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Investment in leases, financing receivables, net and other receivables
 12 Months Ended
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 typeInvestment in leases, financing receivablesInvestment in leases, sales typeInvestment 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 
Total972,119 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 TypeFuture Minimum Lease Payments for Investment in leases, financing receivables
2026$14,837 $182,092 
202714,837 185,336 
202814,837 188,639 
202914,837 192,000 
203014,837 195,423 
Thereafter619,434 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, 2023Initial allowance from current period investmentsCurrent period change in credit allowanceEnding Balance at December 31, 2024Initial allowance from current period investmentsCurrent period change in credit allowanceBalance at December 31, 2025
Maryland Live Lease$5,661 $— $3,071 $8,732 $— $(6,143)$2,589 
PA Live Master Lease13,636 — 4,835 18,471 — (6,536)11,935 
Rockford Lease2,674 — 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 yearInvestment in leases, financing receivablesAllowance 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)%
2024299,216 $(5,465)293,751 (1.83)%
2023104,914 (894)104,020 (0.85)%
2022722,488 (11,935)710,553 (1.65)%
20211,268,425 (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 yearInvestment in leases, sales type leaseAllowance 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.