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



	Loans			Securities			Real Estate(1)			Corporate/Other(2)			Company Total

Three months ended June 30, 2018
Interest income	$	76,485		$	8,662		$	5		$	78		$	85,230
Interest expense	(15,488		)	(1,085		)	(8,732		)	(23,112		)	(48,417		)
Net interest income (expense)	60,997			7,577			(8,727		)	(23,034		)	36,813
Provision for loan losses	(300		)	—			—			—			(300		)
Net interest income (expense) after provision for loan losses	60,697			7,577			(8,727		)	(23,034		)	36,513

Operating lease income	—			—			24,258			—			24,258
Tenant recoveries	—			—			1,913			—			1,913
Sale of loans, net	6,144			—			—			—			6,144
Realized gain (loss) on securities	—			(1,243		)	—			—			(1,243		)
Unrealized gain (loss) on Agency interest-only securities	—			110			—			—			110
Realized gain (loss) on sale of real estate, net	—			—			1,628			—			1,628
Fee and other income	3,866			72			1,634			905			6,477
Net result from derivative transactions	3,886			3,195			—			—			7,081
Earnings (loss) from investment in unconsolidated joint ventures	—			—			13			—			13
Total other income (expense)	13,896			2,134			29,446			905			46,381

Salaries and employee benefits	—			—			—			(13,866		)	(13,866		)
Operating expenses	(86		)	—			—			(5,511		)	(5,597		)
Real estate operating expenses	—			—			(7,836		)	—			(7,836		)
Fee expense	(615		)	(96		)	(88		)	—			(799		)
Depreciation and amortization	—			—			(10,637		)	(19		)	(10,656		)
Total costs and expenses	(701		)	(96		)	(18,561		)	(19,396		)	(38,754		)

Income tax (expense) benefit	—			—			—			(573		)	(573		)
Segment profit (loss)	$	73,892		$	9,615		$	2,158		$	(42,098	)	$	43,567

Total assets as of June 30, 2018	$	3,864,616		$	1,106,358		$	1,095,545		$	322,895		$	6,389,414



	Loans			Securities			Real Estate(1)			Corporate/Other(2)			Company Total

Three months ended June 30, 2017
Interest income	$	53,878		$	12,042		$	3		$	47		$	65,970
Interest expense	(11,123		)	(1,869		)	(6,373		)	(16,296		)	(35,661		)
Net interest income (expense)	42,755			10,173			(6,370		)	(16,249		)	30,309
Provision for loan losses	—			—			—			—			—
Net interest income (expense) after provision for loan losses	42,755			10,173			(6,370		)	(16,249		)	30,309

Operating lease income	—			—			22,187			—			22,187
Tenant recoveries	—			—			1,159			—			1,159
Sale of loans, net	25,904			—			—			—			25,904
Realized gain (loss) on securities	—			7,132			—			—			7,132
Unrealized gain (loss) on Agency interest-only securities	—			299			—			—			299
Realized gain on sale of real estate, net	(159		)	—			2,391			—			2,232
Fee and other income	1,730			—			2,011			833			4,574
Net result from derivative transactions	(10,508		)	(5,514		)	—			—			(16,022		)
Earnings from investment in unconsolidated joint ventures	—			—			10			—			10
Total other income	16,967			1,917			27,758			833			47,475

Salaries and employee benefits	(5,700		)	—			—			(8,789		)	(14,489		)
Operating expenses	69			—			—			(5,898		)	(5,829		)
Real estate operating expenses	—			—			(8,056		)	—			(8,056		)
Fee expense	(1,271		)	(68		)	(282		)	—			(1,621		)
Depreciation and amortization	—			—			(10,102		)	(23		)	(10,125		)
Total costs and expenses	(6,902		)	(68		)	(18,440		)	(14,710		)	(40,120		)

Income tax (expense) benefit	—			—			—			(6,606		)	(6,606		)
Segment profit (loss)	$	52,820		$	12,022		$	2,948		$	(36,732	)	$	31,058

Total assets as of December 31, 2017	$	3,508,642		$	1,106,517		$	1,067,482		$	342,974		$	6,025,615



	Loans			Securities			Real Estate(1)			Corporate/Other(2)			Company Total

Six months ended June 30, 2018
Interest income	$	146,494		$	16,676		$	10		$	257		$	163,437
Interest expense	(29,054		)	(1,941		)	(16,586		)	(45,549		)	(93,130		)
Net interest income (expense)	117,440			14,735			(16,576		)	(45,292		)	70,307
Provision for loan losses	(3,300		)	—			—			—			(3,300		)
Net interest income (expense) after provision for loan losses	114,140			14,735			(16,576		)	(45,292		)	67,007

