Film Related Obligations

3 Months Ended

Jun. 30, 2026

Total film related obligations as of June 30, 2026 and March 31, 2026 were as follows:


	June 30, 2026		March 31, 2026
	(Amounts in millions)
Film related obligations:
Production Loans	$	1,364.7	$	1,283.9
Production Tax Credit Facility	367.4		368.0
Backlog Facility and Other	313.2		307.2

Total film related obligations	2,045.3		1,959.1
Unamortized issuance costs	(8.8)		(9.2)
Total film related obligations, net	2,036.5		1,949.9
Less current portion	(1,622.1)		(1,293.4)
Total film related obligations - noncurrent	$	414.4	$	656.5

Production Loans:

Production loans represent individual and multi-title loans for the production of film and television programs that the Company produces. The majority of the Company’s production loans have contractual repayment dates either at or near the expected completion or release dates, with the exception of certain loans containing repayment dates on a longer term basis, and incur primarily SOFR-based interest at a weighted average rate of 5.41% (before the impact of interest rate swaps, see Note 17). As of June 30, 2026, production loans amounting to $1,196.3 million are secured by collateral consisting of the underlying rights related to the intellectual property rights of the related film or television production, with the remaining $168.4 million as unsecured.

Production Tax Credit Facility:

In January 2021, as amended in May 2025, the Company entered into a non-recourse senior secured revolving credit facility (the “Production Tax Credit Facility”) secured solely by certain of the Company’s tax credit receivables. As of June 30, 2026, the Production Tax Credit Facility had a maximum borrowing capacity of $380.0 million, subject to the availability of certain eligible collateral. The collateral is based on specified percentages of amounts receivable from governmental authorities pursuant to the tax incentive laws of eligible jurisdictions related to the production or exploitation of motion pictures and television programming in such jurisdictions. Cash received is used to repay outstanding borrowings under the facility. As of June 30, 2026, tax credit receivable of $443.4 million served as collateral under the facility, and $12.6 million of borrowing capacity remained available. Advances under the facility bear interest at either (i) SOFR plus 0.10% plus 1.50% per annum, or (ii) the base rate plus 0.50% per annum (effective interest rate of 5.25% as of June 30, 2026). The Production Tax Credit Facility matures on January 27, 2028.

Backlog Facility and Other:

Backlog Facility. In March 2022, as amended in June 2025, certain subsidiaries of the Company entered into a committed secured revolving credit facility (the “Backlog Facility”) based on and secured by collateral consisting solely of certain of the Company’s fixed fee or minimum guarantee contracts where cash will be received in the future. The maximum principal amount of the Backlog Facility as of June 30, 2026 is $175.0 million, subject to the amount of eligible collateral contributed to the facility. Advances under the Backlog Facility bear interest at a rate equal to Term SOFR plus 0.10% to 0.25% depending on the SOFR term (i.e., one, three or six months), plus an applicable margin amounting to 1.15% per annum. The applicable margin is subject to a potential increase to either 1.25% or 1.50% based on the weighted average credit quality rating of the collateral contributed to the facility (effective interest rate of 4.90% as of June 30, 2026). The Backlog Facility revolving period ends on May 30, 2028, at which point cash collections from the underlying collateral is used to repay the facility. The facility maturity date is up to 2 years, 90 days after the revolving period ends, currently August 28, 2030. As of June 30, 2026, there was $175.0 million outstanding (March 31, 2026 - $175.0 million) under the Backlog Facility, resulting in no available borrowing capacity.

Other. The Company has other loans, secured by accounts receivable and contracted receivables not yet recognized as revenue under certain licensing agreements. Outstanding loan balances under these “other” loans is required to be repaid with cash received from the underlying collateral as and when collected and may be voluntarily repaid at any time without prepayment penalties. As of June 30, 2026, outstanding borrowings under the “other” loans was $138.2 million (March 31, 2026 - $132.2 million) bearing SOFR-based interest at a weighted average rate of 5.27%, with remaining contractual repayment dates in July 2026 and December 2027. Accounts receivable of $46.3 million and contracted receivables not yet reflected as accounts receivables of $109.9 million as of June 30, 2026, represented collateral in connection with the “other” loans.