Redwood Mortgage Investors Viii 10-K 15 Apr 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Feb. 28, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
No Trading Symbol Flag	true
Title of 12(g) Security	Limited Partnership Interests
Entity Registrant Name	REDWOOD MORTGAGE INVESTORS VIII
Entity Central Index Key	0000889123
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		82,546,227
Entity Public Float	$ 0
Entity Interactive Data Current	Yes
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
Document Transition Report	false
Document Annual Report	true
ICFR Auditor Attestation Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash, in banks	$ 364	$ 4,142
Loan payments in trust	116	19
Principal	74,080	86,203
Advances	164	167
Accrued interest	716	692
Prepaid interest		(121)
Loan balances secured by deeds of trust	74,960	86,941
Allowance for loan losses	(50)	(50)
Loan balances secured by deeds of trust, net	74,910	86,891
Real estate owned (REO), net	8,805	3,252
Debt issuance costs, net	67
Other assets	59	50
Total assets	84,321	94,354
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable	184	15
Accrued liabilities	882	550
Line of credit	2,453
Mortgages payable	2,449
Total liabilities	5,968	565
Commitments and Contingencies (Note 8)
Partners’ capital
Limited partners’ capital	82,991	98,770
General partners’ deficit	(655)	(689)
Total partners’ capital	82,336	98,081
Receivable from manager (formation loan)	(3,983)	(4,292)
Partners’ capital, net of formation loan	78,353	93,789
Total liabilities and partners’ capital	$ 84,321	$ 94,354

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue
Interest income	$ 6,977	$ 7,853
Interest expense
Line of credit	(84)
Mortgages payable	(59)
Total interest expense	(143)
Net interest income	6,834	7,853
Late fees	83	34
Gain on sale, loans	26	38
Total revenue, net	6,943	7,925
Recovery of loan losses	(134)	(1,563)
Operations expense
Mortgage servicing fees	1,213	1,388
Asset management fees	346	505
Costs from Redwood Mortgage Corp.	876	1,411
Professional services	1,139	1,015
REO, net (Note 5)	31	670
Other	24	18
Total operations expense	3,629	5,007
Net income	3,448	4,481
Limited partners (99%)	3,414	4,436
General partners (1%)	$ 34	$ 45

Consolidated Statements of In_2

Consolidated Statements of Income (Parenthetical) - Redwood Mortgage Investors VIII [Member]	12 Months Ended
	Dec. 31, 2020	Dec. 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 - 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	$ 4,481	4,436	45	4,481
Distributions		(2,343)		(2,343)
Withdrawals		(24,335)		(24,335)
Ending balance at Dec. 31, 2019	93,789	98,770	(689)	98,081
Net income	3,448	3,414	34	3,448
Distributions		(1,832)		(1,832)
Withdrawals		(17,361)		(17,361)
Ending balance at Dec. 31, 2020	$ 78,353	$ 82,991	$ (655)	$ 82,336

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating Activities
Interest income received	$ 6,561	$ 7,569
Interest expense	(29)
Late fees	83	35
Operations expense	(3,381)	(4,148)
Total cash provided by operating activities	3,234	3,456
Investing Activities
Principal collected	10,798	67,095
Loans funded	(7,718)	(63,600)
Loans transferred to related mortgage funds	3,374
Loans sold to non-affiliate, net	2,768	7,832
Recovery of loan losses		1,613
Advances made on loans	(63)	(115)
Promissory note funded to related party	(800)
Promissory note repaid by related party	800
Total - Loans	9,159	12,825
REO - sales proceeds, net	368	281
Total cash provided by investing activities	9,527	13,106
Partners’ capital
Partner withdrawals	(17,361)	(24,335)
Partner distributions	(1,832)	(2,343)
Early withdrawal penalties	196	412
RMC payments - formation loan	113	239
Cash distributions to partners, net	(18,884)	(26,027)
Promissory note received from related party	850
Promissory note repaid to related party	(850)
Advances	3,640
Repayments	(1,187)
Debt issuance Costs	(108)
Cash from line of credit	2,345
Total cash used in financing activities	(16,539)	(26,027)
Net decrease in cash	(3,778)	(9,465)
Cash, beginning of period	4,142	13,607
Cash, end of period	364	4,142
Net income	3,448	4,481
Adjustments to reconcile net income to net cash provided by operating activities
Gain on sale, loans	(26)	(38)
Recovery of loan losses	(134)	(1,613)
Amortization of debt issuance costs	40
Provision for loan losses		50
REO – gain on disposal	(133)	(14)
REO – impairment		631
Change in operating assets and liabilities
Accrued interest	(201)	(64)
Prepaid interest	(121)	(220)
Loan payments in trust	(97)
Other assets	171	63
Accounts payable and accrued liabilities	287	180
Total cash provided by operating activities	3,234	$ 3,456
Supplemental disclosures of cash flow information - REO
Real estate (REO) acquired by foreclosure	5,787
Mortgages payable (REO acquired by foreclosure)	(2,449)
Mortgage payable interest, property taxes, and other liabilities assumed at foreclosure	(175)