Operating lease income	—			—			48,818			—			48,818
Tenant recoveries	—			—			5,492			—			5,492
Sale of loans, net	11,032			—			—			—			11,032
Realized gain (loss) on securities	—			(2,342		)	—			—			(2,342		)
Unrealized gain (loss) on Agency interest-only securities	—			313			—			—			313
Realized gain (loss) on sale of real estate, net	—			—			32,637			—			32,637
Fee and other income	6,929			72			3,416			2,311			12,728
Net result from derivative transactions	10,774			11,266			—			—			22,040
Earnings from investment in unconsolidated joint ventures	—			—			65			—			65
Gain (loss) on extinguishment of debt	(69		)	—			—			—			(69		)
Total other income (expense)	28,666			9,309			90,428			2,311			130,714

Salaries and employee benefits	—			—			—			(30,962		)	(30,962		)
Operating expenses	—			—			—			(11,144		)	(11,144		)
Real estate operating expenses	—			—			(16,654		)				(16,654		)
Fee expense	(1,232		)	(206		)	(203		)	—			(1,641		)
Depreciation and amortization	—			—			(21,441		)	(38		)	(21,479		)
Total costs and expenses	(1,232		)	(206		)	(38,298		)	(42,144		)	(81,880		)

Tax (expense) benefit	—			—			—			(4,476		)	(4,476		)
Segment profit (loss)	$	141,574		$	23,838		$	35,554		$	(89,601	)	$	111,365

Total assets as of June 30, 2018	$	3,864,616		$	1,106,358		$	1,095,545		$	322,895		$	6,389,414



	Loans			Securities			Real Estate(1)			Corporate/Other(2)			Company Total

Six months ended June 30, 2017
Interest income	$	98,176		$	25,250		$	6		$	50		$	123,482
Interest expense	(17,376		)	(3,722		)	(12,923		)	(33,055		)	(67,076		)
Net interest income (expense)	80,800			21,528			(12,917		)	(33,005		)	56,406
Provision for loan losses	—			—			—			—			—
Net interest income (expense) after provision for loan losses	80,800			21,528			(12,917		)	(33,005		)	56,406

Operating lease income	—			—			41,816			—			41,816
Tenant recoveries	—			—			2,739			—			2,739
Sale of loans, net	24,905			—			—			—			24,905
Realized gain (loss) on securities	—			12,494			—			—			12,494
Unrealized gain (loss) on Agency interest-only securities	—			457			—			—			457
Realized gain on sale of real estate, net	—			—			4,563			—			4,563
Fee and other income	3,351			—			3,984			1,704			9,039
Net result from derivative transactions	(12,189		)	(5,814		)	—			—			(18,003		)
Earnings from investment in unconsolidated joint ventures	—			—			(63		)	—			(63		)
Loss on extinguishment of debt	—			—			—			(54		)	(54		)
Total other income	16,067			7,137			53,039			1,650			77,893

Salaries and employee benefits	(6,700		)	—			—			(23,831		)	(30,531		)
Operating expenses	112			—			—			(11,420		)	(11,308		)
Real estate operating expenses	—			—			(15,510		)				(15,510		)
Fee expense	(1,806		)	(162		)	(346		)	—			(2,314		)
Depreciation and amortization	—			—			(18,670		)	(47		)	(18,717		)
Total costs and expenses	(8,394		)	(162		)	(34,526		)	(35,298		)	(78,380		)

Income tax (expense) benefit	—			—			—			(5,231		)	(5,231		)
Segment profit (loss)	$	88,473		$	28,503		$	5,596		$	(71,884	)	$	50,688

Total assets as of December 31, 2017	$	3,508,642		$	1,106,517		$	1,067,482		$	342,974		$	6,025,615


(1)	Includes the Company’s investment in unconsolidated joint ventures that held real estate of $35.3 million and $35.4 million as of June 30, 2018 and December 31, 2017, respectively.

(2)

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 investment in unconsolidated joint ventures and strategic investments that are not related to the other reportable segments above, including the Company’s investment in FHLB stock of $77.9 million as of June 30, 2018 and December 31, 2017, the Company’s deferred tax asset (liability) of $(6.9) million and $(5.7) million as of June 30, 2018 and December 31, 2017, respectively and the Company’s senior unsecured notes of $1.2 billion as of June 30, 2018 and December 31, 2017.