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Private company

Shepherd's Finance, LLC

Shepherd's Finance, LLC is an American short-term business credit institutions company based in Jacksonville.1

Last updated Oct 21, 2026.

Overview

$1.4MNet income, fiscal 20252
  • IndustryShort-Term Business Credit Institutions1
  • HeadquartersJacksonville, Florida1
  • Incorporated inDE3
  • Business address12276 San Jose Blvd, Suite 108, Jacksonville, Fl 322233
  • Filer category, Emerging growth company3
  • Legal formLimited Liability Company

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LLC on December 2, 2011. We converted to a Delaware limited liability company on March 29, 2012. We are located in Jacksonville, Florida.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

$4.4MFree cash flow2

Financial statements

Net income678910112$1.4M in 2025+112% since 2018
-$2.0M0$2.0M$4.0M2018: $668.0K$668.0K20182019: $1.0M$1.0M2019+52%2020: -$1.9M-$1.9M20202021: $765.0K$765.0K20212022: $1.8M$1.8M2022+130%2023: $2.6M$2.6M2023+46%2024: $1.7M$1.7M2024−33%2025: $1.4M$1.4M2025−19%
Fiscal year20182019202020212022202320242025
Selling, general and admin$2.0M6$2.4M7$2.2M8$1.9M9$2.7M10$2.7M11$3.1M2$3.8M2
Interest$4.3M6$5.8M7$6.1M8$5.1M9$5.1M10$5.5M10
Net income$668.0K6$1.0M7-$1.9M8$765.0K9$1.8M10$2.6M11$1.7M2$1.4M2

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Corporate structure

Shepherd's Finance, LLC sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Shepherd's Finance, LLC Jacksonville, Florida
    • 339 Justabout Land Company, LLC Subsidiary · Florida, United States
    • Builders Assistance, LLC (renamed from Shepherd’s Stable Investments, LLC, in 2025) Subsidiary · Florida, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Shepherd's Finance, LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$188.0K2 Dec 31, 2025$163.0K2 Dec 31, 2024+15.3%
Property and equipment, net$790.0K2 Dec 31, 2025$805.0K2 Dec 31, 2024−1.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.5M2 Dec 31, 2025$3.3M2 Dec 31, 2024+4.3%
Deposits held (banks)$838.0K2 Dec 31, 2025$867.0K2 Dec 31, 2024−3.3%

Properties, in its own words

As of December 31, 2025, we operate an office in Jacksonville, Florida, which we own. We entered a mortgage on our office building for $660,000 in January 2018 after a majority of the construction was completed. During November 2024, we paid off the mortgage balance of the office building. The principal amount at payoff was $559,000. In January 2025, we entered into a new revolving line of credit on the building with a maximum borrowing capacity for $725,000, with an expiration date of 2040. There was no balance as of December 31, 2025.

In addition, interest expense during the years ended December 31, 2025 and 2024 was $4,000 and $37,000, respectively.

Item 2 of the 10-K filed Apr 6, 2026.5

Leadership

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerBarbara L. Harshman named Jan 31, 202319
  • Chief Financial OfficerCatherine L. Loftin named Jan 31, 202319
  • Chief Executive Officer and Member of the Board of ManagersDaniel M. Wallach named Jan 31, 202319
  • Executive OfficerWilliam L. Myrick named Jan 31, 202319
  • Member of the Board of ManagersEric A. Rauscher named Jan 31, 202319
  • Member of the Board of ManagersGregory L. Sheldon named Jan 31, 202319
  • Member of the Board of ManagersKenneth R. Summers named Jan 31, 202319

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 339 Justabout Land Company, LLC Florida4
  • Builders Assistance, LLC (renamed from Shepherd’s Stable Investments, LLC, in 2025) Florida4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 14, 20268-K Financial statements and exhibits20
  2. Aug 12, 20268-K Change of auditor21
  3. Mar 6, 20268-K Executive or director change22
  4. Nov 5, 20258-K Change of auditor23
  5. Aug 12, 20258-K Entered a material agreement; Completed an acquisition or sale24
  6. Jun 5, 20258-K Entered a material agreement; Unregistered sale of shares; Executive or director change25
  7. Apr 3, 20258-K Executive or director change26
  8. May 1, 20248-K Financial statements and exhibits27
  9. Apr 22, 20248-K Entered a material agreement28
  10. Apr 2, 20248-K Unregistered sale of shares29
  11. Mar 22, 20248-K Regulation FD disclosure30
  12. Feb 21, 20248-K Entered a material agreement; Completed an acquisition or sale31

