Redwood Mortgage Investors Viii 10-Q 15 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2020shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
No Trading Symbol Flag	true
Entity Registrant Name	REDWOOD MORTGAGE INVESTORS VIII
Entity Central Index Key	0000889123
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	0
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-27816
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	94-3158788
Entity Address, Address Line One	177 Bovet Road
Entity Address, Address Line Two	Suite 520
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94402
City Area Code	650
Local Phone Number	365-5341

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash, in banks	$ 1,058	$ 4,142
Principal	84,553	86,203
Advances	197	167
Accrued interest	923	711
Prepaid interest	(12)	(121)
Loan balances secured by deeds of trust	85,661	86,960
Allowance for loan losses	(50)	(50)
Loan balances secured by deeds of trust, net	85,611	86,910
Real estate owned (REO), net	3,135	3,252
Debt issuance costs	88
Other assets, net	60	50
Total assets	89,952	94,354
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and accrued liabilities	606	565
Payable to affiliate	103
Total liabilities	709	565
Commitments and Contingencies (Note 8)
Partners’ capital
Limited partners’ capital	94,142	98,770
General partners’ deficit	(681)	(689)
Total partners’ capital	93,461	98,081
Receivable from manager (formation loan)	(4,218)	(4,292)
Partners’ capital, net of formation loan	89,243	93,789
Total liabilities and partners’ capital	$ 89,952	$ 94,354

Consolidated Income Statements

Consolidated Income Statements (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Interest income	$ 1,738	$ 2,206
Late fees	6	10
Revenue, loans	1,744	2,216
Operations expense
Mortgage servicing fees	323	392
Asset management fees	92	113
Costs from Redwood Mortgage Corp.	314	321
Professional services	292	218
REO, net (Note 5)	(49)	27
Other		(1)
Total operations expense	972	1,070
Net income	772	1,146
Limited partners (99%)	764	1,135
General partners (1%)	$ 8	$ 11

Consolidated Income Statement_2

Consolidated Income Statements (Unaudited) (Parenthetical) - Redwood Mortgage Investors VIII [Member]	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Limited partners	99.00%	99.00%
General partners	1.00%	1.00%

Consolidated Statements of Chan

Consolidated Statements of Changes in Partners' Capital (Unaudited) - USD ($) $ in Thousands	Total	Capital Subject to Withdrawals Net [Member]Limited Partner [Member]	Partners Capital (Deficit) [Member]General Partner [Member]	Capital Units [Member]
Beginning balance at Dec. 31, 2018		$ 121,012	$ (734)	$ 120,278
Net income	$ 1,146	1,135	11	1,146
Distributions		(592)		(592)
Withdrawals		(6,508)		(6,508)
Ending balance at Mar. 31, 2019		115,047	(723)	114,324
Beginning balance at Dec. 31, 2019	93,789	98,770	(689)	98,081
Net income	772	764	8	772
Distributions		(501)		(501)
Withdrawals		(4,891)		(4,891)
Ending balance at Mar. 31, 2020	$ 89,243	$ 94,142	$ (681)	$ 93,461

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Activities
Interest income received	$ 1,418	$ 2,023
Late fees	6	10
Operations expense	(908)	(950)
Total cash provided by operating activities	516	1,083
Investing Activities
Principal collected - secured	853	15,245
Loan transferred to related mortgage fund	2,297
Loans funded	(1,500)	(17,175)
Advances (made on) received from loans	(30)
Total - Loans	1,620	(1,930)
REO - sales proceeds, net	186
Total cash provided by (used in) investing activities	1,806	(1,930)
Partners’ capital
Partner withdrawals	(4,891)	(6,508)
Partner distributions	(501)	(592)
Early withdrawal penalties	74	111
Cash distributions to partners, net	(5,318)	(6,989)
Debt issuance costs	(88)
Total cash used in financing activities	(5,406)	(6,989)
Net decrease in cash	(3,084)	(7,836)
Cash, beginning of period	4,142	13,607
Cash, end of period	1,058	5,771
Net income	772	1,146
Adjustments to reconcile net income to net cash provided by operating activities
REO – gain on disposal	(68)
Change in operation assets and liabilities
Prepaid interest	(109)	(113)
Accrued interest	(212)	(70)
Other assets	(10)	53
Accounts payable and accrued liabilities	41	67
Payable to affiliate	102
Total cash provided by operating activities	$ 516	$ 1,083

