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Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2022

Credit Loss [Abstract]

Net Investment in Lease, Allowance for Credit Loss

The following tables detail the allowance for credit losses as of June 30, 2022 and December 31, 2021:

			June 30, 2022
($ In thousands)			Amortized Cost						Allowance (1)						Net Investment						Allowance as a % of Amortized Cost
Investments in leases - sales-type			$	17,658,038					$	(582,181)					$	17,075,857					3.30		%
Investments in leases - financing receivables			17,034,801						(548,279)						16,486,522						3.22		%
Investments in loans			546,017						(855)						545,162						0.16		%
Other assets - sales-type sub-leases			788,572						(17,597)						770,975						2.23		%
Totals			$	36,027,428					$	(1,148,912)					$	34,878,516					3.19		%

			December 31, 2021
($ In thousands)			Amortized Cost						Allowance (1)						Net Investment						Allowance as a % of Amortized Cost
Investments in leases - sales-type			$	13,571,516					$	(434,852)					$	13,136,664					3.20		%
Investments in leases - financing receivables			2,735,948						(91,124)						2,644,824						3.33		%
Investments in loans			498,775						(773)						498,002						0.15		%
Other assets - sales-type sub-leases			280,510						(6,540)						273,970						2.33		%
Totals			$	17,086,749					$	(533,289)					$	16,553,460					3.12		%

____________________

(1) The total allowance excludes the CECL allowance for unfunded commitments, primarily related to the Venetian PGF, the BigShots Loan and the Cabot Citrus Farms Loan. As of June 30, 2022 and December 31, 2021, such allowance is $18.1 million and $1.0 million, respectively, and is recorded in Other liabilities.

The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the six months ended June 30, 2022 and 2021:

						Six Months Ended June 30,
(In thousands)						2022						2021
Beginning Balance December 31,						$	534,326					$	553,879
Initial allowance from current period investments						515,697						1,725
Current period change in credit allowance						116,999						(35,209)
Charge-offs						—						—
Recoveries						—						—
Ending Balance June 30,						$	1,167,022					$	520,395

Financing Receivable Credit Quality Indicators

The following tables detail the amortized cost basis of our investments by the credit quality indicator we assigned to each lease or loan guarantor as of June 30, 2022 and 2021:

									June 30, 2022
(In thousands)									Ba2						Ba3						B1						B2						B3						N/A(2)						Total
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1)									$	4,214,233					$	15,566,631					$	14,948,277					$	872,396					$	279,906					$	145,986					$	36,027,428

									June 30, 2021
(In thousands)									Ba2						Ba3						B1						B2						B3						N/A(2)						Total
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1)									$	—					$	954,181					$	15,743,112					$	—					$	281,657					$	65,011					$	17,043,962

____________________

(1)Excludes the CECL allowance for unfunded commitments recorded in Other liabilities as such commitments are not currently reflected on our Balance Sheet, rather the CECL allowance is based on our current best estimate of future funding commitments.

(2)We estimate the CECL allowance for the Chelsea Piers Mortgage Loan, Great Wolf Maryland Loan, BigShots Loan and Cabot Citrus Farms Loan using a traditional commercial real estate model based on standardized credit metrics to estimate potential losses.

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- References

No definition available.

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- Definition

Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 29
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524

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X

- Definition

Tabular disclosure of allowance for credit loss on net investment in sales-type and direct financing leases.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447

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