the preparation of financial statements in conformity with gaap requires the use of estimates and assumptions that could affect the reported amounts of assets and liabilities , the disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses . 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 described below and management periodically re-evaluates accounting estimates and assumptions . actual results could 36 differ from these estimates and materially impact our consolidated financial statements . however , the company does not expect our assessments and assumptions below to materially change in the future . a summary of our significant accounting policies is presented in note 2 to our consolidated financial statements , which appear in part ii , item 8 . “ financial statements and supplementary data . ” the following is a summary of our accounting policies that are most affected by judgments , estimates and assumptions . impairment of property and equipment real estate and long-lived assets are tested for potential impairment when changes in circumstances indicate the carrying amount of the assets , or other appropriate grouping of assets , may not be fully recoverable . indicators of impairment include material adverse changes in the projected revenues and expenses , significant underperformance relative to historical or projected future operating results , and significant negative industry or economic trends . an impairment is determined to have occurred if the future net undiscounted cash flows expected to be generated is less than the carrying value of an asset . the impairment is measured as the difference between the carrying value and the fair value . significant judgment is required both in determining impairment and in estimating the fair value . we may use assumptions and estimates derived from a review of our operating results , business projections , expected growth rates , discount rates , and tax rates . we also make certain assumptions about future economic conditions , interest rates , and other market data . many of the factors used in these assumptions and estimates are outside the control of management , and can change in future periods . impairment of intangible assets we assess the potential impairment of our intangible assets with indefinite lives on an annual basis or if an event occurs or circumstances change between annual tests that indicate that it is more likely than not that the asset is impaired . we perform our impairment test by comparing the fair value of the intangible asset with its carrying amount . if the carrying amount exceeds its fair value , an impairment loss will be recognized in an amount equal to that excess . we assess the potential impairment of our intangible assets with definite lives , when changes in circumstances indicate the carrying amount of the assets , or other appropriate grouping of assets , may not be fully recoverable . the assessment of recoverability is based on comparing management 's estimates of 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 . factors leading to impairment include significant under-performance relative to historical or projected results , significant changes in the manner of use of the acquired assets or the strategy for our overall business and significant negative industry or economic trends . membership deposit liabilities in our traditional golf business , private country club members generally pay an advance initiation fee deposit upon their acceptance as a member to the respective country club . initiation fee deposits are refundable 30 years after the date of acceptance as a member . the difference between the initiation fee deposit paid by the member and the present value of the refund obligation is deferred and recognized into 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 , net in the consolidated statements of operations . the determination of the estimated average expected life of an active membership is based on company-specific historical data and involves judgment and estimation . valuation of securities fair value of securities may be based upon broker quotations , counterparty quotations or pricing services quotations , which provide valuation estimates based upon reasonable market order indications or a good faith estimate thereof and are subject to significant variability based on market conditions , such as interest rates , credit spreads and market liquidity . our non-agency rmbs security is categorized as a level 3 asset . if we were forced to sell this asset in a short period to meet liquidity needs , the price we receive could be substantially less than the recorded fair value . see note 11 to our consolidated financial statements in part ii , item 8 . “ financial statements and supplementary data ” for information regarding the fair value of our investments , and respective estimation methodologies , as of december 31 , 2017 . 37 our estimation of the fair value of securities valued using internal models involves significant judgment . the inputs to our models include discount rates , prepayment speeds , default rates and severity assumptions . story_separator_special_tag impairment impairment of $ 6.2 million was recorded for the year ended december 31 , 2016 due to a $ 3.6 million impairment on one golf property when we reclassified the property to held-for-sale and a $ 2.6 million impairment charge related to two golf properties . there was no impairment recorded during the year ended december 31 , 2017 . realized and unrealized ( gain ) loss on investments realized and unrealized gain on investments decreased by $ 0.5 million during the year ended december 31 , 2017 compared to the year ended december 31 , 2016 primarily due to losses recorded on the interest rate cap for our traditional golf term loan . interest and investment income there was no significant change in interest and investment income during the year ended december 31 , 2017 compared to the year ended december 31 , 2016 . interest expense , net interest expense , net increased by $ 2.8 million during the year ended december 31 , 2017 compared to the year ended december 31 , 2016 primarily due to : ( i ) a $ 3.7 million increase related to the term loan obtained in june 2016 , ( ii ) a $ 0.6 million increase in membership deposit liability interest accretion due to more members and ( iii ) a $ 0.2 million increase due to additional capital leases , partially offset by ( iv ) a $ 1.7 million decrease related to the repurchase agreement exited in june 2016. loss on extinguishment of debt loss on extinguishment of debt decreased by $ 0.5 million during the year ended december 31 , 2017 compared to the year ended december 31 , 2016 primarily due to fewer liability write-offs in 2017. other loss , net other loss , net decreased by $ 0.9 million during the year ended december 31 , 2017 compared to the year ended december 31 , 2016 due to : ( i ) lower lease disposition costs incurred in 2017 for leases exited in 2017 and 2016 and ( ii ) an increase in other liability write-offs in 2017 , partially offset by a loss on disposal for a golf property in oregon in 2017 . 