Organization and General

Organization and General	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Organization and General	NOTE 1 – ORGANIZATION AND GENERAL In the opinion of management of Redwood Mortgage Corp. (RMC or the manager), 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 unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the partnership’s Form 10-K for the year ended December 31, 2019 filed with the U.S. Securities and Exchange Commission (SEC). The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results to be expected for the full year. Redwood Mortgage Investors VIII, a California Limited Partnership (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 by first and second deeds of trust. The rights, duties, and powers of the limited partners and general partners of the partnership are governed by the Limited Partnership Agreement (Partnership Agreement). The following is a summary of certain provisions of the Partnership Agreement and is qualified in its entirety by the terms of the Partnership Agreement itself. Limited partners should refer to the Partnership Agreement for complete disclosure of its provisions. The partnership is externally managed by RMC, a general partner. The general partners are RMC and Michael R. Burwell (Burwell), an individual. The manager is solely responsible for managing the business and affairs of RMI VIII, subject to the voting rights of the partners on specified matters. The manager acting alone has the power and authority to act for and bind the partnership. RMC provides the personnel and services necessary to conduct the business as RMI VIII has no employees of its own. The general partners are entitled to 1% of profits or loss of the partnership. In 2010, and continuing until December 31, 2019, RMC assigned its right to two-thirds of the one percent (0.66%) of RMI VIII’s income or losses to Burwell in exchange for Burwell assuming one hundred percent (100%) of the general partners’ equity deficit. This agreement expired January 1, 2020 and was not extended. The partnership’s primary investment objectives are to: • yield a high rate of return from mortgage lending, after the payment of certain fees and expenses to the general partners and their related mortgage funds; • preserve and protect the partnership’s capital by making and/or investing in loans secured by California real estate, preferably income-producing properties geographically situated in the San Francisco Bay Area and the coastal metropolitan regions of Southern California; and, • generate and distribute cash flow from these mortgage lending and investing activities. The ongoing sources of funds for loans are the proceeds (net of withdrawals from partner capital accounts, subject to limitations, and operating expenses) from: • loan payoffs; • borrowers’ monthly principal and interest payments; • earnings retained (i.e., not distributed) in partners’ capital accounts; • a line of credit; • loan sales to unaffiliated third parties and loan transfers by executed assignment to related mortgage funds; • REO sales; and, • payments from RMC on the outstanding balance of the formation loan. The mortgage loans the partnership funds and/or invests in, are arranged and generally are serviced by RMC. The ongoing ability of the partnership to source funds for loans from one or more of these sources may be adversely affected by the COVID-19 pandemic and the social and governmental responses and severe economic disruptions caused by the pandemic. (See “COVID-19,” below). Loans generally are funded at a fixed interest rate with a loan term of up to five years. Loans acquired are generally done so within the first six months of origination, and purchased at the current par value, which approximates fair value. The partnership intends to hold until maturity the loans in which it invests and does not presently intend to invest in mortgage loans primarily for the purpose of reselling such loans in the ordinary course of business; however, the partnership may sell mortgage loans (or fractional interests therein) when the manager determines that it appears to be advantageous for the partnership to do so, based upon then current interest rates, the length of time that the loan has been held by the partnership, the partnership’s credit risk and concentration risk and the overall investment objectives of the partnership. Loans sold to third parties may be sold for par, at a premium or, in the case of non-performing or under performing loans, at a discount. Partnership loans may be sold to third parties or to the manager or its related mortgage funds; however, any loan sold to the manager or a related mortgage fund thereof will be sold for a purchase price equal to the greater of (i) the par value of the loan or (ii) the fair market value of the loan. The manager will not receive commissions or broker fees with respect to loan sales conducted for the partnership; however, selling loans will increase partnership capital available for investing in new loans for which the manager will earn brokerage fees and other forms of compensation. Limited partners representing a majority of the outstanding units may, without the consent of the general partners, vote to: • dissolve the partnership; • amend the Partnership Agreement subject to certain limitations; • approve or disapprove the sale of all or substantially all of the assets of the partnership; and • remove or replace one or all of the general partners. A majority in interest of partnership units is required to elect a new general partner to continue the partnership business after a general partner ceases to be a general partner due to its withdrawal. Net income (losses) are allocated among the limited partners according to their respective capital accounts after one percent (1%) of the net income (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. Investors should not expect the partnership to provide tax benefits of the type commonly associated with limited partnership tax shelter investments. Federal and state income taxes are the obligation of the partners, other than the annual California franchise tax and the California LLC cash receipts taxes paid by the partnership’s subsidiaries. COVID-19 In March 2020, the World Health Organization declared the coronavirus (COVID-19) outbreak a pandemic. Since that time, the coronavirus has spread throughout the United States, including in the California regions and markets in which the partnership lends. In response, the State of California, has instituted emergency restrictions that have substantially limited the operation of non-essential businesses and the activities of individuals. The COVID-19 pandemic and these restrictions have had a significant adverse effect on the global, US, and California economies and have caused significant disruption to the financial and real estate markets. Restrictions and economic conditions caused by COVID-19 have also caused record unemployment nationwide as well as a significant number of layoffs and furloughs in the regions and communities in which the partnership lends. The ultimate effect of COVID-19 on the California real estate markets and broader economy is not known nor is the ultimate length of time California and other regions will be subject to the restrictions described and their accompanying effects. Some states and regions have begun to ease prior restrictions which may improve economic and market conditions; however, if the easing of these restrictions results in significant increases in COVID-19 cases or deaths, reinstatement of prior restrictions may be required and the COVID-19 crisis prolonged. As of March 31, 2020, the partnership has seen an in increase in the number of borrowers delaying payments. However, as the partnership generally lends at loan to value ratios below 70%, the delays in payments has not increased the credit risk on the loans, and therefore based on the partnership’s assessment of the value of real estate collateralizing its loans, there has not been an increase in the allowance for loan losses during the three months ended March 31, 2020. In either case, the impacts of COVID-19 may have significant adverse effects on our business, financial condition and result of operations due to the inability of some borrowers to make principal and interest payments and a decrease in the volume of loans funded and the values of the California real properties that serve as collateral for the loans. Declines in the value of real estate may lead to increases in the allowance for loan losses and increases in the valuation allowance for REO. Moreover, the Federal Reserve has taken action to lower the Federal Funds rate, which may negatively affect interest income and, therefore, earnings, financial condition and results of operation of the partnership. Potential other issues and risks resulting from the COVID-19 pandemic include: • Should key personnel of the manager become incapacitated by the COVID-19 virus, or be required (voluntarily or involuntarily) to terminate active involvement with the manager due to the effects of the virus, the business of the manager could be adversely impacted. • The ability to enforce loan terms through foreclosure may be delayed and adversely effected by current or future limitations or moratoriums on foreclosures enacted by state or local authorities to address the impacts of COVID-19. • Loans secured by rental properties may be adversely impacted by restrictions or moratoriums on evictions enacted by federal, state or local authorities to address the impacts of COVID-19. • Partial or complete closures of county recording offices may affect the ability of the partnership to record deeds of trust and other documents and may affect the cost or ability of the partnership to obtain adequate title insurance for its loans. • The uncertainty of the effects of COVID-19 on borrowers, properties, and the economy generally may result in inaccuracy or delays in the recognition of loan losses or impairments by the partnership. • The partnership may incur additional costs to remedy damages caused by such disruptions and restrictions. Given the ongoing and dynamic nature of the circumstances, it is not possible to predict or estimate the ultimate impact of the coronavirus outbreak on the financial condition or results of operations and liquidity of the partnership for the remainder of 2020. On March 27, 2020, the “Coronavirus Aid, Relief, and Economic Security (CARES) Act” was signed into law. The partnership continues to examine the impact that the CARES Act may have on its business. Although the partnership does not expect the CARES Act to have a direct impact on the partnership, it may have an indirect impact on the partnership’s borrowers and its manager. At the time of issuance of these financial statements, the partnership is unable to estimate the impact that the CARES Act will have on its financial condition, results of operation, or liquidity for the remainder of 2020. Distribution to limited partners At the time of their subscription to the partnership, limited partners elected either to receive monthly, quarterly or annual cash distributions from the partnership, or to compound income in their capital account. If an investor initially elected to receive monthly, quarterly or annual distributions, such election, once made, is irrevocable. If the investor initially elected to compound income in their capital account, in lieu of cash distributions, the investor may, after three (3) years, change the election and receive monthly, quarterly or annual cash distributions. Income allocable to limited partners who elect to compound income in their capital account will be retained by the partnership for making further loans or for other proper partnership purposes and such amounts will be added to such limited partners’ capital accounts. The percentage of limited partners electing distribution of allocated net income, by weighted average to total partners’ capital was approximately 61% and 60% at March 31, 2020 and 2019, respectively. Capital withdrawals and early withdrawals There are substantial restrictions on transferability of units, and there is no established public trading and/or secondary market for the units. To provide liquidity to limited partners, the Partnership Agreement provides that limited partners, after the minimum five-year period, may withdraw all or a portion of their capital accounts in 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 a part of the limited partner’s capital account in four 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 10% early withdrawal penalty applicable to any sums withdrawn prior to the time when such sums could have been withdrawn without penalty. There is a limited right of accelerated liquidation for an investor’s heirs upon an investor’s death. The partnership has not established a cash reserve from which to fund withdrawals and, accordingly, the partnership’s capacity to return a limited partner’s capital is subject to the availability of partnership cash. The general partner is under no obligation to sell loans from the portfolio in order to honor withdrawal requests, and the program can be restricted or suspended at any time. Cash flow is considered to be available only after all current partnership expenses have been paid (including compensation to the general partners and related mortgage funds) and adequate provision has been made for the payment of all periodic cash distributions on a pro rata basis which must be paid to limited partners who elected to receive such distributions upon subscription for units. Per the Partnership Agreement, no more than 20% of the total limited partners’ capital account balances at the beginning of any year may be liquidated during any calendar year. Notwithstanding this 20%, the general partners have the discretion to further limit the percentage of total limited partners’ capital accounts that may be withdrawn in order to comply with the safe harbor provisions of the regulations under Section 7704 of the Internal Revenue Code of 1986, as amended, to avoid the partnership being taxed as a corporation. If notices of withdrawal in excess of these limitations are received by the general partners, the priority of distributions among limited partners is determined as follows: first to those limited partners withdrawing capital accounts according to the 20 quarter or longer installment liquidation period, then to benefit plan investors withdrawing capital accounts after five years over four quarterly installments, then to executors, heirs, and other administrators withdrawing capital accounts upon the death of a limited partner and finally to all other limited partners withdrawing capital accounts. Except as provided above, withdrawal requests will be considered by the general partners in the order received . Term of the partnership The partnership will continue until 2032, unless sooner terminated as provided in the partnership agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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 owning a single real property asset). All significant intercompany transactions and balances have been eliminated in consolidation. Reclassifications Certain reclassifications, not affecting previously reported net income or total partner capital, have been made to the previously issued consolidated financial statements to conform to the current period presentation. 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 owned, at acquisition and subsequently. Actual results could differ materially from these estimates. Fair value estimates GAAP defines fair value as the 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. The fair value of real property 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 income 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/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 At March 31, 2020, substantially all of the partnership’s cash balances in banks exceed the federal depository insurance limit of $250,000. The bank or banks in which funds are deposited are reviewed periodically for their general credit worthiness/investment grade credit rating. Loans and interest income Performing loans are carried at amortized cost, which is generally equal to 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. For performing loans, interest is accrued daily on the principal plus advances, if any. Non-performing loans (i.e., loans with a payment in arears) less than 180 days delinquent continue to recognize interest income as long as the loan is in the process of collection and is considered to be well-secured. Non-performing loans are placed on non-accrual status if 180 days delinquent or earlier if management determines 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. Late fees are recognized in the period received. The partnership may fund a specific loan net of an interest reserve (one to two years) to insure timely interest payments at the inception of the loan. Any interest reserve is amortized over the period that the amount is prepaid. In the event of an early loan payoff, any unapplied interest reserves would be first applied to any accrued but unpaid interest and then as a reduction of principal. In the normal course of the partnership’s operating activities, performing loans that are maturing or have matured may be renewed at then current market rates of interest and terms for new loans. Such renewals are not designated as impaired. From time to time, the manager negotiates and enters into loan modifications with borrowers whose loans are delinquent (i.e., non-performing). If a loan modification were to result in an economic concession to the borrower (i.e., a significant delay or reduction in cash flows compared to the original note), the modification is deemed a troubled debt restructuring. In March 2020, various regulatory agencies issued an interagency statement on loan modifications and reporting for financial institutions working with borrowers affected by the Coronavirus. The interagency statement was effective immediately and impacted accounting for loan modifications. Under Accounting Standards Codification 310-40, “Receivables – Troubled Debt Restructurings by Creditors,” (“ASC 310-40”), a restructuring of debt constitutes a troubled debt restructuring (“TDR”) if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. The agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID- 19 to borrowers who were current prior to any relief, are not to be considered TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. The partnership is evaluating the potential impact that the interagency guidance will have on the partnership’s financial statements; however, this impact, if any cannot be quantified at this time. The partnership funds loans with the intent to hold the loans until maturity. From time to time the partnership may sell certain loans when the manager determines it to be in the best interest of the partnership. Loans are classified as held-for-sale once a decision has been made to sell loans and the loans held-for-sale have been identified. Allowance for loan losses Loans and the related accrued interest and advances (i.e., the loan balance) are analyzed on a periodic basis for ultimate recoverability. Collateral fair values are reviewed quarterly and the protective equity for each loan is computed. As used herein, “protective equity” is the dollar amount by which the net realizable value (i.e., fair value less the cost to sell) of the collateral, net of any senior liens, exceeds the loan balance, where “loan balance” is the sum of the unpaid principal, advances and the recorded interest thereon. 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. Payments on impaired loans are applied to late fees, then to the accrued interest, then to advances, and lastly to principal. For loans that are deemed to be collateral dependent, a provision for loan losses is recorded to adjust the allowance for loan losses (principal and/or recorded interest) in an amount such that the net carrying amount (unpaid principal less the specific allowance) is reduced to the lower of the loan balance or the estimated fair value of the related collateral, net of any costs to sell in arriving at net realizable value and net of any senior loans. The partnership charges off uncollectible loans and related receivables directly to the allowance account once it is determined the full amount is not collectible. Any amounts collected after a charge off is deemed a recovery of loan losses. At foreclosure, any excess of the recorded investment in the loan (accounting basis) over the net realizable value of the collateral is charged against the allowance for loan losses. 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 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. Debt issuance costs Debt issuance costs are the fees and commissions incurred in the course of obtaining a line of credit for services from banks, law firms and other professionals and are amortized as interest expense over the term of the line of credit. Recently issued accounting pronouncements- Accounting and Financial Reporting for Expected Credit Losses The Financial Account Standards Board (FASB) issued an Accounting Standards Update (ASU) that significantly changes how entities will account for credit losses for most financial assets that are not measured at fair value through net income. The new standard will supersede currently in effect guidance and applies to all entities. Entities will be required to use a current expected credit loss (CECL) model to estimate credit impairment. This estimate will be forward-looking, meaning management will be required to use not only historical trends and current conditions, but must also consider forecasts about future economic conditions to determine the expected credit loss over the remaining life of an instrument. This will be a significant change from the current incurred credit loss model and generally may result in allowances being recognized in earlier periods than under the current credit loss model. The ASU is effective for smaller reporting companies for interim and annual reporting periods in 2023. RMI VIII invests in real estate secured loans made with the expectation that the possibility of credit losses is remote as a result of substantial protective equity provided by the underlying collateral. The real estate secured programs and low loan-to-value ratios have caused RMC to expect that the adoption of the CECL model from the incurred loss models presently in use as to credit loss recognition will likely not materially impact the reported results of operations or financial position of the partnership. However, the impact, if any, upon adoption will be dependent upon the facts and circumstances relating to our loans at that date.

