Current Report under Regulation A (Form 1-U)

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

June 30, 2026

(Date of Report (Date of earliest event reported))

YS RE RAF I LLC

(Exact name of registrant as specified in its charter)

Delaware		86-3780020
(State or other jurisdiction of incorporation)		(IRS Employer Identification No.)

245 Fifth Avenue, 21st Floor
New York, NY		10016
(Address of principal executive offices)		(ZIP Code)

(844) 943-5378

(Registrant's telephone number, including area code)

Common Shares

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

Item 9.

Other Events

Net Asset Value as of June 30, 2026

As of June 30, 2026, our net asset value ("NAV") per common share is $4.14. This NAV per common share shall be effective until updated by us on or about September 30, 2026 (or as soon as commercially reasonable thereafter), unless updated by us prior to that time.

The following sets forth the calculation of NAV for our common shares:

BALANCE SHEETS (UNAUDITED)

(In thousands, except share and per share amounts)		June 30, 2026 [1]				March 31, 2026 [1]
ASSETS
Investments in Real Estate at Fair Value (original cost $32,046,917 and $32,024,283 respectively)		$	15,717,177			$	17,796,678
Cash and Cash Equivalents			463,658				351,352
Accounts Receivable			63,881				62,459
Total Assets		$	16,244,716			$	18,210,489
LIABILITIES AND MEMBERS' EQUITY
Accrued Expenses		$	250,998			$	193,412
Payable to Managing Member			63,552				69,252
Deferred Revenue		$	17,077			$	30,202
Total Liabilities		$	331,627			$	292,866
MEMBERS' EQUITY:
Common shares, net of redemptions; 7,500,000 shares authorized; 4,439,583 shares issued and 3,847,720 outstanding as of both June 30, 2026 and March 31, 2026			38,506,209				38,506,209
Retained Earnings (Accumulated Deficit)			(22,593,120	)			(20,588,586	)
Total Members' Equity			15,913,089				17,917,623
TOTAL LIABILITIES AND MEMBERS' EQUITY		$	16,244,716			$	18,210,489
NET ASSET VALUE PER SHARE, based on 3,847,720 shares outstanding for both periods ended June 30, 2026 and March 31, 2026, respectively		$	4.14			$	4.66

[1] Estimated Balance Sheets as of June 30, 2026, and March 31, 2026.

On July 7, 2026, the Company announced that its NAV as of June 30, 2026 is $4.14 per share of our Common Shares. This NAV per common share shall be effective until updated by us on or about September 30, 2026 (or as soon as commercially reasonable thereafter), unless updated by us prior to that time. The price per share for the second quarter of 2026 is $4.14.

As described in the section titled "Valuation Policies" of our Offering Circular, our goal is to provide a reasonable estimate of the value of our shares on a periodic, ongoing basis. At the end of each fiscal quarter, employees of the Manager will perform valuations of the Company's assets using a process that reflects (1) estimated values of each of the Company's real estate assets and investments, including related liabilities, based upon any of (a) market capitalization rates, comparable sales information, interest rates, net operating income, (b) with respect to debt, default rates, discount rates and loss severity rates, (c) for properties that have development or value add plans, progress along such development or value add plan, and (d) in certain instances reports of the underlying real estate provided by an independent valuation expert, (2) the price of liquid assets for which third party market quotes are available, (3) accruals of the Company's periodic distributions, if any, and (4) estimated accruals of the Company's operating revenues and expenses. The Manager may, in its sole discretion, engage one or more independent valuation experts with expertise in appraising real estate and real estate-related assets to provide annual valuations of some or all of the Company's assets to facilitate the Administrator's calculation of the Company's NAV.

The Manager will deliver such valuations to SS&C Technologies, Inc. or any successor thereto (such party, the "Administrator"), which will utilize the valuations provided by the Manager to calculate the Company's NAV and NAV Per Share.

