Redwood Mortgage Investors Viii 10-Q 15 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2016shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	CK0000889123
Entity Registrant Name	REDWOOD MORTGAGE INVESTORS VIII
Entity Central Index Key	889,123
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash, in banks	$ 25,263	$ 56,673
Loans, Secured by deeds of trust
Principal	90,531	62,740
Advances	24	51
Accrued interest	791	372
Loan balance, secured	91,346	63,163
Unsecured	61	69
Allowance for loan losses	0	0
Loans, net	91,407	63,232
Real estate owned (REO)	80,166	82,949
Other assets, net	1,235	4,679
Total assets	198,071	207,533
LIABILITIES AND PARTNERS' CAPITAL
Mortgages payable	27,228	27,509
Accounts payable and other liabilities	405	336
Payable to affiliate	4	12
Total liabilities	27,637	27,857
Partners' capital
Limited partners' capital, subject to redemption, net	178,023	187,495
General partners' capital (deficit)	(859)	(885)
Total partners' capital, net	177,164	186,610
Receivable from affiliate (formation loan)	(6,730)	(6,934)
Partners' capital subject to redemption, net of formation loan	170,434	179,676
Total liabilities and partners' capital	$ 198,071	$ 207,533

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Loans
Interest income	$ 1,684	$ 1,517	$ 3,087	$ 2,883
Late fees	2	18	7	19
Revenue, loans	1,686	1,535	3,094	2,902
Provision for (recovery of) loan losses	(25)		(25)	400
Loans, net	1,711	1,535	3,119	2,502
REO
Rental operations, net	649	1,280	1,265	2,402
Interest on mortgages	(274)	(393)	(502)	(773)
Rental operations, net of mortgage interest	375	887	763	1,629
Realized gains/(losses) on sales	281	1,672	784	1,992
Impairment (loss)/gain		263		573
Holding costs, net of other income	563	(47)	551	(81)
REO, net	1,219	2,775	2,098	4,113
Total revenues, net	2,930	4,310	5,217	6,615
Operations Expense
Mortgage servicing fees	294	293	527	577
Asset management fees	172	183	348	367
Costs from Redwood Mortgage Corp.	491	443	975	971
Professional services	478	266	757	500
Other	22	116	13	116
Total operations expense	1,457	1,301	2,620	2,531
Net income	1,473	3,009	2,597	4,084
Limited partners (99%)	1,458	2,979	2,571	4,043
General partners (1%)	$ 15	$ 30	$ 26	$ 41

Consolidated Statements of Inc4

Consolidated Statements of Income (Parenthetical)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Limited partners	99.00%	99.00%	99.00%	99.00%
General partners	1.00%	1.00%	1.00%	1.00%

Consolidated Statements of Chan

Consolidated Statements of Changes in Partners' Capital - USD ($) $ in Thousands	Total	Capital Units Gross [Member]Limited Partner [Member]	Formation Loan [Member]General Partner [Member]	Capital Units [Member]
Beginning balance at Dec. 31, 2015	$ 186,610	$ 187,495	$ (885)	$ 186,610
Net income	2,597	2,571	26	2,597
Distributions		(1,322)		(1,322)
Liquidations		(10,721)		(10,721)
Ending balance at Jun. 30, 2016	177,164	178,023	(859)	177,164
Beginning balance at Mar. 31, 2016		182,612	(874)	181,738
Net income	1,473	1,458	15	1,473
Distributions		(651)		(651)
Liquidations		(5,396)		(5,396)
Ending balance at Jun. 30, 2016	$ 177,164	$ 178,023	$ (859)	$ 177,164

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Cash from Operations
Interest received	$ 1,481	$ 1,769	$ 2,636	$ 2,800
Other loan income	5	14	17	19
Operations expense	(1,498)	(1,322)	(2,544)	(2,467)
Rental operations, net	418	881	1,214	3,027
Holding costs	563	(47)	551	(75)
Mortgage interest and borrowing related fees	(255)	(838)	(466)	(1,195)
Other assets	3,411		3,411
Net cash provided by (used in) operations	4,125	457	4,819	2,109
Cash from Investing Activities
Principal collected on loans - secured	11,660	14,078	16,634	15,942
Unsecured loan payments received (made)	4	3	8	3
Loans originated	(28,550)	(10,326)	(46,770)	(20,980)
Loans sold to affiliates	2,000	1,637	2,000	4,637
Advances on loans		18	(11)	(103)
Total - Loans	(14,886)	5,410	(28,139)	(501)
Sales	2,363	13,162	5,201	14,341
Development	(84)	(500)	(245)	(1,235)
Non-controlling interest		(470)		(475)
Total - REO	2,279	12,192	4,956	12,631
Total cash from investing activities	(12,607)	17,602	(23,183)	12,130
Cash from Financing Activities
Mortgages taken		27,747		27,747
Principal payments	(1,065)	(17,679)	(1,207)	(17,881)
Total cash from financing activities	(1,065)	10,068	(1,207)	9,866
Net increase/(decrease) in cash before distributions	(9,547)	28,127	(19,571)	24,105
Cash – partner distributions	(651)	(573)	(1,322)	(1,142)
Formation loan payment, net of early withdrawal fees	104	81	204	81
Net increase/(decrease) in cash	(15,490)	23,188	(31,410)	16,388
Cash and cash equivalents, beginning of period	40,753	3,068	56,673	9,868
Cash and cash equivalents, end of period	25,263	26,256	25,263	26,256
Net income	1,473	3,009	2,597	4,084
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Amortization of borrowings-related origination fees	15	27	30	50
Provision for (recovery of) loan losses	(25)		(25)	400
REO – depreciation		78		301
REO – loss/(gain) on disposal	(281)	(1,672)	(784)	(1,992)
REO – impairment (gain)		(263)		(573)
Change in operation assets and liabilities
Accrued interest	(204)	252	(452)	(83)
Allowance for loan losses-recoveries	25		25
Receivable from affiliate		(52)		(52)
Other assets	3,454	(618)	3,414	(42)
Accounts payable and other liabilities	(335)	(402)	23	(125)
Payable to affiliate	3	98	(9)	141
Net cash provided by (used in) operations	4,125	457	4,819	2,109
Supplemental disclosures of cash flow information Non-cash investing activities
Real estate acquired through foreclosure/settlement on loans, net of liabilities assumed			416
Cash paid for interest	270	411	495	768
Liquidation [Member]
Cash from Financing Activities
Cash – partner distributions	$ (5,396)	$ (4,447)	$ (10,721)	$ (6,656)

Organization and General

Organization and General	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
ORGANIZATION AND GENERAL	NOTE 1 – ORGANIZATION AND GENERAL In the opinion of the general partners, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal, recurring adjustments, necessary to present fairly the consolidated financial information included therein. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the partnership’s Form 10-K for the fiscal year ended December 31, 2015 filed with the U.S. Securities and Exchange Commission (SEC). The results of operations for the three and six month periods ended June 30, 2016 are not necessarily indicative of the operations results to be expected for the full year. Redwood Mortgage Investors VIII, a California Limited Partnership (we, RMI VIII or the partnership) was formed in 1993 to engage in business as a mortgage lender and investor by making and holding-for-investment-mortgage loans secured by California real estate, primarily through first and second deeds of trust. The partnership is externally managed. The general partners are Redwood Mortgage Corp. (RMC) and Michael R. Burwell (Burwell), an individual. Burwell is the president and majority shareholder of RMC through his holdings and beneficial interests in certain trusts. The general partners are solely responsible for managing the business and affairs of the partnership, subject to the voting rights of the limited partners on specified matters. Any one of the general partners acting alone has the power and authority to act for and bind the partnership. The mortgage loans the partnership invests in are arranged and are generally serviced by RMC. The rights, duties and powers of the general and limited partners of the partnership are governed by the limited partnership agreement and Sections 15900 et seq. of the California Corporations Code. Partners should refer to the partnership agreement for complete disclosure of its provisions. A majority of the outstanding limited partnership units may, without the permission of the general partners, vote to: (i) terminate the partnership, (ii) amend the limited partnership agreement, (iii) approve or disapprove the sale of all or substantially all of the assets of the partnership, and (iv) remove or replace one or all of the general partners. The approval of all the limited partners is required to elect a new general partner to continue the partnership business where there is no remaining general partner after a general partner ceases to be a general partner other than by removal. The last offering of units of limited partnership interests closed in November 2008. Profits and losses are allocated among the limited partners according to their respective capital accounts after one percent (1%) of profits and losses are allocated to the general partners. The monthly results are subject to subsequent adjustment as a result of quarterly and year-end accounting and reporting. Federal and state income taxes are the obligation of the partners, if and when taxes apply, other than the annual California franchise tax, and any California LLC cash receipts taxes paid by the partnership and its subsidiaries. The ongoing sources of funds for loans are the proceeds from (1) earnings retained (i.e. not distributed) in partners’ capital accounts, (2) loan payoffs, (3) borrowers’ monthly principal and interest payments, (4) REO sales, and, (5) to a lesser degree and, if obtained, a line of credit. Cash generated from loan payoffs and borrower payments of principal and interest is used for operating expenses, income distributions to partners, and unit redemptions. The cash flow, if any, in excess of these uses is to be re-invested in new loans. Distribution policy At the time of their subscription for units, partners elected to have distributed to them their monthly, quarterly or annual allocation of profits, or to have profits allocated to their capital accounts to be retained by the partnership to compound. Subject to certain limitations, those electing compounding may subsequently change their election. A partner’s election to receive cash distributions is irrevocable. Beginning in September 2015, the distributions annual rate increased to two and one-half percent (2.5%) from two percent (2%). Liquidity, capital withdrawals and early withdrawals There is no established public trading and/or secondary market for the units, and none is expected to develop. There are substantial restrictions on transferability of units. To provide liquidity to limited partners, the partnership agreement provides that limited partners in the partnership for the minimum five-year period may withdraw all or a portion of their capital accounts in twenty (20) quarterly installments or longer, as determined by the general partners in light of partnership cash flow, beginning the last day of the calendar quarter following the quarter in which the notice of withdrawal is given. A limited partner may liquidate all or part of their capital account in four (4) quarterly installments beginning on the last day of the calendar quarter following the quarter in which the notice of withdrawal is given, subject to a ten percent (10%) early withdrawal penalty applicable to any sums withdrawn prior to the time when such sums could have been withdrawn without penalty. There is also a limited right of liquidation for an investor’s heirs upon an investor’s death. The partnership does not establish a reserve from which to fund withdrawals and, accordingly, the partnership’s capacity to return a limited partner’s capital is restricted by the availability of partnership cash. No more than twenty percent (20%) of the total limited partners’ capital account balances at the beginning of any year, may be liquidated during any calendar year. Lending and investment guidelines, objectives and criteria Generally, interest rates on the partnership’s mortgage loans are not affected by market movements in interest rates. The partnership’s loans generally have shorter maturity terms than typical mortgages. In the event a borrower is unable to repay in full the principal owing on the loan at maturity, the partnership may consider extending the term through a loan modification or may foreclose and take back the property for sale. The partnership’s primary investment objectives are to: · Yield a high rate of return from mortgage lending, and, · Preserve and protect the partners’ capital. The partnership generally funds loans: · Having monthly payments of interest only or of principal and interest at fixed rates, calculated on a 30-year amortization basis, and, · Having maturities of 5 years or less, not to exceed 15 years. The cash flow and the income generated by the real property securing the loan factor into the credit decisions, as does the general creditworthiness, experience and reputation of the borrower. However, for loans secured by real property, other than owner-occupied personal residences, such considerations are subordinate to a determination that the value of the real property is sufficient, in and of itself, as a source of repayment. The amount of the partnership’s loan combined with the outstanding debt and claims secured by a senior deed of trust on the real property, if any, generally is not to exceed a percentage of the appraised value of the property (the “loan to value ratio”, or LTV) specified in the lending guidelines. Term of the partnership The term of the partnership will continue until 2032, unless sooner terminated as provided in the limited partnership agreement. 2

