credit

Film and TV shoots in L.A. continue to drop despite state tax credit

Los Angeles is still struggling to bring filming back to the region, though projects that receive a state tax credit are making up a growing share of local shoot days, according to a new report.

For the three-month period that ended Sept. 30, there were 4,171 shoot days in the greater L.A. area, down 4.8% compared with the same period last year, according to FilmLA Research, a program of FilmLA which tracks on-location production. That’s also down about 11.5% from the second quarter, and nearly 29% below the five-year average.

“Where the tax credit applies, it’s working to bring productions back to Los Angeles and put local crews to work,” FilmLA Chief Executive Denise Gutches said in a statement. “Still, overall production remains far below where Los Angeles needs it to be, and crews and businesses across the region are feeling it.”

The report counts only on-location filming. Productions shot on certified soundstages aren’t included.

Television shoot days totaled 1,400, a 2.8% slide from the third quarter of 2025 and a drop of nearly 53% compared with the five-year average. About 23% of the TV shoot days were for incentivized projects, up from about 9% a year earlier. Among them was the CBS drama “Tracker,” which relocated to L.A. from Vancouver for the show’s fourth season after receiving a state tax credit.

“California’s incentive is what made it possible to bring ‘Tracker’ here,” Elwood Reid, showrunner and executive producer of “Tracker,” said in a statement. “Los Angeles is the big leagues, and after more than a decade away, I’d forgotten what I was missing.”

Within television, comedy made the biggest gains, with 192 days of filming, up 143% from the 79 days in the third quarter of 2025. More than 60% of the comedy shoot days were for projects that received a production incentive, FilmLA said. The organization said this figure could be even higher, as many comedies shoot on soundstages, which are not included in this report. Promisingly, the third-quarter comedy numbers were a 16% improvement on the five-year average.

Other TV genres lost ground, including drama (494 days, down 9.4%), reality programming (630 days, down 2.9%) and pilots (9 days, down 52.6%).

Feature film production was a bright spot, with 533 shoot days, up 2.1% from a year earlier and about 20% from the second quarter. About 24% of that filming came from incentivized projects, up from about 22% a year earlier, including Netflix’s “13 Going on 30” reboot and Jonah Hill’s comedy “Cut Off” from Warner Bros., according to FilmLA. However, the third-quarter numbers are still a 19.3% decline when compared to the five-year average.

Production for commercials, which are not eligible for a state tax credit, continued to struggle, with 562 shoot days, down nearly 16% from the same time period in 2025, though it improved 3.5% from the second quarter.

FilmLA’s “other” category, which includes student productions, still photo shoots, documentaries and online content, totaled 1,676 shoot days, a 4.2% drop from the same period in 2025. Within that category, however, online content accounted for 556 days of filming, up 16.3% from last year.

Source link

Is Japan Exposed to Global Private Credit Risk?

The market is just emerging, but domestic banks may already be exposed to global risk.

This article appears in the October issue of Global Finance Magazine.

Japan’s private credit market may still be small, but its exposure to private credit is not. 

That is an important distinction as the Bank of Japan warns that growing links between Japanese financial institutions and global private credit funds could have implications for financial stability. 

The BOJ’s concern is not that Japan has suddenly embraced the $2 trillion-plus private credit industry. It is that Japanese banks and institutional investors are becoming part of it, just as vulnerabilities in the asset class are attracting greater scrutiny. 

For now, regulators see no evidence of a systemic problem. According to reports, Japan’s Financial Services Agency has been examining financial institutions’ lending and investment exposure to private credit, while Finance Minister Satsuki Katayama has said Japan’s exposure is not substantial.

But Japanese banks have increased financing to global private credit funds in search of higher returns, while exploring domestic strategies in the same vein, creating potential channels through which overseas stress could spill into Japan. 

In 2020, for example, Sumitomo Mitsui Financial Group’s (SMFG) banking division took a 4.9% stake in U.S.-headquartered Ares Management Corp., making a strategic commitment to support the U.S. entity’s private credit business.

Earlier this spring, SMFG and Nippon Life Insurance were reported to be in talks to create a new private credit fund of at least 500 billion yen to finance leveraged buyouts, real estate and mezzanine transactions. 

“The market is only emerging,” said Yuuichiro Nakajima, managing director at Tokyo-based M&A advisory firm Crimson Phoenix. “It is certainly not replacing bank finance in any meaningful way.” 

Nakajima pointed out that Japan may well have less need for private credit than the U.S. or Europe because its banks remain deeply embedded in corporate finance and continue to provide relatively inexpensive funding. 

Filling the M&A Gap

Furthermore, Nakajima expects private credit to complement rather than displace traditional lenders, particularly as mergers & acquisitions in Japan become more complex and larger: Japanese M&A involving domestic companies reached a record 53 trillion yen in 2025, according to LSEG data cited by Reuters. 