The valuations of the Company's assets underlying the calculation of the Company's NAV Per Share are subject to a number of judgments and assumptions that may not prove to be accurate. Additionally, although the Administrator will calculate the Company's NAV Per Share on a quarterly basis, the Company's NAV Per Share may fluctuate more frequently, so that the Company's NAV Per Share in effect for any fiscal quarter and listed on the Platform may not reflect the precise amount that payable for the Shares in a market transaction. Finally, the Company's NAV Per Share in effect for any fiscal quarter and listed on the Platform may not reflect all material events or conditions affecting the value of the Company's assets to the extent that such events or conditions are not known or that their effects are not readily quantifiable.

Beginning on July 1, 2026, the per share price of our Common Shares for all purposes under the Company's governing documents will be $4.14 per share. This price per share shall be effective until the next announcement of price per share by the Company, which is expected to happen within a commercially reasonable time after September 30, 2026, unless updated by us prior to that time. Redemptions, if any, of Common Shares during the 3rd quarter of 2026 shall be made pursuant to our redemption plan based on the then-current NAV per Common Share.

Share Redemption Plan Status

For the quarter ended June 30, 2026, we did not redeem any common shares pursuant to our share redemption plan.

Effective August 8, 2024, our Manager determined to indefinitely suspend the share redemption plan of the Company, in accordance with the terms of the Operating Agreement and in connection with the liquidation of the Company's investments and the wind down of the Company.

Historical NAV Information

Below is the NAV per common share, as determined in accordance with our valuation policies, for each period presented from June 30, 2022 to June 30, 2026.

Date	NAV Per Share
June 30, 2022	$9.77
June 30, 2022	$9.76
September 30, 2022	$9.98
December 31, 2022	$9.82 *
June 30, 2023	$9.90
June 30, 2023	$9.93
September 30, 2023	$9.82
December 31, 2023	$9.39
June 30, 2024	$8.38
June 30, 2024	$6.72
September 30, 2024	$6.73
December 31, 2024	$6.45
March 31, 2025	$5.82
June 30, 2025	$5.64
September 30, 2025	$5.35
December 31, 2025	$4.92
March 31, 2026	$4.66
June 30, 2026	$4.14

* This figure has been adjusted from the amount initially reported in the Company's Form 1-U filing dated December 27, 2022 as a result of a review of accounting procedures.

Real Estate Performance

The company saw a decline in NAV compared to last quarter, consistent with public REITs trading at a median discount to net asset value near 16%. Transaction volumes accelerated, with global investment activity up 18% year over year and U.S. office sales posting their strongest first quarter since 2020. Supply pipelines contracted further across most property types, and the tax environment continued to support asset values. None of these developments were sufficient to offset elevated borrowing costs, reaccelerating inflation, and the compounding demands of assets whose cash flows continue to fall short of debt service. Roughly seventeen percent of office mortgage balances mature this year, into a lending market still pricing loans more than 200 basis points above 2022 levels.

The Federal Reserve held its policy rate steady through the first half of the year, but shifted its outlook meaningfully: officials abandoned expectations of a 2026 rate cut and now project the benchmark rate ending the year higher than it stands today, with markets assigning real odds to a hike. The 10 year Treasury moved higher over the quarter, unsettled by an inflation scare tied to an energy price shock, and now sits near the top of its recent range. That is the reality this portfolio carries into the next twelve months. The conditions for recovery are assembling, but they are not yet resolved, and the path has grown less certain rather than more. The assets under stress today require more than an improved backdrop. They require rates to move in the direction this portfolio needs, time to compound, and credit markets to remain open long enough for the structural tailwinds now in motion to translate into the operating performance this portfolio was underwritten to deliver.

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, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 the most recently qualified Offering Statement on Form 1-A filed with the Securities and Exchange Commission ("SEC"), as such factors may be updated from time to time in our periodic filings and prospectus 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.

	YS RE RAF I LLC
	By:	Willow Asset Management LLC
	Its:	Manager
	By:	/s/ William Majeski
	Name:	William Majeski
	Title:	General Counsel

Date: July 7, 2026