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Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2022
Credit Loss [Abstract]  
Net Investment in Lease, Allowance for Credit Loss
The following tables detail the allowance for credit losses as of March 31, 2022 and December 31, 2021:
March 31, 2022
($ In thousands)Amortized Cost
Allowance (1)
Net InvestmentAllowance as a % of Amortized Cost
Investments in leases - sales-type$17,617,877 $(504,178)$17,113,699 2.86 %
Investments in leases - financing receivables2,742,615 (91,982)2,650,633 3.35 %
Investments in loans514,217 (1,089)513,128 0.21 %
Other assets - sales-type sub-leases455,710 (8,754)446,956 1.92 %
Totals$21,330,419 $(606,003)$20,724,416 2.84 %
December 31, 2021
($ In thousands)Amortized Cost
Allowance (1)
Net InvestmentAllowance as a % of Amortized Cost
Investments in leases - sales-type$13,571,516 $(434,852)$13,136,664 3.20 %
Investments in leases - financing receivables2,735,948 (91,124)2,644,824 3.33 %
Investments in loans498,775 (773)498,002 0.15 %
Other assets - sales-type sub-leases280,510 (6,540)273,970 2.33 %
Totals$17,086,749 $(533,289)$16,553,460 3.12 %
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(1) The total allowance excludes the CECL allowance for unfunded commitments, primarily related to the Venetian PGFA. As of March 31, 2022 and December 31, 2021, such allowance is $9.1 million and $1.0 million, respectively, and is recorded in Other liabilities.
The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the three months ended March 31, 2022 and 2021:
Three Months Ended March 31,
(In thousands)20222021
Beginning Balance December 31,$534,326 $553,879 
Initial allowance from current period investments76,037 — 
Current period change in credit allowance4,783 (4,380)
Charge-offs— — 
Recoveries— — 
Ending Balance March 31,
$615,146 $549,499 
Financing Receivable Credit Quality Indicators
The following tables detail the amortized cost basis of our investments by the credit quality indicator we assigned to each lease or loan guarantor as of March 31, 2022 and 2021:
March 31, 2022
(In thousands)Ba2Ba3B1B2B3
N/A(2)
Total
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1)
$4,198,118 $949,418 $14,918,185 $870,774 $279,740 $114,183 $21,330,419 
March 31, 2021
(In thousands)Ba2Ba3B1B2B3
N/A(2)
Total
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1)
$— $— $15,761,205 $917,138 $281,450 $65,012 $17,024,805 
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(1)Excludes the CECL allowance for unfunded commitments recorded in Other liabilities as such commitments are not currently reflected on our Balance Sheet, rather the CECL allowance is based on our current best estimate of future funding commitments.
(2)We estimate the CECL allowance for the Chelsea Piers Mortgage Loan and Great Wolf Mezzanine Loan using a traditional commercial real estate model based on standardized credit metrics to estimate potential losses.