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Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2024
Credit Loss [Abstract]  
Net Investment in Lease, Allowance for Credit Loss The following tables detail the allowance for credit losses as of December 31, 2024 and December 31, 2023:
December 31, 2024
($ In thousands)Amortized Cost
Allowance (1)
Net InvestmentAllowance as a % of Amortized Cost
Investments in leases - sales-type$24,383,843 $(802,742)$23,581,101 3.29 %
Investments in leases - financing receivables19,167,432 (737,112)18,430,320 3.85 %
Investments in loans and securities1,676,530 (24,997)1,651,533 1.49 %
Other assets - sales-type sub-leases863,374 (20,598)842,776 2.39 %
Totals$46,091,179 $(1,585,449)$44,505,730 3.44 %
December 31, 2023
($ In thousands)Amortized Cost
Allowance (1)
Net InvestmentAllowance as a % of Amortized Cost
Investments in leases - sales-type$23,717,060 $(701,129)$23,015,931 2.96 %
Investments in leases - financing receivables18,914,734 (703,632)18,211,102 3.72 %
Investments in loans and securities1,173,949 (29,772)1,144,177 2.54 %
Other assets - sales-type sub-leases866,052 (18,722)847,330 2.16 %
Totals$44,671,795 $(1,453,255)$43,218,540 3.25 %
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(1) The total allowance excludes the CECL allowance for unfunded commitments of our loans and for unfunded commitments made to our tenants to fund the development and construction of improvements at our properties. As of December 31, 2024 and December 31, 2023, such allowance is $9.5 million and $19.1 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 years ended December 31, 2024, 2023 and 2022:
Year Ended December 31,
(In thousands)202420232022
Beginning Balance January 1, $1,472,386 $1,368,819 $534,325 
Initial allowance from current period investments2,914 293,033 573,624 
Current period change in credit allowance119,631 (189,466)260,870 
Charge-offs— — — 
Recoveries— — — 
Ending Balance December 31, $1,594,931 $1,472,386 $1,368,819 
Financing Receivable Credit Quality Indicators
The following tables detail the amortized cost basis and year of origination of our Investments in leases - sales-type and financing receivable, Investments in loans and Other assets by the credit quality indicator we assigned to each lease or loan guarantor as of December 31, 2024 and 2023:
Amortized Cost Basis by Year of Origination as of December 31, 2024 (1)
(In thousands)20242023202220212020PriorTotal
Ba2$— $— $4,795,479 $— $— $— $4,795,479 
Ba3— — 12,882,102 2,182,313 5,667,136 12,634,167 33,365,718 
B1— — 2,359,188 — — 924,344 3,283,532 
B2— 447,554 — — 887,545 — 1,335,099 
B3— 667,922 299,859 — — 341,426 1,309,207 
N/A (2)
313,761 987,422 700,961 — — — 2,002,144 
Total$313,761 $2,102,898 $21,037,589 $2,182,313 $6,554,681 $13,899,937 $46,091,179 
Amortized Cost Basis by Year of Origination as of December 31, 2023 (1)
(In thousands)20232022202120202019PriorTotal
Ba2$— $4,317,380 $— $— $— $— $4,317,380 
Ba3— 12,670,502 2,168,701 5,576,739 937,325 11,623,166 32,976,433 
B1444,948 2,319,701 — — 552,521 365,633 3,682,803 
B2— — — 881,917 — — 881,917 
B3694,950 298,425 — — 323,442 — 1,316,817 
N/A (2)
789,472 627,473 79,500 — — — 1,496,445 
Total$1,929,370 $20,233,481 $2,248,201 $6,458,656 $1,813,288 $11,988,799 $44,671,795 
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(1)Excludes the CECL allowance for unfunded commitments recorded in Other liabilities as such commitments are not currently reflected on our Balance Sheets, rather the CECL allowance is based on our current best estimate of future funding commitments.
(2)We estimate the CECL allowance for our loan investments using a traditional commercial real estate model based on standardized credit metrics to estimate potential losses.