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 and Development			Corporate/Other⁽¹⁾			Company Total
Three Months Ended June 30, 2018:
Operating lease income	$	—		$	29,310		$	15,199		$	100		$	—		$	44,609
Interest income	25,212			—			—			—			—			25,212
Other income	3,133			698			13,351			1,313			2,328			20,823
Land development revenue	—			—			—			80,927			—			80,927
Earnings (losses) from equity method investments	—			2,694			(1,316		)	1,023			(9,679		)	(7,278		)
Gain on consolidation of equity method investment	—			67,877			—			—			—			67,877
Income from sales of real estate	—			24,493			32,402			—			—			56,895
Total revenue and other earnings	28,345			125,072			59,636			83,363			(7,351		)	289,065
Real estate expense	—			(3,433		)	(23,818		)	(9,792		)	—			(37,043		)
Land development cost of sales	—			—			—			(83,361		)	—			(83,361		)
Other expense	(290		)	—			—			—			(3,426		)	(3,716		)
Allocated interest expense	(10,648		)	(13,591		)	(4,578		)	(5,308		)	(9,047		)	(43,172		)
Allocated general and administrative⁽²⁾	(3,852		)	(4,853		)	(1,975		)	(3,747		)	(5,298		)	(19,725		)
Segment profit (loss)⁽³⁾	$	13,555		$	103,195		$	29,265		$	(18,845	)	$	(25,122	)	$	102,048
Other significant items:
Provision for loan losses	$	18,892		$	—		$	—		$	—		$	—		$	18,892
Impairment of assets	—			4,342			446			1,300			—			6,088
Depreciation and amortization	—			6,341			3,738			318			370			10,767
Capitalized expenditures	—			720			4,623			42,603			—			47,946

Three Months Ended June 30, 2017:
Operating lease income	$	—		$	30,852		$	15,940		$	210		$	—		$	47,002
Interest income	28,645			—			—			—			—			28,645
Other income	479			550			13,333			123,871			1,277			139,510
Land development revenue	—			—			—			132,710			—			132,710
Earnings from equity method investments	—			1,080			469			3,606			360			5,515
Income from discontinued operations	—			173			—			—			—			173
Gain from discontinued operations	—			123,418			—			—			—			123,418
Income from sales of real estate	—			—			844			—			—			844



	Real Estate Finance			Net Lease			Operating Properties			Land and Development			Corporate/Other⁽¹⁾			Company Total
Total revenue and other earnings	29,124			156,073			30,586			260,397			1,637			477,817
Real estate expense	—			(4,064		)	(22,653		)	(7,967		)	—			(34,684		)
Land development cost of sales	—			—			—			(122,466		)	—			(122,466		)
Other expense	(399		)	—			—			—			(15,877		)	(16,276		)
Allocated interest expense	(10,508		)	(13,669		)	(5,006		)	(7,122		)	(12,502		)	(48,807		)
Allocated general and administrative⁽²⁾	(4,691		)	(5,921		)	(2,364		)	(5,004		)	(5,323		)	(23,303		)
Segment profit (loss)⁽³⁾	$	13,526		$	132,419		$	563		$	117,838		$	(32,065	)	$	232,281
Other significant items:
Recovery of loan losses	$	(600	)	$	—		$	—		$	—		$	—		$	(600	)
Impairment of assets	—			219			—			10,065			—			10,284
Depreciation and amortization	—			7,400			4,923			521			327			13,171
Capitalized expenditures	—			917			8,355			30,286			—			39,558

Six Months Ended June 30, 2018
Operating lease income	$	—		$	59,036		$	31,016		$	355		$	—		$	90,407
Interest income	51,909			—			—			—			—			51,909
Other income	3,516			1,746			25,496			1,784			3,600			36,142
Land development revenue	—			—			—			357,356			—			357,356
Earnings (losses) from equity method investments	—			6,252			(2,591		)	2,566			(10,173		)	(3,946		)
Gain on consolidation of equity method investment	—			67,877			—			—			—			67,877
Income from sales of real estate	—			24,907			49,036			—			—			73,943
Total revenue and other earnings	55,425			159,818			102,957			362,061			(6,573		)	673,688
Real estate expense	—			(7,411		)	(45,443		)	(20,370		)	—			(73,224		)
Land development cost of sales	—			—			—			(306,768		)	—			(306,768		)
Other expense	(690		)	—			—			—			(4,192		)	(4,882		)
Allocated interest expense	(22,413		)	(27,792		)	(10,106		)	(11,781		)	(16,261		)	(88,353		)
Allocated general and administrative⁽²⁾	(7,821		)	(9,439		)	(4,018		)	(7,552		)	(10,618		)	(39,448		)
Segment profit (loss)⁽³⁾	$	24,501		$	115,176		$	43,390		$	15,590		$	(37,644	)	$	161,013
Other significant non-cash items:
Provision for loan losses	$	18,037		$	—		$	—		$	—		$	—		$	18,037
Impairment of assets	—			4,342			4,546			1,300			—			10,188
Depreciation and amortization	—			12,652			7,664			832			730			21,878
Capitalized expenditures	—			1,198			12,324			74,050			—			87,572