General Partners and Other Rela

General Partners and Other Related Parties	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
General Partners and Other Related Parties	NOTE 3 – GENERAL PARTNERS AND OTHER RELATED PARTIES The general partners are entitled to monthly fees for managing the partnership’s loan portfolio. The Partnership agreement provides for fees as compensation to the manager and for reimbursement of qualifying expenses, as detailed below. Mortgage servicing fees The manager acting as servicing agent with respect to all loans is entitled to receive a 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. Asset The general partners are entitled to 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). Costs from Redwood Mortgage Corp . The manager is entitled to request reimbursement by the partnership for operations expense incurred on behalf of the partnership, including without limitation, accounting, tax and data processing, postage and out-of-pocket general and administration expenses. Certain of these qualifying costs (e.g., postage) can be tracked by RMC as specifically attributable to the partnership. Other costs (e.g., RMC’s accounting and audit fees, legal fees and expenses, qualifying payroll expenses, occupancy, and insurance premium) are allocated on a pro-rata basis (e.g., by the partnership’s percentage of total capital of all mortgage funds managed by RMC). Payroll and consulting fees are allocated first based on activity, and then to the partnership on a pro-rata basis based on percentage of capital to the total capital of all related mortgage funds managed by RMC. The decision to request reimbursement of any qualifying operating expenses is made by RMC at its sole discretion. The payable to affiliate at March 31, 2020 of $103,000 is substantially all due to costs identified in 2020 to be reimbursed to RMC in final settlement of a 2019 loan loss recovery of approximately $1.6 million. Commissions and fees are paid by the borrowers to RMC - Brokerage commissions, loan originations - For fees 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 paid by the borrowers to RMC are not recorded by the partnership and approximated $45,000 and $354,000 for the three months ended March 31, 2020 and 2019, respectively. - Other fees – In the ordinary course of business, performing loans may be transferred by executed assignment, in-part or in-full, between the related mortgage funds at par. During the three months ended March 31, 2020, the partnership transferred one performing loan in-full to Redwood Mortgage Investors IX, LLC, a related mortgage fund, at par value, which approximates fair value, of approximately $2,297,000. The partnership received cash for the transfer and has no continuing obligation or involvement with the assigned loan. No loans were transferred during the three months ended March 31, 2019. Formation loan/Commissions paid to broker-dealers Commissions for sales of limited partnership units paid to broker-dealers (B/D sales commissions) 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 7% of offering proceeds. The receivable arising from the advances is unsecured, and non-interest bearing and is referred to as the “formation loan.” Since its inception, the partnership had made such advances of approximately $22,567,000, of which approximately $4,218,000 remain outstanding on the formation loan as of March 31, 2020. RMC will repay the formation loans principally from loan brokerage commissions earned on loans, early withdrawal penalties on partner withdrawals and other fees paid by the partnership. Since RMC will use the proceeds from loan brokerage commissions on loans to repay the formation loans and, if both or either one of the initial general partners is removed as a general partner by the vote thereafter designated, and if such successor or additional general partner(s) begins using any other loan brokerage firm for the placement of loans, RMC will be immediately released from any further obligation under the formation loans (except for a proportionate share of the principal installment due at the end of that year). In addition, if both of the general partners are removed, no successor general partners are elected, the partnership is liquidated and RMC is no longer receiving any payments for services rendered, the debt on the formation loans shall be forgiven and RMC will be immediately released from any further obligations under the formation loans. The formation loan activity is summarized in the following table for the three months ended March 31, 2020 ($ in thousands). 2020 Balance, January 1 $ 4,292 Early withdrawal penalties (74 ) Repayments — Balance, March 31 $ 4,218 RMC is repaying the formation loan in forecasted annual installments of principal, without interest, of $650,000, less early withdrawal penalties, and a final payment of $392,000 in 2026. Limited partner capital withdrawals The table below sets forth withdrawals of limited partner capital for the three months ended March 31, 2020 and 2019 ($ in thousands). 2020 2019 Limited partner capital withdrawals-without penalty $ 4,147 $ 5,390 Limited partner capital withdrawals-with penalty 744 1,118 Total $ 4,891 $ 6,508 Scheduled withdrawals, at March 31 $ 37,858 $ 45,108 Scheduled limited partners’ capital liquidation requests are presented in the following table ($ in thousands). 2020 $ 11,836 2021 10,986 2022 7,746 2023 4,890 2024 2,073 Thereafter 327 Total $ 37,858 Of the scheduled withdrawals of approximately $37,858,000, approximately $1,049,000 were subject to early withdrawal penalties as of March 31, 2020.

Loans

Loans	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Loans	NOTE 4 – LOANS As of March 31, 2020, 36 (82%) of the partnership’s 44 loans (representing 97% of the aggregate principal of the partnership’s loan portfolio) have a term of five years or less. The remaining loans have terms longer than five years. Substantially all loans are written without a prepayment penalty clause. As of March 31, 2020, 16 (36%) of the loans outstanding (representing 66% 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 due at maturity. Secured loans unpaid principal balance (principal) Secured loan transactions are summarized in the following table for the three months ended March 31, 2020 ($ in thousands). Principal, beginning of period $ 86,203 Loans funded 1,500 Loan transferred to related mortgage fund (2,297 ) Principal collected - secured (853 ) Principal, March 31 2020 $ 84,553 During the three months ended March 31, 2020, the partnership renewed three loans with aggregate principal of approximately $6,800,000, which are not included in the activity shown in the above table. See Note 3 (General Partners and Other Related Parties) for a description of loan transfers by executed assignments to related mortgage funds. Pursuant to California regulatory requirements borrower payments are deposited into a trust account established by RMC with an independent bank. Funds are disbursed to the partnership as collected which can range from same day for wire transfers and up to two weeks after deposit for checks. Borrower payments held in the trust account that are yet to be disbursed to the partnership are not included in the consolidated financial statements. At March 31, 2020, $107,796 of borrower payments made by check, was on deposit in the trust account, all of which was disbursed to the partnership’s account by April 15, 2020. At December 31, 2019, $21,592 of borrower payments made by check, was on deposit in the trust account, all of which was disbursed to the partnership by January 23, 2020, when they were recorded by the partnership. Loan characteristics Secured loans had the characteristics presented in the following table ($ in thousands). March 31, December 31, 2020 2019 Number of secured loans 44 47 Secured loans – principal $ 84,553 $ 86,203 Secured loans – lowest interest rate (fixed) 5.0 % 5.0 % Secured loans – highest interest rate (fixed) 10.8 % 10.8 % Average secured loan – principal $ 1,922 $ 1,834 Average principal as percent of total principal 2.3 % 2.1 % Average principal as percent of partners’ capital, net of formation loan 2.2 % 2.0 % Average principal as percent of total assets 2.1 % 1.9 % Largest secured loan – principal $ 10,200 $ 10,200 Largest principal as percent of total principal 12.1 % 11.8 % Largest principal as percent of partners’ capital, net of formation loan 11.4 % 10.9 % Largest principal as percent of total assets 11.3 % 10.8 % Smallest secured loan – principal $ 50 $ 51 Smallest principal as percent of total principal 0.1 % 0.1 % Smallest principal as percent of partners’ capital, net of formation loan 0.1 % 0.1 % Smallest principal as percent of total assets 0.1 % 0.1 % Number of California counties where security is located 16 15 Largest percentage of principal in one California county 38.9 % 38.2 % Number of secured loans with a filed notice of default 1 1 Secured loans in foreclosure – principal $ 2,939 $ 2,939 Number of secured loans with prepaid interest 2 2 Prepaid interest $ 12 $ 121 As of March 31, 2020, the partnership’s largest loan, with principal of approximately $10,200,000, has an interest rate of 9.50%, is secured by an industrial building in San Francisco County, and has a maturity of September 1, 2020. As of March 31, 2020, the partnership had no outstanding construction or rehabilitation loans and had no commitments to fund construction, rehabilitation or other loans. Lien position At funding, secured loans had the lien positions presented in the following table ($ in thousands). March 31, 2020 December 31, 2019 Loans Principal Percent Loans Principal Percent First trust deeds 29 $ 71,344 84 % 31 $ 72,621 84 % Second trust deeds 15 13,209 16 16 13,582 16 Total principal, secured loans 44 $ 84,553 100 % 47 $ 86,203 100 % Liens due other lenders at loan closing 28,060 29,817 Total debt $ 112,613 $ 116,020 Appraised property value at loan closing $ 221,345 $ 226,185 Percent of total debt to appraised values (LTV) at loan closing (1) 54.8 % 55.1 % 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 on senior liens to other lenders. Property type Secured loans summarized by property type are presented in the following ($ in thousands). March 31, 2020 December 31, 2019 Loans Principal Percent Loans Principal Percent Single family (2) 28 $ 27,488 33 % 32 $ 30,629 36 % Multi-family 2 7,071 8 2 7,072 7 Commercial 12 48,109 57 12 48,117 56 Land 2 1,885 2 1 385 1 Total principal, secured loans 44 $ 84,553 100 % 47 $ 86,203 100 % 2) Single family properties include owner-occupied and non-owner occupied 1-4 unit residential buildings, condominium units, townhouses, and condominium complexes. The single family property type as of March 31, 2020 consists of 12 loans with principal of approximately $7,566,000 that are owner occupied and 16 loans with principal of approximately $19,922,000 that are non-owner occupied. Single family property type at December 31, 2019 consisted of 12 loans with principal of approximately $7,642,000 that are owner occupied and 20 loans with principal of approximately $22,987,000 that are non-owner occupied. Distribution by California counties The distribution of secured loans within California by counties is presented in the following table ($ in thousands). March 31, 2020 December 31, 2019 Principal Percent Principal Percent San Francisco Bay Area (3) San Francisco $ 32,886 38.9 % $ 32,908 38.2 % San Mateo 17,159 20.3 17,221 20.0 Santa Clara 3,976 4.7 6,281 7.3 Alameda 2,970 3.5 3,349 3.9 Napa 546 0.6 548 0.6 Contra Costa 306 0.3 308 0.3 Marin 179 0.2 513 0.6 58,022 68.5 61,128 70.9 Other Northern California Placer 1,500 1.8 — — Santa Cruz 1,352 1.6 1,376 1.6 Amador 715 0.8 719 0.8 Monterey 191 0.2 193 0.2 Mariposa 50 0.1 51 0.1 3,808 4.5 2,339 2.7 Total Northern California 61,830 73.0 63,467 73.6 Los Angeles & Coastal Los Angeles 14,614 17.3 14,623 17.0 Santa Barbara 2,082 2.5 2,085 2.4 Orange 647 0.8 648 0.8 17,343 20.6 17,356 20.2 Other Southern California San Bernardino 5,380 6.4 5,380 6.2 5,380 6.4 5,380 6.2 Total Southern California 22,723 27.0 22,736 26.4 Total principal, secured loans $ 84,553 100.0 % $ 86,203 100.0 % 3) Includes the Silicon Valley Scheduled maturities Secured loans are scheduled to mature as presented in the following table ($ in thousands). Scheduled maturities, as of March 31, 2020 Loans Principal Percent 2020 (4) 14 $ 37,298 44 % 2021 14 21,990 26 2022 5 5,792 7 2023 2 3,810 5 2024 2 1,159 1 Thereafter 1 1,598 2 Total future maturities 38 71,647 85 Matured as of March 31, 2020 6 12,906 15 Total principal, secured loans 44 $ 84,553 100 % 4) Loans scheduled to mature in 2020 after March 31. It is the partnership’s experience that loans may be repaid or renewed before, at or after the contractual maturity date. For matured loans, the partnership may continue to accept payments while pursuing collection of principal or while negotiating an extension of the loan’s maturity date. The timing of future cash receipts from secured loans will differ from scheduled maturities. Delinquency/Non-performing loans Secured loans summarized by payment delinquency are presented in the following table ($ in thousands). March 31, 2020 December 31, 2019 Loans Principal Loans Principal Current 35 $ 53,865 43 $ 73,893 Past Due 30-89 days 5 18,378 — — 90-179 days — — 1 5,355 180 or more days 4 12,310 3 6,955 Total past due 9 30,688 4 12,310 Total principal, secured loans 44 $ 84,553 47 $ 86,203 No loan payment modifications were made during the three months ended March 31, 2020 and 2019, and the partnership had no workout agreements or troubled debt restructurings in effect at March 31, 2020 and December 31, 2019. Payments in arrears for non-performing secured loans (i.e., loans past maturity and monthly payments of principal and interest past due 30 or more days) are presented in the following table as of March 31, 2020 ($ in thousands). Principal (5) Interest (6) Loans Past maturity Monthly payments Past maturity Monthly payments Total payments in arrears Payments in arrears 30-89 days (1-3 payments) 5 $ 596 $ 3 $ 5 $ 124 $ 728 90-179 days (4-6 payments) — — — — — — 180 or more days (more than 6 payments) 4 12,310 — 755 — $ 13,065 Total past due 9 $ 12,906 $ 3 $ 760 $ 124 $ 13,793 5) Two loans with principal of approximately $596,000 matured on March 1, 2020, and are included in principal past maturity 30-89 days. Four loans with principal of approximately $12,310,000 are included in principal past maturity 180 or more days. 6) Total interest due for the four loans past maturity approximates $755,000 which includes foregone interest of approximately $484,000 as these four loans are designated non-accrual. Secured loans in nonaccrual status are summarized in the following table ($ in thousands). March 31, December 31, 2020 2019 Number of loans 4 3 Principal $ 12,310 $ 6,955 Advances 55 25 Accrued interest 256 184 Total recorded investment $ 12,621 $ 7,164 Foregone interest $ 577 $ 298 At March 31, 2020, four loans with aggregate principal of approximately $12,310,000 were in non-accrual status, and were past maturity. At March 31, 2020, no loans were contractually 90 or more days past due as to principal or interest and not in non-accrual status. At December 31, 2019, three loans with aggregate principal balance of approximately $6,955,000 were in non-accrual status, and were past maturity. At December 31, 2019, one loan with a principal balance of approximately $5,355,000 and accrued interest of approximately $114,000 was contractually 90 or more days past due as to principal or interest and not in non-accrual status. Provision/allowance for loan losses and impaired loans Generally, the partnership has not recorded an allowance for loan losses as all loans have protective equity such that collection is deemed probable for all recorded amounts due on the loan. From time to time, the manager may deem it in the best interest of the partnership to agree to concessions to borrowers to facilitate a sale of collateral or refinance transactions primarily for secured loans in second lien position. As a result, RMI VIII recorded a provision (and allowance) for loan losses in the fourth quarter of 2019 of $50,000. No additional provision for loan losses was recorded during the three months ended March 31, 2020 and 2019. Loans designated impaired and the associated allowance for loan losses is presented in the following table ($ in thousands). March 31, December 31, 2020 2019 Principal $ 12,310 $ 12,310 Recorded investment (7) 12,621 12,931 Impaired loans without allowance 12,621 12,931 Impaired loans with allowance — — Allowance for loan losses, impaired loans — — Number of Loans 4 4 Weighted average LTV, at origination (8) 68.0 % 68.0 % 7) Recorded investment is the sum of principal, advances, and accrued interest receivable for financial reporting purposes. 8) During the course of review of recent appraisals, one loan with principal of approximately $2,939,000 was determined to have an LTV of 87% at March 31, 2020. As of March 31, 2020 and December 31, 2019, loans designated impaired had an average recorded investment balance and interest income recognized and interest income received in cash for the three months ended March 31, 2020 and the year ended December 31, 2019 is presented in the following table ($ in thousands). March 31, December 31, 2020 2019 Average recorded investment $ 10,391 $ 8,160 Interest income recognized 109 298 Interest income received in cash 151 284

