Fair Value (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Fair Value, Net Derivative Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes our assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021:


	March 31, 2022
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:

Derivative instruments - forward-starting interest rate swap (1)	$	109,495	$	—	$	109,495	$	—


	December 31, 2021
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:

Derivative instruments - forward-starting interest rate swap (1)	$	884	$	—	$	884	$	—

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(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.

Schedule Of Estimated Fair Value

The estimated fair values of our financial instruments as of March 31, 2022 and December 31, 2021 for which fair value is only disclosed are as follows:


	March 31, 2022				December 31, 2021
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investments in leases - financing receivables (1)	$	2,650,633	$	3,123,206	$	2,644,824	$	3,104,337
Investments in loans (2)	513,128		514,173		498,002		498,614
Cash and cash equivalents	568,702		568,702		739,614		739,614

Financial liabilities:
Debt (3)
Revolving Credit Facility (4)	$	600,000	$	600,000	$	—	$	—
Delayed Draw Term Loan	—		—		—		—
November 2019 Notes
2026 Maturity	1,236,685		1,248,438		1,235,972		1,296,875
2029 Maturity	987,731		996,250		987,331		1,067,500
February 2020 Notes
2025 Maturity	743,263		738,750		742,677		763,125
2027 Maturity	741,828		729,375		741,409		772,500
2030 Maturity	987,507		967,500		987,134		1,055,000

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(1)These investments represent the JACK Cleveland/Thistledown Lease and the Harrah’s Original Call Properties. The fair value of these assets are based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy.

(2)These investments represent the (i) Forum Convention Center Mortgage Loan, (ii) Chelsea Piers Mortgage Loan and (iii) Great Wolf Mezzanine Loan. We believe the current principal balance of the investments approximates their fair value.

(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.

(4)The fair value of the Revolving Credit Facility approximates the carrying value.