Segment ReportingThe Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Net Lease, Real Estate Finance, Operating Properties and Land and Development. The Net Lease segment includes the Company's activities and operations related to the ownership of properties generally leased to single corporate tenants and its investment in SAFE (refer to Note 8). The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Operating Properties segment includes the Company's activities and operations related to its commercial and residential properties. The Land and Development segment includes the Company's activities related to its developable land portfolio. The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Net Lease Real Estate Finance Operating Properties Land and Development Corporate/Other (1) Company Total Three Months Ended September 30, 2020: Operating lease income $ 41,144 $  $ 5,137 $ 89 $  $ 46,370 Interest income 911 13,359    14,270 Interest income from sales-type leases 8,360     8,360 Other income 4,554 104 2,956 3,831 14,107 25,552 Land development revenue    20,502  20,502 Earnings (losses) from equity method investments 10,141  (4,134) 592 206 6,805 Income from sales of real estate 6,055     6,055 Total revenue and other earnings 71,165 13,463 3,959 25,014 14,313 127,914 Real estate expense (7,136)  (4,428) (5,371)  (16,935) Land development cost of sales    (21,358)  (21,358) Other expense  (37)   (36) (73) Allocated interest expense (26,049) (5,831) (2,289) (4,606) (3,632) (42,407) Allocated general and administrative (2) (5,161) (1,451) (582) (2,320) (4,693) (14,207) Segment profit (loss) (3) $ 32,819 $ 6,144 $ (3,340) $ (8,641) $ 5,952 $ 32,934 Other significant items: Provision for (recovery of) loan losses $ 19 $ (1,995) $  $  $  $ (1,976) Provision for losses on net investment in leases 175     175 Depreciation and amortization 12,781  1,287 243 310 14,621 Capitalized expenditures 1,896  84 5,170  7,150 Three Months Ended September 30, 2019: Operating lease income $ 38,006 $  $ 6,034 $ 70 $  $ 44,110 Interest income 789 18,912    19,701 Interest income from sales-type leases 8,339     8,339 Other income 6,347 115 7,611 2,124 2,073 18,270 Land development revenue    54,918  54,918 Earnings (losses) from equity method investments 2,848  4,875 (301) 195 7,617 Income from sales of real estate 3,458  18   3,476 Total revenue and other earnings 59,787 19,027 18,538 56,811 2,268 156,431 Real estate expense (6,460)  (9,314) (7,413)  (23,187) Land development cost of sales    (48,101)  (48,101) Other expense  (49)   (358) (407) Allocated interest expense (25,176) (6,902) (2,393) (5,268) (6,783) (46,522) Allocated general and administrative (2) (6,887) (2,035) (727) (3,019) (4,702) (17,370) Segment profit (loss) (3) $ 21,264 $ 10,041 $ 6,104 $ (6,990) $ (9,575) $ 20,844 Other significant items: Recovery of loan losses $  $ (3,805) $  $  $  $ (3,805) Depreciation and amortization 12,409  1,244 243 303 14,199 Capitalized expenditures 7,846  2,816 20,536  31,198 Net Lease Real Estate Finance Operating Properties Land and Development Corporate/Other (1) Company Total Nine Months Ended September 30, 2020: Operating lease income $ 124,109 $  $ 16,153 $ 267 $  $ 140,529 Interest income 2,594 44,331    46,925 Interest income from sales-type leases 25,010     25,010 Other income 13,468 4,249 6,605 5,558 26,332 56,212 Land development revenue    116,254  116,254 Earnings (losses) from equity method investments 38,472  (11,741) 1,225 (1,953) 26,003 Income from sales of real estate 6,056  62   6,118 Total revenue and other earnings 209,709 48,580 11,079 123,304 24,379 417,051 Real estate expense (19,497)  (16,600) (17,611)  (53,708) Land development cost of sales    (114,704)  (114,704) Other expense  (80)   (271) (351) Allocated interest expense (74,915) (17,989) (6,731) (13,598) (14,515) (127,748) Allocated