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The partnership’s consolidated financial statements include the accounts of the partnership, its wholly-owned subsidiaries (consisting of single-member limited liability companies representing ownership in a single real property asset), and, in 2015, its 72.5%-owned subsidiary (a single-asset limited liability company which is owned with affiliates and whose single asset was a development property in San Francisco County). All significant intercompany transactions and balances have been eliminated in consolidation. Management estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, at the dates of the financial statements and the reported amounts of revenues and expenses during the reported periods. Such estimates relate principally to the determination of the allowance for loan losses, including, when applicable, the valuation of impaired loans (which itself requires determining the fair value of the collateral), and the valuation of real estate held for sale and held as investment, at acquisition and subsequently. Actual results could differ significantly from these estimates. Fair value estimates GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact. Fair values of assets and liabilities are determined based on the fair value hierarchy established in GAAP. The hierarchy is comprised of three levels of inputs to be used. · Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the partnership has the ability to access at the measurement date. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. · Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, in active markets and quoted prices for identical assets or liabilities that are not active, and inputs other than quoted prices that are observable or inputs derived from or corroborated by market data. · Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs reflect the partnership’s own assumptions about the assumptions market participants would use in pricing the asset or liability (including assumptions about risk). Unobservable inputs are developed based on the best information available in the circumstances and may include the partnership’s own data. Collateral fair values are reviewed quarterly and the protective equity for each loan is computed. As used herein, “protective equity” is the arithmetic difference between the fair value of the collateral, net of any senior liens, and the loan balance, where “loan balance” is the sum of the unpaid principal, advances and the recorded interest thereon. This computation is done for each loan (whether impaired or performing), and while loans secured by collateral of similar property type are grouped, there is enough distinction and variation in the collateral that a loan-by-loan, collateral-by-collateral analysis is appropriate. The fair value of the collateral is determined by exercise of judgment based on management’s experience informed by appraisals (by licensed appraisers), brokers’ opinion of values, and publicly available information on in-market transactions. Appraisals of commercial real property generally present three approaches to estimating value: 1) market comparables or sales approach; 2) cost to replace; and 3) capitalized cash flows or investment approach. These approaches may or may not result in a common, single value. The market-comparables approach may yield several different values depending on certain basic assumptions, such as, determining highest and best use (which may or may not be the current use); determining the condition (e.g. as-is, when-completed, or for land when-entitled); and determining the unit of value (e.g. as a series of individual unit sales or as a bulk disposition). Management has the requisite familiarity with the markets it lends in generally and of the properties lent on specifically to analyze sales-comparables and assess their suitability and/or applicability. Management is acquainted with market participants – investors, developers, brokers, lenders – that are useful, relevant secondary sources of data and information regarding valuation and valuation variability. These secondary sources may have familiarity with and perspectives on pending transactions, successful strategies to optimize value, and the history and details of specific properties – on and off the market – that enhance the process and analysis that is particularly and principally germane to establishing value in distressed markets and/or property types. Cash, in banks The partnership considers all highly liquid financial instruments with maturities of three months or less at the time of purchase to be cash equivalents. At June 30, 2016 and December 31, 2015, certain partnership cash balances in banks may at times exceed federally insured limits. Loans and interest income Loans generally are stated at the unpaid principal balance (principal). Management has discretion to pay amounts (advances) to third parties on behalf of borrowers to protect the partnership’s interest in the loan. Advances include, but are not limited to, the payment of interest and principal on a senior lien to prevent foreclosure by the senior lien holder, property taxes, insurance premiums, and attorney fees. Advances generally are stated at the amounts paid out on the borrower’s behalf and any accrued interest on amounts paid out, until repaid by the borrower. The partnership may fund a specific loan origination net of an interest reserve to insure timely interest payments at the inception (one to two years) of the loan. As monthly interest payments become due, the partnership funds the payments into the affiliated trust account. If based upon current information and events, it is probable the partnership will be unable to collect all amounts due according to the contractual terms of the loan agreement, then a loan may be designated as impaired. Impaired loans are included in management’s periodic analysis of recoverability. If a valuation allowance has been established on an impaired loan, any subsequent payments on impaired loans are applied to late fees and then to reduce first the accrued interest, then advances, and then unpaid principal. From time to time, the partnership negotiates and enters into loan modifications with borrowers whose loans are delinquent. In the normal course of the partnership’s operations, loans that mature may be renewed at then current market rates and terms for new loans. Such renewals are not designated as impaired, unless the renewed loan was previously designated as impaired. Interest is accrued daily based on the unpaid principal balance of the loans. An impaired loan continues to accrue as long as the loan is in the process of collection and is considered to be well-secured. Loans are placed on non-accrual status at the earlier of management’s determination that the primary source of repayment will come from the foreclosure and subsequent sale of the collateral securing the loan (which usually occurs when a notice of sale is filed) or when the loan is no longer considered well-secured. When a loan is placed on non-accrual status, the accrual of interest is discontinued; however, previously recorded interest is not reversed. A loan may return to accrual status when all delinquent interest and principal payments become current in accordance with the terms of the loan agreement. Allowance for loan losses Loans and the related accrued interest and advances are analyzed on a periodic basis for ultimate recoverability. Delinquencies are identified and followed as part of the loan system. Delinquencies are determined based upon contractual terms. For impaired loans, a provision is made for loan losses to adjust the allowance for loan losses to an amount considered by management to be adequate, with due consideration to collateral values, such that the net carrying amount (unpaid principal balance, plus advances, plus accrued interest less the specific allowance) is reduced to the present value of future cash flows discounted at the loan’s effective interest rate, or, if a loan is collateral dependent, to the estimated fair value of the related collateral, net of any senior loans, and net of any costs to sell in arriving at net realizable value if planned disposition of the asset securing a loan is by way of sale. The fair value estimates of the related collateral are derived from information available in the real estate markets including similar property, and may require the experience and judgment of third parties such as commercial real estate appraisers and brokers. Loans determined not to be individually impaired are grouped by the property type of the underlying collateral, and for each loan and for the total by property type, the amount of protective equity or amount of exposure to loss is computed. Based on its knowledge of the borrowers and their historical (and expected) performance, and the exposure to loss as indicated in the analysis, management estimates an appropriate reserve by property type for probable credit losses in the portfolio. Because the partnership is an asset-based lender, except as to owner-occupied residences, and because specific regions, neighborhoods and even properties within the same neighborhoods, vary significantly as to real estate values and transaction activity, general market trends, which may be indicative of a change in the risk of a loss, and a borrower’s creditworthiness are secondary to the condition of the property, the property type and the neighborhood/region in which the property is located, and do not enter substantially into the determination of the amount of the non-specific (i.e. general) reserves. The partnership charges off uncollectible loans and related receivables directly to the allowance account once it is determined the full amount is not collectible. Real estate owned (REO) Real estate owned (REO) is property acquired in full or partial settlement of loan obligations generally through foreclosure, and is recorded at acquisition at the lower of the amount owed on the loan (legal basis), plus any senior indebtedness, or at the property’s net realizable value, which is the fair value less estimated costs to sell, as applicable. The fair value estimates are derived from information available in the real estate markets, including similar property, and often require the experience and judgment of third parties such as commercial real estate appraisers and brokers. The estimates figure materially in calculating the value of the property at acquisition, the level of charge to the allowance for loan losses and any subsequent valuation reserves. After acquisition, costs incurred relating to the development and improvement of property are capitalized to the extent they do not cause the recorded value to exceed the net realizable value, whereas costs relating to holding and disposition of the property are expensed as incurred. After acquisition, REO is analyzed periodically for changes in fair values and any subsequent write down is charged to operations expense. Any recovery in the fair value subsequent to such a write down is recorded, not to exceed the value recorded at acquisition. Recognition of gains on the sale of real estate is dependent upon the transaction meeting certain criteria related to the nature of the property and the terms of the sale, including potential seller financing. Rental income/depreciation Rental income is recognized when earned in accordance with the lease agreement. For commercial leases, the costs associated with originating the lease are amortized over the lease term. Residential lease terms generally range from month-to-month to one-year, and the expenses of originating the lease are expensed as incurred. Real estate owned that is designated held for sale is not depreciated. Real estate that was designated held for investment, and rented was depreciated on a straight-line basis over the estimated useful life of the property. Recently issued accounting pronouncements On June 16, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-13 (ASU 2016-13) Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which introduces new guidance for the accounting for credit losses on instruments within its scope. ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, including loans. It also modifies the impairment model for available-for-sale (AFS) debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13’s approach, referred to as the current expected credit losses (CECL) model, applies to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees, and net investments in leases, as well as reinsurance and trade receivables. Upon initial recognition of the exposure, the CECL model requires an entity to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses (ECL) should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments. ASU 2016-13 does not prescribe a specific method to make the estimate so its application will require significant judgment Generally, the initial estimate of the ECL and subsequent changes in the estimate will be reported in current earnings. The ECL will be recorded through an allowance for loan losses (ALL) in the statement of financial position. ASU 2016-13 will be effective for SEC filers in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted as of fiscal years beginning after December 15, 2018 including interim periods within those fiscal years. The partnership is evaluating the impact of ASU 2016-13 on the credit analytics and other process used in establishing the ALL. The initial – and preliminary conclusion – is that, because RMI VIII is a real estate based lender, relying primarily on low LTV’s/significant protective equity in making the lending decision, the impact on reported financial position and results of operations will not be material to the financial position or results from operations of the partnership.

Related Party Transactions Disc

Related Party Transactions Disclosure	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	NOTE 3 – GENERAL PARTNERS AND OTHER RELATED PARTIES The general partners are entitled to one percent (1%) of the profits and losses, which amounted to approximately $15,000 and $30,000 for the three months ended, and $26,000 and $41,000 for the six months ended June 30, 2016 and 2015, respectively. Beginning with calendar year 2010, and continuing until January 1, 2020, RMC assigned its right to two-thirds of one percent (0.66%) of profits and losses to Burwell in exchange for Burwell assuming one hundred percent (100%) of the general partners’ equity deficit. Formation loan/Commissions paid to broker-dealers Commissions to broker-dealers (B/D sales commissions) for sales of limited partnership interests were paid by RMC and were not paid directly by the partnership out of offering proceeds. Instead, the partnership advanced to RMC amounts sufficient to pay the B/D sales commissions and premiums paid to partners in connection with unsolicited orders up to seven percent (7%) of offering proceeds. The receivable arising from the advances is unsecured, and non-interest bearing and is referred to as the “formation loan.” If the general partners are removed and RMC is no longer receiving payments for services rendered, the formation loan is forgiven, per the terms of the partnership agreement. The formation loan transactions are summarized in the following table at June 30, 2016 ($ in thousands). 2016 Balance January 1 $ 6,934 Formation loans made — Early withdrawal penalties (204 ) Repayments — Balance June 30 $ 6,730 The scheduled payments on the formation loan are presented in the following table ($ in thousands). 2016 $ 446 2017 650 2018 650 2019 650 2020 650 Thereafter 3,684 Total $ 6,730 The loan brokerage commissions on the mortgage loans originated for RMI VIII are the primary source of the repayments made by RMC for the formation loan. The following commissions and fees are paid by borrowers directly to RMC. - Brokerage commissions, loan originations In connection with the review, selection, evaluation, negotiation and extension of loans, the general partners may collect loan brokerage commissions (points) limited to an amount not to exceed 4% of the total partnership assets per year. The loan brokerage commissions are paid by borrowers, and thus, are not an expense of the partnership. Loan brokerage commissions paid to the general partners by borrowers were $649,682 and $230,808, for the three months ended, and $1,167,601 and $444,657 for the six months ended June 30, 2016 and 2015, respectively. - Other fees The partnership agreement provides for other fees such as reconveyance, mortgage assumption and mortgage extension fees. Such fees are incurred by borrowers and are paid to the general partners. Other fees totaled $40,523 and $38,964, for the three months ended, and $51,759 and $44,370 for the six months ended June 30, 2016 and 2015, respectively. The following commissions and fees are paid by the partnership to RMC. - Mortgage servicing fees RMC earns mortgage servicing fees of up to 1.5% annually of the unpaid principal balance of the loan portfolio. The mortgage servicing fees are accrued monthly on all loans. Remittance to RMC is made monthly unless the loan has been assigned a specific loss reserve, at which point remittance is deferred until the specific loss reserve is no longer required, or the property has been acquired by the partnership. Mortgage servicing fees paid to RMC were approximately $294,000 and $293,000 for the three months ended, and $527,000 and $577,000 for the six months ended June 30, 2016 and 2015, respectively. No mortgage servicing fees were waived during any period reported. - Asset management fees The general partners receive monthly fees for managing the partnership’s loan portfolio and operations of up to 1/32 of 1% of the “net asset value” (3/8 of 1% annually). Asset management fees were approximately $172,000 and $183,000 for the three months ended, and $348,000 and $367,000 for the six months ended June 30, 2016 and 2015, respectively. No asset management fees were waived during any period reported. - Costs from Redwood Mortgage Corp. RMC is reimbursed by the partnership for operations expense incurred on behalf of the partnership, including without limitation, accounting and audit fees, legal fees and expenses, postage and preparation of reports to limited partners and out-of-pocket general and administration expenses. The decision to request reimbursement of any qualifying charges is made by RMC in its sole discretion. Expenses reimbursed to RMC totaled $491,000 and $443,000 for the three months ended, and $975,000 and $971,000 for the six months ended June 30, 2016 and 2015, respectively. RMC did not waive its right to request reimbursement of any qualifying charges during any period reported.

