Drive Shack Inc (DSHK)

[Enterprising Investor]

GAAP Income of $72 million, or $1.08 per basic share.

The key driver was deconsolidation of CDO VI.

The Company simplified the balance sheet and generated $10 million of proceeds to NCT with the sale of CDO VI Class IMM-2. The sale resulted in the deconsolidation of CDO VI, as it represented the Company’s remaining economic equity interest in the CDO, and resulted in an $82 million GAAP gain and eliminated $61 million of negative GAAP book value.

Huge swing. [Sorry for the pun]

"Core Earnings" relates to Golf. Drive Shack is the future.