Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 40

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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5.    Real estate loans, net The Company entered into the Rockford Loan to fund the construction of the Hard Rock Casino Rockford in Rockford, Illinois.  As of June 30, 2025 and December 31, 2024, the entire $150 million commitment was drawn.  On January 1, 2025, the Company amended the terms of the Rockford Loan to reduce the interest rate to 8% from 10% with a maturity date of June 30, 2026, subject to a 6 month extension.  The Company also entered into the Ione Loan for up to $110 million, of which $25.8 million and $15.2 million was drawn as of June 30, 2025 and December 31, 2024, respectively.  The following is a summary of the balances of the Company's Real estate loans, net.June 30, 2025December 31, 2024(in thousands)Real estate loans$175,829 $165,160 Less: Allowance for credit losses(14,661)(4,570)Real estate loans, net$161,168 $160,590 

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The change in the allowance for credit losses for the Company's Real estate loans is shown below (in thousands):Rockford LoanIone LoanTotalDecember 31, 2024$(4,487)$(83)$(4,570)Change in allowance(2,939)(67)(3,006)Ending balance at March 31, 2025$(7,426)$(150)$(7,576)Change in allowance$(6,877)$(208)$(7,085)Ending balance at June 30, 2025$(14,303)$(358)$(14,661)Rockford LoanBalance at December 31, 2023$(964)Change in allowance(729)Ending balance at March 31, 2024$(1,693)Change in allowance$(935)Ending balance at June 30, 2024$(2,628)The amortized cost basis of the Company's real estate loans, financing receivables by year of origination is shown below as of June 30, 2025 (in thousands):Origination yearReal estate loansAllowance for credit lossesAmortized cost basis at  June 30, 2025Allowance as a percentage of outstanding real estate loans2024$