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 September 30, 2018: Operating lease income $  $ 45,204 $ 13,803 $ 102 $  $ 59,109 Interest income 22,915     22,915 Other income 753 1,008 21,253 857 3,937 27,808 Land development revenue    12,309  12,309 Earnings (losses) from equity method investments  775 (2,223 ) 161 652 (635 ) Income from sales of real estate   5,409   5,409 Total revenue and other earnings 23,668 46,987 38,242 13,429 4,589 126,915 Real estate expense  (4,774 ) (18,649 ) (8,864 )  (32,287 ) Land development cost of sales    (12,114 )  (12,114 ) Other expense (179 )    (119 ) (298 ) Allocated interest expense (9,558 ) (16,454 ) (4,547 ) (5,014 ) (11,646 ) (47,219 ) Allocated general and administrative (2) (2,693 ) (5,740 ) (1,429 ) (3,576 ) (4,524 ) (17,962 ) Segment profit (loss) (3) $ 11,238 $ 20,019 $ 13,617 $ (16,139 ) $ (11,700 ) $ 17,035 Other significant items: Provision for loan losses $ 200 $  $  $  $  $ 200 Impairment of assets   989   989 Depreciation and amortization  12,554 6,857 263 305 19,979 Capitalized expenditures  28,315 5,860 33,608  67,783 Three Months Ended September 30, 2017: Operating lease income $  $ 31,503 $ 16,048 $ 255 $  $ 47,806 Interest income 25,442     25,442 Other income 1,298 953 14,097 1,174 3,140 20,662 Land development revenue    25,962  25,962 Earnings from equity method investments  1,302 (399 ) 948 610 2,461 Income from sales of real estate  18,765 548   19,313 Total revenue and other earnings 26,740 52,523 30,294 28,339 3,750 141,646 Real estate expense  (4,423 ) (23,185 ) (8,672 )  (36,280 ) Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Land development cost of sales    (27,512 )  (27,512 ) Other expense (261 )    (2,443 ) (2,704 ) Allocated interest expense (9,165 ) (12,255 ) (4,860 ) (6,529 ) (15,923 ) (48,732 ) Allocated general and administrative (2) (3,334 ) (4,315 ) (1,866 ) (3,706 ) (4,800 ) (18,021 ) Segment profit (loss) (3) $ 13,980 $ 31,530 $ 383 $ (18,080 ) $ (19,416 ) $ 8,397 Other significant items: Recovery of loan losses $ (2,600 ) $  $  $  $  $ (2,600 ) Impairment of assets   595   595 Depreciation and amortization  6,623 4,343 546 334 11,846 Capitalized expenditures  2,384 7,644 33,788  43,816 Nine Months Ended September 30, 2018 Operating lease income $  $ 104,241 $ 44,818 $ 457 $  $ 149,516 Interest income 74,824     74,824 Other income 4,271 2,755 46,748 2,640 7,537 63,951 Land development revenue    369,665  369,665 Earnings (losses) from equity method investments  7,028 (4,814 ) 2,726 (9,521 ) (4,581 ) Gain on consolidation of equity method investment  67,877    67,877 Income from sales of real estate  24,907 54,446   79,353 Total revenue and other earnings 79,095 206,808 141,198 375,488 (1,984 ) 800,605 Real estate expense  (12,186 ) (64,091 ) (29,234 )  (105,511 ) Land development cost of sales    (318,881 )  (318,881 ) Other expense (869 )    (4,311 ) (5,180 ) Allocated interest expense (31,971 ) (44,246 ) (14,653 ) (16,795 ) (27,907 ) (135,572 ) Allocated general and administrative (2) (10,514 ) (15,179 ) (5,447 ) (11,128 ) (15,142 ) (57,410 ) Segment profit (loss) (3) $ 35,741 $ 135,197 $ 57,007 $ (550 ) $ (49,344 ) $ 178,051 Other significant non-cash items: Provision for loan losses $ 18,237 $  $  $  $  $ 18,237 Impairment of assets  4,342 5,535 1,300  11,177 Depreciation and amortization  25,205 14,522 1,095 1,035 41,857 Capitalized expenditures  29,512 18,186 107,658  155,356 Nine Months Ended September 30, 2017: Operating lease income $  $ 93,606 $ 47,977 $ 572 $  $ 142,155 Interest income 83,145     83,145 Other income 1,854 2,009 37,720 125,430 5,024 172,037 Land development revenue    178,722  178,722 Earnings (losses) from equity method investments  3,363 702 8,396 1,216 13,677 Income from discontinued operations  4,939    4,939 Gain from discontinued operations  123,418    123,418 Income from sales of real estate  24,977 3,290   28,267 Total revenue and other earnings 84,999 252,312 89,689 313,120 6,240 746,360 Real estate expense  (13,062 ) (67,356 ) (26,136 )  (106,554 ) Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Land development cost of sales    (165,888 )  (165,888 ) Other expense (1,263 )    (19,586 ) (20,849 ) Allocated interest expense (31,561 ) (41,659 ) (15,472 ) (21,769 ) (38,223 ) (148,684 ) Allocated general and administrative (2) (11,621 ) (14,878 ) (5,985 ) (12,636 ) (15,497 ) (60,617 ) Segment profit (loss) (3) $ 40,554 $ 182,713 $ 876 $ 86,691 $ (67,066 ) $ 243,768 Other significant non-cash items: Recovery of loan losses $ (8,128 ) $  $  $  $  $ (8,128 ) Impairment of assets  219 5,009 10,064  15,292 Depreciation and amortization  21,662 13,305 1,337 993 37,297 Capitalized expenditures  4,071 24,210 90,666  118,947 As of September 30, 2018 Real estate Real estate, net $  $ 1,543,775 $ 350,014 $  $  $ 1,893,789 Real estate available and held for sale  7,289 54,260   61,549 Total real estate  1,551,064 404,274   1,955,338 Land and development, net    650,531  650,531 Loans receivable and other lending investments, net 1,029,052     1,029,052 Other investments  150,533 74,089 70,429 7,267 302,318 Total portfolio assets $ 1,029,052 $ 1,701,597 $ 478,363 $ 720,960 $ 7,267 3,937,239 Cash and other assets 1,142,750 Total assets $ 5,079,989 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 $3.7 million and $16.2 million for the three and nine months ended September 30, 2018 , respectively, and $2.9 million and $12.7 million for the three and nine months ended September 30, 2017 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Segment profit $ 17,035 $ 8,397 $ 178,051 $ 243,768 Add: (Provision for) recovery of loan losses (200 ) 2,600 (18,237 ) 8,128 Less: Impairment of assets (989 ) (595 ) (11,177 ) (15,292 ) Less: Stock-based compensation expense (3,651 ) (2,934 ) (16,245 ) (12,730 ) Less: Depreciation and amortization (19,979 ) (11,846 ) (41,857 ) (37,297 ) Less: Income tax (expense) benefit (137 ) 1,278 (386 ) (972 ) Less: Income tax expense from discontinued operations    (4,545 ) Less: Loss on early extinguishment of debt, net (911 ) (616 ) (3,447 ) (4,142 ) Net income (loss) $ (8,832 ) $ (3,716 ) $ 86,702 $ 176,918