Loans

Loans	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Loans	NOTE 4 – LOANS Loans generally are funded at a fixed interest rate with a loan term of up to five years. As of June 30, 2016, 47 (84%) of the partnership’s loans (representing 97% of the aggregate principal of the partnership’s loan portfolio) have a term of five years or less from loan inception. The remaining loans have terms longer than five years. Substantially all loans are written without a prepayment penalty clause. As of June 30, 2016, 21 (38%) of the loans outstanding (representing 60% of the aggregate principal balance of the partnership’s loan portfolio) provide for monthly payments of interest only, with the principal due in full at maturity. The remaining loans require monthly payments of principal and interest, typically calculated on a 30-year amortization, with the remaining principal balance due at maturity. Secured loans unpaid principal balance (principal) Secured loan transactions are summarized in the following table for the six months ended June 30, 2016 and 2015, respectively ($ in thousands). 2016 2015 Principal, January 1 $ 62,740 $ 71,017 Loans funded or acquired 46,770 20,980 Principal payments received (16,634 ) (15,942 ) Loans sold to affiliates (2,000 ) (4,637 ) Foreclosures (345 ) — Other - loans charged off against allowance — (65 ) Principal, June 30 $ 90,531 $ 71,353 There were no renewals during the six months ended June 30, 2016. Loan characteristics Secured loans had the characteristics presented in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, December 31, 2016 2015 Number of secured loans 56 53 Secured loans – principal $ 90,531 $ 62,740 Secured loans – lowest interest rate (fixed) 5.0 % 5.0 % Secured loans – highest interest rate (fixed) 11.0 % 11.0 % Average secured loan – principal $ 1,617 $ 1,184 Average principal as percent of total principal 1.8 % 1.9 % Average principal as percent of partners’ capital 0.9 % 0.6 % Average principal as percent of total assets 0.8 % 0.6 % Largest secured loan – principal $ 14,000 $ 14,000 Largest principal as percent of total principal 15.5 % 22.3 % Largest principal as percent of partners’ capital 7.9 % 7.5 % Largest principal as percent of total assets 7.1 % 6.7 % Smallest secured loan – principal $ 94 $ 95 Smallest principal as percent of total principal 0.1 % 0.2 % Smallest principal as percent of partners’ capital 0.1 % 0.1 % Smallest principal as percent of total assets 0.1 % 0.1 % Number of counties where security is located (all California) 18 20 Largest percentage of principal in one county 25.5 % 23.7 % Number of secured loans in foreclosure status — 1 Secured loans in foreclosure – principal $ — $ 345 Number of secured loans with an interest reserve — — Interest reserves $ — $ — As of June 30, 2016, the partnership’s largest loan, in the unpaid principal balance of approximately $14,000,000 (representing 15.5% of outstanding secured loans and 7.1% of partnership total assets), had an interest rate of 7.3%, was secured by a commercial building in Contra Costa county, and has a maturity of January 1, 2019. As of June 30, 2016, the partnership had no outstanding construction or rehabilitation loans and no commitments to fund construction, rehabilitation or other loans. Lien position At funding, secured loans had the following lien positions and are presented in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, 2016 December 31, 2015 Loans Principal Percent Loans Principal Percent First trust deeds 33 $ 66,828 74 % 32 $ 44,078 70 % Second trust deeds 22 20,703 23 21 18,662 30 Third trust deeds 1 3,000 3 — — — Total secured loans 56 $ 90,531 100 % 53 62,740 100 % Liens due other lenders at loan closing 33,765 30,920 Total debt $ 124,296 $ 93,660 Appraised property value at loan closing $ 245,659 $ 178,188 Percent of total debt to appraised values (LTV) at loan closing (1) 51.8 % 54.5 % (1) Based on appraised values and liens due other lenders at loan closing. The weighted-average loan-to-value (LTV) computation above does not take into account subsequent increases or decreases in property values following the loan closing, nor does it include decreases or increases of the amount owing on senior liens to other lenders. Property type Secured loans summarized by property type are presented in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, 2016 December 31,2015 Loans Principal Percent Loans Principal Percent Single family (2) 37 $ 39,843 44 % 33 $ 27,673 45 % Multi-family 2 893 1 1 584 1 Commercial 16 49,345 54 18 34,033 53 Land 1 450 1 1 450 1 Total secured loans 56 $ 90,531 100 % 53 $ 62,740 100 % (2) Single family property type as of June 30, 2016 consists of 15 loans with principal of approximately $12,358,000 that are owner occupied and 22 loans with principal of approximately $27,485,000 that are non-owner occupied. At December 31, 2015, single family property consisted of 15 loans with principal of approximately $14,157,000 that were owner occupied and 18 loans with principal of approximately $13,516,000 that were non-owner occupied. Single family properties include owner-occupied and non-owner occupied single family homes (1-4 unit residential buildings), condominium units, townhouses, and condominium complexes. As of June 30, 2016 and December 31, 2015, one and two, respectively, of the partnership’s loans with a principal balance of $343,000 and $993,000, respectively, were secured by condominium properties. Distribution by California counties The distribution of secured loans outstanding by the California county in which the primary collateral is located is presented in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, 2016 December 31, 2015 Unpaid Principal Balance Percent Unpaid Principal Balance Percent San Francisco Bay Area (3) San Mateo $ 18,608 20.5 % $ 8,008 12.8 % Contra Costa 14,325 15.8 14,327 22.8 San Francisco 11,727 12.9 7,656 12.2 Alameda 9,443 10.4 920 1.5 Solano 1,875 2.1 2,575 4.1 Santa Clara 1,192 1.3 4,924 7.9 Napa 969 1.1 976 1.6 Marin 774 0.9 674 1.1 58,913 65.0 40,060 64.0 Other Northern California El Dorado 2,044 2.3 2,045 3.2 Monterey 3,519 3.9 1,366 2.2 Santa Cruz 891 1.0 928 1.5 Sacramento 420 0.5 421 0.6 Calaveras 153 0.2 156 0.2 San Benito 94 0.1 95 0.1 7,121 8.0 5,011 7.8 Total Northern California 66,034 73.0 45,071 71.8 Los Angeles & Coastal Los Angeles 23,050 25.5 14,873 23.7 Orange 667 0.7 669 1.1 San Diego 675 0.7 375 0.6 Ventura — — 344 0.5 24,392 26.9 16,261 25.9 Other Southern California Kern 105 0.1 108 0.2 San Bernardino — — 1,300 2.1 105 0.1 1,408 2.3 Total Southern California 24,497 27.0 17,669 28.2 Total Secured Loans Balance $ 90,531 100.0 % $ 62,740 100.0 % (3) Includes the Silicon Valley Delinquency, modifications, and workout agreements Secured loans summarized by payment delinquency are presented in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, 2016 December 31, 2015 Loans Amount Loans Amount Past Due 30-89 days — $ — — $ — 90-179 days 2 793 1 345 180 or more days 1 4,000 — — Total past due 3 $ 4,793 1 345 Current 53 85,738 52 62,395 Total secured loan balance 56 $ 90,531 53 $ 62,740 At June 30, 2016, the partnership had one workout agreement in effect with a principal balance of $153,000. The borrower had made all required payments under the workout agreement, and was included in the above table as current. The loan was designated as impaired, but was not in non-accrual status. The loan of $4.0 million was past its maturity date at June 30, 2016 and December 31, 2015. The borrower has listed the property for sale and – due to the substantial protective equity in the property – it is reasonably assured that the partnership will be paid in full accordance with the note. Scheduled maturities Secured loans are scheduled to mature as presented in the following table ($ in thousands). Scheduled maturities, as of June 30, 2016 Loans Principal Percent 2016 (4) 4 $ 1,467 2 % 2017 20 28,955 32 2018 7 19,133 21 2019 14 31,735 35 2020 6 3,200 4 2021 3 1,150 1 Thereafter 1 891 1 Total future maturities 55 86,531 96 Matured as of June 30, 2016 1 4,000 4 Total secured loan balance 56 $ 90,531 100 % (4) Loans maturing in 2016 from July 1 to December 31. It is the partnership’s experience that loans may be repaid or refinanced before, at or after the contractual maturity date. For matured loans, the partnership may continue to accept payments while pursuing collection of amounts owed from borrowers. Therefore, the above tabulation for scheduled maturities is not a forecast of future cash receipts. Matured loans Secured loans past maturity are summarized in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, December 31, 2016 2015 Number of loans (5) 1 1 Principal $ 4,000 $ 4,000 Advances — — Accrued interest 198 85 Total secured loan balance $ 4,198 $ 4,085 Percent of principal 4 % 6 % (5) At June 30, 2016 and December 31, 2015, the loan past maturity was not designated non-accrual, as the loan has an LTV substantially below 50%. The borrower has listed the property for sale and – due to the substantial protective equity in the property - it is reasonably assured that the partnership will be paid in full accordance with the note. Loans in non-accrual status Secured loans in non-accrual status are summarized in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, December 31, 2016 2015 Number of loans 1 2 Principal $ 231 $ 577 Advances 2 32 Accrued interest 0 14 Loan balance $ 233 $ 623 Foregone interest $ — $ — At June 30, 2016, there were three loans with a principal balance of $4,792,773, that were contractually 90 or more days past due as to principal or interest and not in non-accrual status. At December 31, 2015, there was one loan with a loan balance of $345,000, that was contractually 90 or more days past due as to principal or interest and not in non-accrual status. Loans designated impaired Impaired loans had the balances shown and the associated allowance for loan losses presented in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, December 31, 2016 2015 Principal $ 4,384 $ 732 Recorded investment (6) $ 4,590 $ 784 Impaired loans without allowance $ 4,590 $ 784 Impaired loans with allowance $ — $ — Allowance for loan losses, impaired loans $ — $ — Number of Loans 3 3 (6) Recorded investment is the sum of principal, advances, and interest accrued for financial reporting purposes. Impaired loans had the average balances and interest income recognized and received in cash as presented in the following table as of, and for, the six months ended June 30, 2016 and the year ended December 31, 2015 ($ in thousands). June 30, December 31, 2016 2015 Average recorded investment $ 2,687 $ 10,992 Interest income recognized $ 212 $ 43 Interest income received in cash $ 13 $ 29 Allowance for loan losses At June 30, 2016 and December 31, 2015, the partnership had not recorded an allowance for loan losses, as all loans were deemed to have protective equity such that collection is reasonably assured for amounts owing.

