I’ve tested the LUT’s created by the color matching tool v1.2, using DaVinci Resolve at a number of different settings, and I don’t have the problems with the blown out highlights that were reported. The LUTs are created in exactly the same way as the regraded frames within the GUI itself, which is why I thought it was very odd, that the LUT itself would have issues. The LUT itself also looks right. Here’s my result using the example that I was given:

Source:

Reference:

Regrade:

The only explanation I have, is that the program used to interpret the LUT uses a flawed method of interpolation, leading to the reported artifacts.