Indeed, take-privates, succession deals, overseas acquisitions and infrastructure investment are generating financing requirements that can stretch conventional bank structures. 

In such an environment, private credit can fill gaps in leveraged buyouts, mezzanine finance and other transactions where flexibility, speed or longer maturities matter. 

“As the variety of M&A transactions becomes broader and more complex,” Nakajima said, “it wouldn’t be hard to imagine banks finding it difficult to keep up with the pace of financing needs.”

Global managers are betting on precisely that opportunity. According to reports, Apollo Global Management Inc., Blackstone Inc. and KKR & Co. are building private-credit capabilities in Tokyo, although industry executives expect adoption to take years rather than months.

But the domestic opportunity should not obscure the systemic risk concern: private credit globally has grown rapidly while remaining relatively opaque and illiquid. 

John Amari is a contributing writer based in Japan.

Source link

Scott Taylor, Shane Rosenthal make for perfect UCLA roommates

One is Catholic, the other Jewish. One was a star linebacker for a private high school, Loyola, the other a star receiver for a public high school, Newbury Park. Both wear the same jersey number at UCLA, No. 20.

Scott Taylor and Shane Rosenthal became roommates last year and based on their many smiles, witty comeback lines and football success, it’s clear they’ve become best friends and best teammates.

“It’s cool,” Rosenthal said.

“We just get along really well,” Taylor said.

They share an apartment with two other UCLA players, punter Lennox Miller and defensive back Kuron Jabari.

Whatever initial concerns or perceived stereotypes they may have had quickly vanished after learning about their similar upbringings, goals and expectations to be good students and good people.

“I hosted him on his official visit,” Taylor said. “Hosted him for dinner, took him to Westwood. We have a lot of the same priorities, doing the right things, eating the right food, going to bed at the right time. Little things.”

Said Rosenthal: “We’re on the same timing for everything. He plays defense. I play offense. We’re able to watch film together, talk about football, talk about what he sees from the defense, talk about what I see from the offense and how we go at each other in practice.”

Taylor, a 6-foot-4, 241-pound sophomore who’s never seen a steak he didn’t want to eat, “is a damn good cook,” said his grandfather, Bill Thomason, a former Loyola principal and basketball coach. Thomason once bought his grandson Omaha Steaks as a birthday gift.

“They were so good,” Taylor said.

He sometimes drives home on Sundays to cook steaks for family members. And he eats them, too.

In the competition for who cleans the room the best, Rosenthal wins in a landslide.

“He might be the cleanest guy in the country,” Taylor said. “He might be an All-American cleaner.”

Said Rosenthal: “I definitely feel like I’m the cleanest guy in the apartment.”

As for washing clothes, both said there are no irons in sight. They learned how to do laundry at home but it appears parents are always welcome to help.

Taylor is dating a girl who’s Jewish but Rosenthal gets no credit as a matchmaker since they’ve been seeing each other well before Rosenthal arrived. “There’s usually two Jews in the apartment,” Rosenthal said.

Taylor has become a key pass rusher for the 4-0 Bruins going into Saturday’s game against Oregon. Rosenthal, also a sophomore, has received playing time as a gunner on punts while being a backup receiver. He’s the state-record holder in high school football with 24 career interceptions, so tackling on special teams is something he does well while waiting for the opportunity to show his receiving skills.

Taylor has used weight training to build up his body and give himself an NFL-like stature. It started back during the pandemic when he was 13. He decided to walk down the street to the local fitness center that was allowing kids to use the equipment for free — as long as they were 15. Somehow, he convinced them he was 15. When the business started charging him, he got his mom’s credit card, became a paid member and the rest is history. He has the talent to be on par with former UCLA linebacker Carson Schwesinger.

He also possesses the ability to comfortably talk in public. He was the only UCLA player chosen to answer questions from the media after Bob Chesney was introduced as head coach last December. On Tuesday, Taylor welcomed a group of middle school students touring Spaulding Field with high-fives and fist-pumps.

Taylor remembers his first impression of Chesney addressing the team.

“He’s a great communicator to you guys,” Taylor said of Chesney. “He’s also a great communicator to us. Everything’s crystal clear about what we’re supposed to do, what our role is since Day 1. He showed up and said, ‘If you guys choose to stay here’ and … this is before the portal even opened. ‘If you guys choose to stay here, we’re gonna do something special, so if you choose to stay, be ready to work, be ready to compete.’”

Taylor said the foundation of strong relationships within the team is important.

“It’s really special the connection we have,” he said. “And I think that speaks to who we are as a team because it’s really easy to play hard for each other when we’re so close off the field.”

If Chesney ever decides to host a team barbecue, Taylor is ready to lend his steak-cooking skills, with Rosenthal at his side.

Source link