Settlement of loan and interest receivable net of liabilities assumed at foreclosure	$ (3,163)

Organization and General

Organization and General	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Organization and General	NOTE 1 – ORGANIZATION AND GENERAL 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 partnership is externally managed by Redwood Mortgage Corp. (“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 the partnership, 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 the partnership has no employees of its own. The mortgage loans the partnership funds and/or invests in, are arranged and generally are serviced by RMC. The rights, duties, and powers of the limited partners and general partners of the partnership are governed by the Limited Partnership Agreement (“Partnership Agreement”). Limited partners representing a majority of the outstanding units may, without the consent of the general partners, vote to: (i) dissolve the partnership; (ii) amend the partnership agreement subject to certain limitations; (iii) approve or disapprove the sale of all or substantially all of the assets of the partnership; and (iv) remove or replace one or all of the general partners. 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. The following is a summary of certain provisions of the Partnership Agreement and is qualified in its entirety by the terms of the agreement itself. Limited partners should refer to the Partnership Agreement for complete disclosure of its provisions. 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; and, • preserve and protect the partnership’s capital. The ongoing sources of funds for loans are the proceeds (net of withdrawals from partner capital accounts, subject to limitations) from: • loan payoffs; • borrowers’ monthly principal and interest payments; • line of credit advances; • loan sales to unaffiliated third parties and loan transfers by executed assignment to related mortgage funds; • REO sales; • payments from RMC on the outstanding balance of the formation loan; and • earnings retained (i.e., not distributed) in partners’ capital accounts. The partnership intends to hold until repayment 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 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. Net income (loss) is 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. 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 61% at December 31, 2020 and 62% at December 31, 2019. COVID-19 In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. Since that time, COVID-19 has spread throughout the United States, including in the California regions and markets in which the partnership lends. In response, national, state, and local governments took, and are expected to continue to take, various actions to slow the spread of COVID-19. These actions substantially limited the operation of non-essential businesses and the activities of individuals throughout 2020 and into 2021 causing a significant adverse effect on the global, US, and California economies as well as disruption to the financial and real estate markets. Despite the recent re-openings of businesses in California and improvement in the economy in recent months, economic activity remains far below its pre-pandemic level and unemployment remains elevated. The ultimate effect of COVID-19 on the California real estate markets and the broader economy is not known nor is the ultimate length of time California and other regions will be subject to the restrictions to curb the spread of COVID-19. As of December 31, 2020, the partnership has not experienced a significant increase in the number of borrowers delaying payments compared to December 31, 2019. The requests for delay in payments or payment relief may not be indicative of requests in any future period. A worsening of future cash flows from borrower missed or delayed payments could result in the partnership experiencing an increase in loans being designated non-accrual and an increase in payments in arrears and possibly foreclosures. However, as the partnership generally lends at loan to value ratios below 70% and there have generally been no significant declines in California real estate market prices, the partnership has not increased its allowance for loan losses during the year ended December 31, 2020. During the first half of 2020, as a result of the disruptions caused by the pandemic, the partnership experienced a manageable increase in delinquencies and requests for forbearance agreements from borrowers, which declined during the second half of 2020. One borrower went to foreclosure in June 2020, and no loss was recorded as the net realizable value of the properties acquired approximated the partnership’s legal basis in the applicable notes. Market conditions, regulatory restrictions on our enforcement rights