Shepherd's Finance effects 100-for-1 split of Series C Preferred Units, amends conversion rights

Shepherd's Finance, LLC

Effective March 31, 2024, every Series C Preferred Unit reclassified into 100 units via a 100-for-1 split.
Authorized Series C Preferred Units increased to 20,000; up to 8,000 reserved for Preferred Unit Reinvestment Program.
After a 12-month notice period, holders may convert Series C Preferred Units to common units on a 1-for-1 basis, replacing prior redemption right.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Shepherd's Finance, LLC amended Amendment No. 4 to the Second Amended and Restated Limited Liability Company Agreement (effective 2024-03-31).

Action: amendment
Effective: 2024-03-31

Exact text from the filing

On April 19, 2024, Shepherd’s Finance, LLC (the “Registrant”) entered into Amendment No. 4 to the Second Amended and Restated Limited Liability Company Agreement, as amended (the “Fourth Amendment”), with an effective date of March 31, 2024 (the “Effective Date”), to effect a 100-for-1 unit split (the “Unit Split”) of its Series C Cumulative Preferred Units

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Source: SEC EDGAR

accession 0001493152-24-015576

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