Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

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

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

(In millions)
	As of June 30, 2019				As of December 31, 2018
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	19.7	$	19.7	$	25.7	$	25.7
Restricted cash and cash equivalents	328.8		328.8		303.6		303.6
Restricted securities available for sale	61.5		61.5		58.6		58.6
Loans receivable, net	6,384.0		6,466.8		5,763.3		5,855.1
Liabilities
Revolving secured line of credit	$	38.4	$	38.4	$	171.9	$	171.9
Secured financing	3,233.0		3,275.6		3,092.7		3,100.9
Senior notes	939.6		985.2		544.4		556.3
Mortgage note	11.6		11.6		11.9		11.9

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 June 30, 2019
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	19.7	$	—	$	—	$	19.7
Restricted cash and cash equivalents (1)	328.8		—		—		328.8
Restricted securities available for sale (2)	49.4		12.1		—		61.5
Loans receivable, net (1)	—		—		6,466.8		6,466.8
Liabilities
Revolving secured line of credit (1)	$	—	$	38.4	$	—	$	38.4
Secured financing (1)	—		3,275.6		—		3,275.6
Senior notes (1)	985.2		—		—		985.2
Mortgage note (1)	—		11.6		—		11.6

(In millions)
	As of December 31, 2018
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	25.7	$	—	$	—	$	25.7
Restricted cash and cash equivalents (1)	303.6		—		—		303.6
Restricted securities available for sale (2)	47.9		10.7		—		58.6
Loans receivable, net (1)	—		—		5,855.1		5,855.1
Liabilities
Revolving secured line of credit (1)	$	—	$	171.9	$	—	$	171.9
Secured financing (1)	—		3,100.9		—		3,100.9
Senior notes (1)	556.3		—		—		556.3
Mortgage note (1)	—		11.9		—		11.9

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

(2)

Measured at fair value on a recurring basis