NINEFOLDPictures, New York for Dunnage PartnersEquity, lead investor

Equity offer NP-0412, issued November 2, 2026
Open until December 4, 2026

Winter Moorings

Drama112 minutesColorEnglishTullock Bay, winter 2027

Ninefold Pictures offers Dunnage Partners $2,600,000 of equity in a $6,400,000 drama shot in 28 days on a bay town in winter. You recoup 120 percent behind the lenders, then take half of every dollar after.

The last boat is hauled out for the season, and a harbormaster's daughter comes home to sell the family moorings. Her father has promised them to three different people. One house, one bar, one frozen shoreline, and a story that never leaves the bay.

Pour in the receipts
Sc 3 dawnR24 G25 B30 Sc 9 the barR30 G26 B22 Sc 14 the slipR22 G25 B31 Sc 22 kitchenR31 G27 B21 Sc 31 auctionR26 G26 B27 Sc 40 last lightR29 G25 B24
The grade we're shooting toward, scene by scene, in printer lights
$6,400,000All-in budget, bonded
28 daysShooting, February to March 2027
120 percentEquity recoup, then a 50/50 backend
Month 24Equity whole in the base case

You asked four things before you'd write a check.

From Miriam's notes after our October 8 call. Owen, Teodor at Keelson Guaranty and Anouk at Selvage each get a chapter of their own.

01What comes back to us, and when?

In the base case, equity is whole in September 2029 and shares the backend from March 2030.The waterfall, then Miriam's chapter

 02Who's ahead of us, and is the paper clean?

Four positions rank ahead of you and every one is capped or a fixed fee. Ten of sixteen title documents are signed today.Owen's chapter

 03What if the shoot goes long?

The bay can take seven lost days before the contingency runs dry, and after that Keelson pays. Nobody asks you for another dollar.Teodor's chapter

 04What if the festival passes?

Then it's the low case, and we show it to you. Equity gets back 58 cents on the dollar, with the US sold at the fall market and foreign sales under Selvage's take prices.The low case, then Anouk's chapter

Where $6,400,000 comes from, and where it goes.

Budget dated October 30, 2026, reviewed by Keelson Guaranty. Both columns end at the same dollar. Tap any block.

Sources

Four, totaling $6,400,000

    Uses

    Six groups, totaling $6,400,000

      $496,000

      Contingency, 10 percent of the $4,960,000 of direct costs. Keelson and Ninefold must both sign before a dollar of it is spent.

      $128,000

      Keelson's completion bond fee, 2 percent of the budget. If the film goes over, Keelson pays the overage, not the equity.

      $5,000,000

      Qualified in-state spend earning the 30 percent state credit of $1,500,000. Rights, financing, the bond fee, contingency and $116,000 of music and mix done out of state don't qualify.

      Pour in the receipts and watch who's paid, month by month.

      Every dollar from every sale enters Pursefield's collection account and fills each position in order until it's full, then spills to the next. Pick a case and move through 36 months from the premiere.

      Month 36September 2030
      US and CanadaForeign
      Collected so far$7,600,000Base case total over 36 months
      PremiereUS theatersStreamingMonth 18Free TVMonth 36

      Collection account

      Pursefield, 1 percent of everything collected
      $0Off the top

      Sales company

      Selvage, 15 percent foreign, 10 percent US and Canada, expenses capped at $175,000
      Expenses cap $175,000
      $0Off the top

      Senior lender

      Brennand Bank, pre-sale loan, $1,400,000
      $1,400,000
      $0

      Gap lender

      Ebbcroft Media Capital, $900,000 plus a 10 percent premium
      $990,000
      $0

      Equity

      Dunnage Partners and co-investors, 120 percent of $2,600,000
      $3,120,000
      $0

      Deferments

      Producers $160,000, director $60,000, lead actor $30,000
      $250,000
      $0

      Backend

      Split 50/50, investors and producers
      Investors $0Producers $0
      $0

      Equity is whole in September 2029, month 24, and the backend starts in March 2030, month 30.

      By month 36 investors have received $3,438,750 on $2,600,000. The state credit repays Brennand's $1,500,000 tax credit loan directly in June 2028, outside this waterfall.

      From greenlight to the first check.

