Open Supplement 2 dated June 13, 2025
Open Supplement 3 dated August 19, 2025
Open Supplement 4 dated November 21, 2025
SUPPLEMENTAL INFORMATION-This document supplements, and should be read in conjunction with, the prospectus of Shepherd’s Finance, LLC (the “Company,” “we,” or “our”) dated May 6, 2025, Supplement No. 1 dated May 21, 2025, Supplement No. 2 dated June 13, 2025, and Supplement No. 3, dated August 19, 2025. Supplement No. 4, dated November 21, 2025, includes an update regarding the status of our offering; an update to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our prospectus to include information for the three and nine months ended September 30, 2025; and our unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2025.