Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of Comparison of the Carrying Value and Estimated Fair Value of Financial Instruments

A comparison of the carrying value and estimated fair value of these financial instruments is as follows:



(In millions)
	As of September 30, 2016				As of December 31, 2015
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	5.7	$	5.7	$	6.3	$	6.3
Restricted cash and cash equivalents	232.8		232.8		167.4		167.4
Restricted securities available for sale	47.0		47.0		48.3		48.3
Net investment in Loans receivable	3,764.4		3,820.8		3,101.5		3,126.3
Liabilities
Revolving secured line of credit	$	85.2	$	85.2	$	57.7	$	57.7
Secured financing (1)	1,884.2		1,901.0		1,470.1		1,471.9
Senior notes (1)	541.0		559.4		540.0		549.6


(1)	Prior year carrying amounts have been reclassified to reflect the adoption of ASU 2015-03, as amended by ASU No. 2015-15, which resulted in a reclassification of certain deferred debt issuance costs from other assets to secured financing and senior notes.

Schedule of Assets and Liabilities, Measured at Fair Value on a Recurring Basis

The following table provides the level of measurement used to determine the fair value for each of our financial instruments on a recurring basis, as of September 30, 2016 and December 31, 2015:



(In millions)
	As of September 30, 2016
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents	$	5.7	$	—	$	—	$	5.7
Restricted cash and cash equivalents	232.8		—		—		232.8
Restricted securities available for sale	37.2		9.8		—		47.0
Net investment in Loans receivable	—		—		3,820.8		3,820.8
Liabilities
Revolving secured line of credit	$	—	$	85.2	$	—	$	85.2
Secured financing	—		1,901.0		—		1,901.0
Senior notes	559.4		—		—		559.4



(In millions)
	As of December 31, 2015
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents	$	6.3	$	—	$	—	$	6.3
Restricted cash and cash equivalents	167.4		—		—		167.4
Restricted securities available for sale	38.7		9.6		—		48.3
Net investment in Loans receivable	—		—		3,126.3		3,126.3
Liabilities
Revolving secured line of credit	$	—	$	57.7	$	—	$	57.7
Secured financing	—		1,471.9		—		1,471.9
Senior notes	549.6		—		—		549.6