Real Estate Owned (REO)

Real Estate Owned (REO)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Estate Owned (REO)	NOTE 5 – REAL ESTATE OWNED (REO) REO transactions and valuation adjustments are summarized in the following table for the three months ended March 31, 2020 ($ in thousands). REO Valuation allowance REO, net Balance, January 1, 2020 $ 6,491 $ (3,239 ) $ 3,252 Dispositions (117 ) — (117 ) Balance, March 31, 2020 $ 6,374 $ (3,239 ) $ 3,135 During the three months ended March 31, 2020, the partnership s old a unit in a condominium complex in San Francisco County for approximately $186,000, with a gain of approximately $68,000. There were no REO transactions or valuation allowance adjustments during the three months ended March 31, 2019. The partnership held REO at March 31, 2020 comprised of four properties with a carrying value, net of approximately $3,135,000. REO is recorded at fair value at acquisition, and subsequently adjusted to the lower of the recorded cost or fair value based on appraisals and analysis by RMC: • In San Francisco County, 2 residential units in a condominium complex, which are being marketed as affordable-units to qualifying buyers pursuant to listings approved by the City of San Francisco. • In Fresno County, a partially completed home subdivision, being marketed by a broker. • In Stanislaus County, approximately 14 acres of undeveloped land zoned commercial, being marketed by a broker. • In San Francisco County, a real estate interest comprised of a condominium unit/storage lockers and signage rights on the exterior façade of the building. REO, net is comprised of the following components for the three months ended March 31, 2020 and 2019. 2020 2019 Holding costs, net of other income $ 19 $ 27 (Gains)/losses on sales (68 ) — Valuation adjustments — — REO, net $ (49 ) $ 27 Month-to-month occupancy rents received of approximately $15,000 and $16,000 for the three months ended March 31, 2020 and 2019, respectively, and sign and storage rents of approximately $9,000 and $3,000 for the three months ended March 31, 2020 and 2019, respectively, are included in holding costs, net of other income .

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value	NOTE 6 – FAIR VALUE Secured loans The following methods and assumptions are used when estimating fair value. Secured loans, performing and non-performing not designated as impaired (Level 3) - Each loan is reviewed quarterly for its delinquency, LTV adjusted for the most recent valuation of the underlying collateral, remaining term to maturity, borrower’s payment history and other factors. Due to the nature of the partnership’s loans and borrowers the fair value of loan balances secured by deeds of trust is deemed to approximate the recorded amount (per the financial statements) as our loans: • are of shorter terms at origination than commercial real estate loans by institutional lenders and conventional single-family home mortgage lenders; • are written without a prepayment penalty causing uncertainty/a lack of predictability as to the expected duration of the loan; and • have limited marketability and are not yet sellable into an established secondary market. Secured loans, non-performing and designated impaired (Level 3) - The fair value of secured loans, non-performing and designated impaired is the lesser of the fair value of the collateral or the enforceable amount of the note. Secured loans designated impaired are collateral dependent because it is expected that the primary source of repayment will not be from the borrower but rather from the collateral. The fair value of the collateral is determined on a nonrecurring basis 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 (Level 3 inputs). When the fair value of the collateral exceeds the enforceable amount of the note, the borrower is likely to redeem the note. Accordingly, third party market participants would generally pay the fair value of the collateral, but no more than the enforceable amount of the note. The following methods and assumptions are used to determine the fair value of the collateral securing a loan. Single family – Management’s preferred method for determining the fair market value of its single-family residential assets is the sale comparison method. Management primarily obtains sales comparables (comps) via 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 and adjusted 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 – Management’s preferred method for determining the aggregate retail value of its multifamily units is the sale comparison method. Sale comps are reviewed for similarity to the subject property, examining features such as proximity to subject, rental income, number of units, composition of units by the number of bedrooms and bathrooms, square footage, condition, amenities and year built. Management’s secondary method for valuing its multifamily assets as income-producing rental operations is the direct capitalization method. In order to determine market cap rates for properties of the same class and location as the subject, management refers to published data from reliable third-party sources such as the CBRE Cap Rate Survey. Management 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 project. When adequate sale comps are not available or 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 and/or management will seek additional information in the form of brokers’ opinion of value or appraisals. 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 market 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. Management supplements the direct capitalization method with additional information in the form of a sale comparison analysis (where adequate sale comps are available), brokers’ opinion of value, or appraisal. When adequate sale comps are not available or reliable rental 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 and/or management will seek additional information in the form of brokers’ opinion of value or appraisals. 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, including a determination of its highest and best use. Management may rely on information in the form of a sale comparison analysis (where adequate sale comps are available), brokers’ opinion of value, or appraisal.

Line of Credit

Line of Credit	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Line of Credit	NOTE 7 – LINE OF CREDIT In March 2020, RMI VIII entered into a revolving line of credit and term loan agreement with a bank pursuant to which RMI VIII can borrow up to a maximum principal of $10 million subject to a borrowing base calculation. Amounts under the agreement are secured by a first priority security interest in the notes and deeds of trust of the pledged loans in the borrowing base. The agreement matures March 13, 2022 when all amounts outstanding are then due. The partnership has the option at the maturity date to convert the then outstanding principal balance on the line of credit to a one-year term loan - for a fee of one-quarter of one percent (0.25%) – thereby extending the maturity date to March 13, 2023. Interest on the outstanding principal is payable monthly and accrues at the per annum rate of the greater of (i) five percent (5%) or (ii) the sum of the one-month LIBOR rate plus three and one-quarter percent (3.25%). If the partnership does not maintain the required compensating balance with a minimum daily average of $1.0 million for any day during the calendar quarter, the interest rate automatically increases by one-quarter of one percent (0.25%) above that rate which would otherwise be applicable for the next calendar quarter retroactive to the beginning of the calendar quarter in which the compensating balance is not maintained. Commencing with the quarter ending September 30, 2020, for each calendar quarter during which the aggregate average daily principal is less than fifty percent (50%) of the maximum principal of $10 million, there is a quarterly unused line fee equal to one-half of one percent (0.50%) per annum of the average daily difference between the principal outstanding and the maximum principal of $10 million. The loan proceeds are to be used exclusively to fund secured loans. The loan agreement provides for customary financial and borrowing base reporting by RMI VIII to the lending bank and specifies that RMI VIII shall maintain (i) minimum tangible net worth of $50 million, net of amounts due from related companies; (ii) debt service coverage ratio at all times of not less than 2.00 to 1.00; and (iii) loan payment delinquency of less ten percent (10%) on a quarterly basis as of the calendar quarter-end commencing with the calendar quarter ending March 31, 2020 calculated as the principal of loans with payments over 61-days past due, less loan loss allowances, divided by total principal of RMI VIII loans. The loan agreement provides that in the event the loan payment delinquency rate exceeds 10.0% as of the end of any quarter, the bank will cease to make any further advances but agrees to not accelerate repayment of the loan. At March 31, 2020, and through the filing of this report, no loans had been submitted to the bank for consideration to be included in the borrowing base. Therefore there were no borrowings on the line of credit as of March 31, 2020.

