You are still eligible for all the other loot drops in the raid, just you will get nothing for the final boss Atheon (and maybe gatekeepers, depending on when exactly you joined). I think it was probably randoms who picked you up, lol
Most of us will have the clan name on our emblems. If I can get done with work I should be on sometime before 9 central, and I need to run 1x Nightfall and 2x Weekly heroics at some point this week.
I can't say I agree with the advice to not spend any shards on non-raid Armor. I would def suggest going no higher than 28 if they are in short supply, but before that more levels are well worth it. We'd take you of course, being a 2p2er - but a 26 is ~50% effective against the level 28 enemies found in the normal vault. Also it makes it likely very tough to run the daily on hard 28 probably impossible to solo most days (lack of shard earning), makes weekly heroic much harder (lack of coin earning) and probably puts the nightfall completely out of reach (lack of "unknown rewards").
I would suggest if you have an exotic armor piece you like, fill it with shards first of all - it'll probably still be used anyway with raid set. Obv upgrade any legendaries where they only require normal materials too. Then spend the minimum necessary on other pieces to get 28. Personally I got to 29 before getting any raid armor on my main, which allows running hard mode raid for even more chances at shards. Like Larry said earlier, shards are rare at first but once they start coming they become fairly common - basically once you start running the raid regularly you'll see many shards, and it's not a bad reward if you actually need them