Gaming & Leisure Properties, Inc. 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Directors of Gaming and Leisure Properties, Inc. and subsidiaries Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Gaming and Leisure Properties, Inc. and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control -- Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 19, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Lease Classification - See Note 12 to the Financial Statements Critical Audit Matter Description The Company performs a lease classification test upon the entry into any new tenant lease or amendment or modification of an existing tenant lease to determine if the lease will be accounted for as an operating lease, sales-type lease, or direct financing lease. The accounting guidance under ASC 842 is complex and requires the use of judgements and assumptions by management to determine the proper accounting treatment of a lease. The lease classification tests require subjective judgments, such as the fair value of the underlying leased assets, the residual value of the assets at the end of the lease term and determining the likelihood a tenant will exercise renewal options in order to determine the lease term. 64 Table of Contents Given the significant judgements made by management to determine the lease classification, we performed audit procedures to assess the reasonableness of such judgments, which required a high degree of auditor judgment. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the judgements surrounding the determination of the inputs and assumptions used in the lease classification test for any new, modified, or amended lease included the following, among others: • We tested the design and operating effectiveness of relevant controls, including management’s review and approval of the underlying key inputs and assumptions. • We evaluated the significant judgements and assumptions made by management in determining the lease classification by: ◦ Engaging fair value specialists to evaluate the reasonableness of management's valuation and allocation methodology and related inputs and assumptions to determine fair value, residual value of the leased assets and purchase price allocation of the assets acquired. ◦ Performing sensitivity analyses over key assumptions utilized. ◦ Testing the mathematical accuracy of the calculations and comparing the key inputs used in the estimate to external market sources. ◦ Evaluating the significance of leased assets to tenant's operations and the Company’s historical pattern of tenant lease amendments and modifications to assess the lease term. ◦ Reviewing lease agreements to examine material lease terms and provisions considered by management in their analysis. /s/ DELOITTE & TOUCHE LLP New York, New York February 19, 2026 We have served as the Company's auditor since 2016. 65 Table of Contents Gaming and Leisure Properties, Inc. and Subsidiaries Consolidated Balance Sheets (in thousands, except share data) December 31, 2025 December 31, 2024 Assets Real estate investments, net $ 8,474,261 $ 8,148,719 Investment in leases, financing receivables, net 2,557,504 2,333,114 Investment in leases, sales-type, net 248,421 254,821 Real estate loans, net 247,999 160,590 Right-of-use assets and land rights, net 1,072,163 1,091,783 Cash and cash equivalents 224,314 462,632 Held to maturity investment securities — 560,832 Other assets 84,947 63,458 Total assets $ 12,909,609 $ 13,075,949 Liabilities Accounts payable and accrued expenses $ 6,641 $ 5,802 Accrued interest 106,253 105,752 Accrued salaries and wages 10,209 7,154 Operating lease liabilities 242,481 244,973 Financing lease liabilities 61,219 60,788 Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts 7,203,731 7,735,877 Deferred rental revenue 205,786 228,508 Other liabilities 65,029 41,571 Total liabilities 7,901,349 8,430,425 Commitments and Contingencies (Note 11) Equity Preferred stock ($ .01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2025 and December 31, 2024) — — Common stock ($ .01 par value, 500,000,000 shares authorized, 283,037,310 and 274,422,549 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively) 2,830 2,744 Additional paid-in capital 6,613,488 6,209,827 Accumulated deficit ( 1,990,770 ) ( 1,944,009 ) Accumulated other comprehensive income 904 — Total equity attributable to Gaming and Leisure Properties 4,626,452 4,268,562 Non-controlling interests in GLPI's Operating Partnership ( 8,224,939 units outstanding at December 31, 2025 and December 31, 2024, respectively) 381,808 376,962 Total equity 5,008,260 4,645,524 Total liabilities and equity $ 12,909,609 $ 13,075,949 See accompanying Notes to the Consolidated Financial Statements. 66 Table of Contents Gaming and Leisure Properties, Inc. and Subsidiaries Consolidated Statements of Operations and Comprehensive Income (in thousands, except per share data) Year ended December 31, 2025 2024 2023 Revenues Rental income $ 1,367,943 $ 1,330,620 $ 1,286,358 Income from investment in leases, financing receivables 195,649 185,430 152,990 Income from investment in leases, sales type 15,126 5,004 — Interest income from real estate loans 16,034 10,492 1,044 Total income from real estate 1,594,752 1,531,546 1,440,392 Operating expenses Land rights and ground lease expense 55,408 47,674 48,116 General and administrative 63,488 59,571 56,450 Gains from dispositions of property ( 125 ) ( 3,790 ) ( 22 ) Property transfer tax recovery — — ( 2,187 ) Depreciation 265,864 260,152 262,870 Provision for credit losses, net 8,664 37,254 6,461 Total operating expenses 393,299 400,861 371,688 Income from operations 1,201,453 1,130,685 1,068,704 Other income (expenses) Interest expense ( 373,881 ) ( 366,897 ) ( 323,388 ) Interest income 28,796 45,989 12,607 Losses on debt extinguishment ( 3,783 ) — ( 556 ) Total other expenses ( 348,868 ) ( 320,908 ) ( 311,337 ) Income before income taxes 852,585 809,777 757,367 Income tax expense 2,229 2,129 1,997 Net income $ 850,356 $ 807,648 $ 755,370 Net income attributable to non-controlling interest in the Operating Partnership ( 25,245 ) ( 23,028 ) ( 21,087 ) Net income attributable to common shareholders $ 825,111 $ 784,620 $ 734,283 Earnings per common share: Basic earnings attributable to common shareholders $ 2.95 $ 2.87 $ 2.78 Diluted earnings attributable to common shareholders $ 2.95 $ 2.87 $ 2.77 Other comprehensive income Net income 850,356 807,648 755,370 Reclassification of derivative gain to interest expense ( 33 ) — — Gain on cash flow hedges 967 — — Comprehensive income 851,290 807,648 755,370 Comprehensive income attributable to non-controlling interest in the Operating Partnership ( 25,275 ) ( 23,028 ) ( 21,087 ) Comprehensive income attributable to common shareholders $ 826,015 $ 784,620 $ 734,283 See accompanying Notes to the Consolidated Financial Statements. 67 Table of Contents Gaming and Leisure Properties, Inc. and Subsidiaries Consolidated Statements of Changes in Equity (in thousands, except share data) Common Stock Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Income Noncontrolling Interest Operating Partnership Total Equity Shares Amount Balance, December 31, 2022 260,727,030 $ 2,607 $ 5,573,567 $ ( 1,798,216 ) $ — 340,138 $ 4,118,096 Issuance of common stock, net of costs 9,817,430 98 469,115 — — 469,213 Restricted stock activity 378,259 4 9,427 — — — 9,431 Dividends paid ($ 3.150 per common share) — — — ( 833,980 ) — — ( 833,980 ) Issuance of operating partnership units — — — — — 14,931 14,931 Distributions to non-controlling interest — — ( 24,107 ) ( 24,107 ) Net income 734,283 — 21,087 755,370 Balance, December 31, 2023 270,922,719 2,709 6,052,109 ( 1,897,913 ) — 352,049 4,508,954 Issuance of common stock, net of costs 3,072,137 31 148,185 — — — 148,216 Restricted stock activity 427,693 4 9,533 — 9,537 Dividends paid ($ 3.040 per common share) — — — ( 830,716 ) — — ( 830,716 ) Issuance of operating partnership units — — — — — 26,471 26,471 Distributions to non-controlling interest — — — — — ( 24,586 ) ( 24,586 ) Net income — — — 784,620 — 23,028 807,648 Balance, December 31, 2024 274,422,549 2,744 6,209,827 ( 1,944,009 ) — 376,962 4,645,524 Issuance of common stock, net of costs 8,170,387 82 402,710 — — — 402,792 Restricted stock and LTIP unit activity 444,374 4 951 — — 5,405 6,360 Dividends paid ($ 3.100 per common share) — — — ( 871,872 ) — — ( 871,872 ) Gain on cash flow hedges — — — — 936 31 967 Reclassification of derivative gain on cash flow hedges to interest expense — — — — ( 32 ) ( 1 ) ( 33 ) Distributions to non-controlling interest — — — — — ( 25,834 ) ( 25,834 ) Net income — — — 825,111 — 25,245 850,356 Balance, December 31, 2025 283,037,310 $ 2,830 $ 6,613,488 $ ( 1,990,770 ) $ 904 $ 381,808 $ 5,008,260 See accompanying Notes to the Consolidated Financial Statements. 68 Table of Contents Gaming and Leisure Properties, Inc. and Subsidiaries Consolidated Statements of Cash Flows (in thousands) Year ended December 31, 2025 2024 2023 Operating activities Net income $ 850,356 $ 807,648 $ 755,370 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 282,944 273,422 276,424 Amortization of items charged to interest expense 13,267 11,229 9,857 Amortization of gain on cash flow hedges and loan discounts ( 52 ) — — Accretion on investment in leases and adjustments to lease liabilities ( 27,925 ) ( 28,493 ) ( 22,587 ) Accretion on held to maturity investment securities 10,837 ( 10,837 ) — Gains on dispositions of property ( 125 ) ( 3,790 ) ( 22 ) Stock-based compensation 21,181 24,262 22,873 Straight line rent and deferred rent adjustments ( 22,468 ) ( 56,102 ) ( 39,881 ) Losses on debt extinguishment 3,783 — 556 Provision for credit losses, net 8,664 37,254 6,461 Proceeds from interest rate swap termination 967 — — Change in operating assets and liabilities Other assets ( 22,598 ) ( 10,198 ) ( 7,947 ) Accounts payable, accrued expenses , accrued salary and wages 2,881 ( 1,391 ) 1,222 Accrued interest 501 22,640 815 Other liabilities 7,204 7,126 6,231 Net cash provided by operating activities 1,129,417 1,072,770 1,009,372 Investing activities Capital project and maintenance expenditures ( 304,443 ) ( 39,688 ) ( 47,437 ) Proceeds from sale of property 125 — — Return of contingent consideration from previous acquisition — 1,798 — Acquisition of real estate assets and deposit payments ( 285,000 ) ( 640,863 ) ( 463,186 ) Fundings under the Tropicana Las Vegas Lease — ( 48,550 ) — Originations of real estate loans, net of origination discount ( 85,336 ) ( 125,160 ) ( 40,000 ) Investment in leases, financing receivables ( 184,097 ) ( 203,486 ) ( 100,202 ) Maturities of held to maturity investment securities 549,995 340,975 — Acquisition of held to maturity investment securities — ( 890,970 ) — Net cash used in investing activities ( 308,756 ) ( 1,605,944 ) ( 650,825 ) Financing activities Dividends paid ( 871,872 ) ( 830,716 ) ( 833,980 ) Non-controlling interest distributions ( 25,834 ) ( 24,586 ) ( 24,107 ) Taxes paid related to shares withheld for taxes on stock award vestings ( 14,821 ) ( 14,726 ) ( 13,442 ) Proceeds from issuance of common stock, net 402,792 148,216 469,213 Proceeds from issuance of long-term debt 1,292,161 1,521,939 1,077,784 Financing costs and costs paid to redeem senior unsecured notes ( 15,388 ) ( 24,685 ) ( 3,966 ) Repayments of long-term debt ( 1,826,017 ) ( 463,619 ) ( 585,149 ) Net cash provided by (used in) financing activities ( 1,058,979 ) 311,823 86,353 Net increase in cash and cash equivalents ( 238,318 ) ( 221,351 ) 444,900 Cash and cash equivalents at beginning of period 462,632 683,983 239,083 Cash and cash equivalents at end of period $ 224,314 $ 462,632 $ 683,983 See accompanying Notes to the Consolidated Financial Statements and Note 17 for supplemental cash flow information and noncash investing and financing activities. 69 Table of Contents Gaming and Leisure Properties, Inc. Notes to the Consolidated Financial Statements 1. Business GLPI is a self-administered and self-managed Pennsylvania REIT. GLPI was incorporated on February 13, 2013, as a wholly-owned subsidiary of PENN. On November 1, 2013, PENN contributed to the Company, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with PENN's real property interests and real estate development business, as well as the assets and liabilities of the TRS Properties via the Spin-Off. Since 2021, the Company has been structured as an umbrella partnership REIT under which substantially all of its business is conducted through GLP Capital, the day-to-day management of which is exclusively controlled by GLPI. GLPI has no material assets other than its investment in GLP Capital. GLPI issues equity from time to time and is obligated to contribute the net proceeds from those offerings to GLP Capital. As of December 31, 2025, GLPI owned 97.1% of the outstanding units of GLP Capital with the remaining units owned by third party limited partners who (directly or through affiliates) contributed properties to GLP Capital in exchange for consideration that was partially funded through the issuance of OP Units and holders of LTIP Units. The OP Units and LTIP Units once vested are exchangeable on a one for one basis for common shares of the Company. The Company's common stock is listed on the NASDAQ under the ticker symbol GLPI. All debt of the Company, including revolving credit facilities, term loans and senior unsecured notes, is incurred by GLP Capital and its subsidiaries. GLPI has fully and unconditionally guaranteed all of the Company's outstanding senior unsecured notes. The Company seeks to provide an opportunity to invest in the growth opportunities afforded by the gaming industry, with the stability and cash flow opportunities of a REIT. GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. Under these arrangements, in addition to rent, the tenants are required to pay the following executory costs: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord's interests, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. The Company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization. As of December 31, 2025, GLPI’s portfolio consisted of interests in 69 gaming and related facilities, the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 6 gaming and related facilities operated by Caesars, the real property associated with 4 gaming and related facilities operated by Boyd, the real property associated with 15 gaming and related facilities operated by Bally's and 1 facility under development with Bally's in Chicago, Illinois, the real property associated with 3 gaming and related facilities operated by Cordish, 1 gaming facility managed by a subsidiary of Hard Rock, 4 gaming and related facilities operated by Strategic and 1 gaming and related facility operated by American Racing. These facilities, including our corporate headquarters building, are geographically diversified across 20 states and we own over 5,600 acres and lease approximately 1,000 acres. As of December 31, 2025, the Company's properties were 100 % occupied. GLPI expects to continue growing its portfolio by pursuing opportunities to acquire and/or develop additional gaming facilities to lease to gaming operators under prudent terms. PENN 2023 Master Lease and Amended PENN Master Lease On January 1, 2023, the Company's Amended PENN Master Lease transferred five properties to the PENN 2023 Master Lease. In addition, the existing leases for the Hollywood Casino at The Meadows in Pennsylvania and the Hollywood Casino Perryville in Maryland were terminated and these properties were transferred into the PENN 2023 Master Lease. Both the Amended PENN Master Lease and the PENN 2023 Master Lease are triple-net operating leases, the terms of which expire on October 31, 2033, with no purchase options, followed by three remaining 5-year renewal options (exercisable by the tenant) on the same terms and conditions. Rent under the PENN 2023 Master Lease is fixed with annual escalations on the entirety of rent increasing by 1.5 % annually on November 1. In addition to the fixed escalations, a one-time annualized increase of $1.4 million is scheduled to occur on November 1, 2027. The rent structure under the Amended PENN Master Lease includes a fixed component, a portion of which is subject to an annual 2 % escalator if certain rent coverage ratio thresholds are met, and a component that is based on the revenues of the facilities, which is prospectively adjusted, subject to certain floors (namely the Hollywood Casino at Penn National Race Course property due to PENN's opening of a competing facility) every 5 years to an amount equal to 4 % of the 70 Table of Contents average net revenues of all facilities under the Amended PENN Master Lease during the preceding five years in excess of a contractual baseline. GLPI also agreed to fund certain potential development projects in the PENN 2023 Master Lease. On August 1, 2025, GLPI funded $ 130 million for the relocation of Hollywood Casino Joliet, which opened on August 11, 2025, and is subject to a 7.75 % capitalization rate. The Company also previously funded $5 million to reimburse PENN for land site development costs for the Joliet project. On November 3, 2025, GLPI funded $ 150 million for PENN's M Resort new hotel tower and conference center expansion, which opened to the public on December 1, 2025, at a capitalization rate of 7.79 %. PENN anticipates completing the relocation of its riverboat casino in Aurora to a land based facility in the first half of 2026 which the Company anticipates funding $ 225 million at a 7.75 % capitalization rate. Rent for each project begins accruing as the related funding is advanced. Amended Pinnacle Master Lease, Boyd Master Lease and Belterra Park Lease In April 2016, the Company acquired substantially all of the real estate assets of Pinnacle and leased these assets back to Pinnacle, under the Pinnacle Master Lease, the term of which