INDEPENDENT ASSESSMENT
Paranormal Broadway Ltd Liability Co is a 2026 New York production entity whose SEC financing can be connected unusually cleanly to the Broadway staging of Paranormal Activity. Its September 15, 2026 Form D disclosed an $8,000,000 equity offering under Rule 506(b), with $7,910,000 already sold, only $90,000 remaining and 114 investors participating. The first sale occurred on May 8, more than four months before the filing and, importantly, several days before the Broadway production was publicly announced on May 12. The issuer reported a nominal $1 minimum investment, no sales commissions or finder fees, and no payments from gross proceeds to the two executives/promoters listed in Item 3. Approximately 98.9% of the stated offering had therefore been sold by the time the SEC notice became public. The $8 million figure should be understood as the production entity's securities offering ceiling rather than Broadway ticket revenue, production gross, company valuation or eventual investor recoupment.
THE PEOPLE IN THE FORM D CONNECT DIRECTLY TO THE BROADWAY PRODUCTION
The two people identified by the SEC are unusually informative. Simon Friend is listed as an executive officer through Paranormal US Ltd in London, while Greg Nobile is listed through Seaview Productions Holdings LLC in New York. Friend is independently credited by IBDB as lead producer of Paranormal Activity alongside Hanna Osmolska for Melting Pot and has prior Broadway producing credits including Life of Pi and The Height of the Storm. Nobile is one of the principals behind Seaview, a Broadway producing organization with credits including Romeo + Juliet, The Queen of Versailles, All Out and The Fear of 13. Seaview is itself credited as a producer and executive producer of Paranormal Activity. These links are stronger than simple name matching: the exact individuals disclosed to securities regulators also appear in authoritative Broadway production credits, connecting the financing vehicle directly to the commercial theatrical production.
The business address provides a third independent link. Paranormal Broadway uses c/o Envoy Theatricals at 246 W. 44th Street in New York. Envoy is credited as general manager of the Broadway production, with Samuel Dallas and Marty McGuire serving in general-management roles. General management in commercial theatre typically sits at the center of budgeting, contracting, payroll coordination, production administration and operating oversight, so the SEC issuer's use of the general manager's office is structurally coherent. It should not, however, be interpreted as proof that Envoy owns the production or manages investor capital. The investment/promoter functions visible in the Form D are associated with Friend and Nobile, while Envoy's publicly documented role is theatrical general management.
THE CAPITAL RAISE PRECEDED THE PUBLIC BROADWAY ANNOUNCEMENT
The timeline is one of the most distinctive pieces of evidence in this filing. Paranormal Broadway reported its first securities sale on May 8, 2026. The Broadway transfer was publicly announced on May 12. Performances eventually began August 14 at the August Wilson Theatre, and authoritative Broadway records list an August 25 opening with a limited engagement scheduled through January 3, 2027. That sequence indicates that private capitalization was already underway before the general public was told the production would come to Broadway. By the September filing, after performances had begun, investors had subscribed $7.91 million of the $8 million offering. This is precisely why Broadway Form D research can be more informative than simply reading opening-night publicity: the securities filing exposes the capitalization timeline underlying the commercial production.
The offering's stated duration also deserves careful interpretation. The Form D says the securities offering may last more than one year even though the Broadway engagement itself is currently scheduled as a limited run ending in January 2027. Those two timelines do not have to match. A theatrical production entity can continue to exist after the New York engagement for accounting, distributions, recoupment, settlements, licensing or other contractual purposes, and a securities offering can legally remain open beyond a specific stage run. Public records do not disclose whether Paranormal Broadway investors receive rights connected only to Broadway, future touring, international productions, subsidiary rights or any other revenue stream. Investors need the operating agreement and offering documents to determine exactly what economic interests the equity securities represent.
