Live oak avenue at golden hour in the American South
Georgia · Mississippi · Investor Brief 2026

Studios of the South.

Not a film. A platform.

A vertically integrated Southern media, production, and technology platform — production, capital, and compliance under one roof, where the work, the jobs, and the returns stay home.

Thomasville Pictures — Production Winston Holdings — Capital Polaris Creative Risk — Compliance
Why Now

The South is where production economics work.

Streaming budgets are migrating south. Georgia and Mississippi sit at the intersection of incentive depth, crew availability, and physical infrastructure — and a generational gap exists in audit-ready capital execution.

#3

Georgia is the #3 US production market by spend, with a decade of crew depth.

Fastest

Mississippi offers the country's fastest cash-rebate liquidity for independents.

§181

The federal IRC §181 window remains the most underutilized tool in indie finance.

Capital follows infrastructure. We built both.
The Platform

Three businesses. One vertically integrated thesis.

Each company originates work the next one needs — and most independents lose money in the gaps between these three functions.

Production & Operator

Thomasville Pictures

Origination of physical production
Capital & Tax-Aware Finance

Winston Holdings

Origination & structuring of capital
Compliance & Audit-Readiness

Polaris Creative Risk

Realization & risk management of incentives
Most independents lose money in the gaps between these three functions. Studios of the South owns the gaps.

Built on proof, not pitch.

84
Films Produced & Supported
16,000+
Crew Employed
$1.5B+
Production Spend Overseen
$980M
Debt Deployed
$92.5M
Equity Deployed
$100M+
Tax Credits Secured
400+
Investors Served
230k sq ft
Soundstage / Production Space
Thomasville, GA — 150,000 sq ft / 12 acres  ·  Natchez, MS — 80,000 sq ft / 6 acres
Figures subject to verification.
Infrastructure

Hard assets. Soft costs that scale.

Two purpose-built studio campuses in two of the South's most cinematic small towns — each turn-key, each in a competitive state-incentive jurisdiction.

Thomasville Pictures studio Thomasville, Georgia

Thomasville Pictures

150,000 sq ft on 12 acres · Production & operator

A turn-key studio using historic downtown Thomasville as its backlot — a movie-in-a-box experience with a furnished 7,000 sq ft production office, partner lodging at the 13-bedroom Paxton House, and producer-level support from prep through wrap.

Productions tap Georgia's incentive — the deepest crew base in the South — away from the hustle of Atlanta.

  • Historic downtown backlot
  • 7,000 sq ft office
  • Paxton House
  • Georgia jurisdiction
Crooked Letter Picture Company stages Natchez, Mississippi

Crooked Letter Picture Company

80,000 sq ft on 6 acres · River-South gateway

The platform's Mississippi campus in Natchez — sound stages, locations, greenscreen, production offices, and post, including Mississippi's largest movie studio. Built by filmmaker Tate Taylor and producer John Norris, it sits inside the country's fastest cash-rebate jurisdiction.

Recent productions include Rumble Through the Dark, HBO Max's Red Bird Lane, and ABC's Women of the Movement.

  • Sound stages
  • Mississippi incentive
  • Greenscreen & post
  • River-South gateway
230,000+
Total sq ft production space
18
Acres across two campuses
1,000+
Background casting roster on call
7,000
Sq ft furnished downtown office
13
Bedroom Paxton House housing
Movie-in-a-Box

Production services on the ground.

Thomasville Pictures hands a production a fully resourced home base — every detail of life on location handled by a team that has made many films in town.

State Incentive Support

A team that has navigated Georgia's incentives across many films guides every step.

Office & Location

Furnished 7,000 sq ft downtown office, plus location options ready on arrival.

Background Casting

1,000+ community members successfully cast across our productions.

Prop & Wardrobe House

Digitally inventoried props, set dressing, and a growing period-costume collection.

Production Supplies

A curated supply package that meets all of a production's on-set needs.

Travel & Concierge

Travel coordination plus a VIP concierge menu of activities for arriving cast.

Local Hires

A vetted list of local crew, individuals, and vendors who've made films possible here.