expires April 30, 2031, with no purchase option, followed by four remaining 5 -year renewal options (exercisable by the tenant) on the same terms and conditions. The Pinnacle Master Lease includes a fixed component, a portion of which is subject to an annual escalator of up to 2 % if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities, which is prospectively adjusted subject to certain floors (namely the Bossier City Boomtown property due to PENN's acquisition of a competing facility), every two years to an amount equal to 4 % of the average net revenues of all facilities under the Pinnacle Master Lease during the preceding two years in excess of a contractual baseline. On October 15, 2018, the Company completed transactions with PENN, Pinnacle and Boyd to accommodate PENN's acquisition of the majority of Pinnacle's operations, pursuant to the PENN-Pinnacle Merger. Concurrent with the PENN-Pinnacle Merger, the Company amended the Pinnacle Master Lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd which resulted in the Amended Pinnacle Master Lease and the Boyd Master Lease for these properties on terms similar to the Company's Amended Pinnacle Master Lease. The Boyd Master Lease expires April 30, 2031, with no purchase option, followed by four 5 -year renewal options (exercisable by the tenant) on the same terms and conditions. The Boyd Master Lease includes a fixed component, a portion of which is subject to an annual escalator of up to 2 % if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities, which is prospectively adjusted every two years to an amount equal to 4 % of the average net revenues of all facilities under the Boyd Master Lease during the preceding two years in excess of a contractual baseline. The Company also purchased the real estate assets of Plainridge Park from PENN and added this property to the Amended Pinnacle Master Lease. The Amended Pinnacle Master Lease was assumed by PENN at the consummation of the PENN-Pinnacle Merger. The Company also entered into a mortgage loan agreement with Boyd in connection with Boyd's acquisition of Belterra Park, whereby the Company entered into the Belterra Park Loan. In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the Belterra Park Loan, subject to the Belterra Park Lease with a Boyd affiliate operating the property. The Belterra Park Lease rent terms are consistent with the Boyd Master Lease and expires on April 30, 2031, with no purchase option, followed by four 5 -year renewal options (exercisable by the tenant) on the same terms and conditions. In April 2025, PENN announced its intention to relocate its Ameristar Council Bluffs riverboat casino, for which GLPI has committed up to $ 150 million or the hard costs associated with the project, whichever is greater, at a 7.10 % cap rate, which can be structured, at the discretion of PENN, as rent, or a 5-year term loan. Amended and Restated Caesars Master Lease On October 1, 2018, the Company entered into the Amended and Restated Caesars Master Lease, which expires on September 30, 2038, with no purchase option, with four separate renewal options of 5 years each, exercisable at the tenant's option, on the same terms and conditions. The annual rent increases by 1.75 % in the seventh and eighth lease years and 2 % in the ninth lease year and each lease year thereafter. 71 Table of Contents Horseshoe St. Louis Lease The Company's Horseshoe St. Louis Lease is a single property lease with Caesars which became effective on September 29, 2020, with no purchase option, whose initial term expires on October 31, 2033, with four separate renewal options of five years each, exercisable at the tenant's option. The Horseshoe St. Louis Lease annual rent increases by 1.25 % for the second through fifth lease years, increasing to 1.75 % for the sixth and seventh lease years and thereafter increasing by 2.0 % for the remainder of the lease. Bally's Master Lease, Bally's Chicago Lease, Bally's Master Lease II, the Casino Queen Master Lease and the Tropicana Las Vegas Lease The Company has several leases and development agreements with Bally's. The Bally's Master Lease was entered into on June 3, 2021 and subsequent to this date several additional real estate assets of Bally's were added to it. The annual rent on the Bally's Master Lease is subject to contractual escalations based on CPI with a 1 % floor and a 2 % ceiling, subject to the CPI meeting a 0.5 % threshold. The Bally's Master Lease has an initial term of 15 years, with no purchase option, followed by four 5 -year renewal options (exercisable by the tenant) on the same terms and conditions. On September 11, 2024, the Company assumed the ground lease for the real estate of the Bally's Chicago site between the existing third party and Bally's for approximately $ 250 million. The ground lease was amended such that the Company receives initial annual rent of $ 20 million. In July 2025, the Company entered into the Bally's Chicago Lease. The Bally's Chicago Lease has an initial term of 15 years, followed by four 5 -year renewals, exercisable at the tenant's option. The Bally's Chicago Lease's annual rent increases if the CPI increase is at least 0.5 % for any lease year, then the rent shall increase by the greater of 1 % of the rent as of the immediately preceding lease year and the CPI increase capped at 2 %. If the CPI is less than 0.5 % for such lease year, then the rent shall not increase for such lease year. Rental income on the land and development funding is being deferred until the project is substantially completed and ready for its intended use. This amount is recorded in deferred rental revenue on the Company's Consolidated Balance Sheet and totaled $28.7 million and $6.1 million at December 31, 2025 and December 31, 2024, respectively. The Company intends to fund real estate construction costs of up to $ 940.0 million for the planned Bally's Chicago. This development funding is expected to extend into 2027. The Company will own all funded improvements, which would be leased to Bally’s with rent commencing as advances are made at an annual yield of 8.5 %. As of December 31, 2025, $ 201.6 million of real estate construction costs have been funded by the Company. On December 16, 2024, the Company completed the purchase of the real property assets of both Bally’s Kansas City Casino and Bally’s Shreveport Casino & Hotel. The two properties are in Bally's Master Lease II which is cross defaulted with the Bally's Master Lease. The annual rent is subject to contractual escalations based on CPI with a 1 % floor and a 2 % ceiling, subject to CPI meeting a 0.5 % threshold. Bally's Master Lease II has an initial term of 15 years, with no purchase option, followed by four 5 -year renewal options (exercisable by the tenant) on the same terms and conditions. Effective July 1, 2025, the DraftKings at Casino Queen and The Queen Baton Rouge properties in the Casino Queen Master Lease were transferred to Bally's Master Lease II. Additionally, annual rental income of $ 28.9 million was reallocated from the Casino Queen Master Lease to Bally's Master Lease II. On February 11, 2026, GLPI exercised its option to acquire the real property assets of Bally’s Twin River Lincoln Casino Resort (Bally's Lincoln") for a purchase price of $ 700 million and additional rent of $ 56.0 million which was added to Bally's Master Lease II. On February 7, 2025, Bally's completed its merger transactions with Standard General L.P. and its affiliates, and pursuant to the terms of a definitive merger agreement, among other changes resulting from the merger, Casino Queen became a subsidiary of Bally's. The Company's Casino Queen Master Lease became effective December 17, 2021 and has an initial term of 15 years, with no purchase option, with four separate five-year renewal options exercisable by the tenant on the same terms and conditions. Annual rent increases by 0.5 % for the first six years. Beginning with the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25 % for any lease year then annual rent shall be increased by 1.25 %, and if the CPI is less than 0.25 % then rent will remain unchanged for such lease year. Effective July 1, 2025, the DraftKings at Casino Queen and The Queen Baton Rouge properties in the Casino Queen Master Lease were moved to Bally's Master Lease II as previously discussed. 72 Table of Contents On June 3, 2024, the Company announced that it agreed to fund and oversee a landside development project and hotel renovation of The Belle for Casino Queen. GLPI funded approximately $ 111 million for the project. The landside development project was completed and opened to the public in December 2025 and has been rebranded as Bally's Baton Rouge. The renovated hotel was opened to the public on March 31, 2025. Casino Queen began paying an incremental rental yield of 9 % on the development funding effective May 30, 2025. Rent was deferred on the landside development project until it was ready for its intended use. The Company is also funding certain construction costs for an amount not to exceed $ 16.5 million, for a landside development project at Casino Queen Marquette at a 8.25 % capitalization rate. As of December 31, 2025, $ 9.6 million has been funded on the project. On April 16, 2020, the Company and certain of its subsidiaries acquired the real property associated with the Tropicana Las Vegas from PENN in exchange for $ 307.5 million of rent credits which were applied against future rent obligations due under the parties' leases in effect during 2020. On September 26, 2022, Bally’s acquired both GLPI’s building assets and PENN's outstanding equity interests in Tropicana Las Vegas for an aggregate cash acquisition price, net of fees and expenses, of approximately $ 145 million. GLPI retained ownership of the land and concurrently entered into the Tropicana Las Vegas Lease which has an initial term of 50 years (with a maximum term of 99 years inclusive of tenant renewal options). All rent is subject to contractual escalations based on the CPI, with a 1 % floor and 2 % ceiling, subject to the CPI meeting a 0.5 % threshold. The Tropicana Las Vegas Lease is supported by a Bally’s corporate guarantee. On May 13, 2023, the Company, Tropicana Las Vegas, Inc., a Nevada corporation and wholly owned subsidiary of Bally’s, and Athletics Holdings LLC (“Athletics”), which owns the Major League Baseball team currently known as the Athletics (the “Team”), entered into a binding letter of intent (the “LOI”) setting forth the terms for developing a stadium that would serve as the home venue for the Team (the “Stadium”). The Stadium is expected to complement the potential resort redevelopment envisioned at our 35-acre property in Clark County, Nevada (the “Tropicana Site”), owned indirectly by GLPI through its indirect subsidiary, Tropicana Land LLC, a Nevada limited liability company and leased by GLPI to Bally’s pursuant to the Tropicana Las Vegas Lease. The LOI allows for Athletics to be granted fee ownership by GLPI of approximately 9 acres of the Tropicana Site for construction of the Stadium. The LOI provides that following the Stadium site transfer, there will be no reduction in the rent obligations of Bally’s on the remaining portion of the Tropicana Site or other modifications to the ground lease, and that to the extent GLPI has any consent or approval rights under the Tropicana Las Vegas Lease, such rights shall remain enforceable unless expressly modified in writing in the definitive documents. Bally's and GLPI are agreeing to provide the Stadium site transfer in exchange for the benefits that the Stadium is expected to bring to the Tropicana Site. The LOI provides that Athletics shall pay all the costs associated with the design, development, and construction of the Stadium and Bally’s shall pay all costs for the redevelopment of the casino and hotel resort amenities. GLPI is expected to commit to up to $ 175.0 million of funding for hard construction costs, such as demolition and site preparation and build out of minimum public spaces needed for utilization of the Stadium. The LOI provides that during the development period, rent will be due at 8.5 % of what has been funded, provided that the first $ 15.0 million advanced for the costs of construction of the food, beverage and retail entrance plaza shall not be subject to increased rent. GLPI may have the opportunity to fund additional amounts of the construction under certain circumstances. In addition, the LOI provides that the transaction will be subject to customary approvals and other conditions, including, without limitation, approval of a master plan for the site, and certain approvals by the Nevada Gaming Control Board and Nevada Gaming Commission. In late August 2024, the Company funded $ 48.5 million to Bally's that was used to pay for the demolition costs of the Tropicana Las Vegas as part of the development plans for the Stadium and annual rent was increased by $ 4.1 million as a result. The change in rent terms resulted in a lease reconsideration event that resulted in the lease being classified as a sales type lease, whereas previously it was accounted for as an operating lease. Morgantown Lease On October 1, 2020, the Company acquired the land under PENN's gaming facility under construction in Morgantown, Pennsylvania. The Company is leasing the land back to an affiliate of PENN via the Morgantown Lease which has an initial term of 20 years with no purchase option, followed by six 5 -year renewal options exercisable by the tenant. Under the terms of the Morgantown Lease, if the CPI increase is at least 0.5 % for any lease year, the rent for such lease year shall increase by 1.25 % of rent as of the immediately preceding lease year, and if the CPI increase is less than 0.5 % for such lease year, then rent shall not increase for such lease year. 73 Table of Contents Maryland Live! Lease and Pennsylvania Live! Master Lease and Virginia Live! On December 29, 2021, the Company completed its acquisition of the real property assets of Live! Casino & Hotel Maryland and entered into the Maryland Live! Lease. On March 1, 2022, the Company completed its acquisition of the real estate assets of Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh and leased back the real estate to Cordish pursuant to the Pennsylvania Live! Master Lease. The Pennsylvania Live! Master Lease and the Maryland Live! Lease each have initial lease terms of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. Annual rent increases by 1.75 % upon the second anniversary of both leases commencement through their remaining terms. On October 27, 2025, the Company announced that it intends to acquire the real estate of the future site for Live! Virginia Casino & Hotel, a Cordish Company / Bruce Smith Enterprise casino and hotel development in Petersburg, Virginia ("Virginia Live!"). In addition, GLPI has committed to fund the hard costs associated with the development of the project. The cap rate on both the land acquisition of $ 27 million and the hard cost development funding of $ 440 million will be at 8.0 %. The transaction also includes a 1.75 % rent escalator, which will commence after the first anniversary of the permanent casino opening, which is anticipated in late 2027. Through the construction of this large-scale development, GLPI will be compensated for the funding on an as drawn basis. The Company has concluded that the lessee has control of the underlying asset being constructed while the project is under construction. This is because the tenant is leasing the land that property improvements will be constructed upon, the term of which, together with lessee renewal options, is for substantially all of the economic life of the property improvements. Therefore, the Company will account for any funds extended prior to the asset being ready for its intended use as loans. Additionally, the Company concluded that this was a loan commitment at December 31, 2025 and was therefore subject to ASC 326 "Credit Losses: ("ASC 326"). See Note 2 for further discussion of ASC 326. Once construction is complete and the facility is ready for its intended use, the Company will apply the sale and leaseback guidance to determine the appropriate lease classification. On January 15, 2026, the Company funded $ 27 million to acquire the land site for the project. Rockford Lease and Rockford Loan On August 29, 2023, the Company acquired the land associated with a casino development project in Rockford, IL, that opened in late August 2024 and is managed by a subsidiary of Hard Rock, from an affiliate of 815 Entertainment. Simultaneously with the land acquisition, GLPI entered into the Rockford Lease which has 99 -year lease term. The initial annual rent is subject to 2 % annual escalations for the entirety of its term. In addition to the Rockford Lease, the Company committed to provide development funding via a senior secured delayed draw term loan (the "Rockford Loan"). Borrowings under the Rockford Loan were subject to an interest rate of 10 % with a 5 -year initial term. On January 1, 2025, the Company amended the terms of the Rockford Loan to reduce the interest rate to 8 % with a maturity date of June 30, 2026, subject to a 6-month extension. As of December 31, 2025, $ 150 million was advanced and outstanding under the Rockford Loan. Additionally, the Company also received a right of first refusal on the building improvements of the Hard Rock Casino in Rockford, IL if there is a future decision to sell them once completed. Tioga Downs Lease On February 6, 2024, the Company acquired the real estate assets of Tioga Downs in Nichols, New York from American Racing. Simultaneous with the acquisition, GLPI and American Racing entered into the Tioga Downs Lease which has an initial 30 -year term, with no purchase option, followed by two renewal options of 10 years each and a third renewal option of approximately 12 years and ten months. The initial annual rent is subject to 1.75 % annual escalations beginning with the first anniversary which increases to 2 % beginning in year fifteen of the lease through the remainder of its initial term. Strategic Gaming Leases On May 16, 2024, the Company acquired the real estate assets of Silverado, the DMG casino, and Baldini's from Strategic. Simultaneous with the acquisition, GLP Capital and affiliates of Strategic entered into the Strategic Gaming Leases which has an initial 25 -year term with no purchase option and two ten-year renewal periods (exercisable by the tenant). The initial annual rent is subject to a 2 % annual escalation beginning in year three of the lease and a CPI-based annual escalation beginning in year eleven of the lease, at the greater of 2 % or CPI capped at 2.5 %. On October 15, 2025, the Company acquired the real estate assets of Sunland Park in Sunland Park, New Mexico for $ 183.75 million. The property was added to the Strategic Gaming Leases and annual rent was increased by $ 15.0 million. 