A GLOBAL DEVELOPMENT PATH REDUCED SOME CREATIVE RISK BEFORE BROADWAY
Paranormal Activity did not arrive on Broadway as an untested first production. The stage work originated at Leeds Playhouse and later transferred to London's West End. It then moved through a North American development and production path that included Chicago Shakespeare Theater, Center Theatre Group in Los Angeles, Shakespeare Theatre Company in Washington, American Conservatory Theater in San Francisco and additional engagements before New York. Paramount states that the production arrived on Broadway following sold-out engagements in Chicago, Los Angeles, Washington, San Francisco and Toronto, together with a pre-Broadway Boston run, and that the West End production received an Olivier Award nomination. This track record does not eliminate Broadway financial risk, but it means investors were backing a production with substantial prior audience and critical testing rather than financing an entirely unproven show.
The intellectual-property foundation is equally significant. The play is an entirely new story inspired by the Paranormal Activity film franchise rather than a literal stage adaptation of one movie. Levi Holloway wrote the play and Felix Barrett, known for Sleep No More and Punchdrunk, directs. Paramount Pictures is directly involved with the production, while Blumhouse, Oren Peli and other franchise-connected parties appear among the Broadway producing credits. The original Paranormal Activity film became a global commercial phenomenon, earning nearly $200 million worldwide and launching a seven-film franchise. That brand recognition gives the Broadway production a built-in awareness advantage, while the live production differentiates itself through stagecraft: illusions by Chris Fisher, sound design, lighting, projections and a two-level domestic set are central to reproducing horror without relying on the films' found-footage device. Strong franchise recognition may help marketing, but it does not automatically translate into Broadway profitability.
RECEPTION, PRODUCER NETWORK AND COMMERCIAL RISK
The production's producer network is unusually broad. Broadway credits include Simon Friend and Hanna Osmolska for Melting Pot, Ken Davenport, Gavin Kalin Productions, Seaview, Crooked Letter, Blumhouse, John Gore-related interests and numerous additional co-producers. Paramount is publicly identified as a creative and intellectual-property partner. Reviews of the London and U.S. versions repeatedly emphasized the effectiveness of the illusions, sound design and live horror experience, and Broadway-era coverage has continued to focus on the production's ability to create genuine scares in a communal theatrical setting. The breadth of producer participation and the production's international history provide institutional depth, but theatrical investing remains highly dependent on weekly ticket sales, average ticket price, operating costs, theatre rent, advertising, union labor, royalties and the length of the run.
Public records do not disclose the Broadway production's capitalization budget in sufficient detail to determine whether the $8 million Form D represents all production capitalization, one investor entity within a larger capitalization structure or a particular U.S. financing layer. They also do not disclose investor units, producer fees, weekly operating cost, royalty percentages, reserve levels, recoupment waterfall, profit participation, priority returns or the percentage of Broadway net profits allocated to investors. Even strong reviews do not guarantee recoupment: a limited Broadway run has a finite number of performances over which capitalization must be recovered, and a technically complex production may carry meaningful running costs. Potential upside from extensions, touring, licensing or other exploitation should not be assumed unless those rights are explicitly included in the investment documents.
FINAL ASSESSMENT
Paranormal Broadway Ltd Liability Co has one of the strongest entity-to-project verification trails in the E-list so far. The SEC filing confirms an $8 million private equity offering with $7.91 million sold to 114 investors. Simon Friend and Greg Nobile, the two executives disclosed in the Form D, independently appear in major producing roles on the Broadway production. The issuer operates through Envoy Theatricals, which is independently credited as the show's general manager. The official production, IBDB, Broadway League and Paramount materials then connect the project to the August Wilson Theatre, Melting Pot, Seaview, Paramount, Blumhouse, Oren Peli and a long pre-Broadway development path across the U.K. and major U.S. theatres.
The unresolved questions concern investor economics rather than project identity. Public records do not reveal the investor recoupment schedule, producer and management fees, operating budget, weekly break-even, royalty structure, reserve requirements or whether investors participate economically in future touring or subsidiary exploitation. The unusually low $1 Form D minimum should also not be interpreted as proof that the general public could invest one dollar; it is simply the minimum amount reported for purposes of the filing. The strongest next documents would be the private offering memorandum, LLC agreement, capitalization schedule, investor waterfall, production budget and rights agreements. Form D confirms a private securities offering connected to a real Broadway production; it does not constitute SEC approval, guarantee theatrical profitability or establish that the show's critical and franchise recognition will translate into investor returns.