Commitments and Contingencies,

Commitments and Contingencies, Other Than Loan and REO Commitments	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies, Other Than Loan and REO Commitments	NOTE 8 – COMMITMENTS AND CONTINGENCIES, OTHER THAN LOAN AND REO COMMITMENTS Commitments The partnership’s only commitment at March 31, 2020 is to fund the scheduled limited partner capital withdrawal requests as presented in the following table ($ in thousands). 2020 $ 11,836 2021 10,986 2022 7,746 2023 4,890 2024 2,073 Thereafter 327 Total $ 37,858 The partnership has contractual obligations to RMC per the Partnership Agreement. See Note 3 (General Partners and Other Related Parties) for a more detailed discussion on the partnership’s contractual obligations to RMC. Legal proceedings In the normal course of its business, the partnership may become involved in legal proceedings (such as assignment of rents, bankruptcy proceedings, appointment of receivers, unlawful detainers, judicial foreclosure, etc.) to collect the debt owed under the promissory notes, to enforce the provisions of the deeds of trust, to protect its interest in the real property subject to the deeds of trust and to resolve disputes with borrowers, lenders, lien holders and mechanics. None of these actions, in and of themselves, typically would be of any material financial impact to the net income or balance sheet of the partnership. As of the date hereof, the partnership is not involved in any legal proceedings other than those that would be considered part of the normal course of business.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 9 – SUBSEQUENT EVENTS As of May 13, 2020, April contractual loan payments from loans which existed at March 31, 2020 were received from approximately 84% of our borrowers. In addition, the partnership received a number of short-term loan payment relief requests, most of which were in the form of requests for deferral of payments or requests for further discussion of COVID-19 related relief. No requests were granted and two remain pending as of May 13, 2020. The manager evaluated subsequent events that have occurred after March 31, 2020 and determined that there were no other events or transactions occurring during this reporting period that require recognition or disclosure in the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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 owning a single real property asset). All significant intercompany transactions and balances have been eliminated in consolidation.
Reclassifications	Reclassifications Certain reclassifications, not affecting previously reported net income or total partner capital, have been made to the previously issued consolidated financial statements to conform to the current period presentation.
Management 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 owned, at acquisition and subsequently. Actual results could differ materially from these estimates.
Fair Value Estimates	Fair value estimates GAAP defines fair value as the 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. The fair value of real property 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 income 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/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 At March 31, 2020, substantially all of the partnership’s cash balances in banks exceed the federal depository insurance limit of $250,000. The bank or banks in which funds are deposited are reviewed periodically for their general credit worthiness/investment grade credit rating.
Loans and Interest Income	Loans and interest income Performing loans are carried at amortized cost, which is generally equal to 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. For performing loans, interest is accrued daily on the principal plus advances, if any. Non-performing loans (i.e., loans with a payment in arears) less than 180 days delinquent continue to recognize interest income as long as the loan is in the process of collection and is considered to be well-secured. Non-performing loans are placed on non-accrual status if 180 days delinquent or earlier if management determines 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. Late fees are recognized in the period received. The partnership may fund a specific loan net of an interest reserve (one to two years) to insure timely interest payments at the inception of the loan. Any interest reserve is amortized over the period that the amount is prepaid. In the event of an early loan payoff, any unapplied interest reserves would be first applied to any accrued but unpaid interest and then as a reduction of principal. In the normal course of the partnership’s operating activities, performing loans that are maturing or have matured may be renewed at then current market rates of interest and terms for new loans. Such renewals are not designated as impaired. From time to time, the manager negotiates and enters into loan modifications with borrowers whose loans are delinquent (i.e., non-performing). If a loan modification were to result in an economic concession to the borrower (i.e., a significant delay or reduction in cash flows compared to the original note), the modification is deemed a troubled debt restructuring. In March 2020, various regulatory agencies issued an interagency statement on loan modifications and reporting for financial institutions working with borrowers affected by the Coronavirus. The interagency statement was effective immediately and impacted accounting for loan modifications. Under Accounting Standards Codification 310-40, “Receivables – Troubled Debt Restructurings by Creditors,” (“ASC 310-40”), a restructuring of debt constitutes a troubled debt restructuring (“TDR”) if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. The agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID- 19 to borrowers who were current prior to any relief, are not to be considered TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. The partnership is evaluating the potential impact that the interagency guidance will have on the partnership’s financial statements; however, this impact, if any cannot be quantified at this time. The partnership funds loans with the intent to hold the loans until maturity. From time to time the partnership may sell certain loans when the manager determines it to be in the best interest of the partnership. Loans are classified as held-for-sale once a decision has been made to sell loans and the loans held-for-sale have been identified.
Allowance for Loan Losses	Allowance for loan losses Loans and the related accrued interest and advances (i.e., the loan balance) are analyzed on a periodic basis for ultimate recoverability. Collateral fair values are reviewed quarterly and the protective equity for each loan is computed. As used herein, “protective equity” is the dollar amount by which the net realizable value (i.e., fair value less the cost to sell) of the collateral, net of any senior liens, exceeds the loan balance, where “loan balance” is the sum of the unpaid principal, advances and the recorded interest thereon. 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. Payments on impaired loans are applied to late fees, then to the accrued interest, then to advances, and lastly to principal. For loans that are deemed to be collateral dependent, a provision for loan losses is recorded to adjust the allowance for loan losses (principal and/or recorded interest) in an amount such that the net carrying amount (unpaid principal less the specific allowance) is reduced to the lower of the loan balance or the estimated fair value of the related collateral, net of any costs to sell in arriving at net realizable value and net of any senior loans. The partnership charges off uncollectible loans and related receivables directly to the allowance account once it is determined the full amount is not collectible. Any amounts collected after a charge off is deemed a recovery of loan losses. At foreclosure, any excess of the recorded investment in the loan (accounting basis) over the net realizable value of the collateral is charged against the allowance for loan losses.
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 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.
Debt Issuance Costs	Debt issuance costs Debt issuance costs are the fees and commissions incurred in the course of obtaining a line of credit for services from banks, law firms and other professionals and are amortized as interest expense over the term of the line of credit.
Recently Issued Accounting Pronouncements	Recently issued accounting pronouncements- Accounting and Financial Reporting for Expected Credit Losses The Financial Account Standards Board (FASB) issued an Accounting Standards Update (ASU) that significantly changes how entities will account for credit losses for most financial assets that are not measured at fair value through net income. The new standard will supersede currently in effect guidance and applies to all entities. Entities will be required to use a current expected credit loss (CECL) model to estimate credit impairment. This estimate will be forward-looking, meaning management will be required to use not only historical trends and current conditions, but must also consider forecasts about future economic conditions to determine the expected credit loss over the remaining life of an instrument. This will be a significant change from the current incurred credit loss model and generally may result in allowances being recognized in earlier periods than under the current credit loss model. The ASU is effective for smaller reporting companies for interim and annual reporting periods in 2023. RMI VIII invests in real estate secured loans made with the expectation that the possibility of credit losses is remote as a result of substantial protective equity provided by the underlying collateral. The real estate secured programs and low loan-to-value ratios have caused RMC to expect that the adoption of the CECL model from the incurred loss models presently in use as to credit loss recognition will likely not materially impact the reported results of operations or financial position of the partnership. However, the impact, if any, upon adoption will be dependent upon the facts and circumstances relating to our loans at that date.

General Partners and Other Re_2

General Partners and Other Related Parties (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Schedule of Formation Loan Activity	The formation loan activity is summarized in the following table for the three months ended March 31, 2020 ($ in thousands). 2020 Balance, January 1 $ 4,292 Early withdrawal penalties (74 ) Repayments — Balance, March 31 $ 4,218
Schedule of Withdrawals of Limited Partner Capital	The table below sets forth withdrawals of limited partner capital for the three months ended March 31, 2020 and 2019 ($ in thousands). 2020 2019 Limited partner capital withdrawals-without penalty $ 4,147 $ 5,390 Limited partner capital withdrawals-with penalty 744 1,118 Total $ 4,891 $ 6,508 Scheduled withdrawals, at March 31 $ 37,858 $ 45,108
Scheduled Capital Account Withdrawal Requests	Scheduled limited partners’ capital liquidation requests are presented in the following table ($ in thousands). 2020 $ 11,836 2021 10,986 2022 7,746 2023 4,890 2024 2,073 Thereafter 327 Total $ 37,858 The partnership’s only commitment at March 31, 2020 is to fund the scheduled limited partner capital withdrawal requests as presented in the following table ($ in thousands). 2020 $ 11,836 2021 10,986 2022 7,746 2023 4,890 2024 2,073 Thereafter 327 Total $ 37,858

Loans (Tables)