74 Table of Contents Ione Loan In September 2024, the Company entered into a $ 110 million delayed draw term loan facility with the Ione Band of Miwok Indians ("Ione") (the "Ione Loan") to provide the tribe funding on a new casino development near Sacramento, California. Ione has an option at the end of the Ione Loan term to satisfy the loan obligation by converting the outstanding principal into a long-term triple net lease with an initial term of twenty five years and a maximum term of forty five years. These agreements were entered into subsequent to receiving a declination letter from the National Indian Gaming Commission covering the transaction documents, including the long-term lease. As of December 31, 2025, $ 56.6 million was advanced and outstanding under the Ione Loan which has a 5 -year term and an interest rate of 11 %. Dry Creek Rancheria Loan On September 2, 2025, the Company announced, a $ 225.3 million commitment, subject to receipt of all required permits and approvals, to serve as the lead real estate financing partner for Caesars Republic Sonoma County, a new integrated resort to be developed on the site of the current River Rock Casino. Pursuant to its agreements with the Dry Creek, GLPI will initially act as a lender to the project through (i) a $ 180 million delayed draw term loan bearing interest at a fixed rate of 12.50 % and (ii) a $ 45.3 million term loan B issued at an original issue discount of 3% and bearing interest at SOFR plus 900 basis points, subject to a SOFR floor of 1%. Each term loan has a maturity of 6 years. Upon or prior to maturity of the 6-year loans, Dry Creek will lease back the property to an affiliate of GLPI, and GLPI will sublease the property back to an affiliate of Dry Creek for no less than $ 112.5 million for 45 years. Annual rent on the sublease will be based on a 9.75 % capitalization rate. As of December 31, 2025, the Company has funded the $ 45.3 million term loan B while the delayed draw term loan remained undrawn. Guarantees The obligations under the Amended PENN Master Lease, PENN 2023 Master Lease, Amended Pinnacle Master Lease and Morgantown Lease, are guaranteed by PENN and, with respect to each lease, jointly and severally by PENN's subsidiaries that occupy and operate the facilities covered by such lease. Similarly, the obligations under the Amended and Restated Caesars Master Lease, the Horseshoe St. Louis Lease, the Casino Queen Master Lease, the Bally's Master Lease, the Bally's Master Lease II, the Strategic Gaming Leases and the Tioga Downs Lease are each jointly and severally guaranteed by the applicable parent company and by the parent's subsidiaries that occupy and operate the leased facilities. The obligations under the Tropicana Las Vegas Lease are guaranteed by Bally's. The obligations under the Boyd Master Lease, the Belterra Park Lease, the Maryland Live! Lease, the Pennsylvania Live! Lease and the Rockford Lease are jointly and severally guaranteed by the subsidiaries that occupy and operate the facilities. 2. Summary of Significant Accounting Policies Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results may differ from those estimates. Principles of Consolidation and Non-controlling interest The consolidated financial statements include the accounts of GLPI and its subsidiaries as well as the Company's operating partnership, which is a variable interest entity ("VIE") in which the Company is the primary beneficiary. The Company presents non-controlling interests and classifies such interests as a separate component of equity, separate from GLPI's stockholders' equity and as net income attributable to non-controlling interest in the Consolidated Statement of Income. The operating partnership is a VIE in which the Company is the primary beneficiary because it has the power to direct the activities of the VIE that most significantly impact the partnership's economic performance and has the obligation to absorb losses of the VIE that could be potentially significant to the VIE and the right to receive benefits from the VIE that could potentially be significant to the VIE. Therefore, the Company consolidates the accounts of the operating partnership, and reflects the third party ownership in this entity as a noncontrolling interest in the Consolidated Balance Sheet. All intercompany accounts and transactions have been eliminated in consolidation. 75 Table of Contents Real Estate Investments Real estate investments primarily represent land and buildings leased to the Company's tenants. The Company records the acquisition of real estate assets at fair value, including acquisition and closing costs. The cost of properties developed by the Company includes costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for its intended use. The Company capitalizes interest on development projects by applying its weighted-average borrowing rate to qualifying construction expenditures incurred during the development period. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 5 years to 31 years. The Company continually monitors events and circumstances that could indicate that the carrying amount of its real estate investments may not be recoverable or realized. The factors considered by the Company in performing these assessments include evaluating whether the tenant is current on its lease payments, the tenant’s rent coverage ratio, the financial stability of the tenant and its parent company, and any other relevant factors. When indicators of potential impairment suggest that the carrying value of a real estate investment may not be recoverable, the Company determines whether the undiscounted cash flows from the underlying lease exceeds the real estate investments' carrying value. If we determine the estimated undiscounted cash flow are less than the asset's carrying value, then the Company would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. The Company groups its real estate investments together by lease, the lowest level for which identifiable cash flows are available, in evaluating impairment. In assessing the recoverability of the carrying value, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss. Investment in Leases - Financing receivables and Investment in Leases - Sales Type In accordance with ASC 842 - Leases ("ASC 842"), for transactions in which the Company enters into a contract to acquire an asset and leases it back to the seller under a sales-type lease (i.e. a sale leaseback transaction), the Company must determine whether control of the asset has transferred to the Company. In cases whereby control has not transferred to the Company, we do not recognize the underlying asset but instead recognize a financial asset in accordance with ASC 310 "Receivables". The accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales type under ASC 842. The Company recognizes interest income on Investment in leases - financing receivables under the effective yield method. Generally, we would recognize interest income to the extent the tenant is not more than 90 days delinquent on their rental obligations. Certain of the Company's leases were required to be accounted for as Investment in leases - financing receivable on the Consolidated Balance Sheets in accordance with ASC 310, since control of the underlying assets was not considered to have transferred to the Company under GAAP given the significant initial term of each of the leases. Real Estate Loans The Company may periodically loan funds to casino owner-operators for the purchase or construction of gaming related real estate. Loans for the construction or purchase of real estate assets of gaming related properties are classified as real estate loans on the Company's Consolidated Balance Sheets. Interest income related to real estate loans is recorded as interest income from real estate loans within the Company's Consolidated Statements of Income in the period earned. Generally, we would recognize interest income to the extent the loan is not more than 90 days delinquent. Lease Assets and Lease Liabilities The Company determines whether a contract is or contains a lease at its inception. A lease is defined as the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Right-of-use assets and lease liabilities are recorded on the Company's Consolidated Balance Sheet at the lease commencement date for leases in which the Company acts as lessee. Right-of-use assets represent the Company's rights to use underlying assets for the term of the lease and lease liabilities represent the Company's future obligations under the lease agreement. Right-of-use assets and lease liabilities are recognized at the lease commencement date based upon the estimated present value of the lease payments. As the rate implicit in the Company's leases (in which the Company acts as lessee) cannot readily be determined, the Company utilizes its own estimated incremental borrowing rates to determine the present value of its lease payments. Consideration is given to the Company's recent debt issuances, as well as publicly available data for instruments with similar characteristics, including tenor, when determining the incremental borrowing rates of the Company's leases. 76 Table of Contents The Company includes options to extend a lease in its lease term when it is reasonably certain that the Company will exercise those renewal options. In the instance of the Company's ground leases associated with its tenant occupied properties, the Company has included all available renewal options in the lease term, as it intends to renew these leases indefinitely. The Company accounts for the lease and nonlease components (as necessary) of its leases of all classes of underlying assets as a single lease component. Leases with a term of 12 months or less are not recorded on the Company's Consolidated Balance Sheets. Land rights, net represent the Company's rights to land subject to long-term ground leases. The Company obtained ground lease rights through the acquisition of several of its rental properties and immediately subleased the land to its tenants. These land rights represent the below market value of the related ground leases. The Company assessed the acquired ground leases to determine if the lease terms were favorable or unfavorable, given market conditions at the acquisition date. Because the market rents to be received under the Company's triple-net tenant leases were greater than the rents to be paid under the acquired ground leases, the Company concluded that the ground leases were below market and were therefore required to be recorded as a definite lived asset (land rights) on its books. Right-of-use assets and land rights are monitored for potential impairment in much the same way as the Company's real estate assets, using the impairment model in ASC 360 - Property, Plant and Equipment . If the Company determines the carrying amount of a right-of-use asset or land right is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. Cash and Cash Equivalents The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents. Held to maturity investment securities In February 2024, the Company purchased zero coupon United States Treasury Bills of approximately $ 341 million which matured in August 2024 for $ 350 million. In August 2024, the Company purchased zero coupon United States Treasury Bills of approximately $ 550 million which matured in January 2025 for $ 563 million. The Company classified these debt securities as held to maturity in accordance with ASC 320, Investments-Debt Securities since these are fixed income investments that the Company has the intent and ability to hold until maturity. The securities are recorded at amortized cost on the Consolidated Balance Sheet which approximated their fair value. Other Assets Other assets primarily consists of accounts receivable and deferred compensation plan assets (See Note 11 for further details on the deferred compensation plan). Other assets also include prepaid expenditures for goods or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance, property taxes and other contracts that will be expensed during the subsequent year. Derivative Financial Instruments During the year ended December 31, 2025, the Company entered into a forward starting interest rate swaps indexed to USD-SOFR, with notionals totaling $ 300 million all of which had ten year terms. The swaps were designated as cash flow hedges to mitigate the risk of variability in future interest payments associated with the expected issuance of senior unsecured notes. The derivative instruments were recorded at fair value in either Other Assets or Other Liabilities on the Balance Sheet, with changes in fair value recognized in Other Comprehensive Income (OCI) in the statement of operations and comprehensive income, as the hedge qualifies for cash flow hedge accounting under ASC 815. The Company formally documented the hedge relationship at the contract's inception, including the identification of the hedging instrument and the hedged expected transaction, risk management objectives, and the method used to assess hedge effectiveness. The Company evaluates hedge effectiveness on a quarterly basis. If it determines that a hedge is no longer highly effective, hedge accounting is discontinued prospectively, and subsequent changes in fair value are recognized in earnings. Amounts previously recorded in OCI are reclassified to earnings as the hedged interest payments are recognized. 77 Table of Contents During the year ended December 31, 2025, the Company issued $1.3 billion in senior unsecured notes (See Note 10 for additional details) and terminated the interest rate swaps described above. The Company received a net cash payment of approximately $1.0 million which is being recognized as a reduction in interest expense over 10 years. Debt Issuance Costs and Bond Premiums and Discounts Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. In accordance with ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, the Company records long-term debt net of unamortized debt issuance costs on its Consolidated Balance Sheets. Similarly, the Company records long-term debt net of any unamortized bond premiums and original issuance discounts on its Consolidated Balance Sheets. Any original issuance discounts or bond premiums are also amortized to interest expense over the contractual term of the underlying indebtedness. Fa ir Value of Financial Assets and Liabilities Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. ASC 820 - Fair Value Measurements and Disclosures ("ASC 820") establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy related to the subjectivity of the valuation inputs are described below: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy . Revenue Recognition The Company accounts for our investments in leases under ASC 842. Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a sales-type, direct financing or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component. If the lease component is determined to be a sales-type lease or direct financing lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized at lease inception or the lease reassessment date or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long term nature of our leases, the land and building components of an investment generally have the same lease classification. The Company recognizes the related income from our financing receivables using an effective interest rate at a constant rate over the term of the applicable leases. As a result, the cash payments received under financing receivables will not equal the income recognized for accounting purposes. Rather, a portion of the cash rent the Company will receive is recorded as interest income with the remainder as a change to financing receivables. Initial direct costs incurred in connection with entering into financing receivables are included in the balance of the financing receivables. Such amounts will be recognized as a reduction to interest income from financing receivables over the term of the lease using the effective interest rate method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third party fees, are expensed as incurred. The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is 78 Table of Contents reasonably assured in accordance with ASC 842. Additionally, percentage rent that is fixed and determinable at the lease inception date is recorded on a straight-line basis over the lease term, resulting in the recognition of deferred rental revenue on the Company’s Consolidated Balance Sheets. Deferred rental revenue is amortized to rental revenue on a straight-line basis over the remainder of the lease term. The lease term includes the initial non-cancelable lease term and any reasonably assured renewable periods. Contingent rental income that is not fixed and determinable at lease inception is recognized only when the lessee achieves the specified target. Recognition of rental income commences when the asset is ready for its intended use. Additionally, in accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in land rights and ground lease expense within the Consolidated Statement of Income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord. The Company may periodically loan funds to casino owner-operators for the purchase or development of gaming related real estate. Interest income related to real estate loans is recorded as revenue from real estate within the Company's consolidated statements of income in the period earned. Allowance for Credit Losses The Company follows ASC 326, which requires that the Company measure and record current expected credit losses (“CECL”), the scope of which includes our Investments in leases - financing receivables, net, Investment in leases, sales type, net, as well as real estate loans. We have elected to use an econometric default and loss rate model to estimate the Allowance for credit losses, or CECL allowance. This model requires us to calculate and input lease and property-specific credit and performance metrics which in conjunction with forward-looking economic forecasts, project estimated credit losses over the life of the lease or loan. The Company then records a CECL allowance based on the expected loss rate multiplied by the outstanding investment. Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our investments subject to CECL. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD. The PD and LGD are estimated during the initial term of the instruments subject to CECL. The PD and LGD estimates were developed using current financial condition forecasts. The PD and LGD predictive model was developed using the average historical default rates and historical loss rates, respectively, of over 100,000 commercial real estate loans dating back to 1998 that have similar credit profiles or characteristics to the real estate underlying the Company's instruments subject to CECL. Management will monitor the credit risk related to its instruments subject to CECL by obtaining the applicable rent and interest coverage on a periodic basis. The Company also monitors legislative changes to assess whether it would have an impact on the underlying performance of its tenant or borrower. We are unable to use our historical data to estimate losses as the Company has no loss history to date on its lease and loan portfolios. Our tenants and borrowers are current on all of their obligations as of December 31, 2025 and December 31, 2024. The CECL allowance is recorded as a reduction to our net Investments in leases - financing receivables, Investment in leases - sales type and real estate loans, on our Consolidated Balance Sheets. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the provision for credit losses, net, in the Consolidated Statement of Income for the relevant period. Finally, each time the Company makes a new investment in an asset subject to ASC 326, the Company will be required to record an initial CECL allowance for such asset, which will result in a non-cash charge to the Consolidated Statement of Income for the relevant period. See Note 7 for further information. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. Stock-Based Compensation The Company's Amended 2013 Long Term Incentive Compensation Plan (the "2013 Plan") provides for the Company to issue restricted stock awards, including performance-based restricted stock awards, and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. 79 Table of Contents On June 12, 2025, at the 2025 Annual Meeting of Shareholders of GLPI, the Company’s shareholders approved the 2013 Plan to (i) increase the number of shares of common stock reserved for issuance thereunder by 4,500,000 shares, (ii) provide for changes to provisions relating to the reuse of unissued shares, (iii) give the board of directors of the Company (the “Board”) and the Compensation Committee of the Board discretion to determine whether and to what extent holders of phantom stock units, if any, will have shareholder rights, and (iv) to remove provisions related to prior plans and awards that no longer apply to the 2013 Plan. The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation , which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day prior to grant. The Company utilizes a third-party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model. The unrecognized compensation cost relating to restricted stock awards and performance-based restricted stock awards is recognized as expense over the awards’ remaining vesting periods. See Note 13 for further information related to stock-based compensation. Income Taxes The Company continues to be organized and operate in a manner that will permit it to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to shareholders. As a REIT, the Company generally will not be subject to federal, state, or local income tax on income that it distributes as dividends to its shareholders, except in those jurisdictions that do not allow a deduction for such distributions. During the years ended December 31, 2025, 2024, and 2023, the Company’s subsidiary is subject to local taxes in jurisdictions that impose net income or earnings taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal, state, and local income tax, including any applicable alternative minimum tax, on its taxable income at regular corporate income tax rates, and dividends paid to its shareholders would not be deductible by the Company in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect the Company's net income and net cash available for distribution to shareholders. Unless the Company was entitled to relief under certain Internal Revenue Code provisions, the Company also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which it failed to qualify to be taxed as a REIT. The Company's TRS engaged in activities that generated income that would not qualify as REIT income. As a result, certain activities of the Company that occurred within its TRS are subject to federal and state income taxes. The Company accounts for income taxes in accordance with ASC 740 - Income Taxes ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. Due to the Company’s status as a REIT, and the minimal amount of activity conducted by the Company’s TRS, the Company has not realized any deferred tax assets or liabilities on its balance sheet, nor has it had any uncertain tax positions, or related penalties and interest for the three years ended December 31, 2025. Earnings Per Share The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260" ) . Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities in accordance with the two class method. The Company's participating securities are related to certain employee equity awards that receive non-forfeitable dividends. Specifically, time based restricted stock awards receive non-forfeitable dividends equivalent to what common shareholders receive during these awards vesting periods. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method. Diluted EPS reflects the additional dilution for all potentially-dilutive securities. The effect of the conversion of the LTIP Units and OP Units to common shares is excluded from the computation of basic and diluted earnings per share because the exchange of LTIP Units and OP Units into common stock is on a one-for-one basis and all net income attributable to the non-controlling interest holders are recorded as income attributable to non-controlling interests and thus is excluded from net income available to common shareholders. In accordance with ASC 260, the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. 80 Table of Contents Segment Information The Company's operations consist solely of investments in real estate for which all such real estate properties and investments are similar to one another in that they consist of destination and leisure properties and related offerings, whose tenants offer casino gaming, hotel, convention, dining, entertainment and retail amenities, have similar economic characteristics and are governed by triple-net operating leases. As such, the Company has one reportable segment. The operating results of the Company's real estate investments are reviewed in the aggregate using the Company's consolidated financial statements, by the Company's chief executive officer who is the chief operating decision maker (as such term is defined in ASC 280 - Segment Reporting). See Note 18 for further information. Concentration of Credit Risk Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Additionally, concentrations of credit risk may arise when revenues of the Company are derived from a small number of tenants. During the year ended December 31, 2025, approximately 59.1%, 12.7%, 10.1%, 7.7% and 6.7% of the Company's collective income from real estate was derived from tenant leases with PENN, Bally's, Cordish, Caesars and Boyd, respectively. PENN, Bally's, Caesars and Boyd are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the Securities and Exchange Commission ("SEC"). Readers are directed to PENN, Bally's, Caesars and Boyd respective websites for further financial information on these companies. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2025, the Company's portfolio of 69 properties is diversified by location across 20 states. Financial instruments that subject the Company to credit risk consist of cash and cash equivalents, Investment in leases, financing receivables, Investment in leases, sales type and real estate loans. The Company's policy is to limit the amount of credit exposure to any one financial institution and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. At times, the Company has bank deposits and overnight repurchase agreements that exceed federally-insured limits . 3. New Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses" will require all public business entities to disclose in the notes to their financial statements the following items; the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed here. ASU 2024-03 will also require a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. The standard is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The Company is evaluating the impact this standard will have on the Company's financial statement disclosures but will be required to report employee compensation separately in the notes to its financial statements. 81 Table of Contents 4. Real Estate Investments, Net Real estate investments, net, represent investments in rental properties and the corporate headquarters building (excluding our investments in transactions accounted for as real estate loans, investment in leases, financing receivables and investment in leases, sales-type that are described in Notes 5 and 7, respectively) and is summarized as follows: December 31, 2025 December 31, 2024 (in thousands) Land and improvements $ 3,588,793 $ 3,583,793 Building and improvements 7,353,409 6,962,126 Construction in progress 230,831 39,542 Total real estate investments 11,173,033 10,585,461 Less accumulated depreciation ( 2,698,772 ) ( 2,436,742 ) Real estate investments, net $ 8,474,261 $ 8,148,719 As discussed in Note 1, the Company reimbursed PENN for $5 million for land site development costs for the new Joliet casino project. The increase in buildings and improvements relates to the hotel and landside development project for The Belle, along with $ 130 million funded to PENN for the relocation of the Joliet casino, and $ 150 million funded to PENN for the M Resort hotel tower. Construction in progress primarily represents development funding along with related capitalized interest on the Company's development projects. 5. Real estate loans, net As discussed in Note 1, the Company entered into the Rockford Loan during the year ended December 31, 2023 and the entire $ 150 million commitment was drawn as of December 31, 2025. The Rockford Loan had a 10 % interest rate and a maximum outstanding period of up to 6 years ( 5-year initial term with a 1-year extension). On January 1, 2025, the Company amended the terms of the Rockford Loan to reduce the interest rate to 8 % with a maturity date of June 30, 2026, subject to a 6 month extension. The Company also entered into the Ione Loan for up to $ 110.0 million, of which $ 56.6 million and $ 15.1 million was drawn as of December 31, 2025 and December 31, 2024, respectively . Finally, the Company entered into the Dry Creek Loan on December 4, 2025, and $ 45.3 million was drawn as of December 31, 2025. The term loan B was issued at an original issue discount of 3% and bears interest at SOFR plus 900 basis points, subject to a SOFR floor of 1%. Each term loan has a maturity of 6 years. 82 The following is a summary of the balances of the Company's Real estate loans, net. December 31, 2025 December 31, 2024 (in thousands) (in thousands) Real estate loans (1) $ 250,515 $ 165,160 Less: Allowance for credit losses ( 2,516 ) ( 4,570 ) Real estate loans, net $ 247,999 $ 160,590 (1) Includes an unearned discount of $1.4 million as of December 31, 2025. The change in the allowance for credit losses for the Company's Real estate loans is shown below (in thousands): Rockford Loan Ione Loan Dry Creek Loan Total Balance at December 31, 2023 $ ( 964 ) $ — $ — $ ( 964 ) Change in allowance ( 3,523 ) ( 83 ) — ( 3,606 ) Balance at December 31, 2024 ( 4,487 ) ( 83 ) — ( 4,570 ) Change in allowance 3,208 ( 316 ) ( 838 ) 2,054 Ending balance at December 31, 2025 $ ( 1,279 ) $ ( 399 ) $ ( 838 ) $ ( 2,516 ) The amortized cost basis of the Company's real estate loans, financing receivables by year of origination is shown below as of December 31, 2025 (in thousands): Origination year Real estate loans Allowance for credit losses Amortized cost basis at December 31, 2025 Allowance as a percentage of outstanding real estate loans 2025 $ 43,911 $ ( 838 ) $ 43,073 ( 1.91 ) % 2024 $ 56,604 $ ( 399 ) $ 56,205 ( 0.70 ) % 2023 $ 150,000 $ ( 1,279 ) $ 148,721 ( 0.85 ) % Total $ 250,515 $ ( 2,516 ) $ 247,999 ( 1.00 ) % The real estate loans are subject to CECL, which is described in Note 7. The Company recorded a benefit of $ 2.1 million and a provision of $ 3.6 million to the allowance for credit losses for the year ended December 31, 2025 and December 31, 2024, respectively on the Company's real estate loans. Additionally, the Company recorded a provision of $ 16.3 million and a benefit of $ 2.1 million for the year ended December 31, 2025 and December 31, 2024, respectively, on unfunded loan commitments. The reserve for the unfunded loan commitment is recorded in other liabilities on the Consolidated Balance Sheets and totaled $ 16.8 million and $ 0.5 million at December 31, 2025 and December 31, 2024, respectively. The increase in unfunded loan commitment reserves is the establishment of reserves on the Virginia Live! development project. The Company's borrowers are current on their loan obligations as of December 31, 2025. 6. Acquisitions The Company accounts for its acquisitions of real estate assets as asset acquisitions under ASC 805 - Business Combinations . Under asset acquisition accounting, transaction costs incurred to acquire the purchased assets are also included as part of the asset cost. Current year acquisitions As discussed in Note 1, the Company completed the purchase of the real property assets of Sunland Park for $ 183.75 million which were added to the Strategic Gaming Lease. The transaction was accounted for as a failed sale leaseback 83 and as such the purchase price, along with incremental transaction costs, was allocated to Investment in leases, financing receivables in the amount of $184.1 million. Prior year acquisitions As discussed in Note 1, the Company completed the purchase of the real property assets of both Bally’s Kansas City and Bally’s Shreveport for total consideration of approximately $ 395 million and the properties were leased back to Bally's subject to the terms of the Bally's Master Lease II. The Company paid cash of $ 388.6 million and issued 137,309 OP Units valued at $ 6.8 million. The purchase price allocation of these assets based on their fair values at the acquisition date are summarized below (in thousands). Land rights $ 221,189 Land improvements 1,130 Building and improvements 173,170 Total purchase price $ 395,489 On September 11, 2024, the Company completed its previously announced $ 250 million acquisition of the land on which Bally's permanent casino in Chicago, Illinois will be constructed. The Company will also fund construction costs of up to $ 940.0 million for certain real property improvements of the casino. Rental income being received on the land is being deferred and will be recognized once the development project is substantially complete and ready for its intended use. On May 16, 2024, the Company acquired the real estate assets of Silverado, DMG, and Baldini's for $ 105 million, plus an additional $ 5 million that was funded at closing to reimburse the tenant for capital improvements. Simultaneous with the acquisition, the Company and affiliates of Strategic entered into two cross-defaulted triple-net lease agreements, each for an initial 25 -year term with two ten-year renewal periods. The transaction was accounted for as a failed sale leaseback and the purchase price allocation of these assets and liabilities based on their respective fair values at the acquisition date are summarized below (in thousands). Investment in leases, financing receivables $ 116,217 Financing lease liabilities ( 6,054 ) Total purchase price $ 110,163 On February 6, 2024, the Company acquired the real estate assets of Tioga Downs, in Nichols, NY from American Racing for $ 175.0 million which comprised of cash, assumed debt that was repaid after closing, and OP Units. Simultaneously with the acquisition, the Company entered into the Tioga Downs Lease. The transaction was accounted for as a failed sale leaseback and as such the purchase price, along with incremental transaction costs, was allocated to Investment in leases, financing receivables in the amount of $176.4 million. 