Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 119

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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23

Investment in leases, sales type, netThe fair value of the Company's investment in leases, sales type, net was initially based on a third party valuation report which utilized both market based and income based valuation approaches to value the underlying land related to the applicable lease at the lease reassessment date. Subsequent changes in the fair value from this date are based on changes in the commercial real estate price index. As such, this was determined to be a Level 3 measurement as defined under ASC 820.Real Estate Loans, netThe fair value of the Company's real estate loans are estimated based on the present value of the loans' future cash flows using a discounted cash flow analysis.  The fair value of the loans is subject to fluctuations from changes in market interest rates at each reporting period and the fair value measurement is considered a Level 3 measurement as defined in ASC 820.Deferred Compensation Plan Assets The Company's deferred compensation plan assets consist of open-ended mutual funds and as such the fair value measurement of the assets is considered a Level 1 measurement as defined under ASC 820. Deferred compensation plan assets are included within other assets on the condensed consolidated balance sheets. Interest rate swapsThe fair value of the Company's interest rate swaps are based on quoted prices on similar instruments in active markets and is considered a Level 2 measurement as defined in ASC 820.  It includes a credit valuation adjustment which was not material to the overall fair value of the instrument.  Long-term Debt The fair value of the Senior Notes are estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820. The fair value of the obligations in our Amended Credit Agreement is based on indicative pricing from market information (Level 2 inputs).The estimated fair values of the Company’s financial instruments are as follows (in thousands): June 30, 2025December 31, 2024 CarryingAmountFairValueCarryingAmountFairValueFinancial assets:    Cash and cash equivalents $604,164 $604,164 $462,632 $462,632 Investment securities held to maturity— — 560,832 561,154 Investment in leases, financing receivables, net2,276,068 2,064,302 2,333,114 2,087,705 Investment in leases, sales type, net243,393 281,813 254,821 280,970 Real estate loans,