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 April 15, 2024 and Supplement No. 1 dated May 30,2024. Supplement No. 2 includes an updated regarding the status of our offering; the formation of the strategic planning committee of our board of managers; the change of the chairman of the nominating and corporate governance committee of our board of managers; 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 six months ended June 30, 2024; and our unaudited condensed consolidated financial statements as of and for the three and six months ended June 30, 2024.