7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-10-06 
      
    		                                
      cash flows from operating activities
    		                                
      net income
    		773,620,000 878,368,000 552,265,000 624,205,000 744,481,000 752,753,000 599,803,000 759,721,000 565,459,000 701,581,000 527,861,000 614,842,000 336,878,000 -58,141,000 242,688,000 283,798,000 164,184,000 303,077,000 272,099,000 290,412,000 396,218,000 231,643,000 -22,065,000 100,713,000 146,515,000 154,127,000 152,926,000 144,630,000 132,024,000 141,360,000 114,103,000  
      adjustments to reconcile net income to cash flows from operating activities:
    		                                
      non-cash leasing and financing adjustments
    		-131,105,000 -129,924,000 -132,047,000 -134,869,000 -135,890,000 -131,283,000 -135,666,000 -131,800,000 -131,344,000 -129,510,000 -122,834,000 -107,109,000 -108,553,000 -86,405,000 -35,564,000 -30,255,000 -31,425,000 -30,155,000 -28,134,000 -28,442,000 -19,548,000 3,302,000 2,924,000          
      stock-based compensation
    		4,415,000 4,439,000 2,904,000 4,538,000 4,601,000 4,579,000 3,793,000 4,019,000 4,019,000 4,031,000 3,467,000 3,627,000 3,493,000 3,236,000 2,630,000 2,304,000 2,395,000 2,395,000 2,277,000 2,013,000 2,014,000 2,011,000 1,350,000 1,402,000 1,404,000 1,366,000 1,051,000 860,000     
      depreciation
    		937,000 741,000 996,000 992,000 1,008,000 992,000 1,133,000 1,586,000 1,011,000 887,000 814,000 811,000 816,000 779,000 776,000 771,000 771,000 757,000 792,000 741,000 910,000 1,213,000 867,000 883,000 1,000,000 1,018,000 930,000 929,000 929,000 922,000 906,000 -1,651,000 
      other gains
    		82,000   189,000 64,000                            
      amortization of debt issuance costs and original issue discount
    		11,007,000 12,428,000 12,356,000 12,493,000 12,580,000 11,195,000 10,400,000 10,708,000 11,186,000 10,588,000 13,641,000 4,264,000 4,290,000 7,832,000 15,977,000 20,729,000 34,098,000 9,934,000 6,691,000 4,368,000 4,368,000 4,837,000 6,299,000 14,854,000 14,816,000 1,899,000 1,465,000 1,499,000 1,495,000 1,488,000 1,494,000  
      change in allowance for credit losses
    		-20,153,000 -142,001,000 186,957,000 94,428,000 -31,626,000 -43,000,000 106,918,000 -63,295,000 95,997,000 -41,355,000 111,477,000 -30,965,000 232,763,000 551,876,000 80,820,000 4,899,000 9,031,000 -29,104,000 -4,380,000 -16,563,000 177,052,000 -65,480,000 149,508,000          
      net proceeds from settlement of derivatives
    		0 0 1,767,000 6,775,000 0 0 2,827,000     1,000 0                    
      deferred income taxes
    		2,776,000 4,048,000 -3,976,000 1,205,000 1,945,000 1,854,000 435,000                          
      payment-in-kind interest
    		-13,084,000                                
      change in operating assets and liabilities:
    		                                