with respect to loans in default, delays in foreclosure proceedings, including moratoriums in some jurisdictions, and backlogs in the courts increased the timeline to resolve non-performing and /or maturing loans. The majority of borrowers continued to make monthly payments and negotiated in good faith, resulting in extensions on terms consistent with the original loan terms. Delays in repayment of maturing loans and/or sales of properties acquired by foreclosure reduce the partnership’s capital available for future loan origination and for withdrawals of capital. The continued spread of COVID-19 or any other similar outbreaks in the future and the continued impact on social interaction, economies and financial markets may have significant adverse effects on (i) California real estate markets and thereby the partnership’s business, financial condition and result of operations due to the possibility of some borrowers having a reduced capacity and/or commitment to make principal and interest payments (ii) a decrease in the volume of loans funded and (iii) a decline in 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. Moreover, the Federal Reserve has taken action to lower the Federal Funds rate, which may lower the interest rate charged by banks and other competitors of the manager for real estate secured loans and which may reduce loan originations and increase loan payoffs. An increase in loan payoffs may negatively affect interest income and, therefore, earnings, financial condition and results of operations of the partnership since new loans to replace the payoffs may be at lower interest rates. The extent of the impact of the COVID-19 pandemic on the partnership’s capital, liquidity, and other financial positions and on the partnership’s business, results of operation and prospects will depend on a number of evolving factors, including: • COVID-19 has not yet been contained and could continue to affect more households and businesses. The development and increasing distribution of vaccines for the virus appear to be having a positive impact on businesses and the economy; however, there is no way to predict when or if an economic recovery from the pandemic will occur and if such a recovery will be sustained over time. • Many governmental and nongovernmental authorities initially responded to COVID-19 by curtailing household and business activity as a containment measure while simultaneously deploying fiscal and monetary policy measures to partially mitigate the adverse effects on individual households and businesses. Although this response slowed the rate of spread of COVID-19 and supported economic stability, the potential exists for further resurgence to occur. Even with COVID-19 vaccinations having begun, national, California and local economies and real estate markets could suffer further disruptions that are lasting. • Continued disruptions in the workforce and economy may affect the ability of the borrowers to make loan payments or to otherwise perform in accordance with their loan terms. • Key personnel of the manager may become incapacitated by the COVID-19 virus adversely impacting the business. • The ability to enforce loan terms through foreclosure may be adversely affected by 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. Given the ongoing and dynamic nature of the circumstances, it is not possible to predict or estimate the future impact of the COVID-19 outbreak on the financial condition or results of operations and liquidity of the partnership. While the partnership has not incurred material disruptions to date, the rapid developments and fluidity of COVID-19 may cause the manager to adjust its lending parameters and investment strategy. The manager is continuing to monitor this situation and will adjust its response in concert with federal, California and local health officials and governmental authorities to protect the health and safety of its employees and to respond to changes in the real estate markets that it serves. On March 27, 2020, the “Coronavirus Aid, Relief, and Economic Security (CARES) Act” was signed into law. The CARES Act includes various measures to provide relief to companies. At the time of issuance of the partnership’s financial statements, the manager has not taken and does not expect to take advantage of any measures under the CARES Act. Although the manager 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. 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	12 Months Ended
