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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2025
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, 2024. As of September 30, 2025, there were no assets or liabilities measured at fair value on a recurring basis.
| December 31, 2024
(In thousands) |  |  | Fair Value
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |
Derivative instruments – forward-starting interest rate swaps (1) | $ | 7,717 |  |  | $ | — |  |  | $ | 7,717 |  |  | $ | — |
___________________ (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 September 30, 2025 and December 31, 2024 for which fair value is only disclosed are as follows:
| September 30, 2025 |  | December 31, 2024
(In thousands) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial assets: |  |  |  |  |  |  |
Investments in leases – financing receivables (1) | $ | 18,640,073 |  |  | $ | 17,995,736 |  |  | $ | 18,430,320 |  |  | $ | 17,723,171 |
Investments in loans and securities (2) | 2,432,999 |  |  | 2,329,042 |  |  | 1,651,533 |  |  | 1,575,856 |
Cash and cash equivalents | 507,503 |  |  | 507,503 |  |  | 524,615 |  |  | 524,615 |
Financial liabilities: |  |  |  |  |  |  |
Debt (3) |  |  |  |  |  |  |
Revolving Credit Facility | $ | 147,906 |  |  | $ | 147,906 |  |  | $ | 148,846 |  |  | $ | 148,846 |
MGM Grand/Mandalay Bay CMBS Debt | 2,820,693 |  |  | 2,810,809 |  |  | 2,800,544 |  |  | 2,686,960 |
Senior Unsecured Notes | 13,794,061 |  |  | 13,952,502 |  |  | 13,783,499 |  |  | 13,619,484 |
____________________ (1)Represents our asset acquisitions structured as sale leaseback transactions. In accordance with ASC 842, since the lease agreements were determined to meet the definition of a sales-type lease and control of the asset is not considered to have been transferred to us, such lease agreements are accounted for as financings under ASC 310. Except as noted below, the fair value of these assets is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. (2)The fair value of investments in loans is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. The fair value of our senior secured notes 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. (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://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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