SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2014

The Company evaluates performance based on the following financial measures for each segment ($ in thousands):

	Loans			Securities			Real Estate			Corporate/Other(1)			Company Total

Three months ended March 31, 2014
Interest income	$	20,309		$	16,505		$	—		$	8		$	36,822
Interest expense	(2,188		)	(1,265		)	(3,331		)	(8,057		)	(14,841		)
Net interest income (expense)	18,121			15,240			(3,331		)	(8,049		)	21,981
Provision for loan losses	(150		)	—			—			—			(150		)
Net interest income (expense) after provision for loan losses	17,971			15,240			(3,331		)	(8,049		)	21,831

Operating lease income	—			—			13,213			—			13,213
Tenant recoveries	—			—			2,080			—			2,080
Sale of loans, net	41,303			—			—			—			41,303
Gain on securities	—			1,809			—			—			1,809
Sale of real estate, net	347			—			6,346			—			6,693
Fee income	665			91			—			1,553			2,309
Net result from derivative transactions	(10,742		)	(15,544		)	—			—			(26,287		)
Earnings from investment in unconsolidated joint ventures	—			—			348			—			348
Unrealized gain (loss) on Agency interest-only securities, net	—			(1,034		)	—			—			(1,034		)
Total other income	31,573			(14,678		)	21,987			1,553			40,434

Salaries and employee benefits	(6,300		)	—			—			(13,703		)	(20,003		)
Operating expenses	41			—			—			(3,082		)	(3,041		)
Real estate operating expenses	—			—			(7,602		)	—			(7,602		)
Fee expense	(303		)	(22		)	(17		)	(160		)	(502		)
Depreciation and amortization	—			—			(7,290		)	(137		)	(7,427		)
Total costs and expenses	(6,562		)	(22		)	(14,909		)	(17,082		)	(38,575		)

Tax expense	—			—			—			(5,289		)	(5,289		)
Segment profit (loss)	$	42,982		$	540		$	3,747		$	(28,867	)	$	18,401

Total assets as of March 31, 2014	$	837,087		$	1,750,040		$	603,753		$	299,367		$	3,490,247

Three months ended March 31, 2013
Interest income	$	18,712		$	14,555		$	—		$	(2,005	)	$	31,261
Interest expense	(1,876		)	(1,329		)	(1,080		)	(6,922		)	(11,207		)
Net interest income (expense)	16,835			13,225			(1,080		)	(8,927		)	20,054
Provision for loan losses	(150		)	—			—			—			(150		)
Net interest income (expense) after provision for loan losses	16,685			13,225			(1,080		)	(8,927		)	19,904

Operating lease income	—			—			6,484			—			6,484
Tenant recoveries	—			—			—			—			—
Sale of loans, net	82,868			—			—			140			83,007
Gain on securities	—			2,565			—			—			2,565
Sale of real estate, net	(186		)	—			3,884			—			3,698
Fee income	993			—			167			278			1,439
Net result from derivative transactions	(117		)	2,387			—			—			2,270
Earnings from investment in unconsolidated joint ventures	—			—			—			394			394
Unrealized gain (loss) on Agency interest-only securities, net	—			(250		)	—			—			(250		)
Total other income	83,558			4,702			10,535			812			99,607

Salaries and employee benefits	(11,300		)	—			—			(8,412		)	(19,712		)
Operating expenses	50			—			—			(2,322		)	(2,273		)
Real estate operating expenses	—			—			(2,880		)	—			(2,880		)
Fee expense	(846		)	(17		)	(451		)	(90		)	(1,404		)
Depreciation and amortization	—			—			(2,987		)	(137		)	(3,124		)
Total costs and expenses	(12,097		)	(17		)	(6,318		)	(10,961		)	(29,393		)

Tax expense	—			—			(232		)	(1,836		)	(2,068		)
Segment profit (loss)	$	88,146		$	17,910		$	2,905		$	(20,911	)	$	88,050

Total assets as of March 31, 2013	$	904,106		$	1,057,343		$	395,678		$	184,367		$	2,541,494

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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