Event Coordination

Wrap parties and a weekly Sunday-night supper for cast and crew at the Paxton House.

Winston Holdings · Capital

Capital, structured for production reality.

Four product lines built around how independent films actually finance themselves — agile, non-predatory, and sized to the film.

Debt Financing

Senior production debt sized to a film's collateral package.

$10M–$75M

Bridge Lending

Short-duration capital against signed receivables and tax credits.

$2M–$40M

Tax-Credit Lending

Advance against expected state-credit realization.

$1M–$25M

IRC §181 Investment

§181 equity structures pairing investors with qualified film & TV.

$5M–$20M+
$980M+ debt deployed· $92.5M+ equity deployed· $100M+ in tax credits secured
Polaris Creative Risk · Compliance

Where investor capital becomes realized return.

Polaris exists because the spread between projected and realized incentives is where most independent films lose money.

Sourcing
AI- and data-assisted project analysis at the top of the funnel.
Matching
Investor mandates paired to film profiles by risk, tax posture, and return shape.
Monitoring
Continuous contract and milestone tracking through production.
Audit Readiness
End-to-end state-incentive certification management.
Investor Onboarding
Proprietary e-learning platform for §181 and credit mechanics.
Polaris exists because most independents never collect what they were promised.
The Edge

Incentive execution is the alpha.

The gap between projected and realized state tax incentives is where independent films lose money. Our platform closes it — the best incentive isn't the highest percentage, it's the one that converts into real cash.

Mississippi
Cash Rebate
25–30%
  • 30% on resident ATL & BTL labor
  • 25% on non-resident labor
  • 25% on qualified spend · veteran uplifts
  • $50K minimum · $10M project cap
  • Case study: $7.2M realized on a $31.2M budget (23%)
Edge — fast liquidity, low minimum spend
Typical realization 9–12 months
Georgia
Transferable Credit
20% + uplifts
  • 20% base on ATL, BTL & qualified spend
  • +10% for the Georgia promotional logo
  • Deepest crew base in the South
  • Veteran film office; established industry
  • Case study lesson: weak audit discipline can collapse yield to 2%
Edge — infrastructure depth + audit-ready execution via Polaris
Typical realization 12–18 months

Time is the hidden cost in every tax credit.

Cash rebates clear in months. Transferable credits can take years. Our platform is built to manage both — and to monetize the gap.
Pre-Prod
Production
Post
Certification
Rebate / Sale
Mississippi
Cash rebate · typical realization 9–12 months
Georgia
Transferable credit · typical realization 12–18 months
Capital that understands timing earns the premium. Capital that doesn't, leaks it.
Business Model

Three revenue engines. Re-investable cash flow.

Thomasville Pictures

Production fees, facility rental, ancillary services.

Recurring + project
Winston Holdings

Interest income, origination fees, tax-credit spreads, §181 carry.

Asset-yielding
Polaris Creative Risk

SaaS-style fees, monitoring fees, advisory retainers.

Recurring

Platform economics: each entity feeds the next. Production sources deals; finance funds them; compliance protects yield.

Detailed unit economics available under NDA.
Notable Works

Proof at every budget tier.

Star-driven, platform-topping, and award-winning — a combined body of features financed, produced, and supported across the group.

