v3.26.1
Credit Facilities and Convertible Notes (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Outstanding and Deferred Financing Costs
The following table summarizes the presentation of the outstanding balances under the Company’s credit agreements and convertible notes as of March 31, 2026 and December 31, 2025:
As of
March 31, 2026December 31, 2025
PrincipalUnamortized Deferred Financing Costs
Net
PrincipalUnamortized Deferred Financing Costs
Net
Current portion
MSG Networks term loan facility (a)
$57,690 $— $57,690 $63,009 $— $63,009 
Current portion of long-term debt, net$57,690 $— $57,690 $63,009 $— $63,009 
_________________
(a)     The March 31, 2026 carrying amount of the MSG Networks term loan facility is calculated pursuant to the troubled debt restructuring guidance as further discussed below in this Note 10.
As of
March 31, 2026December 31, 2025
PrincipalDebt DiscountUnamortized Deferred Financing Costs
Net
PrincipalDebt DiscountUnamortized Deferred Financing Costs
Net
Non-current portion
MSG Networks term loan facility (a)
$227,162 $— $— $227,162 $240,695 $— $— $240,695 
2026 LV Sphere Term Loan Facility
275,000 — (3,779)271,221 — — — — 
2022 LV Sphere Term Loan Facility
— — — — 275,000 — (2,151)272,849 
 3.50% Convertible Senior Notes
258,750 (3,816)(617)254,317 258,750 (4,168)(687)253,895 
Long-term debt, net$760,912 $(3,816)$(4,396)$752,700 $774,445 $(4,168)$(2,838)$767,439 
_________________
(a)     The March 31, 2026 carrying amount of the MSG Networks term loan facility is calculated pursuant to the troubled debt restructuring guidance, as further discussed below in this Note 10.
Interest payments and loan principal repayments made by the Company under the credit agreements and convertible notes for the three     months ended March 31, 2026 and 2025 were as follows:
Interest PaymentsLoan Principal Repayments
Three Months EndedThree Months Ended
March 31,March 31,
2026202520262025
MSG Networks term loan facility (a)
$3,383 $18,559 $15,468 $25,000 
2026 LV Sphere Term Loan Facility
4,808 — — — 
2022 LV Sphere Term Loan Facility
— 6,257 — — 
3.50% Convertible Senior Notes
— — — — 
Total Payments$8,191 $24,816 $15,468 $25,000 
_________________
(a)     As a result of the June 27, 2025 refinancing, the MSG Networks term loan facility is accounted for under the troubled debt restructuring guidance. For purposes of this disclosure and for comparability to prior periods, interest payments and principal payments are presented based on the contractual nature of the cash flows.
The carrying value and fair value of the Company’s debt recorded in the accompanying condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were as follows:
As of
March 31, 2026December 31, 2025
Carrying
Value (a)
Fair
Value
Carrying
Value (a)
Fair
Value
Liabilities:
MSG Networks term loan facility (a)
$284,852 $137,013 $303,704 147,811 
2026 LV Sphere Term Loan Facility
275,000 270,875 — — 
2022 LV Sphere Term Loan Facility
— — 275,000 270,875 
3.50% Convertible Senior Notes
254,934 872,686 254,582 711,097 
Total debt
$814,786 $1,280,574 $833,286 $1,129,783 
_________________
(a)    The total carrying value of the Company’s debt as of March 31, 2026 and December 31, 2025 is equal to the current and non-current principal payments for the Company’s debt, excluding unamortized deferred financing costs of $4,396 and $2,838, respectively.
Schedule of Maturities of Long-term Debt
Debt maturities over the next five years for the outstanding principal balance under the MSGN Term Loan Facility, 2026 LV Sphere Term Loan Facility and 3.50% Convertible Senior Notes as of March 31, 2026 were as follows:
MSGN Term Loan Facility (a)
2026 LV Sphere Term Loan Facility
3.50% Convertible Senior Notes
Total
Year ending December 31, 2026$47,837 $— $— $47,837 
Year ending December 31, 202740,000 — — 40,000 
Year ending December 31, 202840,000 13,750 258,750 312,500 
Year ending December 31, 202915,632 13,750 — 29,382 
Year ending December 31, 2030— 13,750 — 13,750 
Thereafter— 233,750 — 233,750 
Total debt
$143,469 $275,000 $258,750 $677,219 
_________________
(a)    The carrying amount of the MSGN Term Loan Facility, which is calculated by applying the troubled debt restructuring guidance as discussed above, was $284,852 as of March 31, 2026. Due to uncertainty in amounts payable and timing, Contingent Interest Units and undiscounted interest payments are excluded from the table above. Furthermore, the debt maturities shown above do not reflect potential acceleration from quarterly mandatory cash sweeps other than the quarterly cash flow sweep paid in April 2026.