46 comparison of traditional golf results of operations for the years ended december 31 , 2016 and 2015 ( a ) replace_table_token_15_th ( a ) we own , lease or manage 78 and 86 golf properties as of december 31 , 2016 and 2015 , respectively . n.m. – not meaningful revenues from golf course operations revenues from golf course operations increased by $ 1.8 million during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 primarily due to : ( i ) a $ 5.5 million increase in net driving range revenues at public golf properties as a result of the continued growth of the players club program , ( ii ) a $ 2.0 million increase due to additional initiation fees from new member sales and higher membership dues rates , partially offset by ( iii ) a $ 3.4 million decrease in green fee and cart rental revenue as a result of unfavorable conditions , especially in california , ( iv ) a $ 1.9 million decrease in greens and cart fees and merchandise sales from properties that were exited in 2016 and ( v ) a $ 0.4 million decrease in sales of merchandise due to unfavorable conditions , especially in california . sales of food and beverages sales of food and beverages increased by $ 1.2 million during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 primarily due to a $ 2.2 million increase in private event revenues and packaged round and beverage offers to the players club members , partially offset by a $ 1.0 million decrease from properties that were exited in 2016. operating expenses there was no significant change in operating expenses during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 . 47 cost of sales - food and beverages cost of sales - food and beverages decreased by $ 1.0 million during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 primarily due to : ( i ) a $ 0.8 million decrease as a result of increased vendor rebates in 2016 , ( ii ) a $ 0.4 million decrease from properties that were exited in 2016 , partially offset by ( iii ) a $ 0.2 million increase due to additional food and beverage sales . general and administrative expense ( including acquisition and transaction expense ) there was no significant change in general and administrative expense during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 . depreciation and amortization depreciation and amortization decreased by $ 2.2 million during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 primarily due to certain assets being fully depreciated in 2015 and 2016 from scheduled lease expirations partially offset by an increase in depreciation from additional capital leases . impairment impairment increased by $ 6.2 million during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 due to a $ 3.6 million impairment on one golf property when we reclassified the property to held-for-sale and a $ 2.6 million impairment charge related to two golf properties . realized and unrealized ( gain ) loss on investments realized and unrealized ( gain ) loss on investments increased by $ 0.3 million during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 due to a gain recorded on the interest rate cap on our golf term loan . interest and investment income there was no significant change in interest and investment income during the

loss on extinguishment of debt the loss on extinguishment of debt decreased by $ 0.5 million during the year ended december 31 , 2017 compared to the year ended december 31 , 2016 due to fewer write-offs of traditional golf liabilities . gain on deconsolidation the gain on deconsolidation of $ 82.1 million during the year ended december 31 , 2016 is related to the deconsolidation of cdo vi . there were no deconsolidations during the year ended december 31 , 2017 . other income ( loss ) , net other income ( loss ) , net increased by $ 3.5 million during the year ended december 31 , 2017 compared to the year ended december 31 , 2016 due in part to a $ 2.9 million writedown on our equity method investment during the year ended december 31 , 2016 and a decrease of $ 0.9 million in disposal related expenses in the traditional golf business during the year ended december 31 , 2017 as compared to the year ended december 31 , 2016 , offset by a $ 0.2 million decrease in collateral management fee income and a $ 0.1 million decrease from the disposal of legacy assets . replace_table_token_13_th n.m. – not meaningful 42 revenues from golf course operations revenues from golf course operations increased by $ 1.8 million during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 primarily due to : ( i ) a $ 5.5 million increase in net driving range revenues at public golf properties as a result of the continued growth of the players club program , ( ii ) a $ 2.0 million increase due to additional initiation fees from new member sales and higher membership dues rates , partially offset by ( iii ) a $ 3.4 million decrease in green fee and cart rental revenue as a result of unfavorable conditions , especially in california , ( iv ) a $ 1.9 million decrease in greens and cart fees and merchandise sales from properties that were exited in 2016 and ( v ) a $ 0.4 million decrease in sales of merchandise due to unfavorable conditions , especially in california .