Exhibit 99.1
Masterworks 028, LLC | ||||||
Gross Artwork Sale Proceeds | $ | 1,800,000.00 | ||||
(+) | Cash on Balance Sheet | $ | 120.00 | |||
(-) | Sale Expenses Charged to Issuer | $ | 0.00 | |||
= | Net Liquidation Proceeds | $ | 1,800,120.00 | |||
(-) | Class B Shares | $ | (100.00 | ) | ||
(-) | Class B Profit Share | $ | (175,100.00 | ) | ||
= | Distributable Proceeds to Class A Shares | $ | 1,624,920.00 | |||
(/) | Total Class A Shares Outstanding | 46,226 | * | |||
= | Distributable Proceeds per Class A Share | $ | 35.15 | |||
(/) | Initial Offering Price per Class A Share | $ | 20.00 | |||
= | Multiple on Invested Capital (MOIC) | 1.76 | ||||
Offering period | ||||||
Cash Receipt Date | 12/21/2022 | |||||
(-) | Final Offering Close Date | 2/3/2021 | ||||
= | Days from final close to cash receipt | 686 | ||||
(/) | Days of year | 365 | ||||
= | IRR Period (in years) | 1.88 | ||||
IRR Calculation | ||||||
MOIC | 1.76 | |||||
IRR Period (in years) | 1.88 | |||||
IRR | 35.0 | % |
*Reflects 1,276 Class A shares issued in respect of administrative service fees to Masterworks Administrative Services, LLC.