Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 97

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 8
Chunk 97
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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 $18.4 million and $15.2 million was drawn as of March 31, 2025 and December 31, 2024, respectively.  The following is a summary of the balances of the Company's Real estate loans, net.March 31, 2025December 31, 2024(in thousands)Real estate loans$168,369 $165,160 Less: Allowance for credit losses(7,576)(4,570)Real estate loans, net$160,793 $160,590 The change in the allowance for credit losses for the Company's Real estate loans is shown below (in thousands):Rockford LoanIone LoanTotalDecember 31, 2024$(4,487)$(83)$(4,570)Change in allowance(2,939)(67)(3,006)Ending balance at March 31, 2025$(7,426)$(150)$(7,576)Rockford LoanBalance at December 31, 2023$(964)Change in allowance(729)Ending balance at March 31, 2024$(1,693)

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The amortized cost basis of the Company's real estate loans, financing receivables by year of origination is shown below as of March 31, 2025 (in thousands):Origination yearReal estate loans, netAllowance for credit lossesAmortized cost basis at  March 31, 2025Allowance as a percentage of outstanding real estate loans2024$18,369 $(150)$18,219 (0.82)%2023150,000 (7,426)142,574 (4.95)%Total$168,369 $(7,576)$160,793 (4.50)%The real estate loans are subject to CECL, which is described in Note 3.  The Company recorded provision for credit losses of $3.0 million and $0.7 million for the three month period ended March 31, 2025 and March 31, 2024 on