	Dec. 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 partners’ 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 involve significant level of uncertainty and have had or are reasonably likely to have a material impact on the partnership’s financial condition or results of operations. 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, including the consideration of adjustments made for any attributes specific to the real estate property. 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 December 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 creditworthiness/investment grade credit rating. See Note 7 (Line of Credit) for compensating balance arrangements. 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 origination 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 operations, performing loans that mature may be renewed at then current market rates and terms for new loans. From time to time, the manager negotiates and enters into loan modifications with borrowers whose loans are delinquent (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 (“TDR"). In March 2020, various federal regulatory agencies issued an interagency statement on loan modifications and reporting for financial institutions working with borrowers affected by COVID-19. The interagency statement was effective immediately and impacted accounting for loan modifications. The agencies confirmed with the staff of the Financial Accounting Standards Board (“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. As of December 31, 2020, the partnership had not made any loan modifications under this guidance. The partnership funds loans with the intent to hold the loans until maturity. From time to time the partnership may sell certain loans. 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. Loans classified as held for sale are carried at the lower of cost or fair value. 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 not collect substantially all amounts due according to the contractual terms of the original loan agreement, then a loan is designated as impaired. An insignificant delay or insignificant shortfall in the amount of payments does not constitute non-performance with the contractual terms of the original loan agreement if the manager expects to collect the amounts due including interest accrued at the contractual interest rate for the period of delay. In determining the probability that the borrower will not substantially perform according to the terms of the original loan agreement, the manager considers the following factors: - Payment status – if payments are in arrears more than 90 days (typically 3 payments past due) loans are designated impaired unless resolution of the delinquency is expected without significant delay. - Bankruptcy – if the borrower files bankruptcy, the loan is designated impaired. - Notice of sale – if the partnership files a notice of sale, the loan is designated impaired. Payments on impaired loans are applied in the following order: late fees, accrued interest, advances, and lastly to principal. A provision for loan losses to adjust the allowance for loan losses (principal and/or recorded interest) is made to 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. REO is analyzed periodically for changes in fair values and any subsequent write down is charged to operations expense as an adjustment to the valuation allowance. 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 or losses 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 on a straight-line basis, which approximates the interest method, as interest expense over the term of the line of credit. Recently issued accounting pronouncements - Accounting and Financial Reporting for Expected Credit Losses The 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. The partnership 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 the partnership 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 the partnership’s loans at that date. - Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, provides temporary optional expedients for various agreements and contracts that utilize the London Interbank Offered Rate (“LIBOR”) as the benchmark reference rate. The relief generally applies to eligible modifications of contractual terms that change (or have the potential to change) the amount or timing of contractual cash flows related to replacement of a reference rate. The relief allows such modifications to be accounted for as continuations of existing contracts without additional analysis. As the guidance in ASU 2020-04 is intended to assist entities during the global market-wide reference rate transition period, it is in effect from March 12, 2020 through December 31, 2022. The partnership is currently evaluating the impact of the potential discontinuance of LIBOR in relation to the partnership’s line of credit and has not yet adopted the optional relief.

General Partners and Other Rela

General Partners and Other Related Parties	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
