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Programming Related Obligations
6 Months Ended
Sep. 30, 2025
Programming Related Obligations [Abstract]  
Programming Related Obligations Programming Related Obligations
Programming related obligations include programming notes, which represent individual unsecured loans for the licensing of film and television programs. As of September 30, 2025, outstanding programming notes had a balance of $88.2 million and had contractual repayment dates ranging from October 2025 through November 2025, and incurred SOFR-based interest at a weighted average rate of 8.8%. There were $90.7 million of programming notes outstanding as of March 31, 2025.
In addition to programming notes, programming-related obligations include a secured production loan with an outstanding balance of $16.2 million as of September 30, 2025, due in 2027. The production loan incurred SOFR-based interest of 6.5%. This loan is recorded within Other Liabilities in the balance sheet as of September 30, 2025. There were no production loan amounts outstanding as of March 31, 2025. Production loans represent financing arrangements for individual or multiple film and television titles produced by the Company. These loans are secured by collateral consisting of the underlying intellectual property rights (e.g., the related film or television program).