Borrowings (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Borrowings

The following table displays our borrowings and a ranking of priority:

	Priority Rank	June 30, 2024			December 31, 2023
Borrowing Source
Purchase and sale agreements and other secured borrowings	1	$	24,132		$	21,196
Secured line of credit from affiliates	2		596			326
Unsecured line of credit (senior)	3		1,251			1,160
Other unsecured debt (senior subordinated)	4		1,834			1,094
Unsecured Notes through our public offering, gross	5		19,615			20,854
Other unsecured debt (subordinated)	5		10,451			8,006
Other unsecured debt (junior subordinated)	6		907			907
Less deferred financing fees			(176	)		(238	)
Total		$	58,610		$	53,305

Schedule of Maturity of Debt

The following table shows the maturity of outstanding debt as of June 30, 2024:

Year Maturing	Total Amount Maturing		Public Offering		Other Unsecured		Secured Borrowings
2024	$	30,700	$	2,415	$	5,361	$	22,924
2025		9,188		6,972		2,197		19
2026		4,167		1,582		2,565		20
2027		7,314		5,472		571		1,271
2028		3,345		3,174		149		22
2029 and thereafter		4,072		-		3,600		472
Total	$	58,786	$	19,615	$	14,443	$	24,728

Schedule of Secured Borrowings

Borrowings secured by loan assets are summarized below:

	June 30, 2024				December 31, 2023
	Book Value of Loans which Served as Collateral		Due from Shepherd’s Finance to Loan Purchaser or Lender		Book Value of Loans which Served as Collateral		Due from Shepherd’s Finance to Loan Purchaser or Lender
Loan Purchaser
Builder Finance	$	8,615	$	6,672	$	7,615	$	5,770
S.K. Funding		12,781		6,500		7,358		6,500
Lender
Shuman		175		125		358		125
Jeff Eppinger		3,756		1,500		3,496		1,500
R. Scott Summers		1,512		903		2,177		1,003
John C. Solomon		678		563		598		563
Judith Swanson		8,798		6,057		10,038		5,164
Total	$	36,315	$	22,320	$	31,640	$	20,625

Schedule of Roll Forward of Notes Outstanding

The following table is a roll forward of our Notes Program:

	Six Months Ended June 30, 2024			Year Ended December 31, 2023			Six Months Ended June 30, 2023
Gross notes outstanding, beginning of period	$	20,854		$	21,576		$	21,576
Notes issued		2,229			1,353			562
Note repayments / redemptions		(3,468	)		(2,075	)		(1,459	)
Gross notes outstanding, end of period	$	19,615		$	20,854		$	20,679
Deferred financing costs, net		(173	)		(235	)		(287	)
Notes outstanding, net	$	19,442		$	20,619		$	20,392

Schedule of Roll Forward of Deferred Financing Costs

The following is a roll forward of deferred financing costs:

	Six Months Ended June 30, 2024			Year Ended December 31, 2023			Six Months Ended June 30, 2023
Deferred financing costs, beginning balance	$	939		$	835		$	835
Additions		45			103			42
Deferred financing costs, ending balance		984			939			877
Less accumulated amortization		(811	)		(703	)		(590	)
Deferred financing costs, net	$	173		$	235		$	287

Schedule of Roll Forward of Accumulated Amortization of Deferred Financing Costs

The following is a roll forward of the accumulated amortization of deferred financing costs:

	Six Months Ended June 30, 2024		Year Ended December 31, 2023		Six Months Ended June 30, 2023
Accumulated amortization, beginning balance	$	703	$	468	$	468
Additions		108		235		121
Accumulated amortization, ending balance	$	811	$	703	$	590

Schedule of Other Unsecured Loans

Our other unsecured debts are detailed below:

Loan	Maturity Date	Interest Rate(1)			June 30, 2024		December 31, 2023
Unsecured Note with Seven Kings Holdings, Inc. Senior Subordinated	Demand(2)		9.5	%	$	501	$	410
Unsecured Line of Credit from Judith Swanson	October 2024		10.0	%		943		1,836
Unsecured Line of Credit from Judith Swanson	April 2025		10.0	%		500		-
Unsecured Line of Credit from Builder Finance, Inc. Senior Subordinated	January 2025		10.0	%		750		750
Subordinated Promissory Note	April 2024		10.0	%				100
Subordinated Promissory Note	February 2025		9.0	%		600		600
Subordinated Promissory Note	March 2026		9.75	%		500		500
Subordinated Promissory Note	December 2027		10.0	%		20		20
Subordinated Promissory Note	February 2024		11.0	%		-		20
Subordinated Promissory Note	January 2025		10.0	%		15		15
Subordinated Promissory Note	February 2027		8.5	%		200		-
Subordinated Promissory Note	March 2027		10.0	%		26		26
Subordinated Promissory Note	November 2026		9.5	%		200		200
Subordinated Promissory Note	October 2024		10.0	%		700		700
Subordinated Promissory Note	December 2024		10.0	%		100		100
Subordinated Promissory Note	April 2025		10.0	%		202		202
Subordinated Promissory Note	July 2025		8.0	%		100		100
Subordinated Promissory Note	September 2027		10	%		108		108
Subordinated Promissory Note	October 2025		8.0	%		100		100
Subordinated Promissory Note	December 2025		8.0	%		180		180
Senior Subordinated Promissory Note	March 2026(3)		8.0	%		374		374
Subordinated Promissory Note	August 2026		8.0	%		291		291
Senior Subordinated Promissory Note	July 2026(4)		1.0	%		740		740
Junior Subordinated Promissory Note	July 2026(4)		20.0	%		460		460
Senior Subordinated Promissory Note	October 2024(4)		1.0	%		720		720
Junior Subordinated Promissory Note	October 2024(4)		20.0	%		447		447
Subordinated Promissory Note	March 2029		10.0	%		1,600		1,200
Subordinated Promissory Note	April 2024		10.0	%		-		750
Subordinated Promissory Note	May 2027		10.0	%		97		98
Subordinated Promissory Note	November 2027		10.0	%		120		120
Subordinated Promissory Note	June 2025		10.0	%		1,000		-
Subordinated Promissory Note	April 2028		10.0	%		149		-
Subordinated Promissory Note	April 2029		11.0	%		2,000		-
Subordinated Promissory Note	Varies (5)		Prime +1.5	%		700		-
					$	14,443	$	11,167

(1)	Interest rate per annum, based upon actual days outstanding and a 365/366-day year.
(2)	Due six months after lender gives notice.
(3)	Lender may require us to repay $20 of principal and all unpaid interest with 10 days’ notice.
(4)	These notes were issued to the same holder and, when calculated together, yield a blended rate of 10% per annum.
(5)	Lender may elect to terminate, effective semi-annually as of August 16 and/or February 16 of any given year.