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 28, 2021. Supplement No. 1 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 year end December 31, 2020; and our unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2021.