Quarterly Supplement Q3 2021

EARNINGS PRESENTATION - THIRD QUARTER 2021

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Cautionary Note on Forward-Looking Statements

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This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such

verbal or written comments, is referred to herein as the "Presentation."

This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different.

All statements other than statements of historical fact included in this presentation are forward-looking statements, including, but not limited to, timing of new venue openings, expected financial outlook for fiscal 2021 and 2022, expected operating performance, time of construction start dates and milestones, expected sales and trends in Drive Shack Inc.'s (the "Company's") operations including statements relating to the effects of COVID-19 and our ability to achieve our growth plans and goals.

Forward-looking statements discuss the Company's current expectations and projections relating to its financial position, results of operations, plans, objectives,

future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These

statements may include words such as "aim," "anticipate," "believe," "estimate," "expect," "forecast," "outlook," "potential," "project," "projection," "plan," "intend," "target," "seek," "may," "could," "would," "will," "should," "can," "can have," "likely," the negatives thereof and other similar expressions.

Without limiting the generality of the foregoing, targeted returns and growth, including with respect to the number and timing of new venue openings, are forward- looking statements, represent management's view and are estimated based on current and projected future operating performance of our locations, comparable companies in our industry and a variety of other assumptions, many of which are beyond our control, that could prove incorrect. As a result, actual results may vary materially with changes in our liquidity or ability to obtain financing, changes in market conditions and additional factors described in our reports filed with the Securities and Exchange Commission ("SEC"), which we encourage you to review. We undertake no obligation to update these estimates.

For a discussion of some of the risks and important factors that could cause actual results to differ materially from such forward-looking statements, see the sections

entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's periodic reports filed with the SEC, which are available on the Company's website (www.http://ir.driveshack.com). Forward-looking statements speak only as of November 8, 2021. We expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

This Presentation includes forward-looking financial measures that are not recognized under generally accepted accounting principles ("GAAP"), including Adjusted EBITDA and Venue EBITDA. This non-GAAP financial information does not speak to historical financial results and is an estimate of what could occur in the future and is not an alternative to financial information prepared in accordance with GAAP, which is included in the Company's filings with the SEC. The Company has not reconciled its EBITDA expectations set forth in this presentation, as items that impact such expectations are out of the Company's control and/or cannot be reasonably predicted. Accordingly, a reconciliation is not available without unreasonable effort.

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About Drive Shack Inc.

Drive Shack Inc. is a leading owner and operator of golf-related leisure and entertainment businesses focused

on bringing people together through competitive socializing. Today, our

portfolio consists of American Golf, Drive Shack and Puttery.

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Our Mission

To become the largest venue-

based competitive socializing

and entertainment platform in the country.

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1. Executive Summary
2. Operations
3. Financial Results
4. Appendix

Executive Summary

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Q3 was a Historical Quarter for Drive Shack Inc.

Debuted first Puttery venue; Proof of concept, along with revenue growth in core businesses,

creates significant opportunities for our future

Earnings

Puttery

Development

• $76.4M total revenue in Q3-21, the highest quarterly revenue since Q3-18
• Operating loss of ($5.9) million in Q3-21 vs. ($6.0) million in Q3-20
• Total company Adj. EBITDA(1) of $3.3M, our 5th consecutive quarter of positive Adj. EBITDA(1)
• First Puttery debuted at The Colony, TX on 9/3; Charlotte expected to open December 2021
• Expect total Puttery revenue of ~$3.5M and total venue EBITDA of ~$1M for FY21
• DC, Miami and Houston remain in development and are expected to open in 2022
• $64M in unrestricted cash on hand as of 9/30/21
• Ample liquidity to fund future development of first 7 Puttery venues
• • Includes The Colony, Charlotte, DC, Miami and Houston
• Plan to access debt capital market early 2022 to secure capital for additional Puttery venues

1. Venue EBITDA and Adjusted EBITDA are Non-GAAP financial metrics. See Adjusted EBITDA and Venue EBITDA Non-GAAP Reconciliations on pages 25 and 26.
   Based on management's current views and estimates. See "Disclaimers" at the beginning of this Presentation for more information on forward-looking statements.

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