Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

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 March 31, 2018				As of December 31, 2017
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	11.5	$	11.5	$	8.2	$	8.2
Restricted cash and cash equivalents	368.5		368.5		255.6		255.6
Restricted securities available for sale	51.3		51.3		46.1		46.1
Loans receivable, net	5,049.7		5,170.6		4,619.6		4,741.5
Liabilities
Revolving secured line of credit	$	23.0	$	23.0	$	13.9	$	13.9
Secured financing	2,880.2		2,878.8		2,514.1		2,527.6
Senior notes	543.2		562.9		542.8		569.4

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 measured or disclosed at fair value:

(In millions)
	As of March 31, 2018
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	11.5	$	—	$	—	$	11.5
Restricted cash and cash equivalents (1)	368.5		—		—		368.5
Restricted securities available for sale (2)	41.2		10.1		—		51.3
Loans receivable, net (1)	—		—		5,170.6		5,170.6
Liabilities
Revolving secured line of credit (1)	$	23.0	$	—	$	—	$	23.0
Secured financing (1)	—		2,878.8		—		2,878.8
Senior notes (1)	562.9		—		—		562.9

(In millions)
	As of December 31, 2017
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	8.2	$	—	$	—	$	8.2
Restricted cash and cash equivalents (1)	255.6		—		—		255.6
Restricted securities available for sale (2)	37.1		9.0		—		46.1
Loans receivable, net (1)	—		—		4,741.5		4,741.5
Liabilities
Revolving secured line of credit (1)	$	13.9	$	—	$	—	$	13.9
Secured financing (1)	—		2,527.6		—		2,527.6
Senior notes (1)	569.4		—		—		569.4

(1) Measured at amortized cost with fair value disclosed.

(2) Measured and recorded at fair value on a recurring basis.