84 7. Investment in leases, net Certain of the Company's leases are recorded as an Investment in leases, financing receivables, net, as the sale lease back transactions were accounted for as failed sale leasebacks as control of the real estate did not transfer to the Company. Additionally, as described in Note 1, the Company reassessed the Tropicana Las Vegas Lease during 2024 which resulted in the lease being classified as a sales type lease. The following is a summary of the balances of the Company's investment in leases, financing receivables and investment in leases, sales type (in thousands). December 31, 2025 December 31, 2025 December 31, 2024 December 31, 2024 Investment in leases, sales type Investment in leases, financing receivables Investment in leases, sales type Investment in leases, financing receivables Minimum lease payments receivable $ 693,619 $ 10,090,473 $ 708,456 $ 9,806,998 Estimated residual values of lease property (unguaranteed) 278,500 1,444,690 278,500 1,276,674 Total 972,119 11,535,163 986,956 11,083,672 Less: Unearned income ( 693,622 ) ( 8,955,526 ) ( 708,454 ) ( 8,716,493 ) Less: Allowance for credit losses ( 30,076 ) ( 22,133 ) ( 23,681 ) ( 34,065 ) Investment in leases - net $ 248,421 $ 2,557,504 $ 254,821 $ 2,333,114 The present value of the net investment in the lease payment receivable and unguaranteed residual value at December 31, 2025 was $ 2,477.1 million and $ 102.6 million compared to $ 2,290.0 million and $ 77.1 million at December 31, 2024 for the Company's Investment in leases, financing receivables. The present value of the net investment in lease payment receivable and unguaranteed residual value at December 31, 2025 was $ 255.3 million and $ 23.2 million for the Company's Investment in leases, sales type compared to $ 256.7 million and $ 21.8 million at December 31, 2024. At December 31, 2025, minimum lease payments owed to us for each of the five succeeding years under the Company's financing receivables were as follows (in thousands): Year ending December 31, Future Minimum Lease Payments- Sales Type Future Minimum Lease Payments for Investment in leases, financing receivables 2026 $ 14,837 $ 182,092 2027 14,837 185,336 2028 14,837 188,639 2029 14,837 192,000 2030 14,837 195,423 Thereafter 619,434 9,146,983 Total $ 693,619 $ 10,090,473 85 The change in the allowance for credit losses for the Company's investment in leases is illustrated below (in thousands): Balance at December 31, 2023 Initial allowance from current period investments Current period change in credit allowance Ending Balance at December 31, 2024 Initial allowance from current period investments Current period change in credit allowance Balance at December 31, 2025 Maryland Live Lease $ 5,661 $ — $ 3,071 $ 8,732 $ — $ ( 6,143 ) $ 2,589 PA Live Master Lease 13,636 — 4,835 18,471 — ( 6,536 ) 11,935 Rockford Lease 2,674 — 403 3,077 — ( 2,183 ) 894 Tioga Lease — 1,579 1,072 2,651 — 922 3,573 Strategic Lease — 856 278 1,134 1,250 758 3,142 Tropicana LV Lease — 21,293 2,388 23,681 — 6,395 30,076 Total $ 21,971 $ 23,728 $ 12,047 $ 57,746 $ 1,250 $ ( 6,787 ) $ 52,209 The amortized cost basis of the Company's investment in leases, financing receivables by year of origination is shown below as of December 31, 2025 (in thousands): Origination year Investment in leases, financing receivables Allowance for credit losses Amortized cost basis at December 31, 2025 Allowance as a percentage of outstanding financing receivable 2025 $ 184,594 $ ( 1,250 ) $ 183,344 ( 0.68 ) % 2024 299,216 $ ( 5,465 ) 293,751 ( 1.83 ) % 2023 104,914 ( 894 ) 104,020 ( 0.85 ) % 2022 722,488 ( 11,935 ) 710,553 ( 1.65 ) % 2021 1,268,425 ( 2,589 ) 1,265,836 ( 0.20 ) % Total $ 2,579,637 $ ( 22,133 ) $ 2,557,504 ( 0.86 ) % The amortized cost basis of the Company's investment in leases, sales type by year of origination is shown below as of December 31, 2025 (in thousands): Origination year Investment in leases, sales type lease Allowance for credit losses Amortized cost basis at December 31, 2025 Allowance as a percentage of outstanding sales type lease 2024 $ 278,498 $ ( 30,076 ) $ 248,422 ( 10.80 ) % During the year ended December 31, 2025, the Company recorded a provision for credit losses, net of $ 8.7 million. As discussed in Note 5, the Company established a $ 16.3 million provision for loan commitments primarily related to the Virginia Live! development project. This was partially offset by net benefits of $5.5 million on our investment in leases and $ 2.1 million on real estate loans. During the year ended December 31, 2024, the Company recorded a provision for credit losses, net of $ 37.3 million. This was primarily due to the initial establishment of reserves on the Tropicana Las Vegas Lease which was determined based on the underlying credit quality of the tenant, a decline in the estimated real estate values underlying the Company's Investment in leases, financing receivables and, to a lesser extent, the Company's real estate loans and loan commitments. 86 The reason for differences in the allowance as a percentage of outstanding financing receivable for leases originated in each calendar year in the table above depends on various factors for the leases such as expected rent coverage ratios and loan to value ratios. Future changes in economic probability factors, economic projections and changes in the estimated value of our real estate property may result in non-cash provisions or recoveries in future periods that could materially impact our results of operations. 8. Lease Assets and Lease Liabilities Lease Assets The Company is subject to various operating leases as lessee for both real estate and equipment, the majority of which are ground leases related to properties the Company leases to its tenants under triple-net operating leases. These ground leases may include fixed rent, as well as variable rent based upon an individual property’s performance or changes in an index such as the CPI and have maturity dates ranging from 2038 to 2108, when considering all renewal options. For certain of these ground leases, the Company’s tenants are responsible for payment directly to the third-party landlord. Under ASC 842, the Company is required to gross-up its consolidated financial statements for these ground leases as the Company is considered the primary obligor. In conjunction with the adoption of ASU 2016-02 on January 1, 2019, the Company recorded right-of-use assets and related lease liabilities on its Consolidated Balance Sheet to represent its rights to use the underlying leased assets and its future lease obligations, respectively, including for those ground leases paid directly by our tenants. Because the right-of-use asset relates, in part, to the same leases which resulted in the land right assets the Company recorded on its Consolidated Balance Sheet in conjunction with the Company's assumption of below market leases at the time it acquired the related land and building assets, the Company is required to report the right-of-use assets and land rights in the aggregate on the Consolidated Balance Sheet. Land rights, net represent the Company's rights to land subject to long-term ground leases. The Company obtained ground lease rights through the acquisition of several of its rental properties and immediately subleased the land to its tenants. These land rights represent the below market value of the related ground leases. The Company assessed the acquired ground leases to determine if the lease terms were favorable or unfavorable, given market conditions at the acquisition date. Because the market rents to be received under the Company's triple-net tenant leases were greater than the rents to be paid under the acquired ground leases, the Company concluded that the ground leases were below market and were therefore required to be recorded as a definite lived asset (land rights) on its books. Components of the Company's right-of use assets and land rights, net are detailed below (in thousands): December 31, 2025 December 31, 2024 Right-of-use assets - operating leases $ 242,053 $ 244,594 Land rights, net 830,110 847,189 Right-of-use assets and land rights, net $ 1,072,163 $ 1,091,783 Land Rights The land rights are amortized over the individual lease term of the related ground lease, including all renewal options, which ranged from 10 years to 92 years at their respective acquisition dates. Land rights net, consist of the following: December 31, 2025 December 31, 2024 (in thousands) Land rights $ 948,303 $ 948,303 Less accumulated amortization ( 118,193 ) ( 101,114 ) Land rights, net $ 830,110 $ 847,189 87 As of December 31, 2025, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands): Year ending December 31, 2026 $ 17,079 2027 17,079 2028 17,079 2029 17,079 2030 17,079 Thereafter 744,715 Total $ 830,110 Operating Lease Liabilities At December 31, 2025, maturities of the Company's operating lease liabilities were as follows (in thousands): Year ending December 31, 2026 $ 17,291 2027 16,786 2028 16,673 2029 16,710 2030 16,723 Thereafter 771,202 Total lease payments $ 855,385 Less: interest ( 612,904 ) Present value of lease liabilities $ 242,481 . Lease Expense Operating lease costs represent the entire amount of expense recognized for operating leases that are recorded on the Consolidated Balance Sheets. Variable lease costs are not included in the measurement of the lease liability and include both lease payments tied to a property's performance and changes in an index such as the CPI that are not determinable at lease commencement, while short-term lease costs are costs for those operating leases with a term of 12 months or less. The components of lease expense were as follows: Year Ended December 31, 2025 Year Ended December 31, 2024 (in thousands) Operating lease cost $ 17,251 $ 14,651 Variable lease cost 21,078 19,753 Amortization of land right assets 17,079 13,270 Total lease cost $ 55,408 $ 47,674 Amortization expense related to the land right intangibles, as well as variable lease costs and the majority of the Company's operating lease costs are recorded within land rights and ground lease expense in the consolidated statements of income. 88 Supplemental Disclosures Related to Operating Leases Supplemental balance sheet information related to the Company's operating leases was as follows: December 31, 2025 Weighted average remaining lease term - operating leases 52.43 years Weighted average discount rate - operating leases 6.26 % Supplemental cash flow information related to the Company's operating leases was as follows: Year Ended December 31, 2025 Year Ended December 31, 2024 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 1,666 $ 1,659 (1) The Company's cash paid for operating leases is significantly less than the lease cost for the same period due to the majority of the Company's ground lease rent being paid directly to the landlords by the Company's tenants. Although GLPI expends no cash related to these leases, they are required to be grossed up in the Company's financial statements under ASC 842. Financing Lease Liabilities In connection with the acquisition of certain real property assets included in the Maryland Live! Lease and the Strategic Gaming Leases, the Company acquired the rights to land subject to a long-term ground leases which expire in June 2111 and April 2062, respectively. As these leases were accounted for as Investment in leases, financing receivables, the underlying ground leases were accounted for as Financing lease liabilities on the Consolidated Balance Sheets. In accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenant with an offsetting expense in interest expense as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company's weighted average discount rate on the fixed minimum annual payments was 5.07% to arrive at the initial lease obligations. At December 31, 2025, payments under the Company's financing lease liabilities were as follows (in thousands): Year ending December 31, 2026 $ 2,712 2027 2,735 2028 2,758 2029 2,782 2030 2,805 Thereafter 308,234 Total lease payments $ 322,026 Less: Interest ( 260,807 ) Present value of finance lease liability $ 61,219 89 9. Fair Value of Financial Assets and Liabilities The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate: Cash and Cash Equivalents The fair value of the Company’s cash and cash equivalents approximates the carrying value of the Company’s cash and cash equivalents, due to the short maturity of the cash equivalents. Investment securities held to maturity In August 2024, the Company purchased U.S. Treasury Bills that matured in January 2025. The fair value of the investment (which approximated its carrying value) is based on quoted prices in active markets and as such is a Level 1 measurement as defined in ASC 820. Investment in leases, financing receivables, net The fair value of the Company's net investment in leases, financing receivables, is based on the value of the underlying real estate property the Company owns under these leases. The initial fair value was the price paid by the Company to acquire the real estate. The initial fair value is then adjusted for changes in the commercial real estate price index and as such is a Level 3 measurement as defined under ASC 820. Investment in leases, sales type, net The fair value of the Company's investment in leases, sales type, net was initially based on a third party valuation report which utilized both market based and income based valuation approaches to value the underlying land related to the applicable lease at the lease reassessment date. Subsequent changes in the fair value from this date are based on changes in the commercial real estate price index. As such, this was determined to be a Level 3 measurement as defined under ASC 820. Deferred Compensation Plan Assets The Company's deferred compensation plan assets consist of open-ended mutual funds and as such the fair value measurement of the assets is considered a Level 1 measurement as defined under ASC 820. Deferred compensation plan assets are included within other assets on the Consolidated Balance Sheets. Real Estate Loans, net The Company estimates the fair value of its fixed-rate loan portfolio for disclosure purposes using a discounted cash flow methodology. Fair value is estimated by discounting the loans’ remaining contractual cash flows using current market rates as of the measurement date for loans with similar credit characteristics and remaining terms. As a result, the estimated fair value is primarily driven by movements in market interest rates since origination, along with the remaining maturity and payment structure of the loans. The Company's variable-rate loans reprice to market at regular intervals and therefore the Company believes the carrying amount approximates its fair value. The fair value measurement of the real estate loans is considered a Level 3 measurement as defined in ASC 820. Long-term Debt The fair value of the Senior Notes are estimated based on quoted prices in active markets and as such are Level 1 measurements as defined under ASC 820. The fair value of the obligations in our Amended Credit Agreement is based on indicative pricing from market information (Level 2 inputs). 