XML 37 R21.htm IDEA: XBRL DOCUMENT v3.25.3
Fair Value
 9 Months Ended
Sep. 30, 2025
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, 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 AmountLevel 1Level 2Level 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.
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, 2025December 31, 2024
(In thousands)Carrying AmountFair ValueCarrying AmountFair 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 equivalents507,503 507,503 524,615 524,615 
Financial liabilities:
Debt (3)
Revolving Credit Facility$147,906 $147,906 $148,846 $148,846 
MGM Grand/Mandalay Bay CMBS Debt2,820,693 2,810,809 2,800,544 2,686,960 
Senior Unsecured Notes13,794,061 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.