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Fair Value (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Net Derivative Measured on Recurring Basis, Unobservable Input Reconciliation

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.

Schedule Of Estimated Fair Value

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

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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- References

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