General Partners and Other Related Parties	NOTE 3 –GENERAL PARTNERS AND OTHER RELATED PARTIES The Partnership Agreement provides for compensation of the general partners and the manager. The general partners are entitled to 1% of profits or loss of the partnership and asset management fees. The manager is entitled to other fees, loan brokerage commissions, and reimbursement of qualifying costs. In 2010, and continuing until December 31, 2019, RMC assigned its right to two-thirds of the one percent (0.66%) of the partnership’s income or losses to Burwell in exchange for Burwell assuming one hundred percent (100%) of the general partners’ deficit. This agreement expired January 1, 2020 and was not extended. 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 reimbursement by the partnership for operating expenses incurred on behalf of the partnership, including without limitation, accounting and audit fees, legal fees and expenses, postage and preparation of reports to limited partners, and out-of-pocket general and administration expenses. Other costs are allocated pro-rata based on the percentage of total capital of all mortgage funds managed by RMC. Payroll and consulting fees are broken out first based on activity, and then allocated 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. Commissions and fees 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 are paid by the borrowers and thus, are not an expense of the partnership. - Other fees – Formation loan Formation loan transactions are presented in the following table ($ in thousands). 2020 2019 Balance, January 1 $ 4,292 $ 4,943 Early withdrawal penalties (196 ) (412 ) Repayments (113 ) (239 ) Balance, December 31 $ 3,983 $ 4,292 RMC is repaying the formation loan such that the formation loan will be paid in full by 2026. Beginning December 31, 2020, RMC will make quarterly payments of principal, without interest, of $162,500, less early withdrawal penalties until such time – in the opinion of the manager - as the market uncertainties resulting from the COVID-19 pandemic are substantially resolved and loan brokerage commissions earned by the manager on new loan originations return to pre-pandemic levels. Annual payments of $650,000 are expected to resume by December 2022. The primary source of repayment of the formation loan are the loan brokerage commissions earned by RMC. The formation loan is forgiven if the manager is removed and RMC is no longer receiving payments for services rendered. Withdrawals of limited partners’ capital The table below sets forth withdrawals of limited partners' capital ($ in thousands). Withdrawals 2020 2019 Without penalty $ 15,403 $ 20,162 With penalty 1,958 4,173 Total $ 17,361 $ 24,335 Scheduled, at December 31, $ 31,469 $ 40,159 Of the scheduled withdrawals of approximately $31,469,000, approximately $521,000 are subject to early withdrawal penalties. Other related party transactions -Payable to/receivable from related parties - From time to time, in the normal course of business operations, the partnership may have payables to and/or receivables from related parties. At December 31, 2020 the payable to related parties consisted of accounts payable and cost reimbursements to the manager and related mortgage funds of $3,388, which was offset by a receivable of $5,101 due from the manager and related mortgage funds. The net amount due from the manager and related mortgage funds as of December 31, 2020 totals $1,713 and is included in other assets on the consolidated balance sheet. The receivable was received from the manager and the payable was paid to the manager in March 2021. There were no amounts due to or from the manager and related mortgage funds as of December 31, 2019. - Loan transactions with related parties - In the ordinary course of business, performing loans may be transferred by executed assignment, in-part or in-full, between the RMC-managed mortgage funds at par which approximates market value. In 2020, the partnership transferred to two related mortgage funds four performing loans with aggregate principal of approximately $3,374,000 in-full at par value, which approximates fair value. RMI VIII was paid cash for the loans and has no continuing obligation or involvement with the loans. No loans were transferred by executed assignments between the related mortgage funds in 2019. -Promissory note payable to a related party (RMI IX) - On September 30, 2020, RMI VIII borrowed $850,000 from Redwood Mortgage Investors IX (RMI IX) secured by the net cash flow payable on two mortgage loans totaling approximately $2,331,000 each of which were designated by RMI VIII as held for sale and expected to be sold to a third-party purchaser prior to November 30, 2020. Interest on the note accrued at a rate equal to RMI IX’s pro rata share of the weighted average interest payable on the held for sale loans through a term ending on the earlier of: (i) the closing of the purchase of the held for sale loans; and (ii) November 30, 2020. The note was secured by all proceeds payable to RMI VIII upon the sale or repayment of the loans net of any amounts outstanding by RMI VIII on its line of credit secured by the loans. On October 14, 2020, RMI VIII repaid the note plus $2,700 in interest. - Promissory note receivable from a related party (RMI IX)