      The ten months an equity investor usually hears nothing. Keep scrolling.

      Dec 18, 2026

      Greenlight

      Financing closes.

      0 of 28Days shot
      $1,300,000Equity in
      $0In the collection account
      REC 709, LOG00:00:00:00

        What comes back to me, and when?

        M

        For MiriamManaging partner, Dunnage Partners

        $1,000,000

        20 units of $50,000, 38.5 percent of the equity

        You recoup first, up to$1,200,000
        Your share of the investors' half38.5 percent
        Ranked behind$2,390,000 of debt

        Low

        $0

        Equity whole
        Backend starts
        Your backend

        Base

        $0

        Equity whole
        Backend starts
        Your backend

        High

        $0

        Equity whole
        Backend starts
        Your backend

        Returned to you by month 36. The tick marks your money back at 1.0 times, the bar's end is 1.2 times. Figures are before tax, and your own adviser should look at how the LLC's income reaches you.

        Who owns the film, and who's ahead of us?

        O

        For OwenCounsel to Dunnage Partners

        The order of the collection account

        1. Pursefield fee1 percent
        2. Selvage fees and expenses15 / 10 percent
        3. Brennand Bank$1,400,000
        4. Ebbcroft Media Capital$990,000
        5. Equity, pro rata$3,120,000
        6. Deferments$250,000
        7. Backend, 50/50open

        Selvage's expenses are capped at $175,000. Nothing new can rank ahead of the equity without the written consent of a majority of units, and no other Ninefold film is cross-collateralized with this one.

        Screenplay purchase agreementSIGNED

        Ninefold owns the original screenplay outright, all media, worldwide, in perpetuity, assigned to Winter Moorings LLC at close.

        Writer's certificate of authorshipSIGNED

        Confirms the screenplay is original work for hire with no underlying book, article or life rights.

        Copyright registration, screenplaySIGNED

        Registered in the LLC's name. The film itself is registered on completion.

        Title report and title opinionSIGNED

        "Winter Moorings" is clear for theatrical, television and streaming use. The opinion is addressed to the lenders and the E&O carrier.

        Director agreementSIGNED

        Fixed fee with $60,000 deferred, final cut with the producers, and delivery obligations matched to Selvage's schedule.

        Producer agreementsSIGNED

        Dara and Joel defer $160,000 of their fees behind your 120 percent.

        Lead cast agreement, pay-or-playSIGNED

        Dates run through March 31, 2027, with $30,000 deferred. Her scenes are scheduled first.

        Four pre-sale contractsSIGNED

        UK $400,000, Germany and Austria $380,000, France $320,000, Scandinavia $300,000. Each is a minimum guarantee paid on delivery and assigned to Brennand.

        Sales agency agreement, SelvageSIGNED

        15 percent on foreign sales, 10 percent on the US and Canada, expenses capped at $175,000 and audited by Pursefield.

        Operating agreement, Winter Moorings LLCSIGNED

        The single-purpose company that owns the film. 52 units of $50,000. Investors vote on budget increases beyond contingency, new senior debt and any outright sale of the film.

        Interparty agreementIN ESCROW

        Brennand, Ebbcroft, Keelson, Selvage, Pursefield and the LLC agree the order of the collection account. Released when the equity arrives.

        Completion guarantee, KeelsonIN ESCROW

        Guarantees delivery to the lenders and the pre-sale buyers. Strike price is the full $6,400,000 budget.

        Loan agreements, Brennand and EbbcroftIN ESCROW

        Tax credit loan $1,500,000, pre-sale loan $1,400,000, gap loan $900,000. Interest and fees are already inside the budget.

        Collection account agreement, PursefieldIN ESCROW

        1 percent fee, quarterly statements for three years and then twice a year, with an audit right for investors holding 10 units or more.

        Errors and omissions insuranceAT CLOSE

        Bound on December 18 at $3,000,000 per claim, three years, naming the lenders, Selvage and the LLC.

        Production and cast insuranceAT CLOSE

        Bound at close. Cast medicals are booked for January, and the deductible is $25,000 per claim.

        Showing all 16. Ten signed, four held in escrow until the equity arrives, two bound at close.

        How many days can the bay take from us?