The Pale Blue EyeThe Pale Blue Eye poster
The Pale Blue Eye$72M
Christian Bale
#1 on Netflix · 129M+ hours viewed · 19 days in the global Top 10
The Trial of the Chicago 7The Trial of the Chicago 7 poster
The Trial of the Chicago 7$35M
dir. Aaron Sorkin
6 Oscar nominations · Golden Globe winner · AFI Top 10 Film of the Year
Flight RiskFlight Risk poster
Flight Risk$28.3M
Mark Wahlberg, Mel Gibson
#1 on HBO Max (2025)
BreatheBreathe poster
Breathe$19.9M
Jennifer Hudson, Milla Jovovich, Sam Worthington
Sci-fi survival thriller
Fast CharlieFast Charlie poster
Fast Charlie$17.5M
Pierce Brosnan, James Caan
Top 5 Apple TV action ranking
The ApprenticeThe Apprentice poster
The Apprentice$16M
Sebastian Stan, Jeremy Strong
40 nominations and 10 wins
AlarumAlarum poster
Alarum$15.4M
Scott Eastwood, Sylvester Stallone
Action thriller
ArmorArmor poster
Armor$11.2M
Sylvester Stallone, Jason Patric
Action thriller
The Tiger RisingThe Tiger Rising poster
The Tiger Rising$11M
Queen Latifah, Dennis Quaid
Based on the best-selling children's book
Cash OutCash Out poster
Cash Out$10.6M
John Travolta
A growing franchise — third installment on the way
BanditBandit poster
Bandit$9.95M
Josh Duhamel, Mel Gibson
#1 movie on Apple TV · one of Duhamel's strongest indie openings
High RollersHigh Rollers poster
High Rollers$9.2M
John Travolta, Lukas Haas
Heist thriller
More from the slate
Riff RaffPete Davidson, Jennifer Coolidge, Bill Murray
GunnerMorgan Freeman, Luke Hemsworth · $8.5M
Red Right HandOrlando Bloom, Andie MacDowell · $8.5M
One True LovesSimu Liu, Phillipa Soo · $8.5M
Off the GridJosh Duhamel, Greg Kinnear · $6.2M
Devil's PeakBilly Bob Thornton, Robin Wright · $4.8M
Sam & KateDustin & Jake Hoffman, Sissy Spacek · $4.2M
Saint ClareBella Thorne, Ryan Phillippe · $4M
One WayMachine Gun Kelly, Kevin Bacon · $3.6M
Wish Dragon 2 · Sky SailorIn development
Crooked Letter / Natchez
Rumble Through the DarkAaron Eckhart, Bella Thorne · 2023
Red Bird LaneHBO Max · 2020
Women of the MovementABC · 2021
Great Escapes w/ Morgan FreemanHistory Channel · 2021–22
SupercellAlec Baldwin · 2023
MaOctavia Spencer · 2019
Get on UpChadwick Boseman · 2014
The Helpdir. Tate Taylor · 2011
Team & Leadership

Operators, financiers, and lawyers — under one roof.

Two decades of independent film production, finance, and entertainment law converging into one platform.

RSRyan Donnell Smith
Founder & Co-Owner

Ryan Donnell Smith

A Nashville-born financier and producer with nearly two decades across the film value chain — and the driving force behind Thomasville Pictures, Winston Holdings, and Polaris Creative Risk.

He has been an executive producer on 80+ independent features, including "The Pale Blue Eye" (Netflix), "The Trial of the Chicago 7" (6 Oscar nominations), "Flight Risk," and "Bandit."

He is a Limited Partner with Mantis VC (The Chainsmokers) and Blitzscaling Ventures (Reid Hoffman, Chris Yeh), bringing a technology-investor lens to the platform's finance and §181 strategy.

  • Founder & Co-Owner
  • EP — 80+ features
  • The Pale Blue Eye · Chicago 7
  • LP — Mantis VC · Blitzscaling Ventures
ACAllen Cheney
Co-Founder & Partner · Thomasville Pictures

Allen Cheney

A fourth-generation Thomasville native, Allen Cheney is the heart of the platform's connection to community — turning local relationships, historic properties, and Southern hospitality into genuine production advantages on the ground in Georgia.

Cheney is also a published author. His 2019 memoir "Crescendo," co-written with New York Times bestselling author Julie Cantrell and published by HarperCollins, tells the true story of his grandfather, Grammy-nominated singer Fred Allen.

He splits his time between Thomasville and Los Angeles, keeping a foot in both worlds the platform is built to bridge.

  • Co-Founder, Thomasville Pictures
  • Author — "Crescendo" (HarperCollins, 2019)
  • Thomasville, GA · 4th generation
MSMelina Spadone
General Counsel

Melina Spadone

A Fordham Law-trained entertainment lawyer leading tax-equity investment financing, production legal, and platform structuring. She brings decades of independent-film transactional experience spanning §181 investment vehicles, multi-state incentive structures, and distribution agreements.

