# EDGAR Filing Document

**Accession Number:** 0001966624
**File Stem:** 0001493152-26-014598
**Filing Date:** 2026-4
**Character Count:** 6273
**Document Hash:** dcbb1d285759defffb8987fc75022d42
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-014598.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0001493152-26-014598

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260401

**ITEM INFORMATION**: Fundamental Changes

**FILED AS OF DATE**: 20260401

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Masterworks 237, LLC
- **CENTRAL INDEX KEY:** 0001966624
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-RETAIL STORES, NEC [5990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 922034310
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00798
- **FILM NUMBER:** 26827222

**BUSINESS ADDRESS:**
- **STREET 1:** 1 WORLD TRADE CENTER
- **STREET 2:** 57TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007
- **BUSINESS PHONE:** 2035185172

**MAIL ADDRESS:**
- **STREET 1:** 1 WORLD TRADE CENTER
- **STREET 2:** 57TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007

**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

**April 1, 2026**

Date of Report: (Date of earliest event reported)

**MASTERWORKS 237, LLC**

(Exact name of issuer as specified in its charter)

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| | |
|:---|:---|
| **Delaware** | **92-2034310** |
| State of other jurisdiction of<br> incorporation or organization | (I.R.S. Employer<br> Identification No.) |

---

**1 World Trade Center, 57th Floor**

**New York, New York 10007**

(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**

(Securities issued pursuant to Regulation A)

**Item 1. Fundamental Changes**

On March 25, 2026, the parties consummated the transactions contemplated by the Terms and Conditions and title of the Painting passed to the Buyer. After allocating costs and expenses incurred in connection with the transaction and winding up and amounts in respect of profit sharing interests represented by Class B ordinary shares, record holders of the Company's Class A ordinary shares will receive a distribution in the amount of approximately $25.43 per Class A share and a net annualized return of 9.0%. "Net annualized return" refers to the annualized internal rate of return, or IRR, net of all fees and costs, to holders of Class A shares from the primary offering, calculated from the final closing date of such offering to the date the sale is consummated. A detailed breakdown of the IRR calculation is attached to this Form 1-U as Exhibit 99.1.

Once the Company completes the distribution, it will commence the process of winding up and dissolving in accordance with its Second Amended and Restated Operating Agreement.

 **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 EDGAR website. 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.

**Exhibit Index**

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| | |
|:---|:---|
| Exhibit No. | Description of Exhibit |
| 6.1 | [Masterworks Standard Terms and Conditions of Sale (incorporated by reference to the copy thereof submitted as Exhibit 6.1 to the Company's Form 1-U filed on March 18, 2026)](https://www.sec.gov/Archives/edgar/data/1966624/000149315226011141/ex6-1.htm) |
| 99.1 | [Masterworks 237, LLC Net Annualized Return Calculations](ex99-1.htm) |

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**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 237, LLC | MASTERWORKS 237, LLC |
| By: | */s/ Joshua B. Goldstein* |
| Name: | Joshua B. Goldstein |
| Title: | General Counsel |

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Date: April 1, 2026

## Add

**Exhibit 99.1**

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| | |
|:---|:---|
| **Masterworks 237, LLC** |  |
| Gross Artwork Sale Proceeds | $1475000.00 |
| Cash on Balance Sheet | $130.00 |
| Sale Expenses Charged to Issuer | $0.00 |
| Net Liquidation Proceeds | $1475130.00 |
| Class B Shares | $(100.00) |
| Class B Profit Share | $(74790.00) |
| Distributable Proceeds to Class A Shares | $1400240.00 |
| Total Class A Shares Outstanding | 55054 \* |
| Distributable Proceeds per Class A Share | 25.43 |
| Initial Offering Price per Class A Share | 20.00 |
| Multiple on Invested Capital (MOIC) | 1.272 |
| **Offering period** |  |
| Cash Receipt Date | 3/25/2026 |
| Final Offering Close Date | 6/8/2023 |
| Days from final close to cash receipt | 1021 |
| Days of year | 365 |
| IRR Period (in years) | 2.80 |
| **IRR Calculation** |  |
| MOIC | 1.27170 |
| IRR Period (in years) | 2.80 |
| IRR | 9.0% |

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\*Reflects 1,533 Class A shares issued in respect of administrative service fees to Masterworks Administrative Services, LLC.