filmhedge-research-library - MediaHedge Underwriting Knowledgebase

# FilmHedge Research Library Choose a report by the financing question you need to answer. FilmHedge’s [research library](https://filmhedge.com/reports) provides the full publications; this guide connects them to the wiki’s diligence topics and explains how to read their charts. ## Choose Your Reading Route | Your Question | Report and Edition | Continue in the Wiki | | --- | --- | --- | | How do location, qualified costs and payment routes change incentive value? | [2026 Tax Incentives Guide](https://filmhedge.com/report-2026-tax-incentives), October 6, 2026; report plus two data workbooks. Start with the [illustrated Medium article](https://medium.com/filmhedge/film-tax-incentives-2026-state-guide-19f52ed2d437). | [[wiki/syntheses/us-film-tax-incentives\|U.S. Incentive Guide]] and [[wiki/concepts/incentive-monetization\|Incentive Monetization]] | | How should a producer explain repayment and build a finance plan? | [Private Credit Insights 2026](https://filmhedge.com/report-2026-private-credit-insights), September 3, 2026, v1; 29 pages. | [[wiki/concepts/full-financing\|Full Financing]] and [[wiki/syntheses/repayment-and-risk-map\|Repayment and Risk Map]] | | What can the observed lender data actually establish? | [Divergent Correlation](https://filmhedge.com/report-2026-divergent-correlation), September 3, 2026; 26 pages. The technical study behind the 2026 companion. | [[wiki/concepts/portfolio-construction\|Portfolio Construction]], [[wiki/concepts/monitoring-and-servicing\|Monitoring]] and [[wiki/concepts/loan-sizing\|Loan Sizing]] | | How does production lending relate to trade finance and private credit? | [Private Credit Insights 2023 — v2](https://filmhedge.com/report-2023-private-credit-insights), originally November 2023, revised September 2, 2026; 43 pages. | [[wiki/syntheses/media-finance-lending-landscape\|Lending Landscape]] and [[wiki/concepts/financier-return-economics\|Return Economics]] | | How should production budgets and historical comparisons be read? | [Private Credit Insights 2022 — v2](https://filmhedge.com/report-2022-private-credit-insights), originally December 1, 2022, revised September 2, 2026; 28 pages. | [[wiki/concepts/full-financing\|Full Financing]] and [[wiki/entities/georgia-film-incentives\|Georgia Incentives]] | Full report access currently uses FilmHedge’s email form. The revised 2022 and 2023 editions retain their historical research periods; their revision dates do not make their pricing or market observations current. ## Read the Incentive Visuals The [Medium guide](https://medium.com/filmhedge/film-tax-incentives-2026-state-guide-19f52ed2d437) explains the difference between a headline percentage and usable production cash. The original FilmHedge artwork appears alongside the relevant wiki discussion: - [[wiki/syntheses/us-film-tax-incentives#A Map of Payment Routes|Payment-Route Map]] — the guide’s 38-state coverage, with limitations on the map’s categories. - [[wiki/concepts/incentive-monetization#Follow the Cash Routes|Show Me the Money]] — qualification, documentation and verification before alternative realization routes. - [[wiki/entities/georgia-film-incentives#Read the Rate Ladder|The Fine-Print Ladder]] — conditional percentage-point uplifts versus rates on different expense categories. Gross incentive rates are not loan advance rates or net cash proceeds. The state comparison tool’s default credit face values are not cash estimates: the cash route and its assumptions must be supplied separately. ## Read the Credit Study Charts The two September 2026 publications share one underlying study. Its 34-project sample contains 22 observed payoffs, eight active loans and four undetermined outcomes. Nineteen projects have public theatrical gross; only 15 have both observed payoff and public gross. These are overlapping cohorts, not counts to add together. ![[assets/research/study-data-availability.png|Divergent Correlation data-availability chart for 34 anonymized projects, with paid-off, active and undetermined statuses and question-specific data coverage]] *Source: FilmHedge + MediaHedge, [Divergent Correlation](https://filmhedge.com/report-2026-divergent-correlation), page 7; analysis September 1, 2026, published September 3. Filled cells show availability or feature presence, not cash amounts or investment performance. Missing funding capture is not zero funding; active and undetermined outcomes are distinct.* The technical paper finds broad uncertainty and material differences by origination vintage. It does not validate an underwriting model, establish default probabilities, prove independence from the box office or justify increasing leverage. Public theatrical gross is neither total film revenue nor cash recovered by a lender. Use the methods and appendices when a companion headline sounds stronger than the underlying evidence. ## Read Historical Comparisons Carefully The 2022 report separates its ten-transaction production table from broader application and lending observations. Its cost reconciliation contains unresolved differences; those residuals must not be relabeled as contingency. Historical lending rates and simplified annualized illustrations do not supply current borrower pricing or net investor returns. The 2023 report’s methodology addendum distinguishes quoted pricing, net fund IRR, cash-flow-matched public comparisons and different observation periods. A universal outperformance sentence remains in its opening disclosures, but conflicts with the report’s qualified tables and addendum. This wiki does not adopt that claim or reproduce its mixed-basis return chart as a performance ranking. ## Analysis and Inference Use the reports to sharpen questions about [[wiki/concepts/pre-sales-collateral|Contracted Receivables]], [[wiki/concepts/tax-credit-collateral|Incentive Collateral]], [[wiki/concepts/cash-control-and-waterfalls|Cash Control]] and actual collections. They complement the wiki’s decision framework; they do not replace current program authority, executed transaction documents or an independently reconciled performance record. See [[wiki/evidence-and-limitations|Evidence and Limitations]]. Report catalog and public article checked October 7, 2026. Research dates remain specific to each publication. Research links checked: 2026-10-07. Other review dates retain their stated scope. ## Continue Exploring [[MediaHedge Knowledgebase|Home]] · [[wiki/syntheses/financier-diligence-route|Financier’s Guide]] · [[wiki/syntheses/credit-lifecycle|Credit Lifecycle]] · [[wiki/syntheses/site-navigator|Site Navigator]]