrying Amount	22,001	21,531
Accumulated Depreciation	0	0
Net Carrying Value	$ 22,001	$ 21,531

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) $ in Thousands	3 Months Ended	6 Months Ended
LEASES (Narrative) (Details) $ in Thousands	Jun. 30, 2022 USD ($) lease	Jun. 30, 2022 USD ($) renewal lease	Dec. 31, 2021 USD ($)
Lessee, Lease, Description
Number of renewal options \| renewal		8
Renewal term (in years)	5 years	5 years
Operating lease right-of-use assets	$ 191,848	$ 191,848	$ 181,915
Entertainment Golf Venues Commenced During The Three Months June 2022
Lessee, Lease, Description
Number of lease \| lease	1
Operating lease right-of-use assets	$ 5,200	5,200
Lease liabilities, operating leases	5,200	$ 5,200
Entertainment Golf Venues Commenced During The Six Months June 2022
Lessee, Lease, Description
Number of lease \| lease		3
Operating lease right-of-use assets	27,200	$ 27,200
Lease liabilities, operating leases	$ 27,200	$ 27,200
Upper Range
Lessee, Lease, Description
Operating lease term (in years)	10 years	10 years
Traditional Golf Properties and Related Facilities \| Lower Range
Lessee, Lease, Description
Operating lease term (in years)	10 years	10 years
Traditional Golf Properties and Related Facilities \| Upper Range
Lessee, Lease, Description
Operating lease term (in years)	20 years	20 years

INTANGIBLES, NET OF ACCUMULAT_3

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Net Carrying Value
Accumulated Amortization	$ (23,226)	$ (21,594)
Total Intangibles, Gross Carrying Amount	36,332	35,024
Total Intangibles, Net Carrying Value	13,106	13,430
Non-amortizable liquor licenses
Net Carrying Value
Indefinite-lived Intangible Assets (Excluding Goodwill)	1,469	961
Trade name
Net Carrying Value
Gross Carrying Amount	721	721
Accumulated Amortization	(198)	(187)
Net Carrying Value	523	534
Management contracts
Net Carrying Value
Gross Carrying Amount	28,913	28,913
Accumulated Amortization	(18,715)	(17,960)
Net Carrying Value	10,198	10,953
Internally-developed software
Net Carrying Value
Gross Carrying Amount	1,217	417
Accumulated Amortization	(980)	(143)
Net Carrying Value	237	274
Membership base
Net Carrying Value
Gross Carrying Amount	4,012	4,012
Accumulated Amortization	(3,333)	(3,304)
Net Carrying Value	$ 679	$ 708

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	6 Months Ended
DEBT (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument
Less current portion of obligations under finance leases	$ 5,023	$ 5,400
Total debt obligations
Debt Instrument
Outstanding Face Amount	63,903	65,479
Carrying Value	$ 64,068	65,649
Weighted Average Funding Cost	3.96%
Weighted Average Life (Years)	9 years 2 months 12 days
Face Amount of Floating Rate Debt	$ 51,004
Credit Facilities and Finance Leases
Debt Instrument
Outstanding Face Amount	12,899	14,475
Carrying Value	$ 12,899	14,475
Weighted Average Funding Cost	5.72%
Weighted Average Life (Years)	3 years 9 months 18 days
Face Amount of Floating Rate Debt	$ 0
Vineyard II
Debt Instrument
Outstanding Face Amount	200	200
Carrying Value	$ 200	200
Weighted Average Coupon	1.79%
Weighted Average Funding Cost	3.54%
Weighted Average Life (Years)	21 years 6 months
Face Amount of Floating Rate Debt	$ 0
Finance leases (Equipment)
Debt Instrument
Outstanding Face Amount	12,699	14,275
Carrying Value	$ 12,699	14,275
Weighted Average Funding Cost	5.69%
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	3.95%
Finance leases (Equipment) \| Upper Range
Debt Instrument
Weighted Average Coupon	8.65%
Less current portion of obligations under finance leases
Debt Instrument
Outstanding Face Amount	$ 5,023	5,400
Less current portion of obligations under finance leases	5,023	5,400
Credit facilities and obligations under finance leases - noncurrent
Debt Instrument
Outstanding Face Amount	7,875	9,075
Credit facilities and obligations under finance leases - noncurrent	7,875	9,075
Junior subordinated notes payable
Debt Instrument
Outstanding Face Amount	51,004	51,004
Carrying Value	$ 51,169	$ 51,174
Weighted Average Funding Cost	3.54%
Weighted Average Life (Years)	10 years 7 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, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Debt Securities, Available-for-sale
Carrying Value	$ 2,846	$ 3,486
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
Other-Than- Temporary Impairment	(1,521)	(1,521)
(Discount) Premium	197	(156)
After Impairment and (Discount) Premium	2,676	2,323
Gains	170	1,163
Losses	0	0
Carrying Value	$ 2,846	$ 3,486
Number of Securities \| security	1	1
Coupon	1.59%	0.68%
Yield	29.16%	29.16%
Weighted average life (in years)	29 days	1 year 7 months 6 days
Weighted Average Principal Subordination (as percent)	0%	67.40%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Values and Estimated Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 22,685	$ 58,286
Carrying Value
Assets
Real estate securities, available-for-sale	2,846	3,486
Cash and cash equivalents	22,685
Restricted cash, current and noncurrent	4,359	4,278
Liabilities
Junior subordinated notes payable	51,169	51,174
Estimated Fair Value
Assets
Real estate securities, available-for-sale	2,846	3,486
Cash and cash equivalents	22,685	58,286
Restricted cash, current and noncurrent	4,359	4,278
Liabilities
Junior subordinated notes payable	$ 27,388	$ 27,625

