The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands):



	Real Estate Finance			Net Lease			Operating Properties			Land & Development			Corporate/Other(1)			Company Total
Three Months Ended June 30, 2015:
Operating lease income	$	—		$	37,781		$	18,116		$	255		$	—		$	56,152
Interest income	33,729			—			—			—			—			33,729
Other income	798			121			10,591			154			1,097			12,761
Land development revenue	—			—			—			6,543			—			6,543
Earnings (loss) from equity method investments	—			1,666			298			4,463			2,358			8,785
Income from sales of real estate	—			5,127			13,228			—			—			18,355
Total revenue and other earnings	34,527			44,695			42,233			11,415			3,455			136,325
Real estate expense	—			(5,522		)	(23,940		)	(6,893		)	—			(36,355		)
Land development cost of sales	—			—			—			(5,252		)	—			(5,252		)
Other expense	(221		)	—			—			—			(667		)	(888		)
Allocated interest expense	(14,563		)	(16,933		)	(7,057		)	(7,876		)	(9,395		)	(55,824		)
Allocated general and administrative(2)	(3,129		)	(3,676		)	(1,629		)	(2,733		)	(5,472		)	(16,639		)
Segment profit (loss)(3)	$	16,614		$	18,564		$	9,607		$	(11,339	)	$	(12,079	)	$	21,367
Other significant non-cash items:
Provision for (recovery of) loan losses	$	19,151		$	—		$	—		$	—		$	—		$	19,151
Impairment of assets	—			—			1,674			—			—			1,674
Depreciation and amortization	—			9,409			5,446			390			271			15,516
Capitalized expenditures	—			1,769			21,749			27,465			—			50,983

Three Months Ended June 30, 2014
Operating lease income	$	—		$	37,674		$	23,117		$	176		$	—		$	60,967
Interest income	35,127			—			—			—			—			35,127
Other income	19,043			519			7,874			143			1,683			29,262
Land development revenue	—			—			—			4,487			—			4,487
Earnings (loss) from equity method investments	—			862			731			(151		)	22,651			24,093
Income from sales of real estate	—			—			17,180			—			—			17,180
Total revenue and other earnings	54,170			39,055			48,902			4,655			24,334			171,116
Real estate expense	—			(5,520		)	(28,929		)	(6,105		)	—			(40,554		)
Land development cost of sales	—			—			—			(3,611		)	—			(3,611		)
Other expense	(303		)	—			—			—			(4,387		)	(4,690		)
Allocated interest expense	(15,858		)	(18,009		)	(10,229		)	(7,294		)	(5,140		)	(56,530		)
Allocated general and administrative(2)	(4,444		)	(5,183		)	(3,078		)	(4,224		)	(6,498		)	(23,427		)
Segment profit (loss)(3)	$	33,565		$	10,343		$	6,666		$	(16,579	)	$	8,309		$	42,304



	Real Estate Finance			Net Lease			Operating Properties			Land & Development			Corporate/Other(1)			Company Total
Other significant non-cash items:
Provision for (recovery of) loan losses	$	(2,792	)	$	—		$	—		$	—		$	—		$	(2,792	)
Impairment of assets	—			—			3,900			(600		)	—			3,300
Depreciation and amortization	—			9,682			8,368			490			282			18,822
Capitalized expenditures	—			201			13,564			18,373			—			32,138

Six Months Ended June 30, 2015:
Operating lease income	$	—		$	74,120		$	40,730		$	441		$	—		$	115,291
Interest income	68,625			—			—			—			—			68,625
Other income	846			124			19,467			787			2,101			23,325
Land development revenue	—			—			—			14,801			—			14,801
Earnings (loss) from equity method investments	—			3,299			833			7,072			4,128			15,332
Income from sales of real estate	—			8,654			30,857			—			—			39,511
Total revenue and other earnings	69,471			86,197			91,887			23,101			6,229			276,885
Real estate expense	—			(10,792		)	(51,364		)	(13,833		)	—			(75,989		)
Land development cost of sales	—			—			—			(12,142		)	—			(12,142		)
Other expense	(220		)	—			—			—			(2,791		)	(3,011		)
Allocated interest expense	(28,798		)	(33,768		)	(14,725		)	(15,420		)	(17,745		)	(110,456		)
Allocated general and administrative(2)	(6,223		)	(7,437		)	(3,457		)	(5,526		)	(11,511		)	(34,154		)
Segment profit (loss)(3)	$	34,230		$	34,200		$	22,341		$	(23,820	)	$	(25,818	)	$	41,133
Other significant non-cash items:
Provision for (recovery of) loan losses	$	23,444		$	—		$	—		$	—		$	—		$	23,444
Impairment of assets	—			—			1,674			—			—			1,674
Depreciation and amortization	—			18,858			13,791			780			588			34,017
Capitalized expenditures	—			2,114			31,843			49,845			—			83,802