Filings

101 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 16 major events, 2 private raises, 63 other. The latest 20:

  1. Aug 18, 2026424B3 EDGAR
  2. Aug 14, 20268-K/A EDGAR
  3. Aug 12, 20268-K EDGAR
  4. Aug 10, 202610-Q EDGAR
  5. Jun 9, 2026424B3 EDGAR
  6. May 29, 2026424B3 EDGAR
  7. May 14, 202610-Q EDGAR
  8. May 6, 2026424B3 EDGAR
  9. Apr 30, 2026EFFECT EDGAR
  10. Apr 30, 2026424B3 EDGAR
  11. Apr 30, 2026POS EX EDGAR
  12. Apr 27, 2026CORRESP EDGAR
  13. Apr 20, 2026S-1/A EDGAR
  14. Apr 6, 202610-K EDGAR
  15. Mar 31, 2026NT 10-K EDGAR
  16. Mar 6, 20268-K EDGAR
  17. Nov 21, 2025424B3 EDGAR
  18. Nov 14, 202510-Q EDGAR
  19. Nov 5, 20258-K EDGAR
  20. Sep 18, 2025UPLOAD EDGAR

The 101 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$6.4M 2017–2021
Money received by yearMoney received by year, 2017–2021: $6.4M in all. Private raises (Form D) $5.7M; PPP loans $723.0K.$0$2M$4M$6M2017 · Private raises (Form D): $5.7M2017201820192020 · PPP loans: $361.5K20202021 · PPP loans: $361.5K2021
Figures by year
YearPrivate raises (Form D)PPP loansTotal
2021–$361.5K$361.5K
2020–$361.5K$361.5K
2017$5.7M–$5.7M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Mar 16, 2017Raised $5.7 million in a private offering of equity19 Form D: $8 million offered in all Form D

PPP loans

Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA32. Matched to this company by name and state.

  1. Apr 27, 2020$361.5K PPP loan (first draw) from Milestone Bank32To SHEPHERD'S FINANCE LLC, Jacksonville FL; $363.4K forgiven Feb 12, 2021
  2. Jan 25, 2021$361.5K PPP loan (second draw) from Milestone Bank32To SHEPHERD'S FINANCE LLC, Jacksonville FL; $363.2K forgiven Aug 2, 2021

SEC filer profile

How Shepherd's Finance, LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARShepherd's Finance, LLC1
  • CIK0001544190
  • Employer ID (EIN)36-46087395
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6153 Short-Term Business Credit Institutions1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address12276 San Jose Blvd, Suite 108, Jacksonville, FL 322231
  • Phone90450339891
  • Public float$0 as of Dec 31, 20252
  • AuditorBDO USA, P.C., Brentwood, Tennessee PCAOB ID 243; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceApr 13, 20121
  • Filings358 in all: 424B3 (130), 8-K (69), 10-Q (42), EFFECT (20), POS AM (15), 10-K (14), 424B2 (14), CORRESP (13)1
    All 18 form types

    UPLOAD (10), S-1/A (9), POS EX (6), S-1 (6), D/A (4), 8-K/A (2), 10-K/A (1), D (1), NT 10-K (1), RW (1)

  • Latest filingsAnnual report (10-K) Apr 6, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Latest 8-K (8-K) Aug 12, 2026

Risk factors and legal proceedings

The risks Shepherd's Finance, LLC names in Item 1A of its 10-K filed Apr 6, 2026: 52 risks under these headings, as written.5