      other assets
    		-2,354,000 419,000 -6,666,000 9,338,000 14,095,000 -14,979,000 -5,026,000 4,990,000 -2,114,000 868,000 1,380,000 -1,621,000 1,235,000 -3,230,000 -2,057,000 -1,864,000 10,369,000 -6,136,000 -1,539,000 -3,906,000 245,000 -515,000 1,111,000 317,000 972,000 -3,709,000 -3,215,000 -3,336,000 -15,930,000 -3,879,000 200,000  
      accrued expenses and deferred revenue
    		-41,871,000 25,508,000 -22,898,000 26,130,000 -28,903,000 28,840,000 -39,510,000 2,585,000 10,016,000 -11,964,000 -12,282,000 1,585,000 31,909,000 25,937,000 -7,170,000                  
      other liabilities
    		2,019,000 -2,388,000 83,000 -1,327,000 -3,303,000 4,649,000 -1,524,000 -1,435,000 -3,246,000 -1,294,000 -1,521,000 29,000 -24,000 -220,000 73,000 -1,371,000 -3,865,000 5,279,000 433,000 2,830,000 -5,112,000 6,492,000 -2,752,000 -184,000 -3,169,000 5,963,000 -2,271,000 4,200,000 25,230,000    
      net cash from operating activities
    		586,289,000 639,899,000 591,859,000 644,097,000 579,052,000 614,610,000 543,739,000 576,492,000 552,106,000 530,378,000 522,033,000 487,919,000 504,343,000 652,961,000 298,173,000 285,426,000 200,454,000 254,744,000 155,726,000 344,119,000 221,024,000 181,051,000 137,446,000 244,960,000 174,257,000 147,300,000 115,642,000 175,565,000 81,854,000 124,180,000 122,483,000  
      capex
    		-205,000 -672,000 -156,000 -1,084,000 -1,366,000 -2,666,000 -2,410,000 -2,141,000 -577,000 -329,000 -988,000 -718,000 -472,000 -232,000 -454,000 -852,000 -130,000 -276,000 -1,247,000 -241,000 -340,000 -858,000 -1,329,000 -295,000 -948,000 -290,000 -1,191,000 -155,000 -187,000 -212,000 -345,000  
      free cash flows
    		586,084,000 639,227,000 591,703,000 643,013,000 577,686,000 611,944,000 541,329,000 574,351,000 551,529,000 530,049,000 521,045,000 487,201,000 503,871,000 652,729,000 297,719,000 284,574,000 200,324,000 254,468,000 154,479,000 343,878,000 220,684,000 180,193,000 136,117,000 244,665,000 173,309,000 147,010,000 114,451,000 175,410,000 81,667,000 123,968,000 122,138,000  
      cash flows from investing activities
    		                                
      investments in leases - sales-type
    		   -150,000,000 -151,900,000 -104,000,000 -5,900,000 -9,924,000 -216,215,000 -8,900,000 -6,100,000 -5,006,000 -17,000 -732,000 -4,012,096,000                  
      investments in leases - financing receivables
    		   0 0 0 -248,000 -766,169,000 -162,555,000 -589,000 -202,683,000     0 0 0 -6,000,000 -12,060,000 -1,835,284,000 -124,000 -847,035,000          
      investments in loans and securities
    		-62,416,000 -338,592,000 -385,352,000 -105,330,000 -86,440,000 -315,606,000 -71,681,000 -257,023,000 -354,658,000 -138,152,000 -209,302,000                      
      principal repayments of loans and securities and receipts of deferred fees
    		12,782,000                                
      capitalized transaction costs
    		-248,000 46,000 -123,000 -3,772,000 -2,016,000 367,000 -442,000 -709,000 -218,000 -321,000 -220,000 -903,000 294,000 -6,959,000 -136,000 -11,482,000 -7,331,000 -1,285,000 -599,000 571,000 249,000 -394,000 -690,000 -6,694,000 -899,000 -620,000 -485,000      
      investments in short-term investments
    		   0 0 0 -29,579,000     -98,810,000        0    0 -342,767,000 -72,803,000 -24,783,000 -520,877,000     
      maturities of short-term investments
    		   0 0   0 0 0 217,342,000     0 0 0 19,973,000 0 0 0 59,474,000 283,293,000 97,586,000 332,095,000 188,782,000 320,676,000     
      proceeds from sale of real estate
    		-30,000   11,000 0   0 -50,000       9,488,000    18,925,000             
      acquisition of property and equipment
    		-205,000 -672,000 -156,000 -1,084,000 -1,366,000 -2,666,000 -2,410,000 -2,141,000 -577,000 -329,000 -988,000 -718,000 -472,000 -232,000 -454,000 -852,000 -130,000 -276,000 -1,247,000 -241,000 -340,000 -858,000 -1,329,000 -295,000 -948,000 -290,000 -1,191,000      
      net cash from investing activities
    		-50,117,000 -329,762,000 -385,581,000 -260,175,000 -241,572,000 -311,874,000 -109,160,000 -954,210,000 -734,123,000 258,094,000 -1,468,856,000 -414,916,000 -246,742,000 -4,614,111,000 -4,028,245,000 21,593,000 -22,249,000 9,696,000 32,409,000 7,590,000 -3,715,918,000 -852,000 -839,579,000 -5,522,000 -806,843,000 -447,854,000 -101,160,000 -308,406,000 -792,008,000 -40,118,000 -345,000  
      cash flows from financing activities
    		                                