Six Months Ended June 30, 2014
Operating lease income	$	—		$	76,555		$	46,118		$	402		$	—		$	123,075
Interest income	63,041			—			—			—			—			63,041
Other income	19,442			733			20,540			369			2,762			43,846
Land development revenue	—			—			—			8,630			—			8,630
Earnings (loss) from equity method investments	—			1,148			948			(409		)	25,583			27,270
Income from sales of real estate	—			—			33,674			—			—			33,674
Total revenue and other earnings	82,483			78,436			101,280			8,992			28,345			299,536
Real estate expense	—			(11,194		)	(57,543		)	(14,430		)	—			(83,167		)
Land development cost of sales	—			—			—			(7,265		)	—			(7,265		)
Other expense	(733		)	—			—						(4,178		)	(4,911		)
Allocated interest expense	(31,310		)	(36,619		)	(20,488		)	(14,453		)	(11,116		)	(113,986		)
Allocated general and administrative(2)	(7,534		)	(8,982		)	(5,267		)	(7,273		)	(12,084		)	(41,140		)
Segment profit (loss)(3)	$	42,906		$	21,641		$	17,982		$	(34,429	)	$	967		$	49,067
Other significant non-cash items:
Provision for (recovery of) loan losses	$	(6,192	)	$	—		$	—		$	—		$	—		$	(6,192	)
Impairment of assets	—			2,979			3,900			(600		)	—			6,279
Depreciation and amortization	—			19,810			16,232			794			599			37,435



	Real Estate Finance		Net Lease			Operating Properties		Land & Development		Corporate/Other(1)		Company Total
Capitalized expenditures	—		(426		)	26,418		33,056		—		59,048

As of June 30, 2015
Real estate
Real estate, net	$	—	$	1,163,350		$	510,466	$	865,000	$	—	$	2,538,816
Real estate available and held for sale	—		2,708			138,187		147,126		—		288,021
Total real estate	—		1,166,058			648,653		1,012,126		—		2,826,837
Loans receivable and other lending investments, net	1,567,296		—			—		—		—		1,567,296
Other investments	—		70,409			11,391		113,009		94,691		289,500
Total portfolio assets	$	1,567,296	$	1,236,467		$	660,044	$	1,125,135	$	94,691	4,683,633
Cash and other assets												989,730
Total assets												$	5,673,363

As of December 31, 2014
Real estate
Real estate, net	$	—	$	1,188,160		$	628,271	$	860,283	$	—	$	2,676,714
Real estate available and held for sale	—		4,521			162,782		118,679		—		285,982
Total real estate	—		1,192,681			791,053		978,962		—		2,962,696
Loans receivable and other lending investments, net	1,377,843		—			—		—		—		1,377,843
Other investments	—		125,360			13,220		106,155		109,384		354,119
Total portfolio assets	$	1,377,843	$	1,318,041		$	804,273	$	1,085,117	$	109,384	4,694,658
Cash and other assets												768,475
Total assets												$	5,463,133

Explanatory Notes:

_______________________________________________________________________________


(1)	Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above.


(2)	General and administrative excludes stock-based compensation expense of $3.9 million and $7.2 million for the three and six months ended June 30, 2015 and $3.2 million and $5.3 million for the three and six months ended June 30, 2014, respectively.


(3)	The following is a reconciliation of segment profit to net income (loss) ($ in thousands):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2015			2014			2015			2014
Segment profit	$	21,367		$	42,304		$	41,133		$	49,067
Less: (Provision for) recovery of loan losses	(19,151		)	2,792			(23,444		)	6,192
Less: Impairment of assets	(1,674		)	(3,300		)	(1,674		)	(6,279		)
Less: Stock-based compensation expense	(3,947		)	(3,196		)	(7,186		)	(5,271		)
Less: Depreciation and amortization	(15,516		)	(18,822		)	(34,017		)	(37,435		)
Less: Income tax (expense) benefit	(811		)	215			(6,688		)	722
Less: Loss on early extinguishment of debt, net	(44		)	(23,587		)	(212		)	(24,767		)
Net income (loss)	$	(19,776	)	$	(3,594	)	$	(32,088	)	$	(17,771	)