Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 117

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 117
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,303)(358)(14,661)Change in allowance2,126 71 2,197 Ending balance at September 30, 2025$(12,177)$(287)$(12,464)Rockford LoanIone LoanTotalBalance at December 31, 2023$(964)$— $(964)Change in allowance(729)— (729)Ending balance at March 31, 2024(1,693)— (1,693)Change in allowance(935)— (935)Ending balance at June 30, 2024(2,628)— (2,628)Change in allowance(2,190)(59)(2,249)Ending balance at September 30, 2024$(4,818)$(59)$(4,877)The amortized cost basis of the Company's real estate loans, financing receivables by year of origination is shown below as of September 30, 2025 (in thousands):Origination yearReal estate loansAllowance for credit lossesAmortized cost basis at  September 30, 2025Allowance as a percentage of outstanding real estate loans2024$39,346 $(287)$39,059 (0.73)%2023150,000 (12,177)137,823 (8.12)%Total$189,346 $(12,464)$176,882 (6.58)%The real estate loans are subject to CECL, which is described in Note 3.  The Company recorded a benefit for credit losses of $2.2 million and a provision for credit losses of $7.9 million for the three month and nine month period ended September 30, 2025 on the Company's real estate loans, respectively.  The benefit for the three months ended September 30, 2025 was driven by an improvement in the third-party forward looking economic outlook used in the Company's CECL reserve calculation compared to what was utilized at June 30, 2025.  The provision for the nine months ended September 30, 2025 was primarily driven by the deterioration in the third-party forward-looking economic outlook used in the Company's CECL reserve calculations compared to what was utilized at December 31, 2024.  The Company recorded a provision for credit losses of $2.2 million and $3.9 million for the three month and nine months ended September 30, 2024