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Fair Value | 6 Months Ended
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Jun. 30, 2022
Fair Value Disclosures [Abstract] |
Fair Value | Fair Value The following table summarizes our assets and liabilities measured at fair value on a recurring basis as of December 31, 2021. As of June 30, 2022, there were no assets and liabilities measured at fair value on a recurring basis.
| December 31, 2021
(In thousands) |  |  | Fair Value
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |
Derivative instruments - forward-starting interest rate swap (1) | $ | 884 |  |  | $ | — |  |  | $ | 884 |  |  | $ | — |
___________________ (1) 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 June 30, 2022 and December 31, 2021 for which fair value is only disclosed are as follows:
| June 30, 2022 |  | December 31, 2021
(In thousands) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial assets: |  |  |  |  |  |  |
Investments in leases - financing receivables (1) | $ | 16,486,522 |  |  | $ | 17,457,867 |  |  | $ | 2,644,824 |  |  | $ | 3,104,337 |
Investments in loans (2) | 545,162 |  |  | 545,977 |  |  | 498,002 |  |  | 498,614 |
Cash and cash equivalents | 614,001 |  |  | 614,001 |  |  | 739,614 |  |  | 739,614 |
Financial liabilities: |  |  |  |  |  |  |
Debt |  |  |  |  |  |  |
Revolving Credit Facility | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Delayed Draw Term Loan | — |  |  | — |  |  | — |  |  | — |
Senior Unsecured Notes (3) | 13,721,500 |  |  | 13,031,735 |  |  | 4,694,523 |  |  | 4,955,000 |
____________________ (1)These investments represent the JACK Cleveland/Thistledown Lease, the Harrah’s Original Call Properties and the MGM Master Lease. 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)We believe the current principal balance of these 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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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