Loans (Tables)	3 Months Ended
	Mar. 31, 2020
Secured Loan Principal Transactions	Secured loan transactions are summarized in the following table for the three months ended March 31, 2020 ($ in thousands). Principal, beginning of period $ 86,203 Loans funded 1,500 Loan transferred to related mortgage fund (2,297 ) Principal collected - secured (853 ) Principal, March 31 2020 $ 84,553
Secured Loans Characteristics	Secured loans had the characteristics presented in the following table ($ in thousands). March 31, December 31, 2020 2019 Number of secured loans 44 47 Secured loans – principal $ 84,553 $ 86,203 Secured loans – lowest interest rate (fixed) 5.0 % 5.0 % Secured loans – highest interest rate (fixed) 10.8 % 10.8 % Average secured loan – principal $ 1,922 $ 1,834 Average principal as percent of total principal 2.3 % 2.1 % Average principal as percent of partners’ capital, net of formation loan 2.2 % 2.0 % Average principal as percent of total assets 2.1 % 1.9 % Largest secured loan – principal $ 10,200 $ 10,200 Largest principal as percent of total principal 12.1 % 11.8 % Largest principal as percent of partners’ capital, net of formation loan 11.4 % 10.9 % Largest principal as percent of total assets 11.3 % 10.8 % Smallest secured loan – principal $ 50 $ 51 Smallest principal as percent of total principal 0.1 % 0.1 % Smallest principal as percent of partners’ capital, net of formation loan 0.1 % 0.1 % Smallest principal as percent of total assets 0.1 % 0.1 % Number of California counties where security is located 16 15 Largest percentage of principal in one California county 38.9 % 38.2 % Number of secured loans with a filed notice of default 1 1 Secured loans in foreclosure – principal $ 2,939 $ 2,939 Number of secured loans with prepaid interest 2 2 Prepaid interest $ 12 $ 121
Secured Loans by Lien Position in the Collateral	At funding, secured loans had the lien positions presented in the following table ($ in thousands). March 31, 2020 December 31, 2019 Loans Principal Percent Loans Principal Percent First trust deeds 29 $ 71,344 84 % 31 $ 72,621 84 % Second trust deeds 15 13,209 16 16 13,582 16 Total principal, secured loans 44 $ 84,553 100 % 47 $ 86,203 100 % Liens due other lenders at loan closing 28,060 29,817 Total debt $ 112,613 $ 116,020 Appraised property value at loan closing $ 221,345 $ 226,185 Percent of total debt to appraised values (LTV) at loan closing (1) 54.8 % 55.1 % 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 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 ($ in thousands). March 31, 2020 December 31, 2019 Loans Principal Percent Loans Principal Percent Single family (2) 28 $ 27,488 33 % 32 $ 30,629 36 % Multi-family 2 7,071 8 2 7,072 7 Commercial 12 48,109 57 12 48,117 56 Land 2 1,885 2 1 385 1 Total principal, secured loans 44 $ 84,553 100 % 47 $ 86,203 100 % 2) Single family properties include owner-occupied and non-owner occupied 1-4 unit residential buildings, condominium units, townhouses, and condominium complexes. The single family property type as of March 31, 2020 consists of 12 loans with principal of approximately $7,566,000 that are owner occupied and 16 loans with principal of approximately $19,922,000 that are non-owner occupied. Single family property type at December 31, 2019 consisted of 12 loans with principal of approximately $7,642,000 that are owner occupied and 20 loans with principal of approximately $22,987,000 that are non-owner occupied.
Secured Loans Distributed within California	The distribution of secured loans within California by counties is presented in the following table ($ in thousands). March 31, 2020 December 31, 2019 Principal Percent Principal Percent San Francisco Bay Area (3) San Francisco $ 32,886 38.9 % $ 32,908 38.2 % San Mateo 17,159 20.3 17,221 20.0 Santa Clara 3,976 4.7 6,281 7.3 Alameda 2,970 3.5 3,349 3.9 Napa 546 0.6 548 0.6 Contra Costa 306 0.3 308 0.3 Marin 179 0.2 513 0.6 58,022 68.5 61,128 70.9 Other Northern California Placer 1,500 1.8 — — Santa Cruz 1,352 1.6 1,376 1.6 Amador 715 0.8 719 0.8 Monterey 191 0.2 193 0.2 Mariposa 50 0.1 51 0.1 3,808 4.5 2,339 2.7 Total Northern California 61,830 73.0 63,467 73.6 Los Angeles & Coastal Los Angeles 14,614 17.3 14,623 17.0 Santa Barbara 2,082 2.5 2,085 2.4 Orange 647 0.8 648 0.8 17,343 20.6 17,356 20.2 Other Southern California San Bernardino 5,380 6.4 5,380 6.2 5,380 6.4 5,380 6.2 Total Southern California 22,723 27.0 22,736 26.4 Total principal, secured loans $ 84,553 100.0 % $ 86,203 100.0 % 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 March 31, 2020 Loans Principal Percent 2020 (4) 14 $ 37,298 44 % 2021 14 21,990 26 2022 5 5,792 7 2023 2 3,810 5 2024 2 1,159 1 Thereafter 1 1,598 2 Total future maturities 38 71,647 85 Matured as of March 31, 2020 6 12,906 15 Total principal, secured loans 44 $ 84,553 100 % 4) Loans scheduled to mature in 2020 after March 31.
Past Due Financing Receivables	Payments in arrears for non-performing secured loans (i.e., loans past maturity and monthly payments of principal and interest past due 30 or more days) are presented in the following table as of March 31, 2020 ($ in thousands). Principal (5) Interest (6) Loans Past maturity Monthly payments Past maturity Monthly payments Total payments in arrears Payments in arrears 30-89 days (1-3 payments) 5 $ 596 $ 3 $ 5 $ 124 $ 728 90-179 days (4-6 payments) — — — — — — 180 or more days (more than 6 payments) 4 12,310 — 755 — $ 13,065 Total past due 9 $ 12,906 $ 3 $ 760 $ 124 $ 13,793 5) Two loans with principal of approximately $596,000 matured on March 1, 2020, and are included in principal past maturity 30-89 days. Four loans with principal of approximately $12,310,000 are included in principal past maturity 180 or more days. 6) Total interest due for the four loans past maturity approximates $755,000 which includes foregone interest of approximately $484,000 as these four loans are designated non-accrual.
Secured Loans in Non-Accrual Status	Secured loans in nonaccrual status are summarized in the following table ($ in thousands). March 31, December 31, 2020 2019 Number of loans 4 3 Principal $ 12,310 $ 6,955 Advances 55 25 Accrued interest 256 184 Total recorded investment $ 12,621 $ 7,164 Foregone interest $ 577 $ 298
By Days Past Due [Member]
Past Due Financing Receivables	Secured loans summarized by payment delinquency are presented in the following table ($ in thousands). March 31, 2020 December 31, 2019 Loans Principal Loans Principal Current 35 $ 53,865 43 $ 73,893 Past Due 30-89 days 5 18,378 — — 90-179 days — — 1 5,355 180 or more days 4 12,310 3 6,955 Total past due 9 30,688 4 12,310 Total principal, secured loans 44 $ 84,553 47 $ 86,203
Impaired Loans [Member]
Impaired Financing Receivables	Loans designated impaired and the associated allowance for loan losses is presented in the following table ($ in thousands). March 31, December 31, 2020 2019 Principal $ 12,310 $ 12,310 Recorded investment (7) 12,621 12,931 Impaired loans without allowance 12,621 12,931 Impaired loans with allowance — — Allowance for loan losses, impaired loans — — Number of Loans 4 4 Weighted average LTV, at origination (8) 68.0 % 68.0 % 7) Recorded investment is the sum of principal, advances, and accrued interest receivable for financial reporting purposes. 8) During the course of review of recent appraisals, one loan with principal of approximately $2,939,000 was determined to have an LTV of 87% at March 31, 2020.
Average Balances And Interest Income [Member]
Impaired Financing Receivables	As of March 31, 2020 and December 31, 2019, loans designated impaired had an average recorded investment balance and interest income recognized and interest income received in cash for the three months ended March 31, 2020 and the year ended December 31, 2019 is presented in the following table ($ in thousands). March 31, December 31, 2020 2019 Average recorded investment $ 10,391 $ 8,160 Interest income recognized 109 298 Interest income received in cash 151 284

Real Estate Owned (REO) (Tables

Real Estate Owned (REO) (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Summary of REO Transactions and Valuation Adjustments	REO transactions and valuation adjustments are summarized in the following table for the three months ended March 31, 2020 ($ in thousands). REO Valuation allowance REO, net Balance, January 1, 2020 $ 6,491 $ (3,239 ) $ 3,252 Dispositions (117 ) — (117 ) Balance, March 31, 2020 $ 6,374 $ (3,239 ) $ 3,135
Summary of REO, Net	REO, net is comprised of the following components for the three months ended March 31, 2020 and 2019. 2020 2019 Holding costs, net of other income $ 19 $ 27 (Gains)/losses on sales (68 ) — Valuation adjustments — — REO, net $ (49 ) $ 27

Commitments and Contingencies_2

Commitments and Contingencies, Other Than Loan and REO Commitments (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Scheduled Capital Account Withdrawal Requests	Scheduled limited partners’ capital liquidation requests are presented in the following table ($ in thousands). 2020 $ 11,836 2021 10,986 2022 7,746 2023 4,890 2024 2,073 Thereafter 327 Total $ 37,858 The partnership’s only commitment at March 31, 2020 is to fund the scheduled limited partner capital withdrawal requests as presented in the following table ($ in thousands). 2020 $ 11,836 2021 10,986 2022 7,746 2023 4,890 2024 2,073 Thereafter 327 Total $ 37,858

Organization and General - Addi

Organization and General - Additional Information (Details) - Installment		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Organizational and General Details [Line Items]
Loans receivable, term		5 years
Loan to value ratios	[1]	68.00%		68.00%
Ownership interest held by the general partner		61.00%	60.00%
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%
Limited Partner [Member]
Organizational and General Details [Line Items]
Number of Quarterly Installments for Withdrawal From Partnership		4
Limited Partner [Member] | Internal Revenue Code [Member]
Organizational and General Details [Line Items]
Number of Quarterly Installments for Withdrawal From Partnership		20
Limited Partner [Member] | After Five Year Period [Member]
Organizational and General Details [Line Items]
Number of Quarterly Installments for Withdrawal From Partnership		20
Benefit Plan Investors [Member] | After Five Year Period [Member] | Internal Revenue Code [Member]
Organizational and General Details [Line Items]
Number of Quarterly Installments for Withdrawal From Partnership		4
Debt-to-Value Ratio, Less than 80 Percent [Memb | Maximum [Member]
Organizational and General Details [Line Items]
Loan to value ratios		70.00%
RMC [Member]
Organizational and General Details [Line Items]
Percentage of income or loss allocated		0.66%
General partner equity deficit		100.00%
Agreement expiration date		Jan. 1, 2020
RMC and Burwell [Member]
Organizational and General Details [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Profit (Loss) Percentage		1.00%
[1]	During the course of review of recent appraisals, one loan with principal of approximately $2,939,000 was determined to have an LTV of 87% at March 31, 2020.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)Approach
Summary of Significant Accounting Policies Details [Line Items]
Estimating real property value, number of approaches | Approach	3
Threshold period past due for impaired loans placed on non-accrual status	180 days
Interest reserve minimum length	1 year
Interest reserve maximum length	2 years
Troubled debt restructuring	The agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID- 19 to borrowers who were current prior to any relief, are not to be considered TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. The partnership is evaluating the potential impact that the interagency guidance will have on the partnership’s financial statements; however, this impact, if any cannot be quantified at this time.
Maximum [Member]
Summary of Significant Accounting Policies Details [Line Items]
Federal depository insurance limit | $	$ 250,000
Threshold period past due for impaired loans to recognize interest income	180 days

General Partners and Other Re_3

General Partners and Other Related Parties - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)Loan	Mar. 31, 2019USD ($)Loan	Dec. 31, 2026USD ($)
General Partners And Other Related Parties Details [Line Items]
Management fee, description	The general partners are entitled to 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).
Payable to affiliate	$ 103,000
Loan Brokerage Commissions, Maximum Percent of Assets	4.00%
Number of performing loans | Loan	1	0
Performing loans mortgaged, par value	$ 2,297,000
Scheduled withdrawals	37,858,000
Withdrawal penalties	74,000
Limited Partner [Member]
General Partners And Other Related Parties Details [Line Items]
Scheduled withdrawals	37,858,000	$ 45,108,000
Withdrawal penalties	1,049,000
RMC [Member]
General Partners And Other Related Parties Details [Line Items]
Annual payments on the formation loan	650,000
RMC [Member] | Forecast [Member]
General Partners And Other Related Parties Details [Line Items]
Formation loans future minimum payments net of early withdrawal penalties due			$ 392,000
Formation Loan [Member]
General Partners And Other Related Parties Details [Line Items]
Formation loan, advances	22,567,000
Receivable from affiliate (formation loan)	4,218,000
RMC [Member]
General Partners And Other Related Parties Details [Line Items]
Final settlement amount payable to affiliate	1,600,000
Brokerage commissions paid to RMC	$ 45,000	$ 354,000
Maximum [Member]
General Partners And Other Related Parties Details [Line Items]
Annual mortgage servicing fees, percentage	1.50%
Percentage of offering proceeds	7.00%

General Partners and Other Re_4

General Partners and Other Related Parties - Formation Loan Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Formation Loan - Transactions [Abstract]
Balance, January 1	$ 4,292
Early withdrawal penalties	(74)
Repayments	0
Balance, March 31	$ 4,218

General Partners and Other Re_5

General Partners and Other Related Parties - Schedule of Withdrawals of Limited Partner Capital (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
General Partners And Other Related Parties Details [Line Items]
Scheduled withdrawals, at March 31	$ 37,858,000
Limited Partner [Member]
General Partners And Other Related Parties Details [Line Items]
Scheduled withdrawals, at March 31	37,858,000	$ 45,108,000
Limited Partner [Member] | Capital Withdrawals-without Penalty [Member]
General Partners And Other Related Parties Details [Line Items]
Total, Capital withdrawals	4,147,000	5,390,000
Limited Partner [Member] | Capital Withdrawals-subject to Penalty [Member]
General Partners And Other Related Parties Details [Line Items]
Total, Capital withdrawals	744,000	1,118,000
Limited Partner [Member] | Capital Subject to Withdrawals Net [Member]
General Partners And Other Related Parties Details [Line Items]
Total, Capital withdrawals	$ 4,891,000	$ 6,508,000

General Partners and Other Re_6

General Partners and Other Related Parties - Scheduled Capital Account Withdrawal Requests (Details) $ in Thousands	Mar. 31, 2020USD ($)
Partners Capital Account Withdrawals [Abstract]
2020	$ 11,836
2021	10,986
2022	7,746
2023	4,890
2024	2,073
Thereafter	327
Total	$ 37,858