general and administrative (2) (17,327) (5,123) (1,966) (7,524) (14,523) (46,463) Segment profit (loss) (3) $ 97,970 $ 25,388 $ (14,218) $ (30,133) $ (4,930) $ 74,077 Other significant non-cash items: Provision for loan losses $ 212 $ 3,881 $  $  $  $ 4,093 Provision for losses on net investment in leases 2,001     2,001 Impairment of assets 2,036  2,983 1,472  6,491 Depreciation and amortization 37,924  3,843 729 911 43,407 Capitalized expenditures 8,913  1,421 25,222  35,556 Nine Months Ended September 30, 2019: Operating lease income $ 136,150 $  $ 21,844 $ 216 $  $ 158,210 Interest income 1,197 59,220    60,417 Interest income from sales-type leases 12,157     12,157 Other income 12,705 2,836 13,960 6,877 6,755 43,133 Land development revenue    76,691  76,691 Earnings (losses) from equity method investments 13,660  (166) 2,910 162 16,566 Selling profit from sales-type leases 180,416     180,416 Income from sales of real estate 223,200  10,206   233,406 Total revenue and other earnings 579,485 62,056 45,844 86,694 6,917 780,996 Real estate expense (18,335)  (28,646) (24,184)  (71,165) Land development cost of sales    (71,785)  (71,785) Other expense  (359)   (12,439) (12,798) Allocated interest expense (70,548) (23,251) (7,859) (15,888) (19,305) (136,851) Allocated general and administrative (2) (19,299) (6,523) (2,214) (9,199) (14,583) (51,818) Segment profit (loss) (3) $ 471,303 $ 31,923 $ 7,125 $ (34,362) $ (39,410) $ 436,579 Other significant non-cash items: Recovery of loan losses $  $ (3,792) $  $  $  $ (3,792) Impairment of assets   3,853 1,100  4,953 Depreciation and amortization 38,242  3,701 733 910 43,586 Capitalized expenditures 12,707  4,878 86,029  103,614 Net Lease Real Estate Finance Operating Properties Land and Development Corporate/Other (1) Company Total As of September 30, 2020 Real estate, net $ 1,288,931 $  $ 198,164 $  $  $ 1,487,095 Real estate available and held for sale   5,519   5,519 Total real estate 1,288,931  203,683   1,492,614 Net investment in leases 420,417     420,417 Land and development, net    488,916  488,916 Loans receivable and other lending investments, net 44,528 720,545    765,073 Other investments 959,201  61,315 30,357 72,220 1,123,093 Total portfolio assets $ 2,713,077 $ 720,545 $ 264,998 $ 519,273 $ 72,220 4,290,113 Cash and other assets 598,010 Total assets $ 4,888,123 As of December 31, 2019 Real estate, net $ 1,327,082 $  $ 200,137 $  $  $ 1,527,219 Real estate available and held for sale   8,650   8,650 Total real estate 1,327,082  208,787   1,535,869 Net investment in leases 418,915     418,915 Land and development, net    580,545  580,545 Loans receivable and other lending investments, net 44,339 783,522    827,861 Other investments 760,068  61,686 42,866 43,255 907,875 Total portfolio assets $ 2,550,404 $ 783,522 $ 270,473 $ 623,411 $ 43,255 4,271,065 Cash and other assets 814,044 Total assets $ 5,085,109 _______________________________________________________________________________ (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 $5.7 million and $26.7 million for the three and nine months ended September 30, 2020, respectively, and $6.7 million and $20.7 million for the three and nine months ended September 30, 2019, respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Segment profit $ 32,934 $ 20,844 $ 74,077 $ 436,579 Less: Recovery of (provision for) loan losses 1,976 3,805 (4,093) 3,792 Less: Provision for losses on net investment in leases (175)  (2,001)  Less: Impairment of assets   (6,491) (4,953) Less: Stock-based compensation expense (5,661) (6,740) (26,675) (20,694) Less: Depreciation and amortization (14,621) (14,199) (43,407) (43,586) Less: Income tax expense (78) (84) (165) (323) Less: Loss on early extinguishment of debt, net (7,924)  (12,038) (468) Net income (loss) $ 6,451 $ 3,626 $ (20,793) $ 370,347