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Significant Unobservable Inputs) (Details) - ABS - Non-Agency RMBS $ in Thousands	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Amortized Cost Basis	$ 2,676	$ 2,323
ABS - Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Amortized Cost Basis	2,676
Fair Value	$ 2,846
ABS - Non-Agency RMBS \| Discount Rate \| Weighted Average Significant Input
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Weighted Average Significant Input	0.130
ABS - Non-Agency RMBS \| Prepayment Speed \| Weighted Average Significant Input
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Weighted Average Significant Input	0.075
ABS - Non-Agency RMBS \| Cumulative Default Rate \| Weighted Average Significant Input
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Weighted Average Significant Input	0.030
ABS - Non-Agency RMBS \| Loss Severity \| Weighted Average Significant Input
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Weighted Average Significant Input	0.650

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Change in Fair Value of Level 3 Investments) (Details) - Level 3 - Measured on a Recurring Basis - ABS - Non-Agency RMBS	6 Months Ended
	Jun. 30, 2022 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning balance	$ 3,486,000
Included in other comprehensive income (loss)	(993,000)
Amortization included in interest income	362,000
Proceeds	(9,000)
Ending balance	2,846,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings
Purchases	0
Sales	0
Transfers into or out of Level 3	$ 0

EQUITY AND EARNINGS PER SHARE_2

EQUITY AND EARNINGS PER SHARE (Schedule of EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator for basic and diluted earnings per share:
Loss from continuing operations after preferred dividends	$ (10,828)	$ (3,364)	$ (31,191)	$ (15,663)
Loss applicable to common stockholders, Basic	(10,828)	(3,364)	(31,191)	(15,663)
Loss applicable to common stockholders, diluted	$ (10,828)	$ (3,364)	$ (31,191)	$ (15,663)
Denominator:
Denominator for basic earnings per share - weighted average shares (in shares)	92,378,928	92,065,615	92,316,851	87,338,509
Effect of dilutive securities
Denominator for diluted earnings per share - adjusted weighted average shares (in shares)	92,378,928	92,065,615	92,316,851	87,338,509
Basic earnings per share:
Loss from continuing operations per share of common stock after preferred dividends (in usd per share)	$ (0.12)	$ (0.04)	$ (0.34)	$ (0.18)
Loss Applicable to Common Stock, per share (in usd per share)	(0.12)	(0.04)	(0.34)	(0.18)
Diluted earnings per share:
Loss from continuing operations per share of common stock after preferred dividends (in usd per share)	(0.12)	(0.04)	(0.34)	(0.18)
Loss Applicable to Common Stock, per share (in usd per share)	$ (0.12)	$ (0.04)	$ (0.34)	$ (0.18)
Options
Effect of dilutive securities
Options (in shares)	0	0	0	0
RSUs
Effect of dilutive securities
Options (in shares)	0	0	0	0

