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

Year ended December 31, 2018
Interest income	$	310,149		$	34,217		$	24		$	426			$	344,816
Interest expense	(62,474		)	(4,617		)	(34,739		)	(92,461		)		(194,291		)
Net interest income (expense)	247,675			29,600			(34,715		)	(92,035		)		150,525
Provision for loan losses	(13,900		)	—			—			—				(13,900		)
Net interest income (expense) after provision for loan losses	233,775			29,600			(34,715		)	(92,035		)		136,625

Operating lease income	—			—			96,506			—				96,506
Tenant recoveries	—			—			9,671			—				9,671
Sale of loans, net	16,511			—			—			—				16,511
Realized gain (loss) on securities	—			(5,808		)	—			—				(5,808		)
Unrealized gain (loss) on equity securities	—			(1,605		)	—			—				(1,605		)
Unrealized gain (loss) on Agency interest-only securities	—			555			—			—				555
Realized gain (loss) on sale of real estate, net	—			—			95,881			—				95,881
Fee and other income	16,490			—			3,416			6,379				26,285
Net result from derivative transactions	10,467			5,459			—			—				15,926
Earnings from investment in unconsolidated joint ventures	—			—			790			—				790
Gain (loss) on extinguishment/defeasance of debt	(69		)	—			(4,323		)	—				(4,392		)
Total other income (expense)	43,399			(1,399		)	201,941			6,379				250,320

Salaries and employee benefits	—			—			—			(60,117		)		(60,117		)
Operating expenses	—			—			—			(21,696		)	(3)	(21,696		)
Real estate operating expenses	—			—			(29,799		)					(29,799		)
Fee expense	(4,040		)	(398		)	(617		)	—				(5,055		)
Depreciation and amortization	—			—			(41,884		)	(75		)		(41,959		)
Total costs and expenses	(4,040		)	(398		)	(72,300		)	(81,888		)		(158,626		)

Tax (expense) benefit	—			—			—			(6,643		)		(6,643		)
Segment profit (loss)	$	273,134		$	27,803		$	94,926		$	(174,187	)		$	221,676

Total assets as of December 31, 2018	$	3,482,929		$	1,410,126		$	1,038,376		$	341,441			$	6,272,872



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

Year ended December 31, 2017
Interest income	$	219,892		$	43,542		$	15		$	218			$	263,667
Interest expense	(39,530		)	(5,800		)	(28,679		)	(72,109		)		(146,118		)
Net interest income (expense)	180,362			37,742			(28,664		)	(71,891		)		117,549
Provision for loan losses	—			—			—			—				—
Net interest income (expense) after provision for loan losses	180,362			37,742			(28,664		)	(71,891		)		117,549

Operating lease income	—			—			89,492			—				89,492
Tenant recoveries	—			—			7,179			—				7,179
Sale of loans, net	54,046			—			—			—				54,046
Realized gain (loss) on securities	—			17,209			—			—				17,209
Unrealized gain (loss) on Agency interest-only securities	—			1,405			—			—				1,405
Realized gain on sale of real estate, net	—			—			11,423			—				11,423
Fee and other income	6,859			—			7,865			3,617				18,341
Net result from derivative transactions	(8,425		)	(4,216		)	—			—				(12,641		)
Earnings from investment in unconsolidated joint ventures	—			—			89			—				89
Gain (loss) on extinguishment/defeasance of debt	(19		)	—			—			(54		)		(73		)
Total other income	52,461			14,398			116,048			3,563				186,470

Salaries and employee benefits	—			—			—			(70,463		)		(70,463		)
Operating expenses	302			—			—			(21,723		)	(3)	(21,421		)
Real estate operating expenses	—			—			(33,216		)	—				(33,216		)
Fee expense	(3,649		)	(280		)	(1,067		)	—				(4,996		)
Depreciation and amortization	—			—			(40,239		)	(93		)		(40,332		)
Total costs and expenses	(3,347		)	(280		)	(74,522		)	(92,279		)		(170,428		)

Income tax (expense) benefit	—			—			—			(7,712		)		(7,712		)
Segment profit (loss)	$	229,476		$	51,860		$	12,862		$	(168,319	)		$	125,879

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

Year ended December 31, 2016
Interest income	$	161,315		$	74,987		$	10		$	60			$	236,372
Interest expense	(25,531		)	(9,740		)	(25,333		)	(60,223		)		(120,827		)
Net interest income (expense)	135,784			65,247			(25,323		)	(60,163		)		115,545
Provision for loan losses	(300		)	—			—			—				(300		)
Net interest income (expense) after provision for loan losses	135,484			65,247			(25,323		)	(60,163		)		115,245

Operating lease income	—			—			77,277			—				77,277
Tenant recoveries	—			—			5,958			—				5,958
Sale of loans, net	26,009			—			—			—				26,009
Gain on securities	—			7,724			—			—				7,724
Unrealized gain (loss) on Agency interest-only securities	—			(56		)	—			—				(56		)
Sale of real estate, net	—			—			20,636			—				20,636
Fee and other income	7,547			—			7,253			6,565				21,365
Net result from derivative transactions	8,371			(9,780		)	—			—				(1,409		)
Earnings from investment in unconsolidated joint ventures	—			—			(466		)	892				426
Gain (loss) on extinguishment/defeasance of debt	—			—			—			5,382				5,382
Total other income	41,927			(2,112		)	110,658			12,839				163,312

Salaries and employee benefits	(11,000		)	—			—			(53,270		)		(64,270		)
Operating expenses	—			—			—			(20,552		)	(3)	(20,552		)
Real estate operating expenses	—			—			(30,545		)	—				(30,545		)
Fee expense	(2,343		)	(166		)	(618		)	(576		)		(3,703		)
Depreciation and amortization	—			—			(39,354		)	(93		)		(39,447		)
Total costs and expenses	(13,343		)	(166		)	(70,517		)	(74,491		)		(158,517		)

Tax (expense) benefit	—			—			—			(6,320		)		(6,320		)
Segment profit (loss)	$	164,068		$	62,969		$	14,818		$	(128,135	)		$	113,720

Total assets as of December 31, 2016	$	2,353,977		$	2,100,947		$	856,363		$	267,050			$	5,578,337


(1)	Includes the Company’s investment in unconsolidated joint ventures that held real estate of $40.4 million and $35.4 million as of December 31, 2018 and 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 $57.9 million and $77.9 million as of December 31, 2018 and 2017, respectively, the Company’s deferred tax asset (liability) of $2.3 million and $(5.7) million as of December 31, 2018 and 2017, respectively and the Company’s senior unsecured notes of $1.2 billion as of December 31, 2018 and 2017.


(3)	Includes $11.5 million, $11.2 million and $11.3 million of professional fees as of December 31, 2018, 2017 and 2016, respectively.