Real estate owned (REO)

Real estate owned (REO)	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Real estate owned (REO)	NOTE 5 – REAL ESTATE OWNED (REO) Transactions and activity, including changes in the net book values, are presented in the following table for the three and six months ended June 30, 2016 ($ in thousands). Three Months Ended June 30, Six Months Ended June 30, Balance, beginning of period $ 82,164 $ 82,949 Acquisitions — 1,388 Dispositions (2,082 ) (4,416 ) Improvements/betterments 84 245 Balance, end of period $ 80,166 $ 80,166 At June 30, 2016, all properties are designated held for sale. The following transactions closed during the three months ended June 30, 2016: - Sold 6 of the 62 units remaining at the beginning of the period, in a condominium complex in Los Angeles County with a gain of approximately $25,000. - Sold 1 of the 2 units remaining at the beginning of the period, in a condominium complex in Alameda County with a gain of approximately $203,000. - Sold 1 of the 13 units remaining at the beginning of the period, in a condominium complex in San Francisco County with a gain of approximately $135,000. The following transactions closed during the three months ended March 31, 2016: - Sold 8 of the 70 units remaining at the beginning of the period, in a condominium complex in Los Angeles County with a gain of approximately $89,000. - Sold 2 of the 4 units remaining at the beginning of the period, in a condominium complex in Alameda County with a gain of approximately $415,000. - Acquired 3 commercial units and a parking lot located in Ventura County. REO summarized by property classification is presented in the following table ($ in thousands). June 30, 2016 December 31, 2015 Properties NBV Properties NBV Property classification Rental 9 $ 76,366 8 $ 79,149 Non-Rental 3 3,800 3 3,800 Total REO, net 12 $ 80,166 11 $ 82,949 Rental properties consist of the following nine properties at June 30, 2016: - In Los Angeles County, 56 units in a condominium complex. - In Contra Costa County, 29 units in a condominium complex. - In Los Angeles County, a 126 unit condominium complex. - In Amador County, a commercial property. - In Contra Costa County, a commercial property. - In Alameda County, 1 unit in a condominium complex. - In San Francisco County, 12 units in a condominium complex. - In San Francisco County, a commercial property. - In Ventura County, a commercial property. Non-Rental properties consist of the following three properties at June 30, 2016: - In Fresno County, a partially completed home subdivision. - In Stanislaus County, approximately 14 acres zoned commercial. - In Marin County, approximately 13 acres zoned for residential development. Earnings from rental operations are presented in the following table for the three and six months ended June 30, 2016 and 2015 ($ in thousands). Three Months Ended Six Months Ended 2016 2015 2016 2015 Rental income $ 1,414 $ 2,544 $ 2,781 $ 5,128 Operating expenses, rentals Administration and payroll 198 344 383 687 Homeowner association fees 115 182 230 376 Professional services 16 14 26 17 Utilities and maintenance 183 242 388 544 Advertising and promotions 4 19 9 37 Property taxes 188 301 397 620 Other 59 81 81 141 Total operating expenses, rentals 763 1,183 1,514 2,422 Net operating income 651 1,361 1,267 2,706 Depreciation — 77 — 294 Receiver fees 2 4 2 10 Rental operations, net 649 1,280 1,265 2,402 Interest on mortgages 274 393 502 773 Rental operation, net of mortgage interest $ 375 $ 887 $ 763 $ 1,629 Leases on residential properties are one-year lease terms or month to month. There is one commercial lease with a three-year term for annual rent payments of approximately $85,000. The lease expires in August 2017, with an option to extend. Mortgages payable Mortgages payable transactions are summarized in the following table for the six months ended June 30, 2016 ($ in thousands). 2016 Principal, January 1 $ 27,509 Mortgages acquired by foreclosure (1) 926 Principal repaid (1,207 ) Principal, June 30 $ 27,228 (1) In February, 2016, the partnership took ownership of a property through foreclosure of its second mortgage, subject to the existing deed of trust. The loan was paid in full in June, 2016. Mortgage payable as of June 30, 2016 and December 31, 2015 are summarized in the following table (mortgage balance $ in thousands). June 30, December 31, 2016 2015 NorthMarq Capital – Secured by a condominium complex, located in Los Angeles County, matures July 1, 2022, interest rate (3.11%) varies monthly (LIBOR plus 2.73%), monthly payment (2)(3) $ 27,228 $ 27,509 (2) Monthly payments include amounts for various impounds such as property taxes, insurance, and repairs. (3) Monthly payments based upon a 30-year amortization, with a balloon payment due at maturity. Future minimum payments of principal at June 30, 2016 are presented in the following table ($ in thousands). 2016 (July 1 to December 31) $ 290 2017 595 2018 613 2019 633 2020 653 Thereafter 24,444 Total $ 27,228

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value	NOTE 6 – FAIR VALUE The partnership does not record loans, REO or mortgages payable at fair value on a recurring basis. The recorded amount of the performing loans (i.e., the loan balance) is deemed to approximate the fair value, as is the loan balance of loans designated impaired for which a specific reserve has not been recorded (i.e., the loan is well collateralized, such that the collection of the amount owed is assured, including foregone interest, if any). Certain assets and liabilities are measured at fair value on a non-recurring basis and are listed below. - Loans designated impaired (i.e., that are collateral dependent with a specific reserve) - REO for which a valuation reserve has been recorded - REO acquired through foreclosure during the year Assets and liabilities measured at fair value on a non-recurring basis in the six months ended June 30, 2016 are presented in the following table ($ in thousands). Fair Value Measurement at Report Date Using Quoted Prices Significant In Active Other Significant Markets For Observable Unobservable Total Identical Assets Inputs Inputs As Of Item (Level 1) (Level 2) (Level 3) 06/30/2016 Impaired loans with specific allowance, net for which an adjustment was recorded in the year $ — $ — $ — $ — REO for which a valuation reserve has been recorded in the year $ — $ — $ — $ — REO acquired through foreclosure during the year (1) $ — $ 416 $ — $ 416 (1) The dollar amount presented is the net of the fair value of the property at acquisition of the REO and the principal and interest owing on the first mortgage assumed of approximately $926,000. The mortgage was paid off in June 2016 The following methods and assumptions are used when estimating fair value. (a) Secured loans, performing (i.e., not designated as impaired) (b) Secured loans, designated impaired (Level 2) The following methods are used depending upon the property type of the collateral of the secured loans. Single family – Management’s preferred method for determining the fair market value of its single-family residential assets is the sale comparison (sales comp) method. Management primarily obtains sale comps through its subscription to the RealQuest service, but also uses free online services such as Zillow.com and other available resources to supplement this data. Sale comps are reviewed for similarity to the subject property, examining features such as proximity to subject, number of bedrooms and bathrooms, square footage, sale date, condition and year built. If applicable sale comps are not available or deemed unreliable, management will seek additional information in the form of brokers’ opinions of value or appraisals. Multi-family residential – The partnership’s multi-family residential assets consist of multiple owned units at fractured condominium projects and wholly owned apartment complexes with condominium overlays. Management’s fair market value analysis compares the aggregate retail value of the units as for-sale condominiums against the asset’s value as an income-producing rental property in determining its most favorable market. Management’s preferred method for determining the aggregate retail value of its multifamily units is the sale comparison method for the individual condominium units. Management primarily obtains sale comps via its subscription to the RealQuest service, but also uses free online services such as Zillow.com to supplement this data. Sale comps are reviewed for similarity to the subject property, examining features such as proximity to subject, number of bedrooms and bathrooms, square footage, sale date, condition, amenities and year built. For fractured condominium projects, sales of units within the same community are preferred. Management compiles the list of the most relevant sale comps and derives an average price per square foot, which is then applied to the average square footage of partnership-owned units at the subject property to determine the average price per unit and the gross square footage of all partnership units to determine the aggregate retail value of the units as for-sale condominiums. Where adequate sale comps are not available, management will seek additional information in the form of brokers’ opinions of value or appraisals. Management’s preferred method for valuing its multifamily assets as income-producing rental operations is the direct capitalization method when rental operations are consistent and rental income and expenses have been normalized. In order to determine market capitalization rates (cap rates), management refers to published data from reliable third-party sources such as the CBRE Cap Rate Survey. Management then applies the appropriate cap rate to the property’s most recent available annual net operating income to determine the property’s value as an income-producing project. When reliable net operating income information is not available, or the project is under development, or is under-performing to market, management will seek additional information and analysis to determine the cost to improve and the intrinsic fair value. Where such information is available, management may also determine the asset’s value as an income-producing rental project via the sale comparison method by comparing the value of similar multifamily assets sold recently. This method typically applies only to wholly owned apartment complexes. Management compares the aggregate retail value to the value as an income-producing rental project to determine the property’s current highest and best use/ most favorable market, setting the fair market value accordingly. Commercial buildings – Where commercial rental income information is available, management’s preferred method for determining the fair value of its commercial real estate assets is the direct capitalization method. In order to determine cap rates for properties of the same class and location as the subject, management refers to reputable third-party sources such as the CBRE Cap Rate Survey. Management then applies the appropriate cap rate to the subject’s most recent available annual net operating income to determine the property’s value as an income-producing commercial rental project. When reliable net operating income information is not available or the project is under development or is under-performing to market, management will seek additional information and analysis to determine the cost to improve and the intrinsic fair value of stabilized properties performing at market, less any cost to improve. Supplementally, and particularly when reliable net operating income is not available or the project is under development, management will seek additional information in the form of a sale comparison analysis (where adequate sale comps are available), brokers’ opinion of value, or appraisal. Commercial land – Commercial land has many variations/uses, thus requiring management to employ a variety of methods depending upon the unique characteristics of the subject land. Management may rely on information in the form of a sale comparison analysis (where adequate sales comps are available), brokers’ opinion of value or appraisal. (c) Unsecured loans (Level 3). Unsecured loans are valued at their principal less any discount or loss reserves established by management after taking into account the borrower’s creditworthiness and ability to repay the loan. (d) Mortgages payable (Level 2). The partnership has mortgages payable. The interest rates are deemed to be at market rates for the type and location of the securing property, the length of the mortgage, and the other terms and conditions are deemed to be customary. All of the partnership’s mortgages are deemed to be at fair value as they are either, with variable interest rates which have adjusted within the past twelve months, or were refinanced/extended within the past twelve months with terms and conditions deemed customary for the collateral property.

Commitments and Contingencies D

Commitments and Contingencies Disclosure	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure	NOTE 7 – COMMITMENTS AND CONTINGENCIES, OTHER THAN LOAN AND REO COMMITMENTS Legal proceedings In the normal course of business, the partnership may become involved in various legal proceedings (such as assignment of rents, bankruptcy proceedings, appointment of receivers, unlawful detainers, judicial foreclosure, etc.) to collect debt owed under promissory notes, to enforce the provisions of deeds of trust, to protect its interest in real property subject to the deeds of trust, and to resolve disputes with borrowers, lenders, lien holders and mechanics. None of these actions typically would be of any material importance. As of the date hereof, the partnership was not involved in any legal proceedings other than those that would be considered part of the normal course of business. Commitments None.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	NOTE 8 – SUBSEQUENT EVENTS None.