Loans

Loans	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Loans	NOTE 4 – LOANS 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. See Note 3 (General Partners and Other Related Parties) for a description of loans transferred by executed assignments between the related mortgage funds. As of December 31, 2020, 22 of the partnership’s 33 loans (representing 85% 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 provision. As of December 31, 2020, 14 of the loans outstanding (representing 76% of the aggregate principal balance of the partnership’s loan portfolio) provide for monthly payments of interest only, with the principal due in full at maturity. The remaining loans require monthly payments of principal and interest, typically calculated on a 30-year amortization, with the remaining principal balance due at maturity. Secured loans unpaid principal balance (principal) Secured loan transactions are summarized in the following table ($ in thousands). 2020 2019 Principal, beginning of period 86,203 97,438 Loans funded 7,718 63,600 Principal collected (10,798 ) (67,095 ) Loan transferred to related mortgage fund (3,374 ) — Loans sold to non-affiliate (2,730 ) (7,740 ) Foreclosures (1) (2,939 ) — Principal, December 31 $ 74,080 $ 86,203 (1) The partnership foreclosed on one loan, with a recorded investment of approximately $3,163,000. The net investment in the loan was adjusted to 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, which resulted in the recognition of foregone interest of approximately $140,000. During the years ended December 31, 2020 and 2019, the partnership renewed 18 and 9 loans with aggregate principal of approximately $53,340,000 and $13,814,000, respectively, which are not included in the activity shown in the above table. The loans were performing and collection was deemed probable at maturity (i.e., the LTV was within the partnership’s lending parameters), at the time they were extended. Pursuant to California regulatory requirements borrower payments are deposited into a trust account established by RMC with an independent bank (and are presented on the consolidated balance sheet as “Loan payments in trust”). 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. Loan payments in trust at December 31, 2020 were disbursed to the partnership’s account by January 15, 2021. Loan payments in trust at December 31, 2019 were disbursed to the partnership’s account by January 23, 2020. 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. • In December 2020, two loans with a principal of approximately $2,730,000 and accrued interest of approximately $13,500 were sold to an unaffiliated third party. After commissions to third parties the partnership recognized a gain of approximately $26,000. • In July 2019, three loans with an aggregate principal balance of approximately $7,740,000 were sold to an unaffiliated third party. After commissions to third parties the partnership recognized a gain of approximately $38,000. Loan characteristics Secured loans had the characteristics presented in the following table ($ in thousands). December 31, December 31, 2020 2019 Number of secured loans 33 47 Secured loans – principal $ 74,080 $ 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 $ 2,245 $ 1,834 Average principal as percent of total principal 3.0 % 2.1 % Average principal as percent of partners’ capital, net of formation loan 2.9 % 2.0 % Average principal as percent of total assets 2.7 % 1.9 % Largest secured loan – principal $ 10,200 $ 10,200 Largest principal as percent of total principal 13.8 % 11.8 % Largest principal as percent of partners’ capital, net of formation loan 13.0 % 10.9 % Largest principal as percent of total assets 12.1 % 10.8 % Smallest secured loan – principal $ 46 $ 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 14 15 Largest percentage of principal in one California county 40.0 % 38.2 % Number of secured loans with filed notice of default — 1 Secured loans in foreclosure – principal $ — $ 2,939 Number of secured loans with prepaid interest — 2 Prepaid interest $ — $ 121 As of December 31, 2020, the partnership’s largest loan, with an unpaid principal balance of $10,200,000 is secured by an industrial building in San Francisco, bears an interest rate of 9.5%, and matures on March 1, 2021. In March 2021 the borrowers and the manager executed a one-year extension to March 2022. As of December 31, 2020, the partnership had no commitments to lend outstanding and had no construction or rehabilitation loans