      proceeds from offering of common stock
    		   263,575,000    807,688,000 298,680,000 101,467,000 1,272,270,000 0 0 -22,000 3,219,123,000 -350,000    0 63,031,000 1,276,840,000 199,877,000 -53,000 -648,000 1,036,923,000 128,085,000      
      proceeds from revolving credit facility
    		2,668,000 175,000,000 248,356,000     10,944,000 55,500,000 0 352,704,000 0 0 0 600,000,000                  
      repayment of revolving credit facility
    		-174,999,000 -105,849,000 -151,841,000     0 0 0 -250,000,000 0 0                    
      proceeds from senior unsecured notes offerings
    		0                                
      redemption of senior unsecured notes
    		0   -750,000,000 0 0 -1,050,000,000                          
      debt issuance costs
    		0 -313,000 -19,088,000 -2,015,000 -249,000 -239,000 -2,800,000     -13,000 -155,000 -118,736,000 -27,285,000 -7,960,000    -5,000 -5,000 -6,109,000 -51,675,000 -48,328,000 -2,356,000   0 -114,000 -277,000 -726,000  
      repurchase of stock for tax withholding
    		-11,000 -44,000 -7,177,000 0 -9,000 -336,000 -4,996,000 0 -9,000 -362,000 -4,595,000 -38,000 0 -3,406,000 -2,712,000 -87,000 0 -128,000 -1,519,000 -1,000 0 -41,000 -165,000          
      distributions to non-controlling interests
    		-7,989,000 -7,995,000 -7,986,000 -7,990,000 -7,770,000 -7,768,000 -7,707,000 -7,102,000 -16,894,000 -2,278,000 -2,278,000 -6,991,000 -6,546,000             -2,011,000 -2,031,000 -1,981,000 -1,981,000 -1,982,000 -3,856,000  
      dividends paid
    		-456,815,000 -456,886,000 -459,026,000 -452,674,000 -432,694,000 -432,812,000 -434,811,000 -422,076,000 -382,855,000 -396,297,000 -382,612,000 -375,411,000 -346,518,000 -269,325,000 -227,863,000 -226,430,000 -177,104,000 -177,248,000 -178,008,000 -177,025,000 -158,651,000 -139,396,000 -137,133,000 -137,099,000 -132,441,000 -118,077,000 -116,341,000 -106,386,000 -97,018,000    
      net cash from financing activities
    		-261,796,000 -411,650,000 -396,762,000 -214,894,000 -329,291,000 -441,155,000 -471,781,000 389,349,000 -45,578,000 -297,470,000 985,489,000 -382,453,000 -353,219,000 4,006,449,000 3,559,160,000 -236,919,000 83,787,000 -179,448,000 -181,598,000 -179,773,000 -41,585,000 1,129,253,000 1,971,324,000 398,945,000 -137,456,000 911,464,000 9,713,000 586,007,000 -99,113,000 -61,537,000 612,479,000  
      effect of exchange rate changes on cash, cash equivalents and restricted cash
    		144,000 179,000 186,000 -80,000 318,000 261,000 -54,000 59,000 -314,000 118,000 74,000                      
      net decrease in cash, cash equivalents and restricted cash
    		274,520,000 -101,334,000 -190,298,000                              
      cash, cash equivalents and restricted cash, beginning of period
    		0 0 524,615,000 0 0 0 522,574,000 0 0 0 208,933,000 0 0 0 739,614,000 0 0 0 315,993,000 0 0 0 1,101,893,000 0 0 0 598,447,000 0 0 0 197,406,000  
      cash, cash equivalents and restricted cash, end of period
    		274,520,000 -101,334,000 334,317,000 168,948,000 8,507,000 -138,158,000 485,318,000 11,690,000 -227,909,000 491,120,000 247,673,000 -309,450,000 -95,618,000 45,299,000 568,702,000 70,100,000 261,992,000 84,992,000 322,530,000 171,936,000 -3,536,479,000 1,309,452,000 2,371,084,000 638,383,000 -770,042,000 610,910,000 622,642,000 453,166,000 -809,267,000 22,525,000 932,023,000  
      supplemental cash flow information:
    		                                
      cash paid for interest
    		239,005,000 103,444,000 278,329,000 186,010,000 214,075,000 163,349,000 217,967,000 198,675,000 187,242,000 198,646,000 178,047,000 176,687,000 137,325,000   50,645,000 131,836,000 71,034,000 69,704,000 73,736,000 74,754,000 75,190,000 38,784,000 60,387,000 43,508,000 63,883,000 41,601,000 62,902,000 42,585,000 60,687,000 47,135,000  
      cash paid for income taxes
    		0   0 0   19,000 1,150,000   718,000 220,000   0 0   0    490,000 600,000 800,000 700,000 201,000 150,000    
      supplemental non-cash investing and financing activity:
    		                                