SUMMARY OF SIGNIFICANT ACCOUN15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The partnership’s consolidated financial statements include the accounts of the partnership, its wholly-owned subsidiaries (consisting of single-member limited liability companies representing ownership in a single real property asset), and, in 2015, its 72.5%-owned subsidiary (a single-asset limited liability company which is owned with affiliates and whose single asset was a development property in San Francisco County). All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Management estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, at the dates of the financial statements and the reported amounts of revenues and expenses during the reported periods. Such estimates relate principally to the determination of the allowance for loan losses, including, when applicable, the valuation of impaired loans (which itself requires determining the fair value of the collateral), and the valuation of real estate held for sale and held as investment, at acquisition and subsequently. Actual results could differ significantly from these estimates. Fair value estimates GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact. Fair values of assets and liabilities are determined based on the fair value hierarchy established in GAAP. The hierarchy is comprised of three levels of inputs to be used. · Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the partnership has the ability to access at the measurement date. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. · Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, in active markets and quoted prices for identical assets or liabilities that are not active, and inputs other than quoted prices that are observable or inputs derived from or corroborated by market data. · Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs reflect the partnership’s own assumptions about the assumptions market participants would use in pricing the asset or liability (including assumptions about risk). Unobservable inputs are developed based on the best information available in the circumstances and may include the partnership’s own data. Collateral fair values are reviewed quarterly and the protective equity for each loan is computed. As used herein, “protective equity” is the arithmetic difference between the fair value of the collateral, net of any senior liens, and the loan balance, where “loan balance” is the sum of the unpaid principal, advances and the recorded interest thereon. This computation is done for each loan (whether impaired or performing), and while loans secured by collateral of similar property type are grouped, there is enough distinction and variation in the collateral that a loan-by-loan, collateral-by-collateral analysis is appropriate. The fair value of the collateral is determined by exercise of judgment based on management’s experience informed by appraisals (by licensed appraisers), brokers’ opinion of values, and publicly available information on in-market transactions. Appraisals of commercial real property generally present three approaches to estimating value: 1) market comparables or sales approach; 2) cost to replace; and 3) capitalized cash flows or investment approach. These approaches may or may not result in a common, single value. The market-comparables approach may yield several different values depending on certain basic assumptions, such as, determining highest and best use (which may or may not be the current use); determining the condition (e.g. as-is, when-completed, or for land when-entitled); and determining the unit of value (e.g. as a series of individual unit sales or as a bulk disposition). Management has the requisite familiarity with the markets it lends in generally and of the properties lent on specifically to analyze sales-comparables and assess their suitability and/or applicability. Management is acquainted with market participants – investors, developers, brokers, lenders – that are useful, relevant secondary sources of data and information regarding valuation and valuation variability. These secondary sources may have familiarity with and perspectives on pending transactions, successful strategies to optimize value, and the history and details of specific properties – on and off the market – that enhance the process and analysis that is particularly and principally germane to establishing value in distressed markets and/or property types.
Cash, in Banks	Cash, in banks The partnership considers all highly liquid financial instruments with maturities of three months or less at the time of purchase to be cash equivalents. At June 30, 2016 and December 31, 2015, certain partnership cash balances in banks may at times exceed federally insured limits.
Loans and Interest Income	Loans and interest income Loans generally are stated at the unpaid principal balance (principal). Management has discretion to pay amounts (advances) to third parties on behalf of borrowers to protect the partnership’s interest in the loan. Advances include, but are not limited to, the payment of interest and principal on a senior lien to prevent foreclosure by the senior lien holder, property taxes, insurance premiums, and attorney fees. Advances generally are stated at the amounts paid out on the borrower’s behalf and any accrued interest on amounts paid out, until repaid by the borrower. The partnership may fund a specific loan origination net of an interest reserve to insure timely interest payments at the inception (one to two years) of the loan. As monthly interest payments become due, the partnership funds the payments into the affiliated trust account. If based upon current information and events, it is probable the partnership will be unable to collect all amounts due according to the contractual terms of the loan agreement, then a loan may be designated as impaired. Impaired loans are included in management’s periodic analysis of recoverability. If a valuation allowance has been established on an impaired loan, any subsequent payments on impaired loans are applied to late fees and then to reduce first the accrued interest, then advances, and then unpaid principal. From time to time, the partnership negotiates and enters into loan modifications with borrowers whose loans are delinquent. In the normal course of the partnership’s operations, loans that mature may be renewed at then current market rates and terms for new loans. Such renewals are not designated as impaired, unless the renewed loan was previously designated as impaired. Interest is accrued daily based on the unpaid principal balance of the loans. An impaired loan continues to accrue as long as the loan is in the process of collection and is considered to be well-secured. Loans are placed on non-accrual status at the earlier of management’s determination that the primary source of repayment will come from the foreclosure and subsequent sale of the collateral securing the loan (which usually occurs when a notice of sale is filed) or when the loan is no longer considered well-secured. When a loan is placed on non-accrual status, the accrual of interest is discontinued; however, previously recorded interest is not reversed. A loan may return to accrual status when all delinquent interest and principal payments become current in accordance with the terms of the loan agreement.
Allowance for Loan Losses	Allowance for loan losses Loans and the related accrued interest and advances are analyzed on a periodic basis for ultimate recoverability. Delinquencies are identified and followed as part of the loan system. Delinquencies are determined based upon contractual terms. For impaired loans, a provision is made for loan losses to adjust the allowance for loan losses to an amount considered by management to be adequate, with due consideration to collateral values, such that the net carrying amount (unpaid principal balance, plus advances, plus accrued interest less the specific allowance) is reduced to the present value of future cash flows discounted at the loan’s effective interest rate, or, if a loan is collateral dependent, to the estimated fair value of the related collateral, net of any senior loans, and net of any costs to sell in arriving at net realizable value if planned disposition of the asset securing a loan is by way of sale. The fair value estimates of the related collateral are derived from information available in the real estate markets including similar property, and may require the experience and judgment of third parties such as commercial real estate appraisers and brokers. Loans determined not to be individually impaired are grouped by the property type of the underlying collateral, and for each loan and for the total by property type, the amount of protective equity or amount of exposure to loss is computed. Based on its knowledge of the borrowers and their historical (and expected) performance, and the exposure to loss as indicated in the analysis, management estimates an appropriate reserve by property type for probable credit losses in the portfolio. Because the partnership is an asset-based lender, except as to owner-occupied residences, and because specific regions, neighborhoods and even properties within the same neighborhoods, vary significantly as to real estate values and transaction activity, general market trends, which may be indicative of a change in the risk of a loss, and a borrower’s creditworthiness are secondary to the condition of the property, the property type and the neighborhood/region in which the property is located, and do not enter substantially into the determination of the amount of the non-specific (i.e. general) reserves. The partnership charges off uncollectible loans and related receivables directly to the allowance account once it is determined the full amount is not collectible.
Real Estate Owned (REO)	Real estate owned (REO) Real estate owned (REO) is property acquired in full or partial settlement of loan obligations generally through foreclosure, and is recorded at acquisition at the lower of the amount owed on the loan (legal basis), plus any senior indebtedness, or at the property’s net realizable value, which is the fair value less estimated costs to sell, as applicable. The fair value estimates are derived from information available in the real estate markets, including similar property, and often require the experience and judgment of third parties such as commercial real estate appraisers and brokers. The estimates figure materially in calculating the value of the property at acquisition, the level of charge to the allowance for loan losses and any subsequent valuation reserves. After acquisition, costs incurred relating to the development and improvement of property are capitalized to the extent they do not cause the recorded value to exceed the net realizable value, whereas costs relating to holding and disposition of the property are expensed as incurred. After acquisition, REO is analyzed periodically for changes in fair values and any subsequent write down is charged to operations expense. Any recovery in the fair value subsequent to such a write down is recorded, not to exceed the value recorded at acquisition. Recognition of gains on the sale of real estate is dependent upon the transaction meeting certain criteria related to the nature of the property and the terms of the sale, including potential seller financing.
Rental Income/Depreciation	Rental income/depreciation Rental income is recognized when earned in accordance with the lease agreement. For commercial leases, the costs associated with originating the lease are amortized over the lease term. Residential lease terms generally range from month-to-month to one-year, and the expenses of originating the lease are expensed as incurred. Real estate owned that is designated held for sale is not depreciated. Real estate that was designated held for investment, and rented was depreciated on a straight-line basis over the estimated useful life of the property.
Recently Issued Accounting Pronouncements	Recently issued accounting pronouncements On June 16, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-13 (ASU 2016-13) Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which introduces new guidance for the accounting for credit losses on instruments within its scope. ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, including loans. It also modifies the impairment model for available-for-sale (AFS) debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13’s approach, referred to as the current expected credit losses (CECL) model, applies to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees, and net investments in leases, as well as reinsurance and trade receivables. Upon initial recognition of the exposure, the CECL model requires an entity to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses (ECL) should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments. ASU 2016-13 does not prescribe a specific method to make the estimate so its application will require significant judgment Generally, the initial estimate of the ECL and subsequent changes in the estimate will be reported in current earnings. The ECL will be recorded through an allowance for loan losses (ALL) in the statement of financial position. ASU 2016-13 will be effective for SEC filers in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted as of fiscal years beginning after December 15, 2018 including interim periods within those fiscal years. The partnership is evaluating the impact of ASU 2016-13 on the credit analytics and other process used in establishing the ALL. The initial – and preliminary conclusion – is that, because RMI VIII is a real estate based lender, relying primarily on low LTV’s/significant protective equity in making the lending decision, the impact on reported financial position and results of operations will not be material to the financial position or results from operations of the partnership.

Related Party Transactions Di16

Related Party Transactions Disclosure (Tables)	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The formation loan transactions are summarized in the following table at June 30, 2016 ($ in thousands). 2016 Balance January 1 $ 6,934 Formation loans made — Early withdrawal penalties (204 ) Repayments — Balance June 30 $ 6,730
Schedule of Financing Receivables, Minimum Payments	The scheduled payments on the formation loan are presented in the following table ($ in thousands). 2016 $ 446 2017 650 2018 650 2019 650 2020 650 Thereafter 3,684 Total $ 6,730

Loans (Tables)

Loans (Tables)	6 Months Ended
	Jun. 30, 2016
Secured Loan Principal Transactions	Secured loan transactions are summarized in the following table for the six months ended June 30, 2016 and 2015, respectively ($ in thousands). 2016 2015 Principal, January 1 $ 62,740 $ 71,017 Loans funded or acquired 46,770 20,980 Principal payments received (16,634 ) (15,942 ) Loans sold to affiliates (2,000 ) (4,637 ) Foreclosures (345 ) — Other - loans charged off against allowance — (65 ) Principal, June 30 $ 90,531 $ 71,353
Secured Loans Characteristics	Secured loans had the characteristics presented in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, December 31, 2016 2015 Number of secured loans 56 53 Secured loans – principal $ 90,531 $ 62,740 Secured loans – lowest interest rate (fixed) 5.0 % 5.0 % Secured loans – highest interest rate (fixed) 11.0 % 11.0 % Average secured loan – principal $ 1,617 $ 1,184 Average principal as percent of total principal 1.8 % 1.9 % Average principal as percent of partners’ capital 0.9 % 0.6 % Average principal as percent of total assets 0.8 % 0.6 % Largest secured loan – principal $ 14,000 $ 14,000 Largest principal as percent of total principal 15.5 % 22.3 % Largest principal as percent of partners’ capital 7.9 % 7.5 % Largest principal as percent of total assets 7.1 % 6.7 % Smallest secured loan – principal $ 94 $ 95 Smallest principal as percent of total principal 0.1 % 0.2 % Smallest principal as percent of partners’ capital 0.1 % 0.1 % Smallest principal as percent of total assets 0.1 % 0.1 % Number of counties where security is located (all California) 18 20 Largest percentage of principal in one county 25.5 % 23.7 % Number of secured loans in foreclosure status — 1 Secured loans in foreclosure – principal $ — $ 345 Number of secured loans with an interest reserve — — Interest reserves $ — $ —
Secured Loans by Lien Position in the Collateral	At funding, secured loans had the following lien positions and are presented in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, 2016 December 31, 2015 Loans Principal Percent Loans Principal Percent First trust deeds 33 $ 66,828 74 % 32 $ 44,078 70 % Second trust deeds 22 20,703 23 21 18,662 30 Third trust deeds 1 3,000 3 — — — Total secured loans 56 $ 90,531 100 % 53 62,740 100 % Liens due other lenders at loan closing 33,765 30,920 Total debt $ 124,296 $ 93,660 Appraised property value at loan closing $ 245,659 $ 178,188 Percent of total debt to appraised values (LTV) at loan closing (1) 51.8 % 54.5 % (1) Based on appraised values and liens due other lenders at loan closing. The weighted-average loan-to-value (LTV) computation above does not take into account subsequent increases or decreases in property values following the loan closing, nor does it include decreases or increases of the amount owing on senior liens to other lenders.
Secured Loans by Property Type of the Collateral	Secured loans summarized by property type are presented in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, 2016 December 31,2015 Loans Principal Percent Loans Principal Percent Single family (2) 37 $ 39,843 44 % 33 $ 27,673 45 % Multi-family 2 893 1 1 584 1 Commercial 16 49,345 54 18 34,033 53 Land 1 450 1 1 450 1 Total secured loans 56 $ 90,531 100 % 53 $ 62,740 100 % (2) Single family property type as of June 30, 2016 consists of 15 loans with principal of approximately $12,358,000 that are owner occupied and 22 loans with principal of approximately $27,485,000 that are non-owner occupied. At December 31, 2015, single family property consisted of 15 loans with principal of approximately $14,157,000 that were owner occupied and 18 loans with principal of approximately $13,516,000 that were non-owner occupied.
Secured Loans Distributed within California	The distribution of secured loans outstanding by the California county in which the primary collateral is located is presented in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, 2016 December 31, 2015 Unpaid Principal Balance Percent Unpaid Principal Balance Percent San Francisco Bay Area (3) San Mateo $ 18,608 20.5 % $ 8,008 12.8 % Contra Costa 14,325 15.8 14,327 22.8 San Francisco 11,727 12.9 7,656 12.2 Alameda 9,443 10.4 920 1.5 Solano 1,875 2.1 2,575 4.1 Santa Clara 1,192 1.3 4,924 7.9 Napa 969 1.1 976 1.6 Marin 774 0.9 674 1.1 58,913 65.0 40,060 64.0 Other Northern California El Dorado 2,044 2.3 2,045 3.2 Monterey 3,519 3.9 1,366 2.2 Santa Cruz 891 1.0 928 1.5 Sacramento 420 0.5 421 0.6 Calaveras 153 0.2 156 0.2 San Benito 94 0.1 95 0.1 7,121 8.0 5,011 7.8 Total Northern California 66,034 73.0 45,071 71.8 Los Angeles & Coastal Los Angeles 23,050 25.5 14,873 23.7 Orange 667 0.7 669 1.1 San Diego 675 0.7 375 0.6 Ventura — — 344 0.5 24,392 26.9 16,261 25.9 Other Southern California Kern 105 0.1 108 0.2 San Bernardino — — 1,300 2.1 105 0.1 1,408 2.3 Total Southern California 24,497 27.0 17,669 28.2 Total Secured Loans Balance $ 90,531 100.0 % $ 62,740 100.0 % (3) Includes the Silicon Valley
Secured Loans Scheduled Maturities	Secured loans are scheduled to mature as presented in the following table ($ in thousands). Scheduled maturities, as of June 30, 2016 Loans Principal Percent 2016 (4) 4 $ 1,467 2 % 2017 20 28,955 32 2018 7 19,133 21 2019 14 31,735 35 2020 6 3,200 4 2021 3 1,150 1 Thereafter 1 891 1 Total future maturities 55 86,531 96 Matured as of June 30, 2016 1 4,000 4 Total secured loan balance 56 $ 90,531 100 % (4) Loans maturing in 2016 from July 1 to December 31.
Schedule of Financing Receivables, Non Accrual Status	Secured loans in non-accrual status are summarized in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, December 31, 2016 2015 Number of loans 1 2 Principal $ 231 $ 577 Advances 2 32 Accrued interest 0 14 Loan balance $ 233 $ 623 Foregone interest $ — $ —
By Days Past Due [Member]
Past Due Financing Receivables	Secured loans summarized by payment delinquency are presented in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, 2016 December 31, 2015 Loans Amount Loans Amount Past Due 30-89 days — $ — — $ — 90-179 days 2 793 1 345 180 or more days 1 4,000 — — Total past due 3 $ 4,793 1 345 Current 53 85,738 52 62,395 Total secured loan balance 56 $ 90,531 53 $ 62,740
Past Due [Member]
Past Due Financing Receivables	Secured loans past maturity are summarized in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, December 31, 2016 2015 Number of loans (5) 1 1 Principal $ 4,000 $ 4,000 Advances — — Accrued interest 198 85 Total secured loan balance $ 4,198 $ 4,085 Percent of principal 4 % 6 % (5) At June 30, 2016 and December 31, 2015, the loan past maturity was not designated non-accrual, as the loan has an LTV substantially below 50%. The borrower has listed the property for sale and – due to the substantial protective equity in the property - it is reasonably assured that the partnership will be paid in full accordance with the note.
Impaired Loans [Member]
Impaired Financing Receivables	Impaired loans had the balances shown and the associated allowance for loan losses presented in the following table as of June 30, 2016 and December 31, 2015 ($ in thousands). June 30, December 31, 2016 2015 Principal $ 4,384 $ 732 Recorded investment (6) $ 4,590 $ 784 Impaired loans without allowance $ 4,590 $ 784 Impaired loans with allowance $ — $ — Allowance for loan losses, impaired loans $ — $ — Number of Loans 3 3 (6) Recorded investment is the sum of principal, advances, and interest accrued for financial reporting purposes.
Average Balances And Interest Income [Member]
Impaired Financing Receivables	Impaired loans had the average balances and interest income recognized and received in cash as presented in the following table as of, and for, the six months ended June 30, 2016 and the year ended December 31, 2015 ($ in thousands). June 30, December 31, 2016 2015 Average recorded investment $ 2,687 $ 10,992 Interest income recognized $ 212 $ 43 Interest income received in cash $ 13 $ 29