EQUITY AND EARNINGS PER SHARE_3

EQUITY AND EARNINGS PER SHARE (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions					3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 02, 2022	May 02, 2022	May 01, 2022	Jan. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Jul. 12, 2021
Class of Stock
Dividends paid		$ 1.4		$ 1.4
Preferred dividends in arrears							$ 5.6
Symphony Ventures
Class of Stock
Total commitment										$ 10
SLP
Class of Stock
Majority ownership percentage (as percent)										90%
SLP \| Symphony Ventures
Class of Stock
Minority interest percentage (as percent)										10%
Series B Cumulative Redeemable Preferred Stock
Class of Stock
Dividends declared per share of preferred stock (in usd per share)		$ 0.609375	$ 0.609375	$ 0.609375
Preferred stock, dividend rate (as percent)		9.75%	9.75%	9.75%			9.75%		9.75%
Series B Cumulative Redeemable Preferred Stock \| Subsequent event
Class of Stock
Dividends declared per share of preferred stock (in usd per share)	$ 0.609375
Preferred stock, dividend rate (as percent)	9.75%
Series C Cumulative Redeemable Preferred Stock
Class of Stock
Dividends declared per share of preferred stock (in usd per share)		$ 0.503125	$ 0.503125	$ 0.503125
Preferred stock, dividend rate (as percent)		8.05%	8.05%	8.05%			8.05%		8.05%
Series C Cumulative Redeemable Preferred Stock \| Subsequent event
Class of Stock
Dividends declared per share of preferred stock (in usd per share)	$ 0.503125
Preferred stock, dividend rate (as percent)	8.05%
Series D Cumulative Redeemable Preferred Stock
Class of Stock
Dividends declared per share of preferred stock (in usd per share)		$ 0.523438	$ 0.523438	$ 0.523438
Preferred stock, dividend rate (as percent)		8.375%	8.375%	8.375%			8.375%		8.375%
Series D Cumulative Redeemable Preferred Stock \| Subsequent event
Class of Stock
Dividends declared per share of preferred stock (in usd per share)	$ 0.523438
Preferred stock, dividend rate (as percent)	8.375%
Employee
Class of Stock
Stock-based compensation expense							$ (0.6)
Restricted Stock Units (RSUs)
Class of Stock
Options (in shares)					0	0	0	0
Stock-based compensation expense					$ 0.1	$ 0.1	$ 0.1	$ 0.2
Unrecognized stock-based compensation expense					$ 0.1		$ 0.1
Unrecognized stock-based compensation expense, period for recognition							3 months 18 days
Granted (in shares)							0
Shares issued upon vesting (in shares)							23,605
Restricted Stock Units (RSUs) \| Scenario, Adjustment
Class of Stock
Stock-based compensation expense							$ (0.3)
Restricted Stock Units (RSUs) \| Employee
Class of Stock
Shares issued upon vesting (in shares)							23,605
Non option granted (in shares)							0
Restricted Stock Units (RSUs) \| Nonemployee
Class of Stock
Vesting period							1 year
Shares issued upon vesting (in shares)							87,757
Stock options
Class of Stock
Options (in shares)					0	0	0	0
Stock-based compensation expense					$ 0.1	$ 0.2	$ 0.2	$ 0.4
Unrecognized stock-based compensation expense					$ 0.2		$ 0.2
Unrecognized stock-based compensation expense, period for recognition							1 year
Common stock equivalents \| Restricted Stock Units (RSUs)
Class of Stock
Options (in shares)					100,659	1,253,675	75,829	1,253,675

EQUITY AND EARNINGS PER SHARE_4

EQUITY AND EARNINGS PER SHARE (Changes in Outstanding Options) (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Options
Beginning Balance (in shares) \| shares	3,582,548
Ending Balance (in shares) \| shares	3,582,548
Exercisable, Number of Options (in shares) \| shares	3,167,044
Weighted Average Strike Price
Beginning Balance (in usd per share) \| $ / shares	$ 3.17
Ending Balance (in usd per share) \| $ / shares	3.17
Exercisable, Weighted Average Strike Price (in usd per share) \| $ / shares	$ 3.09
Weighted Average Life Remaining (in years)
Outstanding	1 year 1 month 6 days
Exercisable	1 year 1 month 6 days