  • Below are risks and uncertainties that could adversely affect our operations that we believe are material to investors. Other risks and uncertainties may exist that we do not consider material based on the information currently available to us at this time.
  • Risks Related to our Business
  • Our business is not industry diversified. Deterioration in the homebuilding industry or economic conditions, including as a result of pandemics or wars, could decrease demand and pricing for new homes and residential home lots. A decline in housing values similar to the national downturn in the real estate market that began in 2006 would have a negative impact on our business. Smaller value declines will also have a negative impact on our business. These factors may decrease the likelihood we will be able to generate enough cash to repay the Notes.
  • The homebuilding industry could experience adverse conditions, and the industry’s implementation of strategies in response to such conditions may not be successful.
  • We have $59,223,000 of loan assets, net as of December 31, 2025. A 35% reduction in total collateral value would reduce our earnings and net worth by $6,468,000. Larger reductions would result in lower earnings and lower net worth.
  • We have $17,168,000 of development loan assets as of December 31, 2025, which unlike our construction loans, are long term loans. This longer duration as well as the nature of collateral (raw ground and lots) creates more risk for that portion of our portfolio.
  • Currently, we are reliant on a single developer and homebuilder, the Hoskins Group, who are concentrated in the Pittsburgh, Pennsylvania market, for a significant portion of our revenues and a portion of our capital. Our second largest customer is in the Central and Southwest, Florida market and is also a significant portion of our portfolio.
  • We have foreclosed assets as of December 31, 2025, which unlike our loans, are recorded on our balance sheet at the value of the collateral, net of estimated selling expenses.
  • Changes in mortgage interest rates, reductions in mortgage availability, or increases in other costs of home ownership could prevent potential customers from buying new homes and adversely affect our business and financial results.
  • Most of our assets are commercial construction loans to homebuilders and/or developers which are a higher-than-average credit risk and therefore could expose us to higher rates of loan defaults, which could impact our ability to repay amounts owed to Note holders.
  • The collateral securing our real estate loans may not be sufficient to pay back the principal amount in the event of a default by the borrowers.
  • Our underwriting standards and procedures are more lenient than conventional lenders.
The other 41 risks
  • We have $169,000 of real estate investments as of December 31, 2025. A 35% reduction in our real estate investments would reduce our earnings and net worth by $59,000. Larger reductions would result in lower earnings and lower net worth.
  • If we lose or are unable to hire or retain key personnel, we may be delayed or unable to implement our business plan, which would adversely affect our ability to repay the Notes.
  • Employee misconduct could harm us by subjecting us to monetary loss, significant legal liability, regulatory scrutiny, and reputational harm.
  • A failure in, or breach of, our operational or security systems or infrastructure, or those of our third-party vendors, including because of cyber-attacks, could disrupt our business, result in the disclosure or misuse of confidential or proprietary information, damage our reputation, increase our costs, and cause losses.
  • We are susceptible to customer fraud, which includes among other things wires and ACHs and could cause us to suffer losses on our loan portfolio.
  • We have entered into loan purchase and sale agreements with third parties to sell them portions of some of our loans. This increases our leverage. While the agreements are intended to increase our profitability, large credit losses and/or idle cash could actually reduce our profitability, which could impair our ability to pay principal and/or interest on the Notes.
  • Additional competition may decrease our profitability, which would adversely affect our ability to repay the Notes.
  • Customers not paying interest causes reduced profitability or losses. An increase in the dollar amount of loans not paying interest may adversely affect our ability to repay the Notes.
  • Our real estate loans are illiquid, which could restrict our ability to respond rapidly to changes in economic conditions.
  • Our systems and procedures might be inadequate to handle our potential growth. Failure to successfully improve our systems and procedures would adversely affect our ability to repay the Notes.
  • If we do not meet the requirements to maintain effective internal controls over financial reporting, our ability to raise new capital will be harmed.
  • We are required to devote resources to complying with various provisions of the Sarbanes-Oxley Act, including Section 404 relating to internal controls testing, and this may reduce the resources we have available to focus on our core business.
  • We are subject to the risk of significant losses on our loans because we do not require our borrowers to insure the title of their collateral for our loans.
  • Our cost of funds is substantially higher than that of banks.
  • We are subject to the general market risks associated with real estate construction and development.
  • Our operations are not subject to the stringent banking regulatory requirements designed to protect investors, so repayment of Note Holders’ investments is completely dependent upon our successful operation of our business.
  • We are an “emerging growth company” under the federal securities laws and are subject to reduced public company reporting requirements.
