{ "schema_version": "1.0.0", "issuer_slug": "masterworks-vault-10-llc", "security_slug": "class-a-ordinary-shares", "issuer_legal_name": "Masterworks Vault 10, LLC", "issuer_address": "1 World Trade Center, 57th Floor, New York, NY 10007, USA", "security_name": "Class A Ordinary Shares (issued by series)", "security_class": "Class A Ordinary Shares, no par value, issued on a per-series basis (26 series presented)", "cik": null, "exemption": "Reg A", "state_of_incorporation": "Delaware", "transfer_agent": null, "auditor": null, "legal_counsel": null, "business_description": "Masterworks Vault 10, LLC is a Delaware series limited liability company managed by Masterworks Administrative Services, LLC, formed to facilitate restructuring transactions involving affiliated entities that hold investments in individual works of art. Each series is associated with a specific artwork and issues Class A ordinary shares under Regulation A (Tier 2) via the Masterworks platform. 26 series are presented in the SEC-qualified Form 1-A. At the Company (master) level the historical consolidated statements are nil or near-nil at year-end; economic substance is presented in the Target Issuer Financials for the affiliated entity being acquired, which held Artwork of $53,173,748 at December 31, 2025, and at the individual series level. EIN 93-1920406. Commission File No. 024-12323. Fiscal year end December 31. Website www.masterworks.com. Source filing: Form 1-A offering circular, qualified by the U.S. Securities and Exchange Commission (FY2025 and FY2024 presented, both unaudited). Eligibility for this disclosure rests on SEC qualification of the Regulation A offering, not on an audit. There is no national securities exchange listing; secondary transfers occur on the Masterworks secondary market.", "officers_and_directors": [ { "name": "Nigel S. Glenday", "title": "Chief Executive Officer and Chief Financial Officer; Member, Board of Managers" }, { "name": "Joshua B. Goldstein", "title": "General Counsel and Secretary; Member, Board of Managers" }, { "name": "Eli D. Broverman", "title": "Member, Board of Managers (Independent)" } ], "capital_structure_as_of": "2025-12-31", "capital_structure": [ { "class_or_series": "Series 1 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 034 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 34 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 039 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 39 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 041 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 41 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 044 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 44 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 48 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 048 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 049 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 49 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 050 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 50 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 051 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 51 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 052 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 52 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 053 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 53 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 54 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 054 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 59 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 059 — Class A Ordinary Shares", "authorized": null, "outstanding": null }, { "class_or_series": "Series 500 — Class A Ordinary Shares", "authorized": null, "outstanding": null } ], "holders_of_record": null, "holders_of_record_as_of": null, "financial_statements": [ { "fiscal_year": "FY2025 — Target Issuer Financials (unaudited)", "fiscal_year_end": "2025-12-31", "audited": false, "auditor": null, "total_assets": 53175548, "total_liabilities": 0, "revenue": 120, "net_income": -1057719, "cash": 1800, "currency": "USD", "statement_url": null }, { "fiscal_year": "FY2024 — Target Issuer Financials (unaudited)", "fiscal_year_end": "2024-12-31", "audited": false, "auditor": null, "total_assets": 53175428, "total_liabilities": 0, "revenue": 120, "net_income": -1047766, "cash": 1680, "currency": "USD", "statement_url": null }, { "fiscal_year": "FY2025 — Issuer historical consolidated (unaudited, nil at master level)", "fiscal_year_end": "2025-12-31", "audited": false, "auditor": null, "total_assets": 0, "total_liabilities": 0, "revenue": 0, "net_income": 0, "cash": 0, "currency": "USD", "statement_url": null }, { "fiscal_year": "FY2024 — Issuer historical consolidated (unaudited, nil at master level)", "fiscal_year_end": "2024-12-31", "audited": false, "auditor": null, "total_assets": 0, "total_liabilities": 0, "revenue": 0, "net_income": 0, "cash": 0, "currency": "USD", "statement_url": null } ], "auditor_report": { "auditor": null, "report_date": null, "opinion": "No auditor's opinion. The financial statements in the SEC-qualified Form 1-A are UNAUDITED; no independent accountant has expressed an opinion or any form of assurance on any period presented.", "going_concern_qualification": false, "going_concern_language": null, "adverse_opinion": false, "adverse_opinion_language": "Audit scope: NO AUDIT. Every financial statement presented — both the issuer's historical consolidated statements and the Target Issuer Financials — is labeled UNAUDITED in the Form 1-A. Because there is no audited income statement or balance sheet for any period, this disclosure does not on its own satisfy the audited-financials predicate typically required for a state securities-manual exemption. Basis of eligibility is SEC qualification of the Regulation A offering and publication on EDGAR, not an audit. At the master level the Company's historical consolidated statements are nil or near-nil; economic substance sits in the Target Issuer Financials of the affiliated entity being acquired and at the series level.", "material_weakness": false, "material_weakness_language": "None identified. No audit of internal control over financial reporting was performed.", "restatement": false, "restatement_language": null }, "tokenized_attributes": { "is_tokenized": false, "contract_address": null, "network": null, "token_standard": null, "onchain_record_role": null, "transfer_restriction_enforcement": null, "holding_period": null, "holding_period_expiration_date": null, "issuer_freeze_authority": null, "issuer_burn_authority": null, "issuer_reissue_authority": null, "smart_contract_audit_status": null, "smart_contract_auditor": null, "eligible_trading_venues": null, "collateral_or_lending_arrangement": null }, "guardd_publication_date": "2026-08-01", "last_verified_date": "2026-08-01", "next_annual_financials_due_date": "2027-03-31", "status": "Current", "status_note": "All financial statements in the source Form 1-A (File No. 024-12323) are labeled UNAUDITED; no auditor's opinion is expressed on any period. Because there is no audited annual financial statement, this disclosure does not on its own satisfy the audited-financials predicate typically required for a state securities-manual exemption. CIK is not stated in the source report. Per-series Class A share counts (authorized and outstanding), holders of record, and beneficial owners over 10% are not stated in the source report and are pending the issuer-furnished/Mergent reconciliation pass; each series is listed with authorized and outstanding shown as not stated. The EIN shown in the source report (93-1920406) is the same EIN shown for Masterworks Vault 3, LLC; this apparent conflict has not been resolved and is flagged for issuer confirmation. Arithmetic verification of the filed statements: 20 of 20 tests PASS.", "series_count": 26, "publication_date": "2026-08-01", "balance_sheet_date": "2025-12-31", "financials_through_date": "2025-12-31", "audited": false, "audited_balance_sheet_date": null, "regulatory_currency": { "computed_at": "2026-08-04T12:46:45.708Z", "thresholds": { "interim_months": 6, "annual_months": 16, "manual_exemption_months": 18, "warning_days": 30 }, "quotation_resale": { "clock": "quotation_resale", "label": "Quotation & Resale", "detail": "Balance sheet 12/31/2025 · financials through 12/31/2025 · interim due 06/30/2026 · annual due 04/30/2027", "explanation": "Interim financial information stays current for 6 months and the annual balance sheet for 16 months; unaudited interims are acceptable for quotation and resale.", "level": "red", "text": "Update due — interim (1-SA)", "next_due_date": "2027-04-30" }, "manual_exemption": { "clock": "manual_exemption", "label": "Manual Exemption", "level": "grey", "text": "Not eligible — no audited financials", "next_due_date": null, "detail": "No audited balance sheet is on file for this report.", "explanation": "A state securities-manual exemption generally requires an audited balance sheet dated within 18 months." }, "needs_attention": true, "disclaimer": "Status reflects information-currency timeframes under SEC Rule 15c2-11 and Rule 144 and state manual-exemption requirements; it is not legal advice." }, "canonical_url": "https://guardd.com/disclosures/masterworks-vault-10-llc/class-a-ordinary-shares", "json_url": "https://guardd.com/disclosures/masterworks-vault-10-llc/class-a-ordinary-shares.json" }