EQUITY AND EARNINGS PER SHARE_5

EQUITY AND EARNINGS PER SHARE (Outstanding Options Summary) (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 30, 2018	Feb. 28, 2017	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Stock options outstanding (in shares)			3,582,548		3,582,548
Employee
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted (in shares)	1,152,495	1,152,495
Stock-based compensation expense					$ (0.6)
Held by a former Manager
Share-based Compensation Arrangement by Share-based Payment Award
Stock options outstanding (in shares)			3,167,044		3,167,044
Granted to the former Manager and subsequently transferred to certain Manager’s employees
Share-based Compensation Arrangement by Share-based Payment Award
Stock options outstanding (in shares)			415,504		415,504
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense			$ 0.1	$ 0.2	$ 0.2	$ 0.4
Stock options \| Held by a former Manager
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	1 year	1 year

EQUITY AND EARNINGS PER SHARE_6

EQUITY AND EARNINGS PER SHARE (Summary of RSUs) (Details) - RSUs	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of RSUs
Beginning balance (in shares) \| shares	193,190
Vested (in shares) \| shares	(23,605)
Forfeited (in shares) \| shares	(8,047)
Ending balance (in shares) \| shares	161,538
Weighted Average Grant Date Fair Value (per unit)
Beginning balance (in usd per share) \| $ / shares	$ 2.2
Vested (in usd per share) \| $ / shares	4.66
Forfeited (in usd per share) \| $ / shares	4.66
Ending balance (in usd per share) \| $ / shares	$ 1.71

TRANSACTIONS WITH AFFILIATES _2

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Details)	Jun. 30, 2022 shares
Related Party Transaction
Exercisable options (in shares)	3,167,044
Affiliated Entity
Related Party Transaction
Number of shares owned by related party (in shares)	9,000,000
Exercisable options (in shares)	3,200,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	6 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Jun. 30, 2022 USD ($) lease	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)
Loss Contingencies
Number of property leases \| lease	4
Written notice period to cancel lease	30 days
Fee deposit	$ 12,165		$ 10,005
Deposit refundable period (in years)	30 years	30 years
Refunded customer deposits	$ 400
Restricted cash	4,143		$ 3,480
Operating lease not yet commenced	73,200
Preferred dividends in arrears	$ 5,600
Lower Range
Loss Contingencies
Operating lease commences	12 months
Upper Range
Loss Contingencies
Operating lease term (in years)	10 years
Trusts
Loss Contingencies
Fee deposit		$ 181,900
Fee deposit undiscounted	$ 115,000
Traditional Golf
Loss Contingencies
Membership deposit term	30 years
Fee deposit	$ 249,300
Surety Bond
Loss Contingencies
Regulatory bonds outstanding	$ 900

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax provision	$ 868	$ 450	$ 1,589	$ 945
Unrecognized tax benefits	$ 700		$ 700		$ 700

IMPAIRMENT - Summary of impairm

IMPAIRMENT - Summary of impairment and other losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Impaired Long-Lived Assets Held and Used
(Gain) loss on lease terminations	$ 2,161	$ (655)	$ 2,196	$ (655)
Impairment on traditional golf properties (held-for-sale)				3,300
Other (gains) loss	0	94	18	0
Total loss on impairment	2,161	(561)	15,032	2,648
Corporate
Impaired Long-Lived Assets Held and Used
Impairment on traditional golf properties (held-for-sale)	0	0	0	3,303
Entertainment Golf Segment
Impaired Long-Lived Assets Held and Used
Impairment on traditional golf properties (held-for-sale)	$ 0	$ 0	$ 12,854	$ 0

IMPAIRMENT - Additional Informa

IMPAIRMENT - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment
Loss on corporate office assets (held-for-use)				$ 3,300
Gain (loss) on lease terminations	$ (2,161)	$ 655	$ (2,196)	655
Other losses on retirement of other traditional golf assets.	$ 0	$ 94	18	0
Puttery Venues In Charlotte, North Carolina, Miami, Florida And Washington, DC.
Property, Plant and Equipment
Loss on corporate office assets (held-for-use)			1,600
Construction in progress
Property, Plant and Equipment
Loss on corporate office assets (held-for-use)			$ 11,300
Leasehold Improvements
Property, Plant and Equipment
Loss on corporate office assets (held-for-use)				300
Furniture Fixtures and Equipment
Property, Plant and Equipment
Loss on corporate office assets (held-for-use)				600
Right-of-Use Asset
Property, Plant and Equipment
Loss on corporate office assets (held-for-use)				$ 2,300