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Fair Value of Financial Instruments | 6 Months Ended
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Jun. 30, 2021
Fair Value Disclosures [Abstract] |
Schedule of Comparison of the Carrying Value and Estimated Fair Value of Financial Instruments | A comparison of the carrying amount and estimated fair value of these financial instruments is as follows:
(In millions) | As of June 30, 2021 |  | As of December 31, 2020
| Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 383.5 |  |  | $ | 383.5 |  |  | $ | 16.0 |  |  | $ | 16.0 |
Restricted cash and cash equivalents | 477.4 |  |  | 477.4 |  |  | 380.2 |  |  | 380.2 |
Restricted securities available for sale | 69.3 |  |  | 69.3 |  |  | 66.1 |  |  | 66.1 |
Loans receivable, net | 6,768.1 |  |  | 7,067.2 |  |  | 6,787.9 |  |  | 7,216.4 |
Liabilities |  |  |  |  |  |  |
Revolving secured line of credit | $ | — |  |  | $ | — |  |  | $ | 95.9 |  |  | $ | 95.9 |
Secured financing | 3,978.5 |  |  | 4,042.4 |  |  | 3,711.6 |  |  | 3,793.9 |
Senior notes | 791.5 |  |  | 839.1 |  |  | 790.6 |  |  | 842.0 |
Mortgage note | 10.1 |  |  | 10.1 |  |  | 10.5 |  |  | 10.5 |
Schedule of Assets and Liabilities, Measured at Fair Value on a Recurring Basis | The following table provides the level of measurement used to determine the fair value for each of our financial instruments measured or disclosed at fair value:
(In millions) | As of June 30, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Assets |  |  |  |  |  |  |
Cash and cash equivalents (1) | $ | 383.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 383.5 |
Restricted cash and cash equivalents (1) | 477.4 |  |  | — |  |  | — |  |  | 477.4 |
Restricted securities available for sale (2) | 56.4 |  |  | 12.9 |  |  | — |  |  | 69.3 |
Loans receivable, net (1) | — |  |  | — |  |  | 7,067.2 |  |  | 7,067.2 |
Liabilities |  |  |  |  |  |  |
Revolving secured line of credit (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Secured financing (1) | — |  |  | 4,042.4 |  |  | — |  |  | 4,042.4 |
Senior notes (1) | 839.1 |  |  | — |  |  | — |  |  | 839.1 |
Mortgage note (1) | — |  |  | 10.1 |  |  | — |  |  | 10.1 |
(In millions) | As of December 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Assets |  |  |  |  |  |  |
Cash and cash equivalents (1) | $ | 16.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 16.0 |
Restricted cash and cash equivalents (1) | 380.2 |  |  | — |  |  | — |  |  | 380.2 |
Restricted securities available for sale (2) | 52.8 |  |  | 13.3 |  |  | — |  |  | 66.1 |
Loans receivable, net (1) | — |  |  | — |  |  | 7,216.4 |  |  | 7,216.4 |
Liabilities |  |  |  |  |  |  |
Revolving secured line of credit (1) | $ | — |  |  | $ | 95.9 |  |  | $ | — |  |  | $ | 95.9 |
Secured financing (1) | — |  |  | 3,793.9 |  |  | — |  |  | 3,793.9 |
Senior notes (1) | 842.0 |  |  | — |  |  | — |  |  | 842.0 |
Mortgage note (1) | — |  |  | 10.5 |  |  | — |  |  | 10.5 |
(1)Measured at amortized cost with fair value disclosed. (2)Measured at fair value on a recurring basis

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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