On May 1, 2020, Drive Shack Orlando LLC, Drive Shack Palm Beach LLC, Drive Shack Raleigh LLC and Drive Shack Richmond LLC, each a wholly subsidiary of Drive Shack Inc. (the “Company”), voluntarily prepaid the entire aggregate principal amount outstanding, plus accrued interest, of paycheck protection program loans (the “Loans”) they had borrowed under the enacted Coronavirus Aid, Relief, and Economic Security Act administered by the U.S. Small Business Administration. The total payoff amount equaled $5,276,742.

About Drive Shack Inc. (NYSE:DS)

Drive Shack Inc., formerly Newcastle Investment Corp., is a leisure company. The Company previously operated as a real estate investment trust (REIT). The Company is an owner and operator of golf-related leisure and entertainment businesses. The Company’s portfolio consists of Drive Shack, which is engaged in developing nationwide network of golf entertainment venues; American Golf Corporation, which is a golf course company, and real estate-related assets. American Golf Corporation operates approximately 90 private, resort and public golf courses throughout the United States. It has a range of public and private golf courses in California, New York, and Georgia. It operates multiple facilities that provide golf, tennis, swimming and spa facilities, among others. Its online Pro Shop offers a range of golf gifts, such as personalized golf balls, golf luggage and accessories. Its public golf courses equipped with practice areas, golf shops, driving ranges, and food and beverage options.