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VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 1,768,116 $ 2,204,253
Adjustments to reconcile net income to cash flows provided by operating activities:    
Non-cash leasing and financing adjustments (406,933) (393,076)
Stock-based compensation 13,629 11,758
Depreciation 2,841 2,674
Other losses (gains) 595 (792)
Amortization of debt issuance costs and original issue discount 33,343 35,791
Change in allowance for credit losses 610,314 24,803
Deferred income taxes 1,486 2,848
Payment-in-kind interest (13,543) (23,831)
Receipt of payment-in-kind interest 51,089 0
Net proceeds from settlement of derivatives 19,959 1,767
Change in operating assets and liabilities:    
Other assets 2,128 (8,601)
Accrued expenses and deferred revenue (60,761) (39,261)
Other liabilities (7,014) (286)
Net cash provided by operating activities 2,015,249 1,818,047
Cash flows from investing activities    
Investments in leases - sales-type (143,458) 0
Investments in leases - financing receivables (435,684) 0
Investments in loans and securities (1,158,733) (786,360)
Principal repayments of loans and securities and receipts of deferred fees 558,218 20,296
Payments for real estate under development (25,499) 0
Capitalized transaction costs (817) (325)
Maturities of short-term investments 44,484 0
Acquisition of property and equipment (3,501) (1,033)
Proceeds from sale of real estate 0 1,962
Net cash used in investing activities (1,164,990) (765,460)
Cash flows from financing activities    
Proceeds from Revolving Credit Facility 420,185 426,024
Repayment of Revolving Credit Facility (290,000) (432,689)
Proceeds from senior unsecured notes offerings 1,724,957 1,284,437
Redemption of senior unsecured notes (1,750,000) (1,300,000)
Debt issuance costs (5,263) (19,401)
Repurchase of stock for tax withholding (2,298) (7,232)
Distributions to non-controlling interests (24,764) (23,970)
Net cash used in financing activities (1,142,937) (1,070,208)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (480) 509
Net (decrease) increase in cash, cash equivalents and restricted cash (293,158) (17,112)
Cash, cash equivalents and restricted cash, beginning of period 563,479 524,615
Cash, cash equivalents and restricted cash, end of period 270,321 507,503
Supplemental cash flow information:    
Cash paid for interest 649,022 620,778
Cash paid for capitalized interest 340 0
Cash paid for income taxes 5,853 3,311
Supplemental non-cash investing and financing activity:    
Accrued capitalized transaction costs 7,930 1,859
Non-cash change in Investments in leases - financing receivables 224,297 211,903
Reclassification from Investments in leases - financing receivables to Investments in leases - sales-type 706,115 0
VICI Properties LP    
Cash flows from operating activities    
Net income 1,762,680 2,198,582
Adjustments to reconcile net income to cash flows provided by operating activities:    
Non-cash leasing and financing adjustments (406,933) (393,076)
Stock-based compensation 13,629 11,758
Depreciation 396 390
Other losses (gains) 595 (792)
Amortization of debt issuance costs and original issue discount 33,343 35,791
Change in allowance for credit losses 610,314 24,803
Deferred income taxes 1,636 2,541
Payment-in-kind interest (13,543) (23,831)
Receipt of payment-in-kind interest 51,089 0
Net proceeds from settlement of derivatives 19,959 1,767
Change in operating assets and liabilities:    
Other assets 2,483 (7,822)
Accrued expenses and deferred revenue (63,736) (41,601)
Other liabilities (6,745) (48)
Net cash provided by operating activities 2,005,167 1,808,462
Cash flows from investing activities    
Investments in leases - sales-type (143,458) 0
Investments in leases - financing receivables (435,684) 0
Investments in loans and securities (1,158,733) (786,360)
Principal repayments of loans and securities and receipts of deferred fees 558,218 20,296
Payments for real estate under development (25,499) 0
Capitalized transaction costs (817) (325)
Maturities of short-term investments 44,484 0
Acquisition of property and equipment (94) (95)
Proceeds from sale of real estate 0 1,962
Net cash used in investing activities (1,161,583) (764,522)
Cash flows from financing activities    
Contributions from parent 256,642 438,943
Distributions to parent (1,473,330) (1,386,158)
Proceeds from Revolving Credit Facility 420,185 426,024
Repayment of Revolving Credit Facility (290,000) (432,689)
Proceeds from senior unsecured notes offerings 1,724,957 1,284,437
Redemption of senior unsecured notes (1,750,000) (1,300,000)
Debt issuance costs (5,263) (19,401)
Repurchase of stock for tax withholding (2,298) (7,232)
Distributions to non-controlling interests (8,252) (8,100)
Net cash used in financing activities (1,127,359) (1,004,176)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (480) 509
Net (decrease) increase in cash, cash equivalents and restricted cash (284,255) 40,273
Cash, cash equivalents and restricted cash, beginning of period 553,412 456,899
Cash, cash equivalents and restricted cash, end of period 269,157 497,172
Supplemental cash flow information:    
Cash paid for interest 649,022 620,778
Cash paid for capitalized interest 340 0
Cash paid for income taxes 3,316 1,188
Supplemental non-cash investing and financing activity:    
Distributions payable 512,122 486,468
Accrued capitalized transaction costs 7,930 1,859
Non-cash change in Investments in leases - financing receivables 224,297 211,903
Reclassification from Investments in leases - financing receivables to Investments in leases - sales-type $ 706,115 $ 0