CMA Secured Capital — One-Page Summary
Fund overview and realized outcomes. Reconcile to ALL-DEALS-MASTER-LIST.md.
The Fund
CMA Secured Capital — The New Vintage | Evergreen Film Tax Credit Debt Fund
| Item | Detail |
|---|---|
| Opportunity | Most frequent deal flow: California, Illinois, Minnesota, New Mexico, and New York. Combined U.S. state film incentives are well over $1 billion per year in public program scale—California ~$750M/year and New York ~$700M/year in major tax credit authorizations alone, plus dozens of other programs. Recent state disclosures: Illinois ~$700M in film production expenditures (2025); New Mexico ~$750M in direct production spending (FY24); Minnesota ~$25M/year in allocated film credits (program cap). The fund evaluates productions where structure and collateral fit. |
| Strategy | Over-collateralized loans to film productions (10–25% interest) + tax credit brokerage (3–8% spread); full recourse, secured by film assets |
| Structure | Evergreen |
| Terms | 2% annual management fee; 20% carried interest on profits above a 10% preferred-return hurdle (see offering documents for full waterfall and definitions) |
| Scale | ~$19M capital deployed |
| Launch | Q1 2026 |
Opportunity sources (metrics differ by disclosure—credits authorized vs. production spend): CA Governor — $750M Film & TV Tax Credit expansion, Jul. 2025; NY ESD — Film Tax Credit Program (production); IL Governor / DCEO — $703M production expenditures in 2025, Mar. 2026; NM Film Office — FY24 recap (PDF); MN Revenue — legislative bulletin (credit allocation).
Realized Returns (Repaid — illustrative sample)
Portfolio-level: 18%+ gross unlevered IRR since inception | 20–25% levered net IRR (investors, net of fees) | Legacy fund on track for 133% of contributions by end of 2027 | Track record of strong realized returns across repaid positions (with transparent disclosure of lower-return outcomes below)
Repaid positions below are illustrative. Among deals shown, UNSEEN, FR, and Nightshift illustrate lower realized IRRs relative to the rest of the sample.
| Deal | Advance | ROI | IRR |
|---|---|---|---|
| Resignation | $1,221,421 | 8.7% | 25.2% |
| COMED Fall | $125,000 | 4.3% | 23.4% |
| Harbinger | $112,000 | 19.7% | 22.2% |
| SFTT | $401,362 | 15.8% | 17.5% |
| AHD | $101,000 | 15.3% | 15.0% |
| The Lot | $336,013 | 14.8% | 14.6% |
| DB (Donut Boyz) | $43,000 | 9.6% | 14.5% |
| AHF | $181,000 | 24.8% | 10.9% |
| UNSEEN | $99,555 | 9.9% | 10.2% |
| FR | $633,866 | 6.9% | 8.9% |
| Nightshift | $127,000 | 12.6% | 5.3% |
Source: Performance-Metrics, ALL-DEALS-MASTER-LIST. Sorted by IRR (desc.). Fully repaid deals only; excludes 637 and Rounding (no advance / ROI / IRR in the master list).
Active Portfolio (Summary)
The fund maintains a collateralized portfolio of debt positions against film production and related tax-credit assets. Deal-level harvest exposure is not listed here—available to qualified investors under NDA. Aggregate harvest recovery assumptions (illustrative, ~12-month framing; reconcile to Pro-Forma-Slate):
| Scenario | Harvest Recovery | Net Assets (est.) | To Investors | Multiple | ROI |
|---|---|---|---|---|---|
| Full recovery | $16.0M (all principal + interest) | $15.7M | $8.7M | 1.67x | ~67% |
| Expected | $14.2M (current projections) | $14.0M | $7.0M | 1.34x | ~34% |
| Unreasonable Adjustment | $13.2M (tax credit cap only) | $13.0M | $5.9M | 1.14x | ~14% |
Fund total assets ~$15.7M (QB Jan 2026), equity ~$7.08M, debt ~$7.04M. Scenarios per Pro-Forma-Slate.
— One page —