Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2020

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 September 30, 2020				As of December 31, 2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	8.9	$	8.9	$	187.4	$	187.4
Restricted cash and cash equivalents	391.9		391.9		330.3		330.3
Restricted securities available for sale	66.8		66.8		59.3		59.3
Loans receivable, net	6,865.2		7,263.0		6,685.2		6,777.2
Liabilities
Revolving secured line of credit	$	125.7	$	125.7	$	—	$	—
Secured financing	3,692.8		3,762.0		3,339.7		3,397.5
Senior notes	790.1		808.1		1,187.8		1,257.6
Mortgage note	10.7		10.7		11.3		11.3

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 September 30, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	8.9	$	—	$	—	$	8.9
Restricted cash and cash equivalents (1)	391.9		—		—		391.9
Restricted securities available for sale (2)	53.8		13.0		—		66.8
Loans receivable, net (1)	—		—		7,263.0		7,263.0
Liabilities
Revolving secured line of credit (1)	$	—	$	125.7	$	—	$	125.7
Secured financing (1)	—		3,762.0		—		3,762.0
Senior notes (1)	808.1		—		—		808.1
Mortgage note (1)	—		10.7		—		10.7

(In millions)	As of December 31, 2019
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	187.4	$	—	$	—	$	187.4
Restricted cash and cash equivalents (1)	330.3		—		—		330.3
Restricted securities available for sale (2)	47.5		11.8		—		59.3
Loans receivable, net (1)	—		—		6,777.2		6,777.2
Liabilities
Revolving secured line of credit (1)	$	—	$	—	$	—	$	—
Secured financing (1)	—		3,397.5		—		3,397.5
Senior notes (1)	1,257.6		—		—		1,257.6
Mortgage note (1)	—		11.3		—		11.3

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

(2)Measured at fair value on a recurring basis