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```loss on extinguishment of debt the loss on extinguishment of debt decreased by $ 0.5 million during the year ended december 31 , 2017 compared to the year ended december 31 , 2016 due to fewer write-offs of traditional golf liabilities . gain on deconsolidation the gain on deconsolidation of $ 82.1 million during the year ended december 31 , 2016 is related to the deconsolidation of cdo vi . there were no deconsolidations during the year ended december 31 , 2017 . other income ( loss ) , net other income ( loss ) , net increased by $ 3.5 million during the year ended december 31 , 2017 compared to the year ended december 31 , 2016 due in part to a $ 2.9 million writedown on our equity method investment during the year ended december 31 , 2016 and a decrease of $ 0.9 million in disposal related expenses in the traditional golf business during the year ended december 31 , 2017 as compared to the year ended december 31 , 2016 , offset by a $ 0.2 million decrease in collateral management fee income and a $ 0.1 million decrease from the disposal of legacy assets . replace_table_token_13_th n.m. – not meaningful 42 revenues from golf course operations revenues from golf course operations increased by $ 1.8 million during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 primarily due to : ( i ) a $ 5.5 million increase in net driving range revenues at public golf properties as a result of the continued growth of the players club program , ( ii ) a $ 2.0 million increase due to additional initiation fees from new member sales and higher membership dues rates , partially offset by ( iii ) a $ 3.4 million decrease in green fee and cart rental revenue as a result of unfavorable conditions , especially in california , ( iv ) a $ 1.9 million decrease in greens and cart fees and merchandise sales from properties that were exited in 2016 and ( v ) a $ 0.4 million decrease in sales of merchandise due to unfavorable conditions , especially in california .
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 Suspicious Activity Report : the preparation of financial statements in conformity with gaap requires the use of estimates and assumptions that could affect the reported amounts of assets and liabilities , the disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses . 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 described below and management periodically re-evaluates accounting estimates and assumptions . actual results could 36 differ from these estimates and materially impact our consolidated financial statements . however , the company does not expect our assessments and assumptions below to materially change in the future . a summary of our significant accounting policies is presented in note 2 to our consolidated financial statements , which appear in part ii , item 8 . “ financial statements and supplementary data . ” the following is a summary of our accounting policies that are most affected by judgments , estimates and assumptions . impairment of property and equipment real estate and long-lived assets are tested for potential impairment when changes in circumstances indicate the carrying amount of the assets , or other appropriate grouping of assets , may not be fully recoverable . indicators of impairment include material adverse changes in the projected revenues and expenses , significant underperformance relative to historical or projected future operating results , and significant negative industry or economic trends . an impairment is determined to have occurred if the future net undiscounted cash flows expected to be generated is less than the carrying value of an asset . the impairment is measured as the difference between the carrying value and the fair value . significant judgment is required both in determining impairment and in estimating the fair value . we may use assumptions and estimates derived from a review of our operating results , business projections , expected growth rates , discount rates , and tax rates . we also make certain assumptions about future economic conditions , interest rates , and other market data . many of the factors used in these assumptions and estimates are outside the control of management , and can change in future periods . impairment of intangible assets we assess the potential impairment of our intangible assets with indefinite lives on an annual basis or if an event occurs or circumstances change between annual tests that indicate that it is more likely than not that the asset is impaired . we perform our impairment test by comparing the fair value of the intangible asset with its carrying amount . if the carrying amount exceeds its fair value , an impairment loss will be recognized in an amount equal to that excess . we assess the potential impairment of our intangible assets with definite lives , when changes in circumstances indicate the carrying amount of the assets , or other appropriate grouping of assets , may not be fully recoverable . the assessment of recoverability is based on comparing management 's estimates of 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 . factors leading to impairment include significant under-performance relative to historical or projected results , significant changes in the manner of use of the acquired assets or the strategy for our overall business and significant negative industry or economic trends . membership deposit liabilities in our traditional golf business , private country club members generally pay an advance initiation fee deposit upon their acceptance as a member to the respective country club . initiation fee deposits are refundable 30 years after the date of acceptance as a member . the difference between the initiation fee deposit paid by the member and the present value of the refund obligation is deferred and recognized into 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 , net in the consolidated statements of operations . the determination of the estimated average expected life of an active membership is based on company-specific historical data and involves judgment and estimation . valuation of securities fair value of securities may be based upon broker quotations , counterparty quotations or pricing services quotations , which provide valuation estimates based upon reasonable market order indications or a good faith estimate thereof and are subject to significant variability based on market conditions , such as interest rates , credit spreads and market liquidity . our non-agency rmbs security is categorized as a level 3 asset . if we were forced to sell this asset in a short period to meet liquidity needs , the price we receive could be substantially less than the recorded fair value . see note 11 to our consolidated financial statements in part ii , item 8 . “ financial statements and supplementary data ” for information regarding the fair value of our investments , and respective estimation methodologies , as of december 31 , 2017 . 