90 The estimated fair values of the Company’s financial instruments are as follows (in thousands): December 31, 2025 December 31, 2024 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 224,314 $ 224,314 $ 462,632 $ 462,632 Investment securities held to maturity — — 560,832 561,154 Investment in leases, financing receivables, net 2,557,504 2,150,560 2,333,114 2,087,705 Investment in leases, sales type lease 248,421 268,107 254,821 280,970 Real estate loans, net 247,999 250,689 160,590 164,750 Deferred compensation plan assets 46,154 46,154 38,948 38,948 Financial liabilities: Long-term debt: Credit Agreement and Term Loan Credit Facility 931,624 931,624 932,455 932,455 Senior unsecured notes 6,350,000 6,295,709 6,875,000 6,665,565 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis There were no assets or liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2025 and 2024 other than what was described below. As discussed in Note 1, during the year ended December 31, 2024, the Company amended the Tropicana Las Vegas Lease due to a change in rent terms resulting from funding certain demolition costs at the site for Bally's. The lease was reassessed from an accounting perspective which resulted in the amended lease being accounted for as a sales type lease whereas previously it had been treated as an operating lease. The sales type lease was recorded at the estimated fair value of the land at the reassessment date based on a third party valuation report. This report utilized a combination of comparable land sales for its market based valuation approach as well as rent multiple capitalization rates for its income valuation approach to determine an estimated fair value which resulted in a $3.8 million gain. 91 10. Long-term Debt Long-term debt, net of current maturities and unamortized debt issuance costs is as follows: December 31, 2025 December 31, 2024 (in thousands) Unsecured $2,090 million revolver due December 2028 $ 331,624 $ 332,455 Term Loan Credit Facility due September 2027 600,000 600,000 $ 850 million 5.250 % senior unsecured notes due June 2025 — 850,000 $ 975 million 5.375 % senior unsecured notes due April 2026 — 975,000 $ 500 million 5.750 % senior unsecured notes due June 2028 500,000 500,000 $ 750 million 5.300 % senior unsecured notes due January 2029 750,000 750,000 $ 700 million 4.000 % senior unsecured notes due January 2030 700,000 700,000 $ 700 million 4.000 % senior unsecured notes due January 2031 700,000 700,000 $ 800 million 3.250 % senior unsecured notes due January 2032 800,000 800,000 $ 600 million 5.250 % senior unsecured notes due February 2033 600,000 — $ 400 million 6.750 % senior unsecured notes due December 2033 400,000 400,000 $ 800 million 5.625 % senior unsecured notes due September 2034 800,000 800,000 $ 700 million 5.750 % senior unsecured notes due November 2037 700,000 — $ 400 million 6.250 % senior unsecured notes due September 2054 400,000 400,000 Other 140 277 Total long-term debt $ 7,281,764 $ 7,807,732 Less: unamortized debt issuance costs, bond premiums and original issuance discounts ( 78,033 ) ( 71,855 ) Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts $ 7,203,731 $ 7,735,877 The following is a schedule of future minimum repayments of long-term debt as of December 31, 2025 (in thousands): 2026 $ 3,464 2027 603,325 2028 824,975 2029 750,000 2030 700,000 Over 5 years 4,400,000 Total minimum payments $ 7,281,764 Senior Unsecured Amended Credit Agreement The Company has an Amended Credit Agreement providing for a revolving commitment capacity of $ 2.09 billion with a maturity date of December 2, 2028 (the "Revolver"). GLP Capital is the primary obligor under the Amended Credit Agreement, which is guaranteed by GLPI. In addition, the Amended Credit Agreement provides GLP Capital with the right to elect to re-allocate up to $1.04 billion in existing revolving commitments under the Amended Credit Agreement to one or more new revolving credit facilities (“Amended Bridge Revolving Facility” and, collectively, the "Amended Bridge Revolving Facilities"). Loans under any Amended Bridge Revolving Facility are subject to 1% amortization per annum. Amounts repaid under any Amended Bridge Revolving Facility cannot be reborrowed and the corresponding commitments are automatically re-allocated to the existing revolving facility. Amended Bridge Revolving Facilities are intended to be used solely to fund cash distributions to third-party contributors in connection with their contribution of one or more properties to GLP Capital. GLP Capital’s ability to borrow under any Amended Bridge Revolving Facility is subject to certain conditions including pro forma compliance with GLP 92 Capital’s financial covenants, as well as the receipt by the Agent of a satisfactory conditional guarantee of the loans under the applicable Amended Bridge Revolving Facility by the applicable contributor or its affiliate, subject to the prior enforcement of all remedies against GLP Capital, GLPI and other applicable sources other than such guarantor. Loans under the Amended Bridge Revolving Facility will not be treated pro rata with loans under the existing revolving credit facility. At December 31, 2025, $ 331.6 million was outstanding under the Amended Credit Agreement. Additionally, at December 31, 2025, the Company was contingently obligated under letters of credit issued pursuant to the Amended Credit Agreement with face amounts aggregating approximately $ 0.4 million, resulting in $ 1,758.0 million of available borrowing capacity under the Amended Credit Agreement as of December 31, 2025. The interest rates payable on the loans borrowed under the Amended Credit Agreement are, at GLP Capital's option, equal to either a SOFR based rate or a base rate plus an applicable margin, which ranges from 0.725 % to 1.40 % per annum for SOFR loans and 0.0 % to 0.4 % per annum for base rate loans, in each case, depending on the credit ratings assigned to the Amended Credit Agreement. The current applicable margin is 1.05 % for SOFR loans and 0.05 % for base rate loans. Notwithstanding the foregoing, in no event shall the base rate be less than 1.00%. In addition, GLP Capital will pay a facility fee on the commitments under the revolving facility, regardless of usage, at a rate that ranges from 0.125 % to 0.3 % per annum, depending on the credit rating assigned to the Amended Credit Agreement from time to time. The current facility fee rate is 0.25 %. The Amended Credit Agreement is not subject to amortization except with respect to the Amended Bridge Revolving Facility. GLP Capital is not required to repay any loans under the Amended Credit Agreement prior to maturity except as set forth above with respect to the Amended Bridge Revolving Facility. GLP Capital may prepay all or any portion of the loans under the Amended Credit Agreement prior to maturity without premium or penalty, subject to reimbursement of any SOFR breakage costs of the lenders and may reborrow loans that it has repaid. Subject to customary conditions, including pro forma compliance with financial covenants, GLP Capital can obtain additional term loan commitments and incur incremental term loans or revolving commitments, and outstanding bridge revolving loans shall not exceed $3.5 billion outstanding under the Amended Credit Agreement. There is currently no commitment in respect of such incremental loans and commitments. The weighted average interest rate under the Amended Credit A greement at December 31, 2025 was 5.02%. Certain Covenants and Events of Default The Amended Credit Agreement contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations or pay certain dividends and make other restricted payments. The Amended Credit Agreement includes the following financial covenants, which are measured quarterly on a trailing four-quarter basis: a maximum total debt to total asset value ratio, a maximum senior secured debt to total asset value ratio, a maximum ratio of certain recourse debt to unencumbered asset value and a minimum fixed charge coverage ratio. GLPI is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status, subject to the absence of payment or bankruptcy defaults. GLPI is also permitted to make other dividends and distributions subject to pro forma compliance with the financial covenants and the absence of defaults. The Amended Credit Agreement also contains certain customary affirmative covenants and events of default, including the occurrence of a change of control and termination of the Amended PENN Master Lease (subject to certain replacement rights). The occurrence and continuance of an event of default under the Amended Credit Agreement will enable the lenders under the Amended Credit Agreement to accelerate the loans and terminate the commitments thereunder. At December 31, 2025, the Company was in compliance with all required financial covenants under the Amended Credit Agreement. Term Loan Credit Agreement On September 2, 2022, GLP Capital entered into the Term Loan Credit Agreement with the Term Loan Agent, and the other agents and lenders party thereto from time to time, providing for a $ 600 million delayed draw credit facility with a maturity date of September 2, 2027 (the “Term Loan Credit Facility”). The Term Loan Credit Facility is guaranteed by GLPI. The Company drew down the entire $ 600 million Term Loan Credit Facility on January 3, 2023 in connection with the acquisition of the real property assets of Bally's Biloxi and Bally's Tiverton. Interest Rate and Fees The interest rates per annum applicable to loans under the Term Loan Credit Facility are, at GLP Capital's option, equal to either a SOFR based rate or a base rate plus an applicable margin, which ranges from 0.85 % to 1.7 % per annum for SOFR loans and 0.0 % to 0.7 % per annum for base rate loans, in each case, depending on the credit ratings assigned to the Term Loan Credit Facility. The current applicable margin is 1.30 % for SOFR loans and 0.30 % for base rate loans. In addition, GLP Capital will pay a commitment fee on the unused commitments under the Term Loan Credit Facility at a rate that ranges from 93 0.125 % to 0.3 % per annum, depending on the credit ratings assigned to the Credit Agreement from time to time. The current commitment fee rate is 0.25 %. The weighted average interest rate under the Term Loan Credit Facility at December 31, 2025 was 5.02 %. Amortization and Prepayments The Term Loan Credit Facility is not subject to interim amortization. GLP Capital is not required to repay any loans under the Term Loan Credit Facility prior to maturity. GLP Capital may prepay all or any portion of the loans under the Term Loan Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any SOFR breakage costs of the lenders, and may reborrow loans that it has repaid. Certain Covenants and Events of Default The Term Loan Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries, including GLP Capital, to grant liens on their assets, incur indebtedness, sell assets, engage in acquisitions, mergers or consolidations, or pay certain dividends and make other restricted payments. The financial covenants include the following, which are measured quarterly on a trailing four-quarter basis: (i) maximum total debt to total asset value ratio, (ii) maximum senior secured debt to total asset value ratio, (iii) maximum ratio of certain recourse debt to unencumbered asset value, and (iv) minimum fixed charge coverage ratio. GLPI is required to maintain its status as a REIT and is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status. GLPI is also permitted to make other dividends and distributions, subject to pro forma compliance with the financial covenants and the absence of defaults. The Term Loan Credit Facility also contains certain customary affirmative covenants and events of default. The occurrence and continuance of an event of default, which includes, among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with covenants, will enable the lenders to accelerate the loans and terminate the commitments thereunder. At December 31, 2025, the Company was in compliance with all required financial covenants under the Term Loan Credit Facility. Senior Unsecured Notes At December 31, 2025, the Company had $ 6,350.0 million of outstanding Senior Notes. During the year ended December 31, 2025, the Company redeemed its $ 850 million, 5.250 % senior unsecured notes due June 2025, and its $ 975 million, 5.375 % senior unsecured notes due April 2026. In August 2025, the Company issued $ 600 million aggregate principal amount of the February 2033 Notes at a price of 99.642 % of the principal amount, and issued $ 700 million aggregate principal amount of the November 2037 Notes at a price of 99.187 % of the principal amount. In connection with the issuances, the Company terminated certain forward starting interest rate swap agreements and will recognize a benefit of approximately $1 million, amortized over ten years as a reduction of interest expense, with respect to the November 2037 Notes. The Company used the net proceeds from the offering to redeem in full its outstanding $ 975 million aggregate principal amount of 5.375 % Senior Notes due April 2026 (the “April 2026 Notes”), including payment of the related make-whole premium. The Company intends to use the remaining net proceeds for general corporate purposes, which may include working capital, repayment of indebtedness, capital expenditures, and development or expansion projects at existing or new properties. The redemption of the April 2026 Notes resulted in the recognition of a debt extinguishment charge of $ 3.8 million, which consisted of the make-whole premium and the write-off of unamortized debt issuance costs and discounts. In August 2024, the Company issued $ 800 million of 5.625 % Senior Notes that will mature on September 15, 2034 at an issue price equal to 99.094 % of the principal amount and $ 400 million of 6.250 % Senior Notes that will mature on September 15, 2054 at an issue price equal to 99.183 % of the principal amount. During the year ended December 31, 2024, the Company redeemed its $ 400 million, 3.350 % senior unsecured notes due September 2024. 94 The Company may redeem the Senior Notes of any series at any time, and from time to time, at a redemption price of 100 % of the principal amount of the Senior Notes redeemed, plus a "make-whole" redemption premium described in the indenture governing the Senior Notes, together with accrued and unpaid interest to, but not including, the redemption date, except that if Senior Notes of a series are redeemed after their respective par call date ( 90 - 180 days prior to their maturity), the redemption price will be 100 % of the principal amount of the Senior Notes redeemed, together with accrued and unpaid interest to, but not including, the redemption date. If GLPI experiences a change of control accompanied by a decline in the credit rating of the Senior Notes of a particular series, the Company will be required to give holders of the Senior Notes of such series the opportunity to sell their Senior Notes of such series at a price equal to 101 % of the principal amount of the Senior Notes of such series, together with accrued and unpaid interest to, but not including, the repurchase date. The Senior Notes also are subject to mandatory redemption requirements imposed by gaming laws and regulations. The Senior Notes were issued by the Issuers, two consolidated subsidiaries of GLPI, and are guaranteed on a senior unsecured basis by GLPI. The guarantees of GLPI are full and unconditional. The Senior Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with all of the Issuers' senior indebtedness, including the Amended Credit Agreement, and senior in right of payment to all of the Issuers' subordinated indebtedness, without giving effect to collateral arrangements. The Senior Notes contain covenants limiting the Company’s ability to: incur additional debt and use its assets to secure debt; merge or consolidate with another company; and make certain amendments to the Amended PENN Master Lease. The Senior Notes also require the Company to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. At December 31, 2025, the Company was in compliance with all required financial covenants under its Senior Notes. 11. Commitments and Contingencies Litigation The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. Funding commitments As of December 31, 2025, the Company has entered into various commitments or call rights to finance/acquire future investments in gaming and related facilities for our tenants. These are detailed in the table below. Our tenants retain the option to decline our financing for certain projects and may seek alternative financing solutions. The inclusion of a commitment in this disclosure does not guarantee that the financing will be utilized by the tenant in circumstances where a tenant has the option. See Note 1 in the Notes to the Consolidated Financial Statements for further details. 95 Description Estimated Commitment amount Amount funded at December 31, 2025 Relocation of Hollywood Casino Aurora (1) $ 225 million None Funding associated with a landside move at Ameristar Casino Council Bluffs (2) $ 150 million None Potential transaction at the former Tropicana Las Vegas site with Bally's $ 175 million $ 48.5 million Real estate construction costs for Bally's Chicago $ 940 million $ 201.6 million Construction costs for a landside development project at Casino Queen Marquette $ 16.5 million $ 9.6 million Ione Loan to fund a new casino development near Sacramento, California $ 110 million $ 56.6 million Call right to acquire Bally's Lincoln $ 700 million None Funding commitment for the future site and construction for Live! Virginia Casino & Hotel $ 467 million None Delayed draw term loan for Dry Creek Rancheria Resort development $ 180 million None (1) PENN anticipates completing the relocation of its riverboat casino in Aurora to a land based facility in the first half of 2026. The Company anticipates funding $ 225 million at a 7.75 % capitalization rate. (2) The Company has agreed to fund, if requested by PENN in their sole discretion, on or before March 31, 2029, construction improvements in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $ 150.0 million at a 7.10 % capitalization rate. Employee Benefit Plans The Company maintains a defined contribution plan under the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended, which covers all eligible employees. The plan enables participating employees to defer a portion of their salary and/or their annual bonus in a retirement fund to be administered by the Company. On January 1, 2023, the Company amended its defined contribution plan to be a Non-elective Safe Harbor Plan as defined by the Internal Revenue Code. The Company makes safe harbor non-elective contributions equal to 3 % of each participant's compensation and such contributions are fully vested and non-forfeitable at all times. The matching contributions for the defined contribution plan were $ 0.1 million for the years ended December 31, 2025, 2024 and 2023. The Company maintains a non-qualified deferred compensation plan that covers most management and other highly-compensated employees. The plan allows the participants to defer, on a pre-tax basis, a portion of their base annual salary and/or their annual bonus, and earn tax-deferred earnings on these deferrals. The plan also provides for matching Company contributions that vest over a five-year period. The Company has established a Trust, and transfers to the Trust, on a periodic basis, an amount necessary to provide for its respective future liabilities with respect to participant deferral and Company contribution amounts. The Company's matching contributions for the non-qualified deferred compensation plan for each of the years ended December 31, 2025, 2024 and 2023 were $ 0.6 million, $ 0.6 million, and $ 0.5 million, respectively. The Company's deferred compensation liability, which was included in other liabilities within the Consolidated Balance Sheets, was $ 46.2 million and $ 39.0 million at December 31, 2025 and 2024, respectively. Assets held in the Trust were $ 46.2 million and $ 38.9 million at December 31, 2025 and 2024, respectively, and are included in other assets within the Consolidated Balance Sheets. 