Real estate owned (REO) (Tables

Real estate owned (REO) (Tables)	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
REO Held for Sale	Transactions and activity, including changes in the net book values, are presented in the following table for the three and six months ended June 30, 2016 ($ in thousands). Three Months Ended June 30, Six Months Ended June 30, Balance, beginning of period $ 82,164 $ 82,949 Acquisitions — 1,388 Dispositions (2,082 ) (4,416 ) Improvements/betterments 84 245 Balance, end of period $ 80,166 $ 80,166
REO Held for Sale by Property Type	REO summarized by property classification is presented in the following table ($ in thousands). June 30, 2016 December 31, 2015 Properties NBV Properties NBV Property classification Rental 9 $ 76,366 8 $ 79,149 Non-Rental 3 3,800 3 3,800 Total REO, net 12 $ 80,166 11 $ 82,949
Earnings/(Loss) from Rental Operations of the Real Estate Owned, Held as Investment	Earnings from rental operations are presented in the following table for the three and six months ended June 30, 2016 and 2015 ($ in thousands). Three Months Ended Six Months Ended 2016 2015 2016 2015 Rental income $ 1,414 $ 2,544 $ 2,781 $ 5,128 Operating expenses, rentals Administration and payroll 198 344 383 687 Homeowner association fees 115 182 230 376 Professional services 16 14 26 17 Utilities and maintenance 183 242 388 544 Advertising and promotions 4 19 9 37 Property taxes 188 301 397 620 Other 59 81 81 141 Total operating expenses, rentals 763 1,183 1,514 2,422 Net operating income 651 1,361 1,267 2,706 Depreciation — 77 — 294 Receiver fees 2 4 2 10 Rental operations, net 649 1,280 1,265 2,402 Interest on mortgages 274 393 502 773 Rental operation, net of mortgage interest $ 375 $ 887 $ 763 $ 1,629
Schedule of Participating Mortgage Loans	Mortgages payable transactions are summarized in the following table for the six months ended June 30, 2016 ($ in thousands). 2016 Principal, January 1 $ 27,509 Mortgages acquired by foreclosure (1) 926 Principal repaid (1,207 ) Principal, June 30 $ 27,228 (1) In February, 2016, the partnership took ownership of a property through foreclosure of its second mortgage, subject to the existing deed of trust. The loan was paid in full in June, 2016. Mortgage payable as of June 30, 2016 and December 31, 2015 are summarized in the following table (mortgage balance $ in thousands). June 30, December 31, 2016 2015 NorthMarq Capital – Secured by a condominium complex, located in Los Angeles County, matures July 1, 2022, interest rate (3.11%) varies monthly (LIBOR plus 2.73%), monthly payment (2)(3) $ 27,228 $ 27,509 (2) Monthly payments include amounts for various impounds such as property taxes, insurance, and repairs. (3) Monthly payments based upon a 30-year amortization, with a balloon payment due at maturity.
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum payments of principal at June 30, 2016 are presented in the following table ($ in thousands). 2016 (July 1 to December 31) $ 290 2017 595 2018 613 2019 633 2020 653 Thereafter 24,444 Total $ 27,228

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements, Nonrecurring	Assets and liabilities measured at fair value on a non-recurring basis in the six months ended June 30, 2016 are presented in the following table ($ in thousands). Fair Value Measurement at Report Date Using Quoted Prices Significant In Active Other Significant Markets For Observable Unobservable Total Identical Assets Inputs Inputs As Of Item (Level 1) (Level 2) (Level 3) 06/30/2016 Impaired loans with specific allowance, net for which an adjustment was recorded in the year $ — $ — $ — $ — REO for which a valuation reserve has been recorded in the year $ — $ — $ — $ — REO acquired through foreclosure during the year (1) $ — $ 416 $ — $ 416 (1) The dollar amount presented is the net of the fair value of the property at acquisition of the REO and the principal and interest owing on the first mortgage assumed of approximately $926,000. The mortgage was paid off in June 2016

Note 1 - Organization and Gener

Note 1 - Organization and General (Detail) - Installment	1 Months Ended		3 Months Ended		6 Months Ended
	Sep. 30, 2015	Aug. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Organizational and General Details [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			1.00%	1.00%	1.00%	1.00%
Limited Liability Company (LLC) or Limited Partnership (LP), annualized percentage of distribution	2.50%	2.00%
Minimum Amount of Time Before Leaving Partnership Without Penalty					5 years
Early Withdrawal Penalty Percentage					10.00%
Maximum Percentage of Total Limited Partners Capital Available for Liquidation During One Year					20.00%
Loans Receivable, Amortization Term					30 years
Maximum [Member]
Organizational and General Details [Line Items]
Formation Loan Repayment Period					15 years
Minimum [Member]
Organizational and General Details [Line Items]
Formation Loan Repayment Period					5 years
Limited Partner [Member]
Organizational and General Details [Line Items]
Number of Quarterly Installments for Withdrawal From Partnership					4
Limited Partner [Member] | After Five Year Period [Member]
Organizational and General Details [Line Items]
Number of Quarterly Installments for Withdrawal From Partnership					20

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies (Detail)	6 Months Ended
	Jun. 30, 2016Approach
Summary of Significant Accounting Policies Details [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	72.50%
Estimating Real Property Value, Number of Approaches	3
Cash and Cash Equivalents, Maximum Initial Maturity	3 months
Interest Reserve Minimum Length	1 year
Interest Reserve Maximum Length	2 years
Maximum [Member]
Summary of Significant Accounting Policies Details [Line Items]
Residential Lease Term	1 year

Note 3 - General Partners (Deta

Note 3 - General Partners (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
General Partners And Other Related Parties Details [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 1,473,000	$ 3,009,000	$ 2,597,000	$ 4,084,000
Percentage of offering proceeds			7.00%
Related Party Transaction, Amounts of Transaction	649,682	230,808	$ 1,167,601	444,657
Limit Percentage of Total Assets For Brokerage Commissions			4.00%
Fees and Commissions, Other	40,523	38,964	$ 51,759	44,370
Chargeable by RMC	294,000	293,000	527,000	577,000
Waived by RMC	0	0	$ 0	0
Management fee, description			The general partners receive monthly fees for managing the partnership’s loan portfolio and operations of up to 1/32 of 1% of the “net asset value” (3/8 of 1% annually).
Asset Management Fees	172,000	183,000	$ 348,000	367,000
Asset management fees waived	0	0	0	0
Operating Expenses	$ 1,457,000	1,301,000	$ 2,620,000	2,531,000
Maximum [Member]
General Partners And Other Related Parties Details [Line Items]
Annual mortgage servicing fees, percentage	1.50%		1.50%
RMC and Burwell [Member]
General Partners And Other Related Parties Details [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Profit (Loss) Percentage	1.00%		1.00%
Burwell [Member]
General Partners And Other Related Parties Details [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Profit (Loss) Percentage	0.66%		0.66%
Equity Deficit Assumed by a General Partner	100.00%		100.00%
One Percent of Total Profits and Losses [Member] | General Partner [Member]
General Partners And Other Related Parties Details [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 15,000	30,000	$ 26,000	41,000
Reimbursed to RMC [Member]
General Partners And Other Related Parties Details [Line Items]
Operating Expenses	$ 491,000	$ 443,000	$ 975,000	$ 971,000

Note 3 - General Partners - For

Note 3 - General Partners - Formation Loan - Transactions (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Formation Loan - Transactions [Abstract]
Balance January 1	$ 6,934
Formation loans made	0
Early withdrawal penalties	(204)
Repayments	0
Balance June 30	$ 6,730

Note 3 - General Partners - Fut

Note 3 - General Partners - Future Minimum Payments on Formation Loan (Detail) $ in Thousands	Jun. 30, 2016USD ($)
Future Minimum Payments On Formation Loan [Abstract]
2,016	$ 446
2,017	650
2,018	650
2,019	650
2,020	650
Thereafter	3,684
Total	$ 6,730

Note 4 - Loans (Detail)

Note 4 - Loans (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)LoanInterestSector	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)LoanInterestMortgageLoanSector	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)LoanMortgageLoanSector	Dec. 31, 2014USD ($)
Loans Details [Line Items]
Loans Receivable Number of Loans | Loan	56		56		53
Loans Receivable, Percent of Total	100.00%		100.00%		100.00%
Loans Receivable, Term			5 years
Loans Receivable, Amortization Term			30 years
Loans Receivable Largest Loan (in Dollars)	$ 14,000,000		$ 14,000,000		$ 14,000,000
Number of Sectors | Sector	1		1		2
Loans - principal (in Dollars)	$ 90,531,000	$ 71,353,000	$ 90,531,000	$ 71,353,000	$ 62,740,000	$ 71,017,000
Mortgage Loans on Real Estate, Number of Loans | MortgageLoan			56		53
Revenue, loans	1,711,000	$ 1,535,000	$ 3,119,000	$ 2,502,000
Workout Agreements [Member]
Loans Details [Line Items]
Loans - principal (in Dollars)	153,000,000		$ 153,000,000
Mortgage Loans on Real Estate, Number of Loans | MortgageLoan			1
Loan past its maturity	$ 4,000,000		$ 4,000,000		$ 4,000,000
Past Due 90 Days Or More [Member]
Loans Details [Line Items]
Loans Receivable Number of Loans | Loan	3		3		1
Revenue, loans			$ 4,792,773		$ 345,000
Loans Receivable, Interest Accrual, Number of Days			90 days		90 days
Collateral Pledged [Member]
Loans Details [Line Items]
Loans - principal (in Dollars)	$ 343,000		$ 343,000		$ 993,000
Five Year Term or Less [Member]
Loans Details [Line Items]
Loans Receivable Number of Loans | Loan	47		47
Loans Receivable, Percent of Total	84.00%		84.00%
Loans Receivable, Percent of Aggregate Principal	97.00%		97.00%
Interest Only [Member]
Loans Details [Line Items]
Loans Receivable, Percent of Total	38.00%		38.00%
Loans Receivable, Percent of Aggregate Principal	60.00%		60.00%
Loans Receivable, Number of Interest Only Loans | Interest	21		21
Largest Loan [Member]
Loans Details [Line Items]
Loans Receivable, Percent of Total	15.50%		15.50%
Loans Receivable Largest Loan (in Dollars)	$ 14,000,000		$ 14,000,000
Loans Receivable, Percent of Assets	7.10%		7.10%
Loans Receivable, Yield of Loan Acquired	7.30%		7.30%
Loans Receivable, Maturity Date			Jan. 1, 2019
Minimum [Member]
Loans Details [Line Items]
Loans Receivable, Remaining Term			5 years

