v3.26.3
Investment in leases, financing receivables, net (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, All Other Investments [Abstract]  
Summary of Company's Investment in Leases
September 30,
2026		September 30,
2026		December 31,
2025		December 31,
2025
Investment in leases, sales-typeInvestment in leases, financing receivablesInvestment in leases, sales-typeInvestment in leases, financing receivables
Minimum lease payments receivable$682,491 $9,954,033 $693,619 $10,090,473 
Estimated residual values of lease property (unguaranteed)278,500 1,444,690 278,500 1,444,690 
Total960,991 11,398,723 972,119 11,535,163 
Less: Unearned income(682,494)(8,796,972)(693,622)(8,955,526)
Less: Allowance for credit losses(33,376)(50,836)(30,076)(22,133)
Investment in leases, net$245,121 $2,550,915 $248,421 $2,557,504 
Summary of Minimum Lease payments Owed to Us
At September 30, 2026, minimum lease payments owed to us for each of the five succeeding years under the Company's investment in leases were as follows (in thousands):
Year ending December 31,Future Minimum Lease Payments - Sales-TypeFuture Minimum Lease Payments - Financing Receivables
2026 (remainder of year)$3,709 $45,652 
202714,837 185,336 
202814,837 188,639 
202914,837 192,000 
203014,837 195,423 
Thereafter619,434 9,146,983 
Total$682,491 $9,954,033 
Rollforward of Reserves for Direct Financing Leases
The change in the allowance for credit losses for the Company's investment in leases is illustrated below (in thousands):

Balance at December 31, 2025Change in AllowanceBalance at March 31, 2026Change in AllowanceBalance at June 30, 2026Change in AllowanceBalance at September 30, 2026
Maryland Live Lease$2,589 $591 $3,180 $(273)$2,907 $4,861 $7,768 
PA Live Master Lease11,935 (1,167)10,768 2,344 13,112 12,862 25,974 
Rockford Lease894 1,140 2,034 2,774 4,808 828 5,636 
Tioga Downs Lease3,573 644 4,217 (1,273)2,944 2,191 5,135 
Strategic Lease3,142 838 3,980 (299)3,681 2,642 6,323 
Tropicana LV Lease30,076 (2,091)27,985 (1,308)26,677 6,699 33,376 
Total$52,209 $(45)$52,164 $1,965 $54,129 $30,083 $84,212 

Balance at December 31, 2024Change in AllowanceBalance at March 31, 2025Change in AllowanceBalance at June 30, 2025Change in AllowanceBalance at September 30, 2025
Maryland Live Lease$8,732 $5,696 $14,428 $14,143 $28,571 $(14,466)$14,105 
PA Live Master Lease18,471 12,286 30,757 20,223 50,980 (11,424)39,556 
Rockford Lease$3,077 2,041 5,118 4,788 9,906 (1,304)8,602 
Tioga Downs Lease2,651 3,767 6,418 3,105 9,523 (2,567)6,956 
Strategic Lease1,134 3,067 4,201 1,696 5,897 179 6,076 
Tropicana LV Lease23,681 9,157 32,838 2,268 35,106 (4,933)30,173 
Total$57,746 $36,014 $93,760 $46,223 $139,983 $(34,515)$105,468 
Summary of Amortized Cost Basis of Company's Investment in Leases by Year of Origination
The amortized cost basis of the Company's investment in leases, financing receivables by year of origination is shown below as of September 30, 2026 (in thousands):

Origination yearInvestment in leases, financing receivablesAllowance for credit losses
Amortized cost basis at September 30, 2026
Allowance as a percentage of outstanding financing receivable
2025$186,323 $(4,188)$182,135 (2.25)%
2024301,871 (7,269)294,602 (2.41)%
2023106,493 (5,636)100,857 (5.29)%
2022728,925 (25,975)702,950 (3.56)%
20211,278,139 (7,768)1,270,371 (0.61)%
Total$2,601,751 $(50,836)$2,550,915 (1.95)%


The amortized cost basis of the Company's investment in leases, sales-type by year of origination is shown below as of September 30, 2026 (in thousands):

Origination yearInvestment in leases, sales-typeAllowance for credit losses
Amortized cost basis at September 30, 2026
Allowance as a percentage of outstanding financing receivable
2024$278,497 $(33,376)$245,121 (11.98)%