Masterworks 038, LLC

Summary

Masterworks 038, LLC is a $3,114,000 equity offering structured as a special purpose vehicle listed on Masterworks.

The issuer is Masterworks 038, LLC, organized in Delaware, offered under Regulation A.

The offering carries a 20% carried interest.

Terms shown here are drawn from SEC filings and were captured by AltStreet on 2026-05-15. Figures are as disclosed at the time of the offering and are not updated for subsequent performance.

Disclosed Terms

Offering amount: $3,114,000
Structure: Spv
Carried interest: 20%
Tax document: 1099-B
Status: Exited
Exemption: Regulation A
Issuing entity: Masterworks 038, LLC (Delaware)
Liquidity: Secondary Market
Closed: 2021-06-08

Terms as disclosed at the time of the offering. AltStreet does not update these figures for subsequent performance, and a disclosed rate is not a realized return.

Filing Record

The issuer behind Masterworks 038, LLC files under Regulation A (Form 1-A). Its offering chain runs from 1-A on Jan 25, 2021 to 1-Z on Dec 29, 2023, 28 filings in all. AltStreet's status rule reads the chain as exit report filed (Form 1-Z exit report filed).

2023-12-29Exit report (1-Z)1-Z
2023-09-27Semiannual report (1-SA)1-SA
2023-08-21Fundamental change reported1-U
2023-05-18Fundamental change reported1-U
2023-04-28Annual report (1-K)1-K
2023-03-16Fundamental change reported1-U

6 audited annual statements are on file for this issuer.

From SEC EDGAR, as filed. Issuer filing history.

Terminal Analysis

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Questions About This Offering

What is Masterworks 038, LLC?

Masterworks 038, LLC is a $3,114,000 equity offering structured as a special purpose vehicle listed on Masterworks. The issuer is Masterworks 038, LLC, organized in Delaware, offered under Regulation A. The offering carries a 20% carried interest.

What do investors in Masterworks 038, LLC actually own?

Investors hold an interest in a special purpose vehicle listed on Masterworks, not direct shares of the underlying company — a structure with its own transfer, information, and fee implications. The vehicle discloses a 20% carried interest.

Who is the issuer of Masterworks 038, LLC?

The securities are issued by Masterworks 038, LLC, organized in Delaware. The offering relies on Regulation A, an SEC-qualified offering open to the public.

When did Masterworks 038, LLC launch and close?

It closed on 2021-06-08. AltStreet records its status as exited.

Is Masterworks 038, LLC still open to investors?

AltStreet's record shows the offering as exited. AltStreet tracks this offering from SEC filings, last captured 2026-05-15. Offering status changes without a corresponding filing in many cases, so current availability should be confirmed directly with Masterworks before acting.

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