outstanding. Lien position Secured loans had the lien positions in the following table ($ in thousands). December 31, 2020 December 31, 2019 Loans Principal Percent Loans Principal Percent First trust deeds 24 $ 64,286 87 % 31 $ 72,621 84 % Second trust deeds 9 9,794 13 16 13,582 16 Total principal, secured loans 33 74,080 100 % 47 86,203 100 % Liens due other lenders at loan closing 15,759 29,817 Total debt $ 89,839 $ 116,020 Appraised property value at loan closing $ 180,041 $ 226,185 Percent of total debt to appraised values (LTV) at loan closing (2) 53.8 % 55.1 % (2) Based on appraised values and liens due other lenders at loan closing. The weighted-average loan-to-value (LTV) computation above does not take into account subsequent increases or decreases in property values following the loan closing, nor does it include decreases or increases of the amount of senior liens to other lenders. Property type Secured loans summarized by property type are presented in the following table ($ in thousands). December 31, 2020 December 31, 2019 Loans Principal Percent Loans Principal Percent Single family (3) 19 $ 16,598 22 % 32 $ 30,629 36 % Multi-family 1 6,300 9 2 7,072 7 Commercial 12 49,682 67 12 48,117 56 Land 1 1,500 2 1 385 1 Total principal, secured loans 33 $ 74,080 100 % 47 $ 86,203 100 % (3) Single family property type as of December 31, 2020 consists of 8 loans with aggregate principal of approximately $3,344,000 that are owner occupied and 11 loans with aggregate principal of approximately $13,254,000 that are non-owner occupied. At December 31, 2019, single family property consisted of 12 loans with aggregate principal of approximately $7,642,000 that were owner occupied and 20 loans with aggregate principal approximately of $22,987,000 that were non-owner occupied. Distribution by California Counties The distribution of secured loans by counties is presented in the following table ($ in thousands). December 31, 2020 December 31, 2019 Principal Percent Principal Percent San Francisco Bay Area (4) San Francisco $ 29,659 40.0 % $ 32,908 38.2 % San Mateo 16,756 22.6 17,221 20.0 Santa Clara 4,600 6.2 6,281 7.3 Alameda 823 1.1 3,349 3.9 Napa — 0.0 548 0.6 Contra Costa 302 0.4 308 0.3 Marin 917 1.2 513 0.6 53,057 71.5 61,128 70.9 Other Northern California Placer 1,500 2.0 — — Santa Cruz 485 0.7 1,376 1.6 Amador 701 0.9 719 0.8 Mariposa 46 0.1 51 0.1 Monterey — 0.0 193 0.2 2,732 3.7 2,339 2.7 Northern California Total 55,789 75.2 63,467 73.6 Los Angeles & Coastal Los Angeles 10,199 13.8 14,623 17.0 Santa Barbara 2,070 2.8 2,085 2.4 Orange 642 0.9 648 0.8 12,911 17.5 17,356 20.2 Other Southern California San Bernardino 5,380 7.3 5,380 6.2 5,380 7.3 5,380 6.2 Southern California Total 18,291 24.8 22,736 26.4 Total principal, secured loans $ 74,080 100.0 % $ 86,203 100.0 % (4) Includes Silicon Valley Scheduled maturities Secured loans are scheduled to mature as presented in the following table as of December 31, 2020 ($ in thousands). Loans Principal Percent 2021 17 $ 43,920 59 % 2022 10 20,141 27 2023 2 3,798 5 2024 2 1,078 2 2025 — — — Thereafter 1 739 1 Total scheduled maturities 32 69,676 94 Matured as of December 31, 2020 1 4,404 6 Total principal, secured loans 33 $ 74,080 100 % Scheduled maturities are presented based on the most recent in-effect agreement with the borrower, including forbearance agreements. As a result, matured loans for the scheduled maturities table may differ from the same captions in the tables of delinquencies and payment in arears that are based on the notes and do not consider forbearance agreements. It is the partnership’s experience that the timing of future cash receipts from secured loans will differ from scheduled maturities. 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. Delinquency Secured loans, principal summarized by payment delinquency is presented in the following table ($ in thousands). December 31, 2020 December 31, 2019 Loans Principal Loans Principal Current 30 $ 58,941 43 $ 73,893 Past Due 30-89 days — — — — 90-179 days — — 1 5,355 180 or more days 3 15,139 3 6,955 Total past due 3 15,139 4 12,310 Total principal, secured loans 33 $ 74,080 47 $ 86,203 Delinquency is presented based on original terms of note and does not consider forbearance agreements. At December 31, 2020 there were two forbearance agreements in effect with aggregate principal of $10,735,000, which is included in the table above as 180 or more days past due. During 2020, the partnership entered into two forbearance agreements. -A loan with principal of $5,355,000 which is collateralized by a commercial building in San Mateo County matured on October 1, 2019 and was designated impaired and in non-accrual status at June 30, 2020. The partnership entered into a forbearance agreement with the borrower in June 2020 whereby the borrower agreed to resume monthly