Loans - Additional Information

Loans - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)LoanInterest	Mar. 31, 2019USD ($)Loan	Dec. 31, 2019USD ($)Loan
Loans Details [Line Items]
Loans Receivable Number of Loans | Loan	44		47
Loans Receivable, Percent	100.00%		100.00%
Loans Receivable, Number of Interest Only Loans | Interest	16
Loans Receivable, Amortization Term	30 years
Mortgage Loans on Real Estate Number of Loans Renewed | Loan	3
Mortgage Loans on Real Estate Principal Renewed	$ 6,800,000
Borrower payments deposit in trust account	107,796		$ 21,592
Loans Receivable Largest Loan (in Dollars)	$ 10,200,000		10,200,000
Mortgage loans on real estate, number of loans matured | Loan	6
Accrued interest	$ 923,000		711,000
Provision (and allowance) for loan losses	$ 0	$ 0	50,000
Modifications of Secured Loan [Member]
Loans Details [Line Items]
Financing Receivable, Modifications, Number of Contracts | Loan	0	0
Loan Past Maturity [Member]
Loans Details [Line Items]
Mortgage Loan balance	$ 12,310,000		$ 6,955,000
Mortgage loans on real estate, number of loans matured | Loan	4		3
Past Due 90 Days Or More [Member]
Loans Details [Line Items]
Mortgage Loan balance			$ 5,355,000
Number of loan designated impaired and non-accrual substantially paid off | Loan	0		1
Loans Receivable, Interest Accrual, Period	90 days		90 days
Accrued interest			$ 114,000
Minimum [Member]
Loans Details [Line Items]
Loans Receivable, Remaining Term	5 years
Five Year Term or Less [Member]
Loans Details [Line Items]
Loans Receivable Number of Loans | Loan	36
Loans Receivable, Percent	82.00%
Loans Receivable, Percent of Aggregate Principal	97.00%
Interest Only [Member]
Loans Details [Line Items]
Loans Receivable, Percent	36.00%
Loans Receivable, Percent of Aggregate Principal	66.00%
Largest Loan [Member]
Loans Details [Line Items]
Loans Receivable, Yield of Loan Acquired	9.50%
Loans Receivable Maturity Date	Sep. 1, 2020
Construction Loans [Member]
Loans Details [Line Items]
Loans outstanding	$ 0
Rehabilitation Loans [Member]
Loans Details [Line Items]
Loans outstanding	$ 0

Loans - Secured Loan Principal

Loans - Secured Loan Principal Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Receivables [Abstract]
Principal, beginning of period	$ 86,203
Loans funded	1,500	$ 17,175
Loan transferred to related mortgage fund	(2,297)
Principal collected - secured	(853)
Principal, Ending of period	$ 84,553

Loans - Secured Loans Character

Loans - Secured Loans Characteristics (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)LoanCountyMortgageLoan	Dec. 31, 2019USD ($)LoanCountyMortgageLoan
Secured Loan Transactions [Line Items]
Number of secured loans | Loan	44	47
Secured loans - principal (in Dollars)	$ 84,553,000	$ 86,203,000
Average secured loan - principal (in Dollars)	$ 1,922,000	$ 1,834,000
Average principal as percent of total principal	2.30%	2.10%
Average principal as percent of partners’ capital, net of formation loan	2.20%	2.00%
Average principal as percent of total assets	2.10%	1.90%
Largest secured loan - principal (in Dollars)	$ 10,200,000	$ 10,200,000
Largest principal as percent of total principal	12.10%	11.80%
Largest principal as percent of partners’ capital, net of formation loan	11.40%	10.90%
Largest principal as percent of total assets	11.30%	10.80%
Smallest secured loan - principal (in Dollars)	$ 50,000	$ 51,000
Smallest principal as percent of total principal	0.10%	0.10%
Smallest principal as percent of partners’ capital, net of formation loan	0.10%	0.10%
Smallest principal as percent of total assets	0.10%	0.10%
Number of California counties where security is located | County	16	15
Largest percentage of principal in one California county	38.90%	38.20%
Number of secured loans with a filed notice of default | MortgageLoan	44	47
Secured loans in foreclosure - principal (in Dollars)	$ 2,939,000	$ 2,939,000
Prepaid interest	$ 12,000	$ 121,000
Minimum [Member]
Secured Loan Transactions [Line Items]
Secured loans - interest rate (fixed)	5.00%	5.00%
Maximum [Member]
Secured Loan Transactions [Line Items]
Secured loans - interest rate (fixed)	10.80%	10.80%
Filed Notice of Default [Member]
Secured Loan Transactions [Line Items]
Number of secured loans with a filed notice of default | MortgageLoan	1	1
Prepaid Interest [Member]
Secured Loan Transactions [Line Items]
Number of secured loans with a filed notice of default | MortgageLoan	2	2

Loans - Secured Loans by Lien P

Loans - Secured Loans by Lien Position in the Collateral (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2020USD ($)MortgageLoan	Dec. 31, 2019USD ($)MortgageLoan
Loans Details - Secured Loans by Lien Position in the Collateral [Line Items]
Secured loans, principal		$ 84,553	$ 86,203
Liens due other lenders at loan closing (in Dollars)		28,060	29,817
Total debt (in Dollars)		112,613	116,020
Appraised property value at loan closing (in Dollars)		$ 221,345	$ 226,185
Percent of total debt to appraised values (LTV) at loan closing	[1]	54.80%	55.10%
Loans - percent		100.00%	100.00%
Number of secured loans | MortgageLoan		44	47
First Trust Deeds [Member]
Loans Details - Secured Loans by Lien Position in the Collateral [Line Items]
Secured loans, principal		$ 71,344	$ 72,621
Loans - percent		84.00%	84.00%
Number of secured loans | MortgageLoan		29	31
Second Trust Deeds [Member]
Loans Details - Secured Loans by Lien Position in the Collateral [Line Items]
Secured loans, principal		$ 13,209	$ 13,582
Loans - percent		16.00%	16.00%
Number of secured loans | MortgageLoan		15	16
[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 on senior liens to other lenders.

Loans - Secured Loans by Proper

Loans - Secured Loans by Property Type (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2020USD ($)MortgageLoan	Dec. 31, 2019USD ($)MortgageLoan
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of secured loans | MortgageLoan		44	47
Secured loans, principal | $		$ 84,553	$ 86,203
Loans - percent		100.00%	100.00%
Single Family [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of secured loans | MortgageLoan	[1]	28	32
Secured loans, principal | $	[1]	$ 27,488	$ 30,629
Loans - percent	[1]	33.00%	36.00%
Multi-family [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of secured loans | MortgageLoan		2	2
Secured loans, principal | $		$ 7,071	$ 7,072
Loans - percent		8.00%	7.00%
Commercial [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of secured loans | MortgageLoan		12	12
Secured loans, principal | $		$ 48,109	$ 48,117
Loans - percent		57.00%	56.00%
Land [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of secured loans | MortgageLoan		2	1
Secured loans, principal | $		$ 1,885	$ 385
Loans - percent		2.00%	1.00%
[1]	Single family properties include owner-occupied and non-owner occupied 1-4 unit residential buildings, condominium units, townhouses, and condominium complexes. The single family property type as of March 31, 2020 consists of 12 loans with principal of approximately $7,566,000 that are owner occupied and 16 loans with principal of approximately $19,922,000 that are non-owner occupied. Single family property type at December 31, 2019 consisted of 12 loans with principal of approximately $7,642,000 that are owner occupied and 20 loans with principal of approximately $22,987,000 that are non-owner occupied.

Loans - Secured Loans by Prop_2

Loans - Secured Loans by Property Type (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)MortgageLoan	Dec. 31, 2019USD ($)MortgageLoan
Loans Details [Line Items]
Number of secured loans | MortgageLoan	44	47
Secured loans, principal | $	$ 84,553,000	$ 86,203,000
Single Family Property-Owner Occupied [Member]
Loans Details [Line Items]
Number of secured loans | MortgageLoan	12	12
Secured loans, principal | $	$ 7,566,000	$ 7,642,000
Single Family Property-NonOwner Occupied [Member]
Loans Details [Line Items]
Number of secured loans | MortgageLoan	16	20
Secured loans, principal | $	$ 19,922,000	$ 22,987,000

Loans - Secured Loans Distribut

Loans - Secured Loans Distributed within California (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 84,553	$ 86,203
Loans - percent		100.00%	100.00%
San Francisco [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 32,886	$ 32,908
Loans - percent		38.90%	38.20%
San Mateo [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 17,159	$ 17,221
Loans - percent		20.30%	20.00%
Santa Clara [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 3,976	$ 6,281
Loans - percent		4.70%	7.30%
Alameda [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 2,970	$ 3,349
Loans - percent		3.50%	3.90%
Napa [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 546	$ 548
Loans - percent		0.60%	0.60%
Contra Costa [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 306	$ 308
Loans - percent		0.30%	0.30%
Marin [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 179	$ 513
Loans - percent		0.20%	0.60%
San Francisco Bay Area [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal	[1]	$ 58,022	$ 61,128
Loans - percent	[1]	68.50%	70.90%
Placer [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 1,500
Loans - percent		1.80%
Santa Cruz [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 1,352	$ 1,376
Loans - percent		1.60%	1.60%
Amador [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 715	$ 719
Loans - percent		0.80%	0.80%
Monterey [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 191	$ 193
Loans - percent		0.20%	0.20%
Mariposa [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 50	$ 51
Loans - percent		0.10%	0.10%
Other Northern California [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 3,808	$ 2,339
Loans - percent		4.50%	2.70%
Northern California [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 61,830	$ 63,467
Loans - percent		73.00%	73.60%
Los Angeles [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 14,614	$ 14,623
Loans - percent		17.30%	17.00%
Santa Barbara [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 2,082	$ 2,085
Loans - percent		2.50%	2.40%
Orange [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 647	$ 648
Loans - percent		0.80%	0.80%
Los Angeles And Coastal [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 17,343	$ 17,356
Loans - percent		20.60%	20.20%
San Bernardino [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 5,380	$ 5,380
Loans - percent		6.40%	6.20%
Other Southern California [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 5,380	$ 5,380
Loans - percent		6.40%	6.20%
Southern California [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 22,723	$ 22,736
Loans - percent		27.00%	26.40%
[1]	Includes the Silicon Valley

Loans - Secured Loans Scheduled

Loans - Secured Loans Scheduled Maturities (Details) $ in Thousands		Mar. 31, 2020USD ($)Loan	Dec. 31, 2019USD ($)Loan
Receivables [Abstract]
2020, Loan | Loan	[1]	14
2021, Loan | Loan		14
2022, Loan | Loan		5
2023, Loan | Loan		2
2024, Loan | Loan		2
Thereafter, Loan | Loan		1
Total future maturities, Loan | Loan		38
Matured as of March 31, 2020, Loan | Loan		6
Total principal, secured loans, Loan | Loan		44	47
2020, Principal | $	[1]	$ 37,298
2021, Principal | $		21,990
2022, Principal | $		5,792
2023, Principal | $		3,810
2024, Principal | $		1,159
Thereafter, Principal | $		1,598
Total future maturities, Principal | $		71,647
Matured as of March 31, 2020, Principal | $		12,906
Total principal, secured loans, Principal | $		$ 84,553	$ 86,203
2020, Percent	[1]	44.00%
2021, Percent		26.00%
2022, Percent		7.00%
2023, Percent		5.00%
2024, Percent		1.00%
Thereafter, Percent		2.00%
Total future maturities, Percent		85.00%
Matured as of March 31, 2020, Percent		15.00%
Total principal, secured loans, Percent		100.00%
[1]	Loans scheduled to mature in 2020 after March 31.