96 12. Revenue Recognition Revenues from Real Estate As of December 31, 2025, 14 of the Company’s real estate investment properties were leased to a subsidiary of PENN under the Amended PENN Master Lease, 7 of the Company's real estate investment properties were leased to a subsidiary under the PENN 2023 Master Lease, an additional 12 of the Company's real estate investment properties were leased to a subsidiary of PENN under the Amended Pinnacle Master Lease, 5 of the Company's real estate investment properties were leased to a subsidiary of Caesars under the Amended and Restated Caesars Master Lease, 3 of the Company's real estate investment properties were leased to a subsidiary of Boyd under the Boyd Master Lease, 8 of the Company's real estate investment properties were leased to a subsidiary of Bally's under the Bally's Master Lease, 4 of the Company's real estate investment properties were leased to a subsidiary of Bally's under Bally's Master Lease II, 2 of the Company's real estate investment properties were leased to a subsidiary of Cordish under the Pennsylvania Live! Master Lease, 2 of the Company's real estate properties were leased to a subsidiary of Bally's under the Casino Queen Master Lease and 4 of the Company's real estate investment properties were leased to subsidiaries of Strategic under the Strategic Gaming Leases. Additionally, the land under PENN's Hollywood Casino Morgantown is subject to the Morgantown Lease. Finally, the Company has single property triple net leases with Caesars under the Horseshoe St. Louis Lease, Boyd under the Belterra Park Lease, Bally's under the Tropicana Lease and Cordish under the Maryland Live! Lease, American Racing under the Tioga Downs Lease, 815 Entertainment under the Rockford Lease and a facility under development for Bally's in Chicago, Illinois. Lease terms Under ASC 842, the Company is required at lease inception (and if applicable at a lease reassessment date) to determine the term of the lease. This requires concluding whether it is reasonably assured that our tenants will exercise their renewal options contained within the lease. The initial lease term is a key judgment that is utilized in the lease classification test to determine whether the lease is an operating lease, sales type lease or direct financing lease. The Company currently has not included tenant renewal options in its determination of the initial lease term. The Company assesses whether to include tenant renewal options in its calculation of the lease term based on several factors, including but not limited to, whether its tenants' leases represent substantially all of the tenants' earnings and revenues, the ability of its tenants to sell their leased operations for fair value and whether the initial term of its leases is for a significant period of time. Since the formation of the Company on November 1, 2013, the Company has amended or reassessed many of its current leases. All of these reassessments were the result of significant lease amendments and were completed during the initial lease terms and prior to any renewal options. Additionally, Pinnacle sold its operations to PENN for fair value whose underlying real estate for the casino operations were leased from the Company. 97 Details of the Company's rental income for the year ended December 31, 2025 was as follows (in thousands): Year Ended December 31, 2025 Building base rent $ 1,218,460 Land base rent 198,228 Percentage rent and other rental revenue 72,624 Interest income on real estate loans 16,034 Total cash income $ 1,505,346 Straight-line rent adjustments 22,468 Ground rent in revenue 38,582 Accretion on leases 28,356 Total income from real estate $ 1,594,752 As of December 31, 2025, the future minimum rental income from the Company's rental properties under non-cancelable operating leases, including any reasonably assured renewal periods, was as follows (in thousands): Year ending December 31, Future Rental Payments Receivable Straight-Line Rent Adjustments (1) Future Base Ground Rents Receivable Future Income to be Recognized Related to Operating Leases 2026 $ 1,291,303 $ 48,457 $ 15,619 $ 1,355,379 2027 1,281,799 47,132 15,154 1,344,085 2028 1,284,186 40,002 15,036 1,339,224 2029 1,266,486 33,986 15,036 1,315,508 2030 1,272,602 27,870 15,043 1,315,515 Thereafter 3,835,923 ( 23,478 ) 58,509 3,870,954 Total $ 10,232,299 $ 173,969 $ 134,397 $ 10,540,665 (1) Includes tenant improvement allowance that is being amortized over the life of a tenant lease and excludes deferred income on the Bally's Chicago Land Lease as the facility is under development and as such is not ready for its intended use. The table above presents the cash rent the Company expects to receive from its tenants, offset by adjustments to recognize this rent on a straight-line basis over the lease term. The Company also includes the future non-cash revenue it expects to recognize from the fixed portion of tenant paid ground leases in the table above. For further details on these tenant paid ground leases, refer to Note 8. The Company may periodically loan funds to casino owner-operators for the purchase or development of real estate. Interest income related to real estate loans is recorded as revenue from real estate within the Company's Consolidated Statements of Income in the period earned. See Note 5 for further details. 13. Stock-Based Compensation As of December 31, 2025, the Company had 4,988,607 shares available for future issuance under the 2013 Plan. The 2013 Plan provides for the Company to issue restricted stock awards, including performance-based restricted stock awards and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. The Company issues new authorized common shares to satisfy stock option exercises and restricted stock award releases. As of December 31, 2025, there was $ 3.2 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.88 years. For the years ended December 31, 2025, 2024 and 2023, the Company recognized $ 6.2 million, $ 8.7 million and $ 8.5 million, respectively, of compensation expense associated with these awards. The total fair value of awards released during the years ended December 31, 2025, 2024 and 2023, was $ 12.5 million, $ 12.3 million and $ 11.3 million, respectively. 98 The following table contains information on restricted stock award activity for the years ended December 31, 2025 and 2024: Number of Award Shares Weighted Average Grant-Date Fair Value Outstanding at December 31, 2023 269,929 $ 49.49 Granted 263,328 $ 33.16 Released ( 247,814 ) $ 31.44 Canceled ( 600 ) $ 50.15 Outstanding at December 31, 2024 284,843 $ 50.10 Granted 211,307 $ 27.18 Released ( 263,916 ) $ 32.49 Canceled ( 15,000 ) $ 50.26 Outstanding at December 31, 2025 217,234 $ 49.19 Performance-based restricted stock awards have a three-year cliff vesting with the amount of restricted shares vesting at the end of the three-year period determined based upon the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year total shareholder return of the companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies. As of December 31, 2025, there was $ 9.2 million of total unrecognized compensation cost for performance-based restricted stock awards, which will be recognized over the awards' remaining weighted average vesting period of 1.51 years. For the years ended December 31, 2025, 2024 and 2023, the Company recognized $ 9.5 million, $ 15.6 million and $ 14.4 million, respectively, of compensation expense associated with these awards. The total fair value of performance-based stock awards released during the years ended December 31, 2025, 2024, and 2023 was $ 23.3 million, $ 23.6 million, and $ 21.7 million respectively. The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2025 and 2024: Number of Performance-Based Award Shares Weighted Average Grant-Date Fair Value Outstanding at December 31, 2023 1,492,000 $ 29.36 Granted 523,000 $ 28.73 Released ( 478,000 ) $ 24.89 Outstanding at December 31, 2024 1,537,000 $ 30.53 Granted 245,000 $ 27.54 Released ( 488,500 ) $ 30.60 Canceled ( 131,500 ) $ 30.49 Outstanding at December 31, 2025 1,162,000 $ 29.88 As of December 31, 2025, there was $ 0.5 million of total unrecognized compensation cost for time based LTIP awards that will be recognized over the grants' remaining weighted average vesting period of 2.01 years. For the years ended December 31, 2025, the Company recognized an expense of $ 2.9 million of compensation associated with these awards within general and administrative expenses on the consolidated statements of income and noncontrolling interests on the Company's consolidated balance sheet. 99 The following table contains information on time based LTIP award activity for the years ended December 31, 2025: Number of Time Based LTIP Awards Weighted Average Grant-Date Fair Value Outstanding at December 31, 2024 — $ — Granted 85,000 $ 48.16 Released — $ — Canceled ( 15,000 ) $ 48.16 Outstanding at December 31, 2025 70,000 $ 48.16 Performance-based LTIP awards have a three-year cliff vesting with the amount of LTIP awards vesting at the end of the three-year period determined based upon the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year total shareholder return of the companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies. As of December 31, 2025, there was $ 5.1 million of total unrecognized compensation cost, which will be recognized over the performance-based LTIP awards' remaining weighted average vesting period of 2.01 years. For the years ended December 31, 2025, the Company recognized $ 2.5 million of compensation expense associated with these awards within general and administrative expenses on the consolidated statements of income and noncontrolling interests on the Company's consolidated balance sheet. The following table contains information on performance-based LTIP award activity for the years ended December 31, 2025: Number of Performance- Based LTIP Awards Weighted Average Grant-Date Fair Value Outstanding at December 31, 2024 — $ — Granted 340,000 $ 27.06 Released — $ — Canceled ( 60,000 ) $ 27.06 Outstanding at December 31, 2025 280,000 $ 27.06 14. Income Taxes The Company elected on its U.S. federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT. The benefits of the intended REIT conversion on the Company's tax provision and effective income tax rate are reflected in the tables below. As a result of the Tax Cuts and Jobs Act, the corporate tax rate was permanently lowered from the previous maximum rate of 35% to 21%, effective for tax years including or commencing January 1, 2018. The provision for income taxes charged to operations for years ended December 31, 2025, 2024 and 2023 was as follows: Year ended December 31, 2025 2024 2023 (in thousands) Current tax expense Federal $ — $ — $ — State 2,229 2,129 1,997 Total current 2,229 2,129 1,997 Deferred tax (benefit) expense Federal — — — State — — — Total deferred — — — Total provision $ 2,229 $ 2,129 $ 1,997 100 The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2025, 2024 and 2023: Year ended December 31, 2025 2024 2023 Percent of pretax income U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes 0.3 % 0.3 % 0.3 % Valuation allowance — % — % — % REIT conversion benefit ( 21.0 ) % ( 21.0 ) % ( 21.0 ) % Permanent differences — % — % — % Other miscellaneous items — % — % — % 0.3 % 0.3 % 0.3 % Year ended December 31, 2025 2024 2023 (in thousands) Amount based upon pretax income U.S. federal statutory income tax $ 179,041 $ 170,053 $ 159,047 State and local income taxes 2,229 2,129 1,997 Valuation allowance — — — REIT conversion benefit ( 179,041 ) ( 170,053 ) ( 159,047 ) Permanent differences — — — Other miscellaneous items — — — $ 2,229 $ 2,129 $ 1,997 The Company is still subject to federal income tax examinations for its years ended December 31, 2022 and forward. 15. Earnings Per Share The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2025, 2024 and 2023: Year Ended December 31, 2025 2024 2023 (in thousands) Determination of shares: Weighted-average common shares outstanding 279,605 272,802 264,053 Assumed conversion of restricted stock awards (1) 127 160 156 Assumed conversion of performance-based restricted stock awards 203 540 784 Dilution attributable to equity forward contract 108 32 — Diluted weighted-average common shares outstanding 280,043 273,534 264,993 101 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2025, 2024 and 2023: Year Ended December 31, 2025 2024 2023 (in thousands, except per share data) Calculation of basic EPS: Net income attributable to common shareholders $ 825,111 $ 784,620 $ 734,283 Less: Net income allocated to participating securities ( 741 ) ( 459 ) ( 434 ) Net income for earnings per share purposes $ 824,370 $ 784,161 $ 733,849 Weighted-average common shares outstanding 279,605 272,802 264,053 Basic EPS $ 2.95 $ 2.87 $ 2.78 Calculation of diluted EPS: Net income attributable to common shareholders $ 825,111 $ 784,620 $ 734,283 Diluted weighted-average common shares outstanding (1) 279,916 273,534 264,993 Diluted EPS $ 2.95 $ 2.87 $ 2.77 Antidilutive securities excluded from the computation of diluted earnings per share 24 25 103 (1) During the year ended December 31, 2025, these awards which are participating securities were accounted for under the two class method and excluded from diluted shares as they are a separate class. 16. Equity Common Stock On May 2, 2025, the Company entered into its $1.25 billion 2025 ATM Program. The issuance of securities through the 2025 ATM Program will depend on a variety of factors, including market conditions, the trading price of the Company's common stock and determinations of the appropriate sources of funding. The Company may sell the shares in amounts and at times to be determined by the Company, but has no obligation to sell any of the shares in the 2025 ATM Program. The 2025 ATM Program also allows the Company to enter into forward sale agreements. In no event will the aggregate number of shares sold under the 2025 ATM Program (whether under any forward sale agreement or through a sales agent), have an aggregate sales price in excess of $ 1.25 billion. The Company expects, that if it enters into a forward sale contract, to physically settle each forward sale agreement with the forward purchaser on one or more dates specified by the Company prior to the maturity date of that particular forward sale agreement, in which case the aggregate net cash proceeds at settlement will equal the number of shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a particular forward sale agreement, in which case cash proceeds may or may not be received or cash may be owed to the forward purchaser. In connection with the 2025 ATM Program, the Company would engage a sales agent who may receive compensation of up to 2 % of the gross sales price of the shares sold. Similarly, in the event the Company enters into a forward sale agreement, it will pay the relevant forward seller a commission of up to 2 % of the sales price of all borrowed shares of common stock sold during the applicable selling period of the forward sale agreement. During the year ended December 31, 2025, the Company sold 7,589,487 shares of common stock under forward sale agreements, that will raise gross proceeds of $363.3 million subject to certain contractual adjustments. No amounts are recorded on the Company's balance sheet until the forward is settled (which contractually mature in the third quarter of 2026 but may be settled prior to this time period at the Company's election). Until settlement of the forward sale agreements, earnings per share dilution resulting from the forward sale agreements will be determined under the treasury stock method. Share dilution occurs when the average market price of the Company's common stock is higher than the average forward sales price (which is reduced by the maximum specified fixed amounts in the contracts). Reflecting the impact of these forward sale agreements, the Company has $ 886.7 million remaining for issuance under the 2025 ATM Program. On December 21, 2022, the Company commenced a continuous equity offering under which the Company may sell up to an aggregate of $ 1.0 billion of its common stock from time to time through a sales agent in "at the market" offerings (the "2022 ATM Program"). On June 2, 2025, the Company settled a forward sale agreement and issued 8,170,387 shares for a net 102 sales price of $ 404.0 million inclusive of certain contractual adjustments. In connection with the 2025 ATM Program, the 2022 ATM Program was terminated. Noncontrolling Interests As partial consideration for the closing of various real property assets over the past few years, the Company's operating partnership has issued OP Units. The OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions. As of December 31, 2025, the Company holds a 97.1 % controlling financial interest in the operating partnership. The operating partnership is a VIE in which the Company is the primary beneficiary because it has the power to direct the activities of the VIE that most significantly impact the partnership's economic performance and has the obligation to absorb losses of the VIE that could be potentially significant to the VIE and the right to receive benefits from the VIE that could potentially be significant to the VIE. Therefore, the Company consolidates the accounts of the operating partnership, and reflects the third party ownership in this entity as a non-controlling interest in the Consolidated Balance Sheets. The Company paid $ 25.8 million, $ 24.6 million and $ 24.1 million in distributions to the non-controlling interest holders concurrently with the dividends paid to the Company's common shareholders, during the year ended December 31, 2025, December 31, 2024 and December 31, 2023 respectively. The Company’s net income or loss is allocated to noncontrolling interests based on the respective ownership or voting percentage in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Consolidated Statements of Operations in order to derive net income or loss attributable to common stockholders. The noncontrolling ownership percentage is calculated by dividing the aggregate number of LTIP Units and OP Units by the total number of units and shares outstanding. Accumulated Other Comprehensive Income (Loss) As discussed in Note 2, the Company had derivative instruments designated as cash flow hedges which it terminated in connection with the August 2025 issuance of Senior Notes. The amount in other comprehensive income before reclassifications is being amortized as a reduction in interest expense over ten years, which was the life of the derivative instruments. The amount expected to be amortized out of other comprehensive income to interest expense over the next 12 months is $0.1 million. 