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Investment in leases, financing receivables, net and other receivables | 12 Months Ended
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Dec. 31, 2025
Investments, All Other Investments [Abstract] |
Investment in leases, financing receivables, net and other receivables | Investment in leases, net Certain of the Company's leases are recorded as an Investment in leases, financing receivables, net, as the sale lease back transactions were accounted for as failed sale leasebacks as control of the real estate did not transfer to the Company. Additionally, as described in Note 1, the Company reassessed the Tropicana Las Vegas Lease during 2024 which resulted in the lease being classified as a sales type lease. The following is a summary of the balances of the Company's investment in leases, financing receivables and investment in leases, sales type (in thousands).
| December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |  |
| Investment in leases, sales type | Investment in leases, financing receivables | Investment in leases, sales type | Investment in leases, financing receivables |  |
Minimum lease payments receivable | $ | 693,619 |  | $ | 10,090,473 |  | $ | 708,456 |  | $ | 9,806,998 |  |  |
Estimated residual values of lease property (unguaranteed) | 278,500 |  | 1,444,690 |  | 278,500 |  | 1,276,674 |  |  |
Total | 972,119 |  | 11,535,163 |  | 986,956 |  | 11,083,672 |  |  |
Less: Unearned income | (693,622) |  | (8,955,526) |  | (708,454) |  | (8,716,493) |  |  |
Less: Allowance for credit losses | (30,076) |  | (22,133) |  | (23,681) |  | (34,065) |  |  |
Investment in leases - net | $ | 248,421 |  | $ | 2,557,504 |  | $ | 254,821 |  | $ | 2,333,114 |  |  |
The present value of the net investment in the lease payment receivable and unguaranteed residual value at December 31, 2025 was $2,477.1 million and $102.6 million compared to $2,290.0 million and $77.1 million at December 31, 2024 for the Company's Investment in leases, financing receivables. The present value of the net investment in lease payment receivable and unguaranteed residual value at December 31, 2025 was $255.3 million and $23.2 million for the Company's Investment in leases, sales type compared to $256.7 million and $21.8 million at December 31, 2024. At December 31, 2025, minimum lease payments owed to us for each of the five succeeding years under the Company's financing receivables were as follows (in thousands):
Year ending December 31, | Future Minimum Lease Payments- Sales Type | Future Minimum Lease Payments for Investment in leases, financing receivables
2026 | $ | 14,837 |  | $ | 182,092 |
2027 | 14,837 |  | 185,336 |
2028 | 14,837 |  | 188,639 |
2029 | 14,837 |  | 192,000 |
2030 | 14,837 |  | 195,423 |
Thereafter | 619,434 |  | 9,146,983 |
Total | $ | 693,619 |  | $ | 10,090,473 |
The change in the allowance for credit losses for the Company's investment in leases is illustrated below (in thousands):
| Balance at December 31, 2023 | Initial allowance from current period investments | Current period change in credit allowance | Ending Balance at December 31, 2024 | Initial allowance from current period investments | Current period change in credit allowance | Balance at December 31, 2025
Maryland Live Lease | $ | 5,661 |  | $ | — |  | $ | 3,071 |  | $ | 8,732 |  | $ | — |  | $ | (6,143) |  | $ | 2,589 |
PA Live Master Lease | 13,636 |  | — |  | 4,835 |  | 18,471 |  | — |  | (6,536) |  | 11,935 |
Rockford Lease | 2,674 |  | — |  | 403 |  | 3,077 |  | — |  | (2,183) |  | 894 |
Tioga Lease | — |  | 1,579 |  | 1,072 |  | 2,651 |  | — |  | 922 |  | 3,573 |
Strategic Lease | — |  | 856 |  | 278 |  | 1,134 |  | 1,250 |  | 758 |  | 3,142 |
Tropicana LV Lease | — |  | 21,293 |  | 2,388 |  | 23,681 |  | — |  | 6,395 |  | 30,076 |
Total | $ | 21,971 |  | $ | 23,728 |  | $ | 12,047 |  | $ | 57,746 |  | $ | 1,250 |  | $ | (6,787) |  | $ | 52,209 |
The amortized cost basis of the Company's investment in leases, financing receivables by year of origination is shown below as of December 31, 2025 (in thousands):
Origination year | Investment in leases, financing receivables | Allowance for credit losses | Amortized cost basis at December 31, 2025 |  | Allowance as a percentage of outstanding financing receivable
2025 | $ | 184,594 |  | $ | (1,250) |  | $ | 183,344 |  |  | (0.68) | %
2024 | 299,216 |  | $ | (5,465) |  | 293,751 |  |  | (1.83) | %
2023 | 104,914 |  | (894) |  | 104,020 |  |  | (0.85) | %
2022 | 722,488 |  | (11,935) |  | 710,553 |  |  | (1.65) | %
2021 | 1,268,425 |  | (2,589) |  | 1,265,836 |  |  | (0.20) | %
Total | $ | 2,579,637 |  | $ | (22,133) |  | $ | 2,557,504 |  |  | (0.86) | %
The amortized cost basis of the Company's investment in leases, sales type by year of origination is shown below as of December 31, 2025 (in thousands):
Origination year | Investment in leases, sales type lease | Allowance for credit losses | Amortized cost basis at December 31, 2025 |  | Allowance as a percentage of outstanding sales type lease
2024 | $ | 278,498 |  | $ | (30,076) |  | $ | 248,422 |  |  | (10.80) | %
During the year ended December 31, 2025, the Company recorded a provision for credit losses, net of $8.7 million. As discussed in Note 5, the Company established a $16.3 million provision for loan commitments primarily related to the Virginia Live! development project. This was partially offset by net benefits of $5.5 million on our investment in leases and $2.1 million on real estate loans. During the year ended December 31, 2024, the Company recorded a provision for credit losses, net of $37.3 million. This was primarily due to the initial establishment of reserves on the Tropicana Las Vegas Lease which was determined based on the underlying credit quality of the tenant, a decline in the estimated real estate values underlying the Company's Investment in leases, financing receivables and, to a lesser extent, the Company's real estate loans and loan commitments. The reason for differences in the allowance as a percentage of outstanding financing receivable for leases originated in each calendar year in the table above depends on various factors for the leases such as expected rent coverage ratios and loan to value ratios. Future changes in economic probability factors, economic projections and changes in the estimated value of our real estate property may result in non-cash provisions or recoveries in future periods that could materially impact our results of operations.

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