Note 4 - Loans - Secured Loan T

Note 4 - Loans - Secured Loan Transactions (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Receivables [Abstract]
Principal, beginning of period			$ 62,740	$ 71,017
Loans funded or acquired	$ 28,550	$ 10,326	46,770	20,980
Principal payments received	(11,660)	(14,078)	(16,634)	(15,942)
Loans sold to affiliates			(2,000)	(4,637)
Foreclosures			(345)
Other - loans charged off against allowance				(65)
Principal, end of period	$ 90,531	$ 71,353	$ 90,531	$ 71,353

Note 4 - Loans - Secured Loans

Note 4 - Loans - Secured Loans Characteristics (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)LoanCountyMortgageLoan	Dec. 31, 2015USD ($)LoanCountyMortgageLoan	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Loans Details Secured Loan Transactions [Line Items]
Number of secured loans | Loan	56	53
Secured loans - principal (in Dollars)	$ 90,531	$ 62,740	$ 71,353	$ 71,017
Average secured loan - principal (in Dollars)	$ 1,617	$ 1,184
Average principal as percent of total principal	1.80%	1.90%
Average principal as percent of partners' capital	0.90%	0.60%
Average principal as percent of total assets	0.80%	0.60%
Largest secured loan - principal (in Dollars)	$ 14,000	$ 14,000
Largest principal as percent of total principal	15.50%	22.30%
Largest principal as percent of partners' capital	7.90%	7.50%
Largest principal as percent of total assets	7.10%	6.70%
Smallest secured loan - principal (in Dollars)	$ 94	$ 95
Smallest principal as percent of total principal	0.10%	0.20%
Smallest principal as percent of partners' capital	0.10%	0.10%
Smallest principal as percent of total assets	0.10%	0.10%
Number of counties where security is located (all California) | County	18	20
Largest percentage of principal in one county	25.50%	23.70%
Number of secured loans in foreclosure status | MortgageLoan	56	53
Secured loans in foreclosure - principal (in Dollars)		$ 345
Minimum [Member]
Loans Details Secured Loan Transactions [Line Items]
Secured loans – interest rate (fixed)	5.00%	5.00%
Maximum [Member]
Loans Details Secured Loan Transactions [Line Items]
Secured loans – interest rate (fixed)	11.00%	11.00%
In Foreclosure [Member]
Loans Details Secured Loan Transactions [Line Items]
Number of secured loans in foreclosure status | MortgageLoan		1

Note 4 - Loans - Secured Loan28

Note 4 - Loans - Secured Loans by Lien Position in the Collateral (Detail) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2016USD ($)MortgageLoan	Dec. 31, 2015USD ($)MortgageLoan	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Loans Details - Secured Loans by Lien Position in the Collateral [Line Items]
Loans - principal (in Dollars)		$ 90,531	$ 62,740	$ 71,353	$ 71,017
Liens due other lenders at loan closing (in Dollars)		33,765	30,920
Total debt (in Dollars)		124,296	93,660
Appraised property value at loan closing (in Dollars)		$ 245,659	$ 178,188
Percent of total debt to appraised values (LTV) at loan closing	[1]	51.80%	54.50%
Loans - percent		100.00%	100.00%
Loans | MortgageLoan		56	53
First Trust Deeds [Member]
Loans Details - Secured Loans by Lien Position in the Collateral [Line Items]
Loans - principal (in Dollars)		$ 66,828	$ 44,078
Loans - percent		74.00%	70.00%
Loans | MortgageLoan		33	32
Second Trust Deeds [Member]
Loans Details - Secured Loans by Lien Position in the Collateral [Line Items]
Loans - principal (in Dollars)		$ 20,703	$ 18,662
Loans - percent		23.00%	30.00%
Loans | MortgageLoan		22	21
Third Trust Deeds [Member]
Loans Details - Secured Loans by Lien Position in the Collateral [Line Items]
Loans - principal (in Dollars)		$ 3,000
Loans - percent		3.00%
Loans | MortgageLoan		1
[1]	Based on appraised values and liens due other lenders at loan closing. The weighted-average loan-to-value (LTV) computation above does not take into account subsequent increases or decreases in property values following the loan closing, nor does it include decreases or increases of the amount owing on senior liens to other lenders.

Note 4 - Loans - Secured Loan29

Note 4 - Loans - Secured Loans by Property Type of the Collateral (Detail) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2016USD ($)MortgageLoan	Dec. 31, 2015USD ($)MortgageLoan	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Number of loans | MortgageLoan		56	53
Loans - principal (in Dollars) | $		$ 90,531	$ 62,740	$ 71,353	$ 71,017
Loans - percent		100.00%	100.00%
Single Family [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Number of loans | MortgageLoan	[1]	37	33
Loans - principal (in Dollars) | $	[1]	$ 39,843	$ 27,673
Loans - percent	[1]	44.00%	45.00%
Multi-family [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Number of loans | MortgageLoan		2	1
Loans - principal (in Dollars) | $		$ 893	$ 584
Loans - percent		1.00%	1.00%
Commercial [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Number of loans | MortgageLoan		16	18
Loans - principal (in Dollars) | $		$ 49,345	$ 34,033
Loans - percent		54.00%	53.00%
Land [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Number of loans | MortgageLoan		1	1
Loans - principal (in Dollars) | $		$ 450	$ 450
Loans - percent		1.00%	1.00%
[1]	Single family property type as of June 30, 2016 consists of 15 loans with principal of approximately $12,358,000 that are owner occupied and 22 loans with principal of approximately $27,485,000 that are non-owner occupied. At December 31, 2015, single family property consisted of 15 loans with principal of approximately $14,157,000 that were owner occupied and 18 loans with principal of approximately $13,516,000 that were non-owner occupied.

Note 4 - Loans - Secured Loan30

Note 4 - Loans - Secured Loans by Property Type of the Collateral (Parenthetical) (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)MortgageLoan	Dec. 31, 2015USD ($)MortgageLoan	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Loans Details [Line Items]
Mortgage Loans on Real Estate, Number of Loans | MortgageLoan	56	53
Loans - principal (in Dollars) | $	$ 90,531,000	$ 62,740,000	$ 71,353,000	$ 71,017,000
Single Family Property-Owner Occupied [Member]
Loans Details [Line Items]
Mortgage Loans on Real Estate, Number of Loans | MortgageLoan	15	15
Loans - principal (in Dollars) | $	$ 12,358,000	$ 14,157,000
Single Family Property-NonOwner Occupied [Member]
Loans Details [Line Items]
Mortgage Loans on Real Estate, Number of Loans | MortgageLoan	22	18
Loans - principal (in Dollars) | $	$ 27,485,000	$ 13,516,000

Note 4 - Loans - Secured Loan31

Note 4 - Loans - Secured Loans Distributed within California (Detail) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 90,531	$ 62,740	$ 71,353	$ 71,017
Loans - percent		100.00%	100.00%
San Mateo [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 18,608	$ 8,008
Loans - percent		20.50%	12.80%
Contra Costa [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 14,325	$ 14,327
Loans - percent		15.80%	22.80%
San Francisco [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 11,727	$ 7,656
Loans - percent		12.90%	12.20%
Solano [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 1,875	$ 2,575
Loans - percent		2.10%	4.10%
Alameda [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 9,443	$ 920
Loans - percent		10.40%	1.50%
Santa Clara [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 1,192	$ 4,924
Loans - percent		1.30%	7.90%
Napa [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 969	$ 976
Loans - percent		1.10%	1.60%
Marin [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 774	$ 674
Loans - percent		0.90%	1.10%
San Francisco Bay Area [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)	[1]	$ 58,913	$ 40,060
Loans - percent	[1]	65.00%	64.00%
El Dorado [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 2,044	$ 2,045
Loans - percent		2.30%	3.20%
Monterey [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 3,519	$ 1,366
Loans - percent		3.90%	2.20%
Santa Cruz [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 891	$ 928
Loans - percent		1.00%	1.50%
Sacramento [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 420	$ 421
Loans - percent		0.50%	0.60%
Calaveras [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 153	$ 156
Loans - percent		0.20%	0.20%
San Benito [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 94	$ 95
Loans - percent		0.10%	0.10%
Other Northern California [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 7,121	$ 5,011
Loans - percent		8.00%	7.80%
Northern California [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 66,034	$ 45,071
Loans - percent		73.00%	71.80%
Los Angeles [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 23,050	$ 14,873
Loans - percent		25.50%	23.70%
Orange [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 667	$ 669
Loans - percent		0.70%	1.10%
San Diego [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 675	$ 375
Loans - percent		0.70%	0.60%
Ventura [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)			$ 344
Loans - percent			0.50%
Los Angeles And Coastal [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 24,392	$ 16,261
Loans - percent		26.90%	25.90%
Kern [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 105	$ 108
Loans - percent		0.10%	0.20%
San Bernardino [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)			$ 1,300
Loans - percent			2.10%
Other Southern California [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 105	$ 1,408
Loans - percent		0.10%	2.30%
Southern California [Member]
Loans Details - Secured Loans by Property Type of the Collateral [Line Items]
Loans - principal (in Dollars)		$ 24,497	$ 17,669
Loans - percent		27.00%	28.20%
[1]	Includes the Silicon Valley

Note 4 - Loans - Secured Loan32

Note 4 - Loans - Secured Loans Summarized by Payment Delinquency (Detail) $ in Thousands	Jun. 30, 2016USD ($)MortgageLoan	Dec. 31, 2015USD ($)MortgageLoan	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Past Due
Delinquent loans, number | MortgageLoan	56	53
Loans, amount | $	$ 90,531	$ 62,740	$ 71,353	$ 71,017
Past Due 90-179 Days [Member]
Past Due
Delinquent loans, number | MortgageLoan	2	1
Loans, amount | $	$ 793	$ 345
Past Due 180 Days or More [Member]
Past Due
Delinquent loans, number | MortgageLoan	1
Loans, amount | $	$ 4,000
Past Due [Member]
Past Due
Delinquent loans, number | MortgageLoan	3	1
Loans, amount | $	$ 4,793	$ 345
Current [Member]
Past Due
Delinquent loans, number | MortgageLoan	53	52
Loans, amount | $	$ 85,738	$ 62,395

Note 4 - Loans - Secured Loan33

Note 4 - Loans - Secured Loans Scheduled Maturities (Detail) $ in Thousands		Jun. 30, 2016USD ($)Loan	Dec. 31, 2015USD ($)Loan	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Secured Loans Scheduled Maturities [Abstract]
2016 | Loan	[1]	4
2017 | Loan		20
2018 | Loan		7
2019 | Loan		14
2020 | Loan		6
2021 | Loan		3
Thereafter | Loan		1
Total future maturities | Loan		55
Matured as of June 30, 2016 | Loan		1
Total secured loan balance | Loan		56	53
2016 (in Dollars) | $	[1]	$ 1,467
2017 (in Dollars) | $		28,955
2018 (in Dollars) | $		19,133
2019 (in Dollars) | $		31,735
2020 (in Dollars) | $		3,200
2021 (in Dollars) | $		1,150
Thereafter | $		891
Total future maturities | $		86,531
Matured as of June 30, 2016 | $		4,000
Total secured loan balance | $		$ 90,531	$ 62,740	$ 71,353	$ 71,017
2,016	[1]	2.00%
2,017		32.00%
2,018		21.00%
2,019		35.00%
2,020		4.00%
2,021		1.00%
Thereafter		1.00%
Total future maturities		96.00%
Matured as of June 30, 2016		4.00%
Total secured loan balance		100.00%
[1]	Loans maturing in 2016 from July 1 to December 31.

