• Masterworks 231 plans to reorganize into a Delaware series LLC structure around May 31, 2026.
• Assets, rights, obligations to move into a distinct series within the new series LLC.
• Investors to exchange Class A Ordinary Shares for shares in the new series with the same assets and ownership.
• No material change expected to investor rights, investment terms, or value.
• No investor costs expected; no tax impact anticipated; no material effect expected on secondary trading.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Masterworks 231 LLC published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001493152-26-026168), on May 29, 2026, and is solely responsible for the information contained therein.