Sycamore Film Fund Reports $11.33 Million More Sold, a Revised First-Sale Date and $746,700 of Estimated Manager Fees

Sycamore Film Fund, LLC reported $24,890,000 sold to 63 investors in a Form D amendment filed with the Securities and Exchange Commission on October 14, 2026 (accession 0001062993-26-005330), against $13,560,000 from 35 investors on its original notice of October 17, 2025: $11,330,000 and 28 reported investors more between the two notices. The offering is $55,000,000, so $30,110,000 remains. The amendment also revises the first-sale date, discloses estimated fees to the manager and lists Sycamore Studios, LLC as manager of the issuer.

What the filings show

The amendment is the annual update a continuing Regulation D offering files, and its totals are cumulative. The fund relies on Rule 506(b) and the Section 3(c)(1) exclusion, reports no non-accredited investors, no sales commissions and no finders' fees, and expects the offering to last more than a year. The sales-compensation item lists no recipients, so the notice carries no states of solicitation. The field for the minimum investment accepted from an outside investor reads $20,000, against $25,000 on the original notice. The fund is a Delaware limited liability company organized within the last five years with its office at 1809 Pearl St., Austin, Texas, classified as a pooled investment fund of the private equity type.

The first-sale date changed. The original notice gave February 20, 2025; the amendment gives May 24, 2024, nine months earlier. The filing does not explain the revision, and because the sales figures are cumulative from the first sale, the two notices measure from different starting points.

The original notice listed two related persons, executive officers Christian McGuigan and Tim Reckart. The amendment lists four: the same two, Michael Haigh as executive officer with the clarification 'COO and CFO', and Sycamore Studios, LLC as promoter with the clarification 'Manager of the issuer'. Haigh signed the original notice as COO and the amendment as COO and CFO, so his listing in the related-persons item is a change in the disclosure, not evidence of a new appointment; the same holds for the manager.

The use-of-proceeds item, which reported $0 on the original notice, now reports $746,700 of gross proceeds for payments to related persons, described as 'estimated management fees to the Manager, Sycamore Studios, LLC: a cumulative 2% of capital commitments over the investment period plus a cumulative 1% after it, based on current commitments of $24,890,000.' Three percent of $24,890,000 is $746,700. The filing does not state an annual fee rate, the length of the investment period or the period the 1% covers. The wording describes the amount sold as capital commitments.

Why it matters

Between the two notices the reported amount sold rose 84% and the investor count 80%, and the fund has reported 45% of a $55,000,000 offering sold since a first sale the amendment now places in May 2024. The 3(c)(1) exclusion it relies on limits the fund to 100 beneficial owners; Form D's investor count is a different measure and does not by itself show how much of that limit is used. The fee disclosure is the specific new fact: an estimated $746,700 to the manager on current commitments, stated as cumulative percentages rather than an annual schedule.

What the filings do not show

The Form D does not describe the films the fund finances, its slate, its returns to date or the identities of its investors. It does not say why the first-sale date moved from February 2025 to May 2024, whether the $24,890,000 is funded capital or commitments to be drawn, how long the investment period runs or how the 2% and 1% figures are applied over time. Nothing in the filing establishes a corporate relationship between the fund and Sycamore Studios, LLC beyond the manager and promoter role the amendment assigns to it.