Six Months Ended June 30, 2017:
Operating lease income	$	—		$	62,104		$	31,929		$	316		$	—		$	94,349
Interest income	57,703			—			—			—			—			57,703
Other income	556			1,056			23,688			124,256			1,818			151,374
Land development revenue	—			—			—			152,760			—			152,760
Earnings (losses) from equity method investments	—			2,062			1,101			7,448			606			11,217
Income from discontinued operations	—			4,939			—			—			—			4,939
Gain from discontinued operations	—			123,418			—			—			—			123,418
Income from sales of real estate	—			6,212			2,742			—			—			8,954
Total revenue and other earnings	58,259			199,791			59,460			284,780			2,424			604,714



	Real Estate Finance			Net Lease			Operating Properties			Land and Development			Corporate/Other⁽¹⁾			Company Total
Real estate expense	—			(8,640		)	(44,171		)	(17,463		)	—			(70,274		)
Land development cost of sales	—			—			—			(138,376		)	—			(138,376		)
Other expense	(1,004		)	—			—			—			(17,141		)	(18,145		)
Allocated interest expense	(22,396		)	(29,404		)	(10,612		)	(15,240		)	(22,300		)	(99,952		)
Allocated general and administrative⁽²⁾	(8,287		)	(10,563		)	(4,119		)	(8,930		)	(10,697		)	(42,596		)
Segment profit (loss)⁽³⁾	$	26,572		$	151,184		$	558		$	104,771		$	(47,714	)	$	235,371
Other significant non-cash items:
Recovery of loan losses	$	(5,528	)	$	—		$	—		$	—		$	—		$	(5,528	)
Impairment of assets	—			219			4,413			10,064			—			14,696
Depreciation and amortization	—			15,039			8,962			791			659			25,451
Capitalized expenditures	—			1,687			16,566			56,879			—			75,132

As of June 30, 2018
Real estate
Real estate, net	$	—		$	1,532,589		$	382,410		$	—		$	—		$	1,914,999
Real estate available and held for sale	—			—			37,597			—			—			37,597
Total real estate	—			1,532,589			420,007			—			—			1,952,596
Land and development, net	—			—			—			641,627			—			641,627
Loans receivable and other lending investments, net	1,052,872			—			—			—			—			1,052,872
Other investments	—			147,512			62,024			76,693			6,788			293,017
Total portfolio assets	$	1,052,872		$	1,680,101		$	482,031		$	718,320		$	6,788		3,940,112
Cash and other assets																1,418,055
Total assets																$	5,358,167

As of December 31, 2017
Real estate
Real estate, net	$	—		$	815,783		$	466,248		$	—		$	—		$	1,282,031
Real estate available and held for sale	—			—			68,588			—			—			68,588
Total real estate	—			815,783			534,836			—			—			1,350,619
Land and development, net	—			—			—			860,311			—			860,311
Loans receivable and other lending investments, net	1,300,655			—			—			—			—			1,300,655
Other investments	—			205,007			38,761			63,855			13,618			321,241
Total portfolio assets	$	1,300,655		$	1,020,790		$	573,597		$	924,166		$	13,618		3,832,826
Cash and other assets																898,252
Total assets																$	4,731,078

_______________________________________________________________________________


(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 $3.5 million and $12.6 million for the three and six months ended June 30, 2018, respectively, and $3.9 million and $9.8 million for the three and six months ended June 30, 2017, 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,
	2018			2017			2018			2017
Segment profit	$	102,048		$	232,281		$	161,013		$	235,371
Add: (Provision for) recovery of loan losses	(18,892		)	600			(18,037		)	5,528
Less: Impairment of assets	(6,088		)	(10,284		)	(10,188		)	(14,696		)
Less: Stock-based compensation expense	(3,503		)	(3,915		)	(12,593		)	(9,796		)
Less: Depreciation and amortization	(10,767		)	(13,171		)	(21,878		)	(25,451		)
Less: Income tax expense	(128		)	(1,644		)	(249		)	(2,251		)
Less: Income tax expense from discontinued operations	—			(4,545		)	—			(4,545		)
Less: Loss on early extinguishment of debt, net	(2,164		)	(3,315		)	(2,536		)	(3,525		)
Net income	$	60,506		$	196,007		$	95,532		$	180,635