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EXCHANGE COMMISSION**\n\n**WASHINGTON,\nDC 20549**\n\n \n\n**FORM\n10-Q**\n\n \n\n☒\n**Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**\n\n \n\n**For\nthe Quarterly Period Ended March 31, 2026**\n\n \n\n**or**\n\n \n\n☐\n**Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**\n\n \n\n**For\nthe Transition Period From to**\n\n \n\n**Commission\nFile Number 333-290256**\n\n \n\n**SHEPHERD’S\nFINANCE, LLC**\n\n**(Exact\nname of registrant as specified on its charter)**\n\n \n\n**Delaware**\n \n**36-4608739**\n\n**(State or other jurisdiction\nof**\n \n**(I.R.S. Employer**\n\n**Incorporation or organization)**\n \n**Identification No.)**\n\n \n\n**13241\nBartram Park Blvd., Suite 2401, Jacksonville, Florida 32258**\n\n**(Address\nof principal executive offices)**\n\n \n\n**(302)\n752-2688**\n\n**(Registrant’s\ntelephone number including area code)**\n\n \n\n**Securities\nregistered pursuant to Section 12(b) of the Act:**\n\n \n\n**Title\nof Each Class**\n \n**Trading\nSymbol(s)**\n \n**Name\nof Each Exchange on Which Registered**\n\n**None**\n \n**None**\n \n**None**\n\n \n\nIndicate\nby check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange\nAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2)\nhas been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate\nby check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule\n405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant\nwas required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate\nby check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,\nor an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller\nreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n☐\nAccelerated filer\n☐\n\nNon-accelerated filer\n☒\nSmaller reporting company\n☒\n\nEmerging growth company\n☒\n \n \n\n \n\nIf\nan emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying\nwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒\n\n \n\nIndicate\nby check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\n \n\n \n\n \n\n \n\n \n\n**FORM\n10-Q**\n\n**SHEPHERD’S\nFINANCE, LLC**\n\n**TABLE\nOF CONTENTS**\n\n \n\n \n \n \nPage\n\n \n \n \n \n\n \n[Cautionary Note Regarding Forward-Looking Statements](#sa_001)\n3\n\n \n \n \n \n\nPART I. FINANCIAL\nINFORMATION"}