37 our estimation of the fair value of securities valued using internal models involves significant judgment . the inputs to our models include discount rates , prepayment speeds , default rates and severity assumptions . story_separator_special_tag impairment impairment of $ 6.2 million was recorded for the year ended december 31 , 2016 due to a $ 3.6 million impairment on one golf property when we reclassified the property to held-for-sale and a $ 2.6 million impairment charge related to two golf properties . there was no impairment recorded during the year ended december 31 , 2017 . realized and unrealized ( gain ) loss on investments realized and unrealized gain on investments decreased by $ 0.5 million during the year ended december 31 , 2017 compared to the year ended december 31 , 2016 primarily due to losses recorded on the interest rate cap for our traditional golf term loan . interest and investment income there was no significant change in interest and investment income during the year ended december 31 , 2017 compared to the year ended december 31 , 2016 . interest expense , net interest expense , net increased by $ 2.8 million during the year ended december 31 , 2017 compared to the year ended december 31 , 2016 primarily due to : ( i ) a $ 3.7 million increase related to the term loan obtained in june 2016 , ( ii ) a $ 0.6 million increase in membership deposit liability interest accretion due to more members and ( iii ) a $ 0.2 million increase due to additional capital leases , partially offset by ( iv ) a $ 1.7 million decrease related to the repurchase agreement exited in june 2016. loss on extinguishment of debt loss on extinguishment of debt decreased by $ 0.5 million during the year ended december 31 , 2017 compared to the year ended december 31 , 2016 primarily due to fewer liability write-offs in 2017. other loss , net other loss , net decreased by $ 0.9 million during the year ended december 31 , 2017 compared to the year ended december 31 , 2016 due to : ( i ) lower lease disposition costs incurred in 2017 for leases exited in 2017 and 2016 and ( ii ) an increase in other liability write-offs in 2017 , partially offset by a loss on disposal for a golf property in oregon in 2017 . 46 comparison of traditional golf results of operations for the years ended december 31 , 2016 and 2015 ( a ) replace_table_token_15_th ( a ) we own , lease or manage 78 and 86 golf properties as of december 31 , 2016 and 2015 , respectively . n.m. – not meaningful revenues from golf course operations revenues from golf course operations increased by $ 1.8 million during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 primarily due to : ( i ) a $ 5.5 million increase in net driving range revenues at public golf properties as a result of the continued growth of the players club program , ( ii ) a $ 2.0 million increase due to additional initiation fees from new member sales and higher membership dues rates , partially offset by ( iii ) a $ 3.4 million decrease in green fee and cart rental revenue as a result of unfavorable conditions , especially in california , ( iv ) a $ 1.9 million decrease in greens and cart fees and merchandise sales from properties that were exited in 2016 and ( v ) a $ 0.4 million decrease in sales of merchandise due to unfavorable conditions , especially in california . sales of food and beverages sales of food and beverages increased by $ 1.2 million during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 primarily due to a $ 2.2 million increase in private event revenues and packaged round and beverage offers to the players club members , partially offset by a $ 1.0 million decrease from properties that were exited in 2016. operating expenses there was no significant change in operating expenses during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 . 47 cost of sales - food and beverages cost of sales - food and beverages decreased by $ 1.0 million during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 primarily due to : ( i ) a $ 0.8 million decrease as a result of increased vendor rebates in 2016 , ( ii ) a $ 0.4 million decrease from properties that were exited in 2016 , partially offset by ( iii ) a $ 0.2 million increase due to additional food and beverage sales . general and administrative expense ( including acquisition and transaction expense ) there was no significant change in general and administrative expense during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 . depreciation and amortization depreciation and amortization decreased by $ 2.2 million during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 primarily due to certain assets being fully depreciated in 2015 and 2016 from scheduled lease expirations partially offset by an increase in depreciation from additional capital leases . impairment impairment increased by $ 6.2 million during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 due to a $ 3.6 million impairment on one golf property when we reclassified the property to held-for-sale and a $ 2.6 million impairment charge related to two golf properties . realized and unrealized ( gain ) loss on investments realized and unrealized ( gain ) loss on investments increased by $ 0.3 million during the year ended december 31 , 2016 compared to the year ended december 31 , 2015 due to a gain recorded on the interest rate cap on our golf term loan . interest and investment income there was no significant change in interest and investment income during the

