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Fair Value | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value | Fair Value The following tables summarize our assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020:
| March 31, 2021
(In thousands) |  |  | Fair Value
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |
Short-term investments (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |
Derivative instruments - interest rate swaps (2) | $ | 80,143 |  |  | $ | — |  |  | $ | 80,143 |  |  | $ | — |
| December 31, 2020
(In thousands) |  |  | Fair Value
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |
Short-term investments (1) | $ | 19,973 |  |  | $ | — |  |  | $ | 19,973 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |
Derivative instruments - interest rate swaps (2) | $ | 92,521 |  |  | $ | — |  |  | $ | 92,521 |  |  | $ | — |
___________________ (1) The carrying value of these investments is equal to their fair value due to the short-term nature of the investments as well as their credit quality. (2) The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820. The estimated fair values of our financial instruments as of March 31, 2021 and December 31, 2020 for which fair value is only disclosed are as follows:
| March 31, 2021 |  | December 31, 2020
(In thousands) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial assets: |  |  |  |  |  |  |
Investments in leases - financing receivables (1) | $ | 2,628,422 |  |  | $ | 2,804,602 |  |  | $ | 2,618,562 |  |  | $ | 2,684,955 |
Investments in loans (2) | 515,251 |  |  | 515,000 |  |  | 536,721 |  |  | 538,151 |
Cash and cash equivalents | 322,530 |  |  | 322,530 |  |  | 315,993 |  |  | 315,993 |
Financial liabilities: |  |  |  |  |  |  |
Debt (3) |  |  |  |  |  |  |
Revolving Credit Facility | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Term Loan B Facility | 2,082,161 |  |  | 2,073,750 |  |  | 2,080,974 |  |  | 2,065,875 |
2025 Notes | 740,919 |  |  | 729,375 |  |  | 740,333 |  |  | 766,875 |
2026 Notes | 1,233,832 |  |  | 1,271,875 |  |  | 1,233,119 |  |  | 1,296,875 |
2027 Notes | 740,152 |  |  | 746,250 |  |  | 739,733 |  |  | 763,125 |
2029 Notes | 986,130 |  |  | 1,035,000 |  |  | 985,730 |  |  | 1,070,000 |
2030 Notes | 986,017 |  |  | 1,000,000 |  |  | 985,643 |  |  | 1,045,000 |
____________________ (1)These investments represent the JACK Cleveland/Thistledown Lease Agreement and the MTA Properties. The fair value of these assets are based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. (2)These investments represent the (i) Caesars Forum Convention Center Mortgage Loan, (ii) Chelsea Piers Mortgage Loan and (iii) Amended and Restated ROV Loan. We believe the current principal balance of the investments approximates their fair value. (3)The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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