103 Dividends The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2025, 2024 and 2023: Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2025 February 13, 2025 March 14, 2025 Common Stock $ 0.76 First Quarter 2025 March 28, 2025 $ 208,873 May 15, 2025 June 13, 2025 Common Stock $ 0.78 Second Quarter 2025 June 27, 2025 $ 220,743 August 28, 2025 September 12, 2025 Common Stock $ 0.78 Third Quarter 2025 September 26, 2025 $ 220,747 November 24, 2025 December 5, 2025 Common Stock $ 0.78 Fourth Quarter 2025 December 19, 2025 $ 220,769 2024 February 26, 2024 March 15, 2024 Common Stock $ 0.76 First Quarter 2024 March 29, 2024 $ 206,340 May 20, 2024 June 7, 2024 Common Stock $ 0.76 Second Quarter 2024 June 21, 2024 $ 206,340 August 28, 2024 September 13, 2024 Common Stock $ 0.76 Third Quarter 2024 September 27, 2024 $ 208,538 November 25, 2024 December 6, 2024 Common Stock $ 0.76 Fourth Quarter 2024 December 20, 2024 $ 208,559 2023 February 22, 2023 March 10, 2023 Common Stock $ 0.72 First Quarter 2023 March 24, 2023 $ 188,896 February 22, 2023 March 10, 2023 Common Stock $ 0.25 First Quarter 2023 March 24, 2023 (1) $ 65,588 June 1, 2023 June 16, 2023 Common Stock $ 0.72 Second Quarter 2023 June 30, 2023 $ 189,095 August 30, 2023 September 15, 2023 Common Stock $ 0.73 Third Quarter 2023 September 29, 2023 $ 192,085 November 22, 2023 December 8, 2023 Common Stock $ 0.73 Fourth Quarter 2023 December 22, 2023 $ 197,394 (1) On February 22, 2023, the Company declared a first quarter dividend of $ 0.72 per share in addition to a special earnings and profit dividend related to the sale of the Tropicana Las Vegas building of $ 0.25 per share on the Company's common stock. In addition, for the years ended December 31, 2025, 2024 and 2023, dividend payments were made to GLPI restricted stock award holders in the amount of, $ 0.7 million, $ 0.9 million and $ 0.9 million, respectively. 104 A summary of the Company's taxable common stock distributions for the years ended December 31, 2025, 2024 and 2023 is as follows (unaudited): Year Ended December 31, 2025 2024 2023 (in dollars per share) Qualified dividends $ — $ — $ — Non-qualified dividends 3.0010 2.9584 3.0215 Capital gains 0.0018 0.0178 0.0004 Non-taxable return of capital 0.0972 0.0638 0.1281 Total distributions per common share $ 3.10 $ 3.04 $ 3.15 Percentage classified as qualified dividends — % — % — % Percentage classified as non-qualified dividends 96.81 % 97.32 % 95.92 % Percentage classified as capital gains 0.06 % 0.58 % 0.01 % Percentage classified as non-taxable return of capital 3.13 % 2.10 % 4.07 % 100.00 % 100.00 % 100.00 % 17. Supplemental Disclosures of Cash Flow Information and Noncash Activities Supplemental disclosures of cash flow information are as follows: Year ended December 31, 2025 2024 2023 (in thousands) Cash paid for income taxes, net of refunds received $ 2,228 $ 3,525 $ 1,845 Cash paid for interest 357,025 330,063 309,924 Noncash Investing and Financing Activities On December 16, 2024, as part of the consideration for the land and real estate assets of Bally's Kansas City and Bally's Shreveport, the Company issued 137,309 OP Units to affiliates of Bally's that were valued at $ 6.8 million for accounting purposes at closing. The Company also recognized a right of use asset and liability of $ 49.2 million on two ground leases in connection with the transaction. In connection with the rental term changes on the Tropicana Las Vegas Lease during the three months ended September 30, 2024, the Company reclassified this lease from an operating lease to a sales type lease which resulted in a non-cash gain of $3.8 million which represented the fair value of the land at the reassessment date in excess of the carrying value of the land and the additional funding under the lease of $274.7 million. On May 16, 2024, the Company recorded a non-cash increase to Investment in leases, financing receivables and Financing lease liabilities of $6.1 million associated with the acquisition of certain real estate assets of Strategic. See Note 6 for further details. On February 6, 2024, as partial consideration for the closing of the real property assets under the Tioga Downs Lease, the Company’s operating partnership issued 434,304 newly-issued OP units to an affiliate of Tioga Downs which were valued at $ 19.6 million for accounting purposes at closing and assumed debt of $ 63.5 million that was repaid after closing with the offsetting increase to Investment in leases, financing receivables, net. On January 3, 2023, as part of the consideration for the land and real estate assets of Bally's Biloxi and Bally's Tiverton, the Company issued 286,643 OP Units to affiliates of Bally's that were valued at $ 14.9 million for accounting purposes at closing. The Company also recognized a right of use asset and liability of $ 37.1 million on a ground lease which was subsequently remeasured due to a renegotiation and reduced the right of use asset and lease liability to $ 18.4 million for the year ended December 31, 2023. 105 18. Segment information The Company's operations consist solely of investments in real estate for which all such real estate properties are similar to one another in that they consist of destination and leisure properties and related offerings, whose tenants offer casino gaming, hotel, convention, dining, entertainment and retail amenities, have similar economic characteristics and are governed by triple-net operating leases. Accordingly, the Company has one operating and reportable segment and the accounting policies of the segment are the same as those described in the summary of significant accounting policies in Note 2. The operating results of the Company's real estate investments are reviewed in the aggregate using the Company's consolidated financial statements, by the Company's chief executive officer who is the chief operating decision maker (as such term is defined in ASC 280 - Segment Reporting). The Company's chief executive officer assesses performance for the segment and decides how to allocate resources based on measures that are most closely aligned with consolidated net income, as well as other measures to evaluate the Company's results. These measures are utilized to decide whether to pursue additional real estate investments, to monitor results against budgeted targets, and in competitive analysis in certain benchmarking against peer group companies to assess the performance of the segment and in establishing management's compensation for certain performance based equity plans. The measure of segment assets is reported on the Company's Consolidated Balance Sheet as total assets. 19. Subsequent Events On January 15, 2026, the Company acquired the land for the future site Virginia Live! for $ 27 million which has a capitalization rate of 8.0 %. On February 11, 2026, the Company exercised its call right for Bally's Lincoln and acquired the real estate assets for a purchase price of $ 700 million and additional rent of $ 56.0 million. 106 SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION December 31, 2025 (in thousands) Initial Cost to Company Net Capitalized Costs (Retirements) Subsequent to Acquisition Gross Amount at which Carried at Close of Period Life on which Depreciation in Latest Income Statement is Computed Original Date of Construction / Renovation Description Location Encumbrances Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total (1) Accumulated Depreciation Date Acquire d Rental Properties: Hollywood Casino Lawrenceburg Lawrenceburg, IN $ — $ 15,251 $ 342,393 $ ( 30 ) $ 15,221 $ 342,393 $ 357,614 $ 224,587 1997/2009 11/1/2013 31 Hollywood Casino Aurora Aurora, IL — 4,937 98,378 8,385 13,656 98,044 111,700 101,562 1993/2002/ 2012 11/1/2013 6 Hollywood Casino Joliet Joliet, IL — 12,630 130,000 — 12,630 130,000 142,630 1,747 2025 8/11/2025 31 Argosy Casino Alton Alton, IL — — 6,462 — — 6,462 6,462 5,451 1991/1999 11/1/2013 31 Hollywood Casino Toledo Toledo, OH — 12,003 144,093 ( 201 ) 11,802 144,093 155,895 71,723 2012 11/1/2013 31 Hollywood Casino Columbus Columbus, OH — 38,240 188,543 105 38,266 188,622 226,888 97,138 2012 11/1/2013 31 Hollywood Casino at Charles Town Races Charles Town, WV — 35,102 233,069 — 35,102 233,069 268,171 184,668 1997/2010 11/1/2013 31 Hollywood Casino at Penn National Race Course Grantville, PA — 25,500 161,810 — 25,500 161,810 187,310 117,455 2008/2010 11/1/2013 31 M Resort Henderson, NV — 66,104 126,689 149,564 65,668 276,689 342,357 68,611 2009/2012 11/1/2013 30 Hollywood Casino Bangor Bangor, ME — 12,883 84,257 — 12,883 84,257 97,140 52,589 2008/2012 11/1/2013 31 Zia Park Casino Hobbs, NM — 9,313 38,947 — 9,313 38,947 48,260 30,236 2005 11/1/2013 31 Hollywood Casino Gulf Coast Bay St. Louis, MS — 59,388 87,352 ( 229 ) 59,176 87,335 146,511 69,124 1992/2006/ 2011 11/1/2013 40 Argosy Casino Riverside Riverside, MO — 23,468 143,301 ( 77 ) 23,391 143,301 166,692 94,583 1994/2007 11/1/2013 37 Hollywood Casino Tunica Tunica, MS — 4,634 42,031 — 4,634 42,031 46,665 35,706 1994/2012 11/1/2013 31 Boomtown Biloxi Biloxi, MS — 3,423 63,083 ( 137 ) 3,286 63,083 66,369 57,764 1994/2006 11/1/2013 15 Hollywood Casino St. Louis Maryland Heights, MO — 44,198 177,063 ( 3,239 ) 40,959 177,063 218,022 157,114 1997/2013 11/1/2013 13 Hollywood Casino at Dayton Raceway Dayton, OH — 3,211 — 86,288 3,211 86,288 89,499 31,649 2014 11/1/2013 31 Hollywood Casino at Mahoning Valley Race Track Youngstown, OH — 5,683 — 94,314 5,833 94,164 99,997 34,351 2014 11/1/2013 31 Resorts Casino Tunica Tunica, MS — — 12,860 ( 12,860 ) — — — — 1994/1996/ 2005/2014 5/1/2017 N/A 1 st Jackpot Casino Tunica, MS — 161 10,100 — 161 10,100 10,261 3,226 1995 5/1/2017 31 Ameristar Black Hawk Black Hawk, CO — 243,092 334,024 25 243,117 334,024 577,141 81,232 2000 4/28/2016 31 Ameristar East Chicago East Chicago, IN — 4,198 123,430 — 4,198 123,430 127,628 32,799 1997 4/28/2016 31 Belterra Casino Resort Florence, IN — 63,420 172,876 — 63,420 172,876 236,296 46,452 2000 4/28/2016 31 Ameristar Council Bluffs Council Bluffs, IA — 84,009 109,027 — 84,009 109,027 193,036 32,871 1996 4/28/2016 31 L'Auberge Baton Rouge Baton Rouge, LA — 205,274 178,426 — 205,274 178,426 383,700 46,214 2012 4/28/2016 31 Boomtown Bossier City Bossier City, LA — 79,022 107,067 — 79,022 107,067 186,089 26,845 2002 4/28/2016 31 L'Auberge Lake Charles Lake Charles, LA — 14,831 310,877 ( 92 ) 14,739 310,877 325,616 83,626 2005 4/28/2016 31 Boomtown New Orleans Boomtown, LA — 46,019 58,258 — 46,019 58,258 104,277 16,099 1994 4/28/2016 31 Ameristar Vicksburg Vicksburg, MS — 128,068 96,106 — 128,068 96,106 224,174 33,590 1994 4/28/2016 31 River City Casino & Hotel St Louis, MO — 8,117 221,038 — 8,117 221,038 229,155 59,204 2010 4/28/2016 31 107 Ameristar Kansas City Kansas City, MO — 239,111 271,598 — 239,111 271,598 510,709 81,073 1997 4/28/2016 31 Ameristar St. Charles St. Charles, MO — 375,596 437,908 — 375,596 437,908 813,504 108,695 1994 4/28/2016 31 Jackpot Properties Jackpot, NV — 48,784 61,550 — 48,784 61,550 110,334 18,837 1954 4/28/2016 31 Plainridge Park Casino Plainridge, MA — 127,068 123,850 — 127,068 123,850 250,918 28,799 2015 10/15/2018 31 Belterra Park Gaming and Entertainment Center Cincinnati, OH — 11,689 45,995 — 11,689 45,995 57,684 12,613 2013 5/6/2020 31 The Meadows Racetrack and Casino Washington, PA — 181,532 141,370 ( 2,864 ) 179,598 140,440 320,038 49,711 2006 9/9/2016 31 DraftKings at Casino Queen East St. Louis, IL — 70,716 70,014 8,700 70,716 78,714 149,430 31,350 1999 1/23/2014 31 Tropicana Atlantic City Atlantic City, NJ — 166,974 392,923 ( 1,067 ) 165,907 392,923 558,830 91,436 1981 10/1/2018 31 Tropicana Evansville Evansville, IN — 47,439 146,930 ( 194,369 ) — — — — 1995 10/1/2018 N/A Bally's Evansville Evansville, IN — 120,473 153,130 — 120,473 153,130 273,603 23,014 1995 6/3/2021 31 Tropicana Laughlin Laughlin, NV — 20,671 80,530 ( 132 ) 20,539 80,530 101,069 20,981 1988 10/1/2018 27 Trop Casino Greenville Greenville, MS — — 21,680 — — 21,680 21,680 5,041 2012 10/1/2018 31 Bally's Baton Rouge (formerly Belle of Baton Rouge) Baton Rouge, LA — 11,873 52,400 114,406 13,072 165,607 178,679 13,064 1994 10/1/2018 31 Isle Casino Waterloo Waterloo, IA — 64,263 77,958 ( 411 ) 63,852 77,958 141,810 12,679 2005 12/18/2020 31 Isle Casino Bettendorf Bettendorf, IA — 29,636 85,150 ( 189 ) 29,447 85,150 114,597 13,848 2015 12/18/2020 31 Horseshoe St. Louis St Louis, MO — 26,930 219,070 — 26,930 219,070 246,000 39,028 2005 10/1/2020 31 Hollywood Casino Morgantown Morgantown, PA — 30,253 — — 30,253 — 30,253 — 2020 10/1/2020 N/A Hollywood Casino Perryville Perryville, MD — 23,266 31,079 — 23,266 31,079 54,345 22,194 2010 07/1/2021 31 Bally's Dover Casino Resort Dover, DE — 99,106 48,300 — 99,106 48,300 147,406 23,241 1995 06/3/2021 31 The Queen Baton Rouge (formerly Casino Queen Baton Rouge) Baton Rouge, LA — 7,320 40,812 72,697 7,320 113,509 120,829 35,064 1994 12/17/2021 31 Bally's Black Hawk Black Hawk, CO — 17,537 13,730 — 17,537 13,730 31,267 1,959 1991 04/01/2022 27 Bally's Quad Cities Casino & Hotel Rock Island, IL — 36,848 82,010 — 36,848 82,010 118,858 12,180 2007 04/01/2022 31 Hard Rock Hotel & Casino Biloxi, MS — 204,533 195,950 — 204,533 195,950 400,483 19,944 2005 01/03/2023 31 Bally's Tiverton Hotel & Casino Tiverton, RI — 116,622 110,150 — 116,622 110,150 226,772 12,573 2017 01/03/2023 31 Casino Queen Marquette Marquette, IA — 32,032 690 9,728 41,760 690 42,450 438 2000 09/06/2023 6 Bally's Chicago Chicago, IL — 250,745 — 221,102 267,261 204,586 471,847 — 2024 9/11/2024 N/A Bally's Kansas City Kansas City, MO — 940 96,400 — 940 96,400 97,340 3,360 1996 12/16/2024 31 Bally's Shreveport Shreveport, LA — 190 76,770 — 190 76,770 76,960 3,638 1999 12/16/2024 31 Subtotal — 3,614,326 6,879,507 549,417 3,595,093 7,448,157 11,043,250 2,582,976 Headquarters Property: GLPI Corporate Office Wyomissing, PA — 750 8,465 270 750 8,735 9,485 2,826 2014/2015 9/19/2014 31 Other Properties Other owned land/buildings (2) various — 25,992 101,104 ( 6,798 ) 19,194 101,104 120,298 112,970 $ — $ 3,641,068 $ 6,989,076 $ 542,889 $ 3,615,037 $ 7,557,996 $ 11,173,033 $ 2,698,772 (1) The aggregate cost for federal income tax purposes of the properties listed above was $ 9.9 billion at December 31, 2025. This amount does not include the real estate part of Investment in Financing Lease, net or Investment in Sales-type leases, net. (2) This amount includes the land value associated with the previous Joliet facility since it is no longer part of the Penn Fixed Lease and is being evaluated for other potential uses due to the opening of the new landside casino which opened on August 11, 2025. 108 A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2025, 2024 and 2023 is as follows: Year Ended December 31, 2025 2024 2023 Real Estate: (in thousands) Balance at the beginning of the period $ 10,585,461 $ 10,347,315 $ 9,626,018 Acquisitions 285,000 426,562 678,130 Construction in progress 191,289 39,542 — Capital expenditures 113,173 — 43,167 Dispositions (1) ( 1,890 ) ( 227,958 ) — Balance at the end of the period $ 11,173,033 $ 10,585,461 $ 10,347,315 Accumulated Depreciation: Balance at the beginning of the period $ ( 2,436,742 ) $ ( 2,178,523 ) $ ( 1,918,083 ) Depreciation expense ( 263,920 ) ( 258,219 ) ( 260,440 ) Additions — — — Dispositions 1,890 — — Balance at the end of the period $ ( 2,698,772 ) $ ( 2,436,742 ) $ ( 2,178,523 ) (1) The 2024 amount primarily represents the reclassification of the Tropicana Las Vegas Lease to a sales type lease from an operating lease due to a lease reclassification event due to a change in terms. 109 SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE December 31, 2025 (in thousands) Description Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgage Carrying Amount of Mortgage (2) Principal Amount of Loans Subject to Delinquent Principal or Interest Rockford Loan 8 % 6/30/2026 Interest paid monthly — $ 150,000 $ 148,721 — Ione Loan 11 % 9/19/2029 Interest paid monthly — 56,604 56,205 — Dry Creek Loan ( 1 ) 11/24/2031 Interest paid monthly — $ 45,250 $ 43,073 — $ 251,854 $ 247,999 — (1) Interest at SOFR plus 900 basis points, subject to a SOFR floor of 1%. (2) The aggregate cost for federal income tax purposes of the mortgage loan listed above was approximately $ 251 million at December 31, 2025. The difference between the face amount of the loans and the carrying amount of the loans are the allowance for credit losses and a loan discount on the Dry Creek loan that have been recorded in accordance with the Company's accounting policies as described in Note 2. Year Ended December 31, 2025 Year Ended December 31, 2024 (in thousands) Mortgage Loans: Balance at the beginning of the period $ 160,590 $ 39,036 Additions during the period: New mortgage loans, net of loan origination discount 85,336 125,160 Amortization of loan discount 19 — Deductions during the period: Collections of principal — — Change in allowance for credit losses 2,054 ( 3,606 ) Balance at the end of the period $ 247,999 $ 160,590 110 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None.