  • We are exposed to the risk of environmental liabilities with respect to properties of which we take title. Any resulting environmental remediation expense may reduce our ability to repay the Notes.
  • Risks Related to Conflicts of Interest
  • Our CEO (who is also on our board of managers will face conflicts of interest as a result of the secured lines of credit made to us, which could result in actions that are not in the best interests of our Note holders.
  • As a result of his large equity ownership in the Company, our CEO will face a conflict of interest in deciding the number of distributions to equity owners, which could result in actions that are not in the best interests of Note Holders. In addition, each independent manager owns 1.17% of our common equity, and one member owns 15.94% of our Series C equity.
  • Some of our employees and managers may face conflicts of interest as a result of their and their relatives’ investment in the Notes, which could result in actions that are not in the best interests of our Note holders.
  • We have two lines of credit from affiliates which allow us to incur a significant amount of secured debt. These lines are collateralized by a lien against all of our assets. Our purchase and sale agreements function as secured debt as well. We expect to incur a significant amount of additional debt in the future, including issuance of the Notes, which will subject us to increased risk of loss.
  • Risks Related to Liquidity
  • We depend on the availability of significant sources of credit to meet our liquidity needs and our failure to maintain these sources of credit could materially and adversely affect our liquidity in the future.
  • We have unfunded commitments to builders as of December 31, 2025. If every builder borrowed every amount allowed (which would mean all their homes were complete) and no builders paid us back, we would need to fund that amount. While some of that amount would automatically come from our loan purchase and sale agreements, the rest would have to come from our Notes Program and/or our lines of credit. Therefore, we may not have the ability to fund our commitments to builders.
  • We have several secured lines of credit which allow the lender to give notice and then they eventually expire, and with those expirations, any unsecured portion related to the lines of credit also expire. Any notice of nonrenewal or expiration could strain our ability to pay other obligations.
  • We have a significant amount of debt and expect to incur a significant amount of additional debt in the future, including the issuance of the Notes, which will subject us to an increased risk of loss. Our present and future senior debt may make it difficult to repay the Notes.
  • If the proceeds from the issuance of the Notes exceed the cash flow needed to fund the desirable business opportunities that are identified, we may not be able to invest all of the funds in a manner that generates sufficient income to pay the interest and principal on the Notes.
  • Increases in interest rates would increase the amount of debt payments under the Wallach Affiliate LOCs which could impair our ability to repay the principal and interest on the Notes.
  • We incurred indebtedness secured by our office property, which may result in foreclosure.
  • The indenture does not contain the type of covenants restricting our actions, such as restrictions on creating senior debt, paying distributions to our owners, merging, recapitalizing, and/or entering into highly leveraged transactions. The indenture does not contain provisions requiring early payment of Notes in the event we suffer a material adverse change in our business or fail to meet certain financial standards. Therefore, the indenture provides very little protection of Note holders’ investments.
  • Payment on the Notes is subordinate to the payment of our outstanding present and future senior debt, if any. Since there is no limit to the amount of senior debt we may incur, our present and future senior debt may make it difficult to repay the Notes.
  • Additional competition for investment dollars may decrease our liquidity, which would adversely affect our ability to repay the Notes.
  • If we are unable to meet our Note maturity and redemption obligations, and we are unable to obtain additional financing or other sources of capital, we may be forced to sell off our operating assets or we might be forced to cease our operations and Note holders could lose some or all of their investment.
  • There is no “early warning” on the Notes if we perform poorly. Only interest and principal payment defaults on the Notes can trigger a default on the Notes prior to bankruptcy.
  • Note holders do not have the opportunity to evaluate our investments before they are made.
  • Because we require a substantial amount of cash to service our debt, we may not be able to pay our obligations under the Notes.
  • The indenture and terms of our Notes do not restrict our use of leverage. A relatively small loss can cause overleveraged companies to suffer a material adverse change in their financial position. If this happened to us, it may make it difficult to repay the Notes.
  • We expect to be substantially reliant upon the net offering proceeds we receive from the sale of our Notes to meet principal and interest obligations on previously issued Notes.
  • If we default in our Note payment obligations, the indenture agreements provide that the trustee could accelerate all payments due under the Notes, which would further negatively affect our consolidated financial position and cash flows.
  • There is no sinking fund to ensure repayment of the Notes at maturity, so Note holders are totally reliant upon our ability to generate adequate cash flows.
  • If we have a large number of repayments on the Notes, whether because of maturity or redemption, we may be unable to make such repayments.

Sources

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