# EDGAR Filing Document

**Accession Number:** 0001942203
**File Stem:** 0001493152-23-002591
**Filing Date:** 2023-1
**Character Count:** 6328
**Document Hash:** e8c3056142d4172472bdae3da86a07fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-002591.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001493152-23-002591

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230126

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Masterworks 165, LLC
- **CENTRAL INDEX KEY:** 0001942203
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-RETAIL STORES, NEC [5990]
- **IRS NUMBER:** 883443153
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00656
- **FILM NUMBER:** 23557577

**BUSINESS ADDRESS:**
- **STREET 1:** 225 LIBERTY STREET
- **STREET 2:** 29TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281
- **BUSINESS PHONE:** 2035185172

**MAIL ADDRESS:**
- **STREET 1:** 225 LIBERTY STREET
- **STREET 2:** 29TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 1-U**

**CURRENT REPORT**

Pursuant to Regulation A of the Securities Act of 1933

**January 26, 2023**

Date of Report: (Date of earliest event reported)

**MASTERWORKS 165** **, LLC**

(Exact name of issuer as specified in its charter)

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| | |
|:---|:---|
| **Delaware** | **88-3443153** |
| State of other jurisdiction of | (I.R.S. Employer |
| incorporation or organization | Identification No.) |

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**225 Liberty Street, 29th Floor, New York, NY 10281**

(Full mailing address of principal executive offices)

**(203) 518-5172**

(Issuer's telephone number, including area code)

**www.masterworks.com**

(Issuer's website)

**Class A Ordinary Shares**

(Title of each class of securities issued pursuant to Regulation A)

**Item 9. Other Events**

An electronic alternative trading system operated by Templum Markets LLC, an SEC-registered broker-dealer and member of FINRA and SIPC in accordance with SEC Regulation ATS (the "Templum ATS"), is intended to facilitate secondary purchases and sales of Class A ordinary shares of Masterworks issuers that were initially sold pursuant to Regulation A+ (Tier II) for Masterworks offerings that have been fully subscribed for at least 90 days. The Templum ATS can be accessed by investors through a link on the <u>www.masterworks.com</u> website.

The Templum ATS will now enable certain holders of the Company's Class A shares to post live bids and offers 24 hours per day seven days per week, provided that trades will actually occur only during regular trading hours that substantially mirror the trading hours on national securities exchanges. In order to execute a transaction on the Templum ATS, a buyer or seller of Class A shares must create a brokerage account with DriveWealth, LLC (the "Settling Broker"), which can be done through <u>www.masterworks.com</u>. To buy securities on the Templum ATS, investors must also fund the brokerage account in an amount sufficient to pay the full purchase price. Owners of Class A shares may submit a bid and ask quote to purchase or sell Class A shares, and to the extent any such bid or ask is matched with a counterparty's bid or ask through the Templum ATS, such transaction will be executed and settled by the Settling Broker. Masterworks currently expects to pay all costs and expenses associated with listing the Class A shares on the Templum ATS, establishment of brokerage accountants with the Settling Broker and trading and executing transfers of the Class A shares on the Templum ATS.

The Templum ATS or certain features of the Templum ATS will not be available to residents of certain foreign countries or "affiliates" of the Company within the meaning of Rule 405 of the Securities Act of 1933, as amended.

There can be no assurance that the Templum ATS will provide an effective means of selling your Class A shares. In light of a variety of factors, including, without limitation, the relatively small market capitalization of the Company, we cannot guarantee that the Templum ATS will provide a reliable or effective means of price discovery. Accordingly, any posted offer prices or historical transaction information reflected on the Templum ATS should not be construed as being representative of the fair value of the Company's Class A shares or of the artwork owned by the Company.

**Safe Harbor Statement**

This Current Report on Form 1-U contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in our most recent Offering Circular filed with the Securities and Exchange Commission ("SEC"), as such factors may be updated from time to time in our periodic filings and offering circular supplements filed with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | MASTERWORKS 165, LLC | MASTERWORKS 165, LLC |
|  | By: | */s/ Joshua B. Goldstein* |
|  | Name: | Joshua B. Goldstein |
|  | Title: | General Counsel |
| Date: January 26, 2023 |  |  |

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