        T

        For TeodorUnderwriting, Keelson Guaranty

        Shooting dayLost to weatherCover day usedAdded dayInsured
        Contingency used $0$496,000
        0 of 2Cover days used
        0Days added
        $496,000Contingency left
        Inside the schedule.

        Twenty-eight days shot with both cover days held. Keelson isn't involved.

        An added day costs $88,000 for crew, gear, cast and housing. Cast insurance pays for an insured absence after the $25,000 deductible.

        What will the world pay for a quiet film?

        A

        For AnoukHead of sales, Selvage Films International

        Four territories are sold. Thirteen are open and back Ebbcroft's gap loan at Selvage's take prices. Tap an open territory to mark it sold, tap again to mark it passed, and watch the lender's comfort move.

        1.50x

        Open estimates against what Ebbcroft still has at risk

        1.0x1.25x1.5x2.5x
        Comfortable.Inside the loan's 1.5 times test.
        Open territories at take$1,350,000
        Sold since close$0
        Ebbcroft still at risk$900,000

        Three dramas Selvage sold, 2023 to 2025

        Selvage's own sales record, titles withheld under its buyers' confidentiality terms

        FilmBudgetUS and CanadaForeign totalRoute
        A contained family drama$5,200,000$2,400,000$2,900,000Fall festival
        A two-hander set in one house$7,000,000$3,600,000$3,400,000Fall festival
        A coastal thriller, no festival$4,100,000$1,100,000$1,900,000Fall market
        Winter Moorings, base case$6,400,000$2,750,000$2,750,000Fall festival

        The offer, line by line.

        One exact equity number. Each loan can drop on its own, and each line says what that would cost you.

        Equity

        Dunnage Partners and co-investors, 52 units of $50,000 at the default

        Goes in first, as every lender requires. It's the line everything else is built around, so it stays.

        $2,600,000

        Tax credit loan

        Brennand Bank, against the 30 percent state credit

        $1,500,000

        Pre-sale loan

        Brennand Bank, against four signed contracts

        $1,400,000

        Gap loan

        Ebbcroft Media Capital, against unsold territories

        $900,000

        The bond fee stays at 2 percent of whatever the budget becomes, and the contingency stays at $496,000.

        The terms in plain words.

        The offer itself is made only through the private placement memorandum, to accredited investors, and Owen gets it the day you ask.

        What you buy
        Units in Winter Moorings LLC, the single-purpose company that owns the film and every right in it. $50,000 a unit, two units minimum.
        Recoupment
        120 percent of your money back, pro rata with every other investor, after the collection account fee, Selvage's fees and capped expenses, Brennand and Ebbcroft.
        Backend
        Half of every dollar after deferments goes to investors pro rata. The producers' half pays any cast and crew participations out of its own share.
        Funding
        Half at close on December 18, 2026 and half by February 1, 2027, held in escrow at Brennand until every loan closes. If financing hasn't closed by January 15, 2027, every dollar comes back.
        Your votes
        A majority of units must approve spending beyond the contingency, any new debt ahead of the equity and any outright sale of the film.
        Reporting
        Pursefield statements every quarter for three years, then twice a year, and Keelson's weekly cost report during the shoot.
        Credit
        Executive producer credit for a check of $500,000 or more, and a thank-you credit for every investor.

        What isn't settled yet

        1. The state credit certificateThe certificate of eligibility is due in December. Brennand won't fund the tax credit loan without it, so if it's late the close moves into January.
        2. The festival invitationWe won't know until July 2027. If it doesn't come, Selvage sells the US at the fall market, and that's the low case you've already seen.
        3. The lead's stop dateHer dates end March 31. The schedule front-loads her scenes, but more than three added days would mean shooting the last of them without her.

        Send the subscription request, and we close on December 18.

        Your check
        $1,000,000, 20 units

        1. TodayDara sends the memorandum, the subscription agreement and the escrow instructions to you and Owen.
        2. By Dec 4Owen's comments back, and Keelson confirms the bond on the final budget.
        3. Dec 18Close. The first half of the equity goes into escrow and the interparty agreement is released.
        4. Feb 1Second half in. Day one at Tullock Bay is February 15.
        Dara and JoelProducers, Ninefold Pictures
        MiriamManaging partner, Dunnage Partners