      dividends and distributions declared, not paid
    		24,153,000 16,000 462,299,000 3,978,000 20,200,000 14,000 437,978,000 12,426,000 29,393,000 1,257,000 396,410,000 2,000                     
      issuance of stock-based compensation subject to repurchase for tax withholding
    		25,000 1,547,000 16,955,000                              
      debt issuance costs payable
    		  305,000 396,000   240,000      0   -7,711,000 33,375,000 0 17,341,000     -12,857,000 23,140,000        
      accrued capitalized transaction costs
    		1,339,000 106,000 414,000 -4,848,000                             
      non-cash change in investments in leases - financing receivables
    		70,208,000 70,170,000 71,525,000 71,006,000 70,435,000 70,215,000 71,750,000 70,158,000 68,731,000 68,419,000 69,621,000 68,414,000 67,663,000   5,847,000 5,242,000 5,377,000 4,673,000 4,754,000             
      other losses
    		  118,000    156,000                          
      principal repayments of loans and receipts of deferred fees
    		  50,000 0 150,000 79,500,000 1,100,000 81,756,000 150,000    1,080,000    0                
      income from unconsolidated affiliate
    		       0 0 0 -1,280,000 -21,916,000 -22,719,000                    
      distributions from unconsolidated affiliate
    		       0 0 0 3,273,000 24,371,000 24,255,000                    
      non-cash transaction costs
    		           0 0                    
      net cash paid in connection with the mgm grand/mandalay bay jv interest acquisition
    		       0 0 0 -1,266,905,000                      
      net cash paid in connection with mgm growth properties acquisition
    		                                
      proceeds from 2022 revolving credit facility
    		                                
      paydown of 2022 revolving credit facility
    		                                
      net increase in cash, cash equivalents and restricted cash
    		   168,948,000 8,507,000 -138,158,000 -37,256,000 11,690,000 -227,909,000 491,120,000 38,740,000 -309,450,000 -95,618,000 45,299,000 -170,912,000 70,100,000 261,992,000 84,992,000 6,537,000 171,936,000 -3,536,479,000 1,309,452,000 1,269,191,000   610,910,000 24,195,000      
      obtaining right-of-use assets in exchange for lease liabilities
    		       59,131,000                         
      proceeds from march 2024 notes offering
    		    0 0 1,028,533,000                          
      deferred transaction costs payable
    		     803,000 2,896,000 -2,107,000 1,741,000 1,055,000 1,622,000 1,047,000 -2,966,000   -8,549,000 5,610,000 3,221,000 3,595,000 -34,000 -1,775,000 780,000 1,525,000 -4,668,000 1,528,000        
      loss on extinguishment of debt
    		               0    0 0 0 39,059,000     0 0 0 23,040,000  
      net cash paid in connection with mgp transactions
    		           0 -100,000                    
      principal repayments of lease financing receivables
    		               -1,108,000 560,000 809,000 282,000 465,000 628,000 524,000 344,000          
      proceeds from april 2022 notes offering
    		           0 0                    
      repayment of term loan b facility
    		               0                 
      issuance of stock based compensation subject to repurchase for tax withholding
    		                                
      other (gains) losses
    		        1,122,000                        
      foreign currency remeasurement gain
    		          -1,963,000                      
      gain upon lease modification
    		                   0             
      investments in loans
    		           -106,567,000 -39,805,000 -31,802,000 -15,559,000 -14,453,000    -70,000 -485,063,000 0 -50,343,000          
      principal repayments of loan and receipts of deferred fees
    		                                
      proceeds from february 2020 senior unsecured notes
    		                   0 0 0 2,500,000,000          
      redemption of second lien notes
    		                    0 0 -537,538,000          
      cplv cmbs debt prepayment penalty reimbursement
    		                   0             
      transfer of investments in leases - operating to investments in leases - sales-type and direct financing due to modification of the caesars lease agreements in connection with the caesars transaction
    		                                
      transfer of investments in leases - operating to land due to modification of the caesars lease agreements in connection with the caesars transaction
    		                                
      equity issuance costs payable
    		                                
      lease liabilities arising from obtaining right-of-use assets
    		            0       0             
      dividends declared, not paid
    		               -1,000 49,197,000 6,000 177,217,000 793,000 18,334,000 19,354,000 139,413,000 0 4,610,000 14,385,000 118,154,000 10,147,000 9,249,000    
      distributions to non-controlling interest
    		              -2,103,000 -2,092,000 -2,072,000 -2,072,000 -2,071,000 -2,742,000 -1,361,000 -2,041,000 -2,042,000          
      investments in leases - sales-type and direct financing
    		                   0             
      proceeds from november 2019 senior unsecured notes
    		                                