payments of interest and the partnership agreed to forgo collection of default interest and defer the maturity date until January 1, 2021. In December 2020 the partnership entered into a second forbearance agreement with the borrower whereby the borrower agreed to pay all past due interest, resume monthly payments of interest, and make a principal payment of $675,000 by March 31, 2021 and the partnership agreed to forgo collection of default interest and defer the maturity date until December 31, 2021. -A loan with principal of $5,380,000, which is collateralized by a commercial property in San Bernardino County, matured on July 1, 2020 and was designated impaired at May 30, 2020, and in non-accrual status at September 1, 2020. The partnership entered into a forbearance agreement with the borrower to defer the maturity date until December 1, 2020. The forbearance agreement expired at December 1, 2020 and was renewed with a new maturity date of July 31, 2021 and additional terms and conditions, including that the property be listed for sale. No loan forbearance agreements/payment modifications were made during 2020 that would be deemed troubled debt restructurings, and none were in effect at December 31, 2019. Non-performing secured loans Non-performing loans as of December 31, 2020 and December 31, 2019 totaled approximately $15.1 million (consisting of 3 loans) and $12.3 million (consisting of 4 loans), respectively. Payments in arrears for non-performing secured loans (i.e., principal and interest payments past due 30 or more days) are presented in the following table as of December 31, 2020 ($ in thousands). Loans Principal Interest(5) Past maturity Monthly payments Past maturity Monthly payments Past maturity Monthly payments Total payments in arrears Past due 30-89 days (1-3 payments) — — $ — $ — $ — $ — $ — 90-179 days (4-6 payments) — — — — — — — 180 or more days (more than 6 payments) (6) 3 — 15,139 — 849 — 15,988 Total past due 3 — $ 15,139 $ — $ 849 $ — $ 15,988 (5) Interest includes foregone interest of approximately $512,000 on non-accrual loans past maturity. December 2020 interest is due January 1, 2021 and is not included in the payments in arrears at December 31, 2020. (6) Two loans, with an aggregate principal of approximately $10,735,000, included in past maturity payments (principal and interest) 180 or more days, had forbearance agreements in place at December 31, 2020. See the disclosure above for a discussion of the terms of the forbearance agreements. Payments in arrears for non-performing secured loans (i.e., principal and interest payments past due 30 or more days) are presented in the following table as of December 31, 2019 ($ in thousands). Loans Principal Interest(7) Past maturity Monthly payments Past maturity Monthly payments Past maturity Monthly payments Total payments in arrears Past due 30-89 days (1-3 payments) — — $ — $ — $ — $ — $ — 90-179 days (4-6 payments) 1 — 5,355 — 76 — 5,431 180 or more days (more than 6 payments) 3 — 6,955 — 394 — 7,349 Total past due 4 — $ 12,310 $ — $ 470 $ — $ 12,780 (7) Interest includes foregone interest of approximately $243,000 on non-accrual loans past maturity. December 2019 interest was due January 1, 2020 and is not included in the payments in arrears at December 31, 2019. Secured loans in nonaccrual status are summarized in the following table ($ in thousands). December 31, 2020 December 31, 2019 Number of loans 3 3 Principal $ 15,139 $ 6,955 Advances 24 25 Accrued interest 368 184 Total recorded investment $ 15,531 $ 7,164 Foregone interest $ 582 $ 298 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 for accounting purposes only (i.e., foregone interest in the table above); however, previously recorded interest is not reversed. At December 31, 2020, there were no loans 90 days or more days past due that were not in non-accrual status. At December 31, 2019 one loan with principal of approximately $5,355,000 and accrued interest of approximately $114,000 was 90 or more days delinquent as to principal or interest and was 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 a borrower’s refinance transaction primarily for secured loans in second lien position. Accordingly, at December 31, 2020 and 2019, the partnership had an allowance for loan losses of $50,000. Activity in the allowance for loan losses is presented in the following table. 2020 2019 Balance, January 1 $ 50 $ — Provision for loan loss — 50 Balance December 31 $ 50 $ 50 In June 2020, the partnership recorded a recovery of loan losses of $134,000 from a court order dated June 2020 pursuant to the terms of a judgment dated October 2012 against a borrower/guarantor. The amounts recovered were previously charged off. In September 2019, RMI VIII received $1,612,500 pursuant to the terms of a workout agreement dated October 21, 2011, between