v3.26.1
Debt (Tables)
12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Net Carrying Amount and Film Financing Arrangements Outstanding
The net carrying amount of the Notes as of December 31, 2025 was:
December 31,
2025
December 31,
2024
Principal outstanding$— $30,000 
Unamortized debt discount and issuance costs— (4,482)
Net carrying value$— $25,518 
The net carrying amount of the Term Loan as of December 31, 2025 was:
December 31,
2025
December 31,
2024
Principal outstanding$45,000 $— 
Unamortized debt discount and issuance costs(1,848)— 
Net carrying value$43,152 $— 
A summary of these film financing arrangements outstanding as of December 31, 2025 is as follows (dollars in thousands):
Film Financing ArrangementPrincipal Outstanding / Carrying Value
Contractual Maturity Dates(1)
Total Capitalized Debt Discount / Issuance Costs(2)
Remaining Capitalized Debt Discount / Issuance Costs
2X Blind Partners, Inc.$5,207 Ranging from March 2026 through September 2026$715 $479 
Adulting, Inc.1,394 Ranging from February 2026 through February 2029206 187 
Gloria De Film, Inc.3,599 Ranging from August 2026 through July 2027520 520 
Clover Film, Inc.4,815 Ranging from August 2026 through December 20271,615 1,615 
Total$15,015 $3,056 $2,801 
(1)The maturity dates for 2X Blind Partners, Inc. are as follows: $2.6 million on March 16, 2026, $2.4 million on August 14, 2026, $0.2 million on September 14, 2026, and $0.2 million on September 17, 2026. For 2X Blind Partners, Inc., as of December 31, 2025, there was an additional $0.1 million of indebtedness available, but not yet incurred.
The maturity dates for Adulting, Inc. are as follows: $0.1 million on February 14, 2026, $0.9 million on May 1, 2026, $0.2 million on September 17, 2026, and the remaining $0.3 million between May 15, 2028 and February 15, 2029.
The maturity dates for Gloria De Film, Inc. are as follows: $0.4 million on August 5, 2026, $0.8 million on October 15, 2026, $0.2 million on November 14, 2026, $0.5 million on May 15, 2027, $1.6 million on July 29, 2027 (the earlier of July 29, 2027, or the date tax credit proceeds are received, which are expected within 12 months from December 31, 2025), and $0.4 million on July 31, 2027. For Gloria De Film, Inc., as of December 31, 2025, there was an additional $0.3 million of indebtedness available, but not yet incurred.
The maturity dates for Clover Film, Inc. are as follows: $0.3 million on August 15, 2026, $0.1 million between May 15, 2027 and November 15, 2027, $1.9 million on June 19, 2027 (the earlier of June 19, 2027, or the date tax credit proceeds are received, which are expected within 12 months from December 31, 2025), and the remaining $2.9 million on December 23, 2027. For Clover Film, Inc., as of December 31, 2025, there was an additional $0.4 million of indebtedness available, but not yet incurred.
Totals may not foot due to rounding.
(2)Interest is fixed, unless in the event of default.
Schedule of Future Principal Payments of Total Debt Outstanding
As of December 31, 2025, future principal payments of total debt outstanding were as follows:
YearAmount
2026$31,318 
20273,623 
202825,039 
2029253 
2030— 
Total$60,233