      repayment of cplv cmbs debt
    		                                
      transfer of investments in leases - operating to investments in leases - sales-type and direct financing due to modification of the caesars lease agreements in connection with the eldorado transaction
    		                   -63,479,000             
      transfer of investments in leases - operating to land due to modification of the caesars lease agreements in connection with the eldorado transaction
    		                   0             
      cplv cmbs debt prepayment penalty reimbursement receivable from caesars
    		                                
      accrued interest
    		                -835,000 -1,162,000 653,000 -684,000 -1,722,000 -2,334,000 31,009,000 -3,792,000 9,980,000 -10,737,000 10,518,000 -9,488,000 9,418,000 -11,133,000 3,792,000  
      deferred revenue
    		                109,000 -141,000 -93,166,000 93,350,000 -49,000 -118,000 -69,864,000 70,090,000 245,000 -350,000 -43,250,000 42,904,000 -71,260,000 11,032,000 -7,188,000  
      transfer of investments in leases - operating to investments in leases - sales-type due to modification of the caesars lease agreements in connection with the eldorado transaction
    		                                
      increase in investments in leases - sales-type due to gain upon lease modification in connection with the eldorado transaction
    		                                
      principal repayments of loans
    		                  20,000,000              
      loss on impairment
    		                           0     
      lease modification fee
    		                                
      payment of second lien notes
    		                           0 0 0 -290,058,000  
      payment of cplv cmbs debt
    		                                
      payment of term loan b facility
    		                           0 0 0 -100,000,000  
      payment of revolving credit facility
    		                           0 0 0 -300,000,000  
      transfer of investments in leases - operating to land
    		                                
      transfer of investments in leases - sales-type and direct financing to investments in leases - operating
    		                                
      cplv cmbs debt prepayment penalty reimbursement receivable from eldorado
    		                                
      increase in investments in leases - sales-type and direct financing due to gain upon lease modification in connection with the eldorado transaction
    		                                
      investments in leases - direct financing and sales-type
    		                                
      proceeds from sale of land
    		                       0 0 0 1,044,000 0     
      direct financing and sales-type lease adjustments
    		                       2,534,000 2,494,000 -2,277,000 -2,512,000      
      investments in direct financing and sales-type leases
    		                       -281,826,000 -559,815,000 -706,236,000 -264,527,000      
      proceeds from private placement of common stock
    		                                
      proceeds from issuance of term loan b facility
    		                                
      proceeds from issuance of revolving credit facility
    		                                
      payment of prior term loan
    		                                
      payment of prior first lien notes
    		                                
      repurchase of mezzanine debt
    		                                
      proceeds from unrecognized sale of real estate
    		                                
      mandatory debt conversion costs
    		                                
      transfer of investments in operating leases to land
    		                           0     
      transfer of investments in direct financing leases to investments in operating leases
    		                                
      right-of-use asset and lease liability
    		                                
      right-of-use asset and lease liability recorded upon adoption of asc 842
    		                         0 11,133,000      
      direct financing lease adjustments
    		                           -6,285,000 -13,009,000 -13,196,000 -12,914,000  
      investments in direct financing leases
    		                           -263,712,000     
      acquisition of property and equipment, net of change in related payables
    		                           -155,000 -187,000 -212,000 -345,000  
      proceeds from initial public offering of common stock
    		                           0 0 0 1,307,119,000  
      proceeds from follow-on offering of common stock
    		                                
      changes in accruals for additions to deferred transaction costs
    		                                
      deferred transaction costs
    		                                
      share-based compensation
    		                             468,000 391,000  
      investments in short-term commercial paper
    		                                
      accounts payable and accrued expenses
    		                              -1,341,000  
      net increase in cash and cash equivalents
    		                              734,617,000 142,471,000 
      investment in direct financing leases
    		                                
      acquisition of investment in direct financing leases
    		                                
      proceeds from issuance of term b loan facility
    		                                
      payment of mezzanine debt
    		                                
      provisions for bad debt
    		                                
      change in current assets and liabilities:
    		                                
      receivables
    		                                
      inventories
    		                                
      prepayments
    		                                
      accounts payable
    		                                
      accrued expenses
    		                                
      acquisitions of property and equipment, net of change in related payables
    		                                
      cash flows used in investing activities
    		                                
      repayments for capital leases
    		                                
      transactions with parent
    		                                
      cash flows used in financing activities
    		                                
      cash and cash equivalents, beginning of period
    		                                
      cash and cash equivalents, end of period
    		                                
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.