Note 4 - Loans - Secured Loan34

Note 4 - Loans - Secured Loans Past Maturity (Detail) $ in Thousands		Jun. 30, 2016USD ($)LoanMortgageLoan	Dec. 31, 2015USD ($)MortgageLoan	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | Loan		1
Principal		$ 90,531	$ 62,740	$ 71,353	$ 71,017
Advances		24	51
Accrued interest		791	372
Loans, net		$ 91,407	$ 63,232
Percent of principal		100.00%	100.00%
Past Maturity [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | MortgageLoan	[1]	1	1
Principal		$ 4,000	$ 4,000
Accrued interest		198	85
Loans, net		$ 4,198	$ 4,085
Percent of principal		4.00%	6.00%
[1]	At June 30, 2016 and December 31, 2015, the loan past maturity was not designated non-accrual, as the loan has an LTV substantially below 50%. The borrower has listed the property for sale and – due to the substantial protective equity in the property - it is reasonably assured that the partnership will be paid in full accordance with the note.

Note 4 - Loans - Secured Loan35

Note 4 - Loans - Secured Loans Past Maturity (Parenthetical) (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Maximum [Member] | Past Maturity [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan-to-value ratio percentage	50.00%	50.00%

Note 4 - Loans - Secured Loan36

Note 4 - Loans - Secured Loans in Nonaccrual Status (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)MortgageLoan	Dec. 31, 2015USD ($)MortgageLoan	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Loans Details Secured Loans In Nonaccrual Status [Line Items]
Number of loans | MortgageLoan	56	53
Loans - principal (in Dollars)	$ 90,531	$ 62,740	$ 71,353	$ 71,017
Accrued interest	$ 791	$ 372
Nonaccrual Status [Member]
Loans Details Secured Loans In Nonaccrual Status [Line Items]
Number of loans | MortgageLoan	1	2
Loans - principal (in Dollars)	$ 233	$ 623
Accrued interest	0	14
Principal [Member] | Nonaccrual Status [Member]
Loans Details Secured Loans In Nonaccrual Status [Line Items]
Loans - principal (in Dollars)	231	577
Advances [Member] | Nonaccrual Status [Member]
Loans Details Secured Loans In Nonaccrual Status [Line Items]
Loans - principal (in Dollars)	$ 2	$ 32

Note 4 - Loans - Secured Loan37

Note 4 - Loans - Secured Loans Designated as Impaired Loans (Detail) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Secured Loans Designated as Impaired Loans [Abstract]
Principal		$ 4,384	$ 732
Recorded investment	[1]	4,590	784
Impaired loans without allowance		$ 4,590	$ 784
Number of Loans		3	3
[1]	Recorded investment is the sum of principal, advances, and interest accrued for financial reporting purposes.

Note 4 - Loans - Impaired Loans

Note 4 - Loans - Impaired Loans - Average Balances and Interest Income (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Impaired Loans - Average Balances and Interest Income [Abstract]
Average recorded investment	$ 2,687	$ 10,992
Interest income recognized	212	43
Interest income received in cash	$ 13	$ 29

Note 5 - Real Estate Owned (REO

Note 5 - Real Estate Owned (REO) - REO, Held for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Reo Held For Sale [Abstract]
Balance, beginning of period	$ 82,164	$ 82,949
Acquisitions		1,388
Dispositions	(2,082)	(4,416)
Improvements/betterments	84	245
Balance, end of period	$ 80,166	$ 80,166

Note 5 - Real Estate Owned (R40

Note 5 - Real Estate Owned (REO) (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)aProperty	Mar. 31, 2016USD ($)Property	Jun. 30, 2016USD ($)aProperty
Rental Property [Member]
Real Estate Owned REO Details [Line Items]
Number of Real Estate Properties	9		9
Residential Properties [Member]
Real Estate Owned REO Details [Line Items]
Lease term			1 year
Commercial [Member]
Real Estate Owned REO Details [Line Items]
Lease term			3 years
Lease, Periodic Payment (in Dollars) | $			$ 85,000
Lease, Expiration Period			2017-08
Los Angeles [Member] | Rental Property Held For Sale [Member] | Condominium Complex [Member] | Property 1 [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	56		56
Los Angeles [Member] | Rental Property Held For Sale [Member] | Condominium Complex [Member] | Property 2 [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	126		126
Los Angeles [Member] | Condominium Complex [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	62	70	62
Gains (Losses) on Sales of Other Real Estate (in Dollars) | $	$ 25,000	$ 89,000
Los Angeles [Member] | Condominium Complex [Member] | Sold [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	6	8	6
Alameda County [Member] | Rental Property Held For Sale [Member] | Condominium Complex [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	1		1
Alameda County [Member] | Condominium Complex [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	2	4	2
Gains (Losses) on Sales of Other Real Estate (in Dollars) | $	$ 203,000	$ 415,000
Alameda County [Member] | Condominium Complex [Member] | Sold [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	1	2	1
San Francisco County [Member] | Condominium Complex [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	13		13
Gains (Losses) on Sales of Other Real Estate (in Dollars) | $	$ 135,000
San Francisco County [Member] | Sold [Member] | Condominium Complex [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	1		1
San Francisco County [Member] | Rental Property Held For Sale [Member] | Condominium Complex [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	12		12
San Francisco County [Member] | Rental Property Held For Sale [Member] | Commercial Property [Member]
Real Estate Owned REO Details [Line Items]
Number of Real Estate Properties	1		1
Contra Costa [Member] | Rental Property Held For Sale [Member] | Condominium Complex [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	29		29
Contra Costa [Member] | Rental Property Held For Sale [Member] | Commercial Property [Member]
Real Estate Owned REO Details [Line Items]
Number of Real Estate Properties	1		1
Amador [Member] | Rental Property Held For Sale [Member] | Commercial Property [Member]
Real Estate Owned REO Details [Line Items]
Number of Real Estate Properties	1		1
Ventura [Member] | Rental Property Held For Sale [Member] | Commercial Property [Member]
Real Estate Owned REO Details [Line Items]
Number of Real Estate Properties	1		1
Fresno County California [Member] | Non Rental Held For Sale [Member] | Residential Single Family [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	1		1
Stanislaus County [Member] | Non Rental Held For Sale [Member] | Residential Single Family [Member]
Real Estate Owned REO Details [Line Items]
Area of Real Estate Property (in Acres) | a	14		14
Marin County [Member] | Non Rental Held For Sale [Member] | Residential Single Family [Member]
Real Estate Owned REO Details [Line Items]
Area of Real Estate Property (in Acres) | a	13		13

Note 5 - Real Estate Owned (R41

Note 5 - Real Estate Owned (REO) - REO, Held for Sale, by Property Type (Detail) $ in Thousands	Jun. 30, 2016USD ($)Property	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)Property
Real Estate Acquired Through Foreclosure Or Similar Procedures [Line Items]
REO, held for sale, net book value	$ 80,166	$ 82,164	$ 82,949
Rental Properties Held as Investment [Member]
Real Estate Acquired Through Foreclosure Or Similar Procedures [Line Items]
REO, held for sale, number of properties | Property	9		8
REO, held for sale, net book value	$ 76,366		$ 79,149
Non-Rental Held as Investment [Member]
Real Estate Acquired Through Foreclosure Or Similar Procedures [Line Items]
REO, held for sale, number of properties | Property	3		3
REO, held for sale, net book value	$ 3,800		$ 3,800
REO Held as Investment [Member]
Real Estate Acquired Through Foreclosure Or Similar Procedures [Line Items]
REO, held for sale, number of properties | Property	12		11
REO, held for sale, net book value	$ 80,166		$ 82,949

Note 5 - Real Estate Owned (R42

Note 5 - Real Estate Owned (REO) - Earnings/(Loss) from Rental Operations of the Real Estate Owned (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Professional services	$ 478	$ 266	$ 757	$ 500
Other	22	116	13	116
Total operations expense	1,457	1,301	2,620	2,531
Rental operations, net	649	1,280	1,265	2,402
Interest on mortgages	274	393	502	773
Rental operations, net of mortgage interest	375	887	763	1,629
REO Held for Sale [Member]
Rental income	1,414	2,544	2,781	5,128
Administration and payroll	198	344	383	687
Homeowner association fees	115	182	230	376
Professional services	16	14	26	17
Utilities and maintenance	183	242	388	544
Advertising and promotions	4	19	9	37
Property taxes	188	301	397	620
Other	59	81	81	141
Total operations expense	763	1,183	1,514	2,422
Net operating income	651	1,361	1,267	2,706
Depreciation		77		294
Receiver fees	2	4	2	10
Rental operations, net	649	1,280	1,265	2,402
Interest on mortgages	274	393	502	773
Rental operations, net of mortgage interest	$ 375	$ 887	$ 763	$ 1,629

Note 5 - Real Estate Owned (R43

Note 5 - Real Estate Owned (REO) - Mortgages Payable (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Real Estate [Abstract]
Principal, January 1	$ 27,509
Mortgages acquired by foreclosure	926	[1]
Principal repaid	(1,207)
Principal, June 30	$ 27,228
[1]	In February, 2016, the partnership took ownership of a property through foreclosure of its second mortgage, subject to the existing deed of trust. The loan was paid in full in June, 2016.

Note 5 - Real Estate Owned (R44

Note 5 - Real Estate Owned (REO) (Details) - Mortgages Payable by Lender (Detail) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Secured debt		$ 27,228	$ 27,509
NorthMarq Capital [Member]
Secured debt	[1],[2]	$ 27,228	$ 27,509
[1]	Monthly payments based upon a 30-year amortization, with a balloon payment due at maturity.
[2]	Monthly payments include amounts for various impounds such as property taxes, insurance, and repairs.

Note 5 - Real Estate Owned (R45

Note 5 - Real Estate Owned (REO) (Details) - Mortgages Payable by Lender (Parenthetical) (Detail) - NorthMarq Capital [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Maturity Date	Jul. 1, 2022	Jul. 1, 2022
Interest rate	3.11%	3.11%
Monthly payment (in Dollars)	$ 167,753	$ 167,753
London Interbank Offered Rate (LIBOR) [Member]
Interest rate	2.73%	2.73%

Note 5 - Real Estate Owned (R46

Note 5 - Real Estate Owned (REO) Future Minimum Payments of Principal on Mortgages (Detail) $ in Thousands	Jun. 30, 2016USD ($)
Real Estate [Abstract]
2016 (July 1 to December 31)	$ 290
2,017	595
2,018	613
2,019	633
2,020	653
Thereafter	24,444
Total	$ 27,228

Note 6 - Fair Value - Assets an

Note 6 - Fair Value - Assets and Liabilities Measured at Fair Value on a Non-recurring basis (Detail) $ in Thousands	Jun. 30, 2016USD ($)
Fair Value, Inputs, Level 1 [Member]
Impaired loans with specific allowance, net for which an adjustment was recorded in the year	$ 0
REO for which a valuation reserve has been recorded in the year	0
Fair Value, Inputs, Level 2 [Member]
Impaired loans with specific allowance, net for which an adjustment was recorded in the year	0
REO for which a valuation reserve has been recorded in the year	0
REO acquired through foreclosure during the year	416	[1]
Fair Value, Inputs, Level 3 [Member]
Impaired loans with specific allowance, net for which an adjustment was recorded in the year	0
REO for which a valuation reserve has been recorded in the year	0
Estimate of Fair Value Measurement [Member]
Impaired loans with specific allowance, net for which an adjustment was recorded in the year	0
REO for which a valuation reserve has been recorded in the year	0
REO acquired through foreclosure during the year	$ 416	[1]
[1]	The dollar amount presented is the net of the fair value of the property at acquisition of the REO and the principal and interest owing on the first mortgage assumed of approximately $926,000. The mortgage was paid off in June 2016

Note 6 - Fair Value - Assets 48

Note 6 - Fair Value - Assets and Liabilities Measured at Fair Value on a Non-recurring basis (Parenthetical) (Detail) - First Mortgage [Member]	6 Months Ended
	Jun. 30, 2016USD ($)
Principal and interest payable on mortgage	$ 926,000
Repayment date of mortgage	2016-06