Recently named one of Hollywood's top troubleshooters by The Hollywood Reporter, her engagements span pictures including "The Trial of the Chicago 7," "The Pale Blue Eye," and "Flight Risk" — and she led the legal crisis management and settlement structure on "Rust."

  • General Counsel
  • Fordham Law
  • §181 & tax-equity structuring
  • THR — Hollywood Top Troubleshooter
NSNatasha Stassen
Chief Operating Officer

Natasha Stassen

A graduate of the USC Gould School of Law (LLM, Entertainment Law), Natasha Stassen is the operational backbone of platform execution across production, finance, and compliance workflows.

She was previously Manager of Business & Legal Affairs at Annapurna Pictures, with credits including "The Black Phone," "Vengeance," and "Flight Risk." She grew up in Belgium, where both of her parents work in the entertainment industry.

  • Chief Operating Officer
  • USC Gould — LLM, Entertainment Law
  • Former — Annapurna Pictures
  • The Black Phone · Vengeance
Natchez Creative Leadership

The filmmakers who built Mississippi's film hub.

TTTate Taylor
Filmmaker · Crooked Letter Picture Company

Tate Taylor

A Mississippi native born in Jackson, Tate Taylor is the writer-director behind "The Help" (2011), which grossed over $200 million worldwide, the James Brown biopic "Get on Up" (2014), "The Girl on the Train" (2016), and the horror hit "Ma" (2019).

Over the last decade he has turned Natchez into a working film hub — establishing the Crooked Letter Picture Company studio and, with partners, opening what is now Mississippi's largest movie studio. He was named a 2025 Mississippi Governor's Arts Award recipient.

"Our crews and actors keep falling in love with Natchez," Taylor has said. "It's obvious why."

  • Director — The Help, Ma, Get on Up
  • Founder — Crooked Letter Picture Co.
  • 2025 MS Governor's Arts Award
JNJohn Norris
Executive Producer · Crooked Letter Picture Company

John Norris

John Norris is a film producer and executive producer, and a partner with Tate Taylor in developing Natchez as a major film-production destination through the Crooked Letter Picture Company.

Together they restored the historic Wyolah estate in Church Hill, established the original Crooked Letter studio in a former distribution warehouse, and helped open Mississippi's largest movie studio — drawing productions and crews to the region for more than a decade.

  • Executive Producer
  • Partner — Crooked Letter Picture Co.
  • Natchez, Mississippi
Risk & Mitigation

We've already met the failure modes.

RiskMitigation
Incentive non-realization
Polaris audit-readiness; dedicated certification management.
State program caps / delays
Multi-state platform (GA + MS) diversifies single-jurisdiction risk.
Production cost overruns
Bonded productions; Winston bridge facilities.
Concentration in a single film
Slate-level capital deployment; 84-film track record.
Investor reporting gaps
Polaris e-learning + ongoing contract monitoring.
The Georgia COVID case study — a film yielding 2% on a 20% credit — is why Polaris was built.
The Raise

$75M to scale the platform.

Platform

Target $75M · Min close $40M · Hard cap $100M
~$40M preferred equity + $25–35M asset / facility debt.

Content

A separate $100–150M production-finance vehicle
to fund the slate alongside the platform.

Platform equity
$35–45M
Asset / facility
$25–40M
Content reserve
$7–12M
AI infra
$3–7M
Contingency
$5–10M
Indicative use of funds. Capital-partner detail and detailed unit economics available under NDA.
Not an offer to sell or a solicitation. Not legal, tax, or investment advice.
Closing

Built for what comes next.

Thomasville Pictures
sp@thomasvillepictures.com thomasvillepictures.com
Polaris Creative Risk
InvestorRelations@polariscreativerisk.com polariscreativerisk.com
Winston Holdings
Investor relations on request
Thomasville, Georgia  ·  Natchez, Mississippi
Not an offer to sell or a solicitation. Not legal, tax, or investment advice.