Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 112

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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 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$25,829 $(358)$25,471 (1.39)%2023150,000 (14,303)135,697 (9.54)%Total$175,829 $(14,661)$161,168 (8.34)%The real estate loans are subject to CECL, which is described in Note 3.  The Company recorded provision for credit losses of $7.1 million and $10.1 million for the three month and six month period ended June 30, 2025 on the Company's real estate loans, respectively.  The Company recorded a provision for credit losses of $0.9 million and $1.7 million for the three month and six months ended June 30, 2024 on the Rockford Loan.  Additionally, the Company recorded a provision of $0.4 million and $0.6 million during the three month and six month period ended June 30, 2025 on unfunded loan commitments compared to a benefit of $1.4 million and $1.0 million during the three month and six month period ended June 30, 2024.  The reserves for the unfunded loan commitment are recorded in other liabilities on the Condensed Consolidated Balance