Loans - Secured Loans Summarize

Loans - Secured Loans Summarized by Payment Delinquency (Details) $ in Thousands	Mar. 31, 2020USD ($)MortgageLoan	Dec. 31, 2019USD ($)MortgageLoan
Loans (Details) - Secured Loans by Property Type [Line Items]
Delinquent loans, number | MortgageLoan	44	47
Past Due
Principal | $	$ 84,553	$ 86,203
Current [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Delinquent loans, number | MortgageLoan	35	43
Past Due
Principal | $	$ 53,865	$ 73,893
Past Due 30-89 Days [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Delinquent loans, number | MortgageLoan	5
Past Due
Principal | $	$ 18,378
Past Due 90-179 Days [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Delinquent loans, number | MortgageLoan		1
Past Due
Principal | $		$ 5,355
Past Due 180 Days or More [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Delinquent loans, number | MortgageLoan	4	3
Past Due
Principal | $	$ 12,310	$ 6,955
Past Due [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Delinquent loans, number | MortgageLoan	9	4
Past Due
Principal | $	$ 30,688	$ 12,310

Loans - Schedule of Payments in

Loans - Schedule of Payments in Arrears Past Due Financing Receivables (Details) $ in Thousands	Mar. 31, 2020USD ($)Loan
30-89 days (1-3 payments) [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of loans | Loan	5	[1]
Past maturity, principal	$ 596	[1]
Monthly payments, principal	3	[1]
Past maturity, interest	5	[2]
Monthly payments, interest	124	[2]
Total payments	$ 728	[2]
180 or more days (more than 6 payments) [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of loans | Loan	4	[1]
Past maturity, principal	$ 12,310	[1]
Past maturity, interest	755	[2]
Total payments	$ 13,065	[2]
Total past due [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of loans | Loan	9	[1]
Past maturity, principal	$ 12,906	[1]
Monthly payments, principal	3	[1]
Past maturity, interest	760	[2]
Monthly payments, interest	124	[2]
Total payments	$ 13,793	[2]
[1]	Two loans with principal of approximately $596,000 matured on March 1, 2020, and are included in principal past maturity 30-89 days. Four loans with principal of approximately $12,310,000 are included in principal past maturity 180 or more days.
[2]	Total interest due for the four loans past maturity approximates $755,000 which includes foregone interest of approximately $484,000 as these four loans are designated non-accrual.

Loans - Schedule of Payments _2

Loans - Schedule of Payments in Arrears Past Due Financing Receivables (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)LoanMortgageLoan	Dec. 31, 2019USD ($)MortgageLoan
Financing Receivable Recorded Investment Past Due [Line Items]
Loans | MortgageLoan	44	47
Principal	$ 84,553,000	$ 86,203,000
30-89 days (1-3 payments) [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Loans | Loan	2
Principal	$ 596,000
Loans Receivable Maturity Date	Mar. 1, 2020
180 or more days (more than 6 payments) [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Loans | Loan	4
Principal	$ 12,310,000
Interest Past Maturity	755,000
Foregone interest	$ 484,000

Loans - Secured Loans in Non-Ac

Loans - Secured Loans in Non-Accrual Status (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)MortgageLoan	Dec. 31, 2019USD ($)MortgageLoan
Loans Details Secured Loans In Nonaccrual Status [Line Items]
Number of secured loans | MortgageLoan	44	47
Secured loans, principal	$ 84,553	$ 86,203
Accrued interest	$ 923	$ 711
Non-accrual Status [Member]
Loans Details Secured Loans In Nonaccrual Status [Line Items]
Number of secured loans | MortgageLoan	4	3
Secured loans, principal	$ 12,621	$ 7,164
Accrued interest	256	184
Foregone interest	577	298
Principal [Member] | Non-accrual Status [Member]
Loans Details Secured Loans In Nonaccrual Status [Line Items]
Secured loans, principal	12,310	6,955
Advances [Member] | Non-accrual Status [Member]
Loans Details Secured Loans In Nonaccrual Status [Line Items]
Secured loans, principal	$ 55	$ 25

Loans - Secured Loans Designate

Loans - Secured Loans Designated as Impaired Loans (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2020USD ($)Loan	Dec. 31, 2019USD ($)Loan
Secured Loans Designated as Impaired Loans [Abstract]
Principal		$ 12,310	$ 12,310
Recorded investment	[1]	12,621	12,931
Impaired loans without allowance		$ 12,621	$ 12,931
Number of Loans | Loan		4	4
Loan to value ratios	[2]	68.00%	68.00%
[1]	Recorded investment is the sum of principal, advances, and accrued interest receivable for financial reporting purposes.
[2]	During the course of review of recent appraisals, one loan with principal of approximately $2,939,000 was determined to have an LTV of 87% at March 31, 2020.

Loans - Secured Loans Designa_2

Loans - Secured Loans Designated as Impaired Loans (Parenthetical) (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Loans Details [Line Items]
Principal		$ 12,310	$ 12,310
Loan to value ratios	[1]	68.00%	68.00%
LTV of 87% [Member]
Loans Details [Line Items]
Principal		$ 2,939,000
Loan to value ratios		87.00%
[1]	During the course of review of recent appraisals, one loan with principal of approximately $2,939,000 was determined to have an LTV of 87% at March 31, 2020.

Loans - Impaired Loans - Averag

Loans - Impaired Loans - Average Balances and Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Impaired Loans - Average Balances and Interest Income [Abstract]
Average recorded investment	$ 10,391	$ 8,160
Interest income recognized	109	298
Interest income received in cash	$ 151	$ 284

Summary of REO Transactions and

Summary of REO Transactions and Valuation Adjustments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Real Estate Owned REO Details [Line Items]
Valuation allowance, balance, beginning of period	$ (3,239)
Valuation allowance, Balance, end of period	(3,239)
Balance, beginning of period	3,252
Balance, end of period	3,135
REO [Member]
Real Estate Owned REO Details [Line Items]
Balance, beginning of period	6,491
Dispositions	(117)
Balance, end of period	6,374
REO, Net [Member]
Real Estate Owned REO Details [Line Items]
Dispositions	(117)
Balance, beginning of period	3,252
Balance, end of period	$ 3,135

Real Estate Owned (REO) - Addit

Real Estate Owned (REO) - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)aProperty	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Real Estate Owned REO Details [Line Items]
REO - sales proceeds, net	$ 186,000
Valuation allowance adjustments		$ 0
Carrying value of real estate properties	3,135,000		$ 3,252,000
Occupancy rents received	15,000	16,000
Sign and storage rents received	$ 9,000	$ 3,000
Partnership Property Held For Sale [Member]
Real Estate Owned REO Details [Line Items]
Number of real estate properties | Property	4
Carrying value of real estate properties	$ 3,135,000
San Francisco County [Member] | Condominium Complex [Member]
Real Estate Owned REO Details [Line Items]
REO - sales proceeds, net	186,000
Gains (Losses) on Sales of Other Real Estate (in Dollars)	$ 68,000
San Francisco County [Member] | Sold [Member] | Condominium Complex [Member]
Real Estate Owned REO Details [Line Items]
Number of units in real estate property | Property	1
San Francisco County [Member] | Partnership Property Held For Sale [Member] | Condominium Complex [Member]
Real Estate Owned REO Details [Line Items]
Number of real estate properties | Property	2
Fresno County California [Member] | Partnership Property Held For Sale [Member] | Home Subdivision [Member]
Real Estate Owned REO Details [Line Items]
Number of units in real estate property | Property	1
Stanislaus County [Member] | Partnership Property Held For Sale [Member] | Commercial Property [Member]
Real Estate Owned REO Details [Line Items]
Area of real estate property (in acres) | a	14

Real Estate Owned (REO) - Summa

Real Estate Owned (REO) - Summary of REO, Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real Estate [Abstract]
Holding costs, net of other income	$ 19	$ 27
(Gains)/losses on sales	(68)
REO, net	$ (49)	$ 27

Line of Credit - Additional Inf

Line of Credit - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Sep. 30, 2020	Mar. 31, 2020
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Line of credit facility, maximum amount outstanding during period			$ 10
Agreement maturity date			Mar. 13, 2022
Line of credit facility, description			The partnership has the option at the maturity date to convert the then outstanding principal balance on the line of credit to a one-year term loan - for a fee of one-quarter of one percent (0.25%) – thereby extending the maturity date to March 13, 2023
Line of credit facility, conversion of outstanding principal balance to term loan of fee			0.25%
Maturity date extended			Mar. 13, 2023
Line of credit facility, interest rate description			per annum rate of the greater of (i) five percent (5%) or (ii) the sum of the one-month LIBOR rate plus three and one-quarter percent (3.25%).
Line of credit facility, interest rate	5.00%		5.00%
Interest rate, increase (decrease)			0.25%
Line of credit facility, borrowing	$ 0
Revolving Credit Facility [Member] | Forecast [Member]
Line Of Credit Facility [Line Items]
Line of credit facility, unused line of fee		0.50%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line Of Credit Facility [Line Items]
Line of credit facility, interest rate	3.25%		3.25%
Revolving Credit Facility [Member] | Minimum [Member]
Line Of Credit Facility [Line Items]
Minimum compensating balance amount	$ 1,000		$ 1,000
Revolving Credit Facility [Member] | Maximum [Member] | Forecast [Member]
Line Of Credit Facility [Line Items]
Line of credit facility, average rate		50.00%
Line Of Credit [Member]
Line Of Credit Facility [Line Items]
Minimum tangible net worth	$ 50		$ 50
Debt instrument, covenant description			RMI VIII shall maintain (i) minimum tangible net worth of $50 million, net of amounts due from related companies; (ii) debt service coverage ratio at all times of not less than 2.00 to 1.00
Line Of Credit [Member] | Financial Asset, 61 Days Past Due [Member]
Line Of Credit Facility [Line Items]
Delinquency rate			10.00%
Line Of Credit [Member] | Minimum [Member]
Line Of Credit Facility [Line Items]
Debt service coverage ratio			1
Line Of Credit [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Debt service coverage ratio			2

Commitment and Contingencies, O

Commitment and Contingencies, Other Than Loan and REO Commitments - Scheduled Capital Account Withdrawal Requests (Details) $ in Thousands	Mar. 31, 2020USD ($)
Partners Capital Account Withdrawals [Abstract]
2020	$ 11,836
2021	10,986
2022	7,746
2023	4,890
2024	2,073
Thereafter	327
Total	$ 37,858

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event [Member]	May 13, 2020
Subsequent Event [Line Items]
Percent of borrowers made contractual loan payment	84.00%
Short-term loan payment relief requests, description	the partnership received a number of short-term loan payment relief requests, most of which were in the form of requests for deferral of payments or requests for further discussion of COVID-19 related relief. No requests were granted and two remain pending as of May 13, 2020.