Fair Value (Tables)

9 Months Ended

Sep. 30, 2026

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

The following table summarizes our assets measured at fair value on a recurring basis as of December 31, 2025. As of September 30, 2026, there were no assets or liabilities measured at fair value on a recurring basis.


	December 31, 2025
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Short-term investments (1)	$	44,484	$	—	$	44,484	$	—

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(1)The carrying value of these investments is equal to their fair value due to the short-term nature of the investments, as well as their credit quality.

Schedule of Estimated Fair Value

The estimated fair values of our financial instruments as of September 30, 2026 and December 31, 2025 for which fair value is only disclosed are as follows:


	September 30, 2026				December 31, 2025
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investments in leases - financing receivables (1)	$	19,235,774	$	17,346,926	$	18,697,133	$	18,030,775
Investments in loans and securities (2)	2,984,010		2,975,688		2,525,457		2,445,252
Cash and cash equivalents	270,321		270,321		563,479		563,479

Financial liabilities:
Debt (3)
Revolving Credit Facility	$	267,832	$	267,832	$	142,453	$	142,453
MGM Grand/Mandalay Bay CMBS Debt	2,847,858		2,758,637		2,827,515		2,834,520
Senior Unsecured Notes	13,801,244		13,279,145		13,803,273		13,967,990

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(1)Represents our asset acquisitions structured as sale leaseback transactions. In accordance with ASC 842, since the lease agreements were determined to meet the definition of a sales-type lease and control of the asset is not considered to have been transferred to us, such lease agreements are accounted for

as financings under ASC 310. The fair value of these assets is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy.

(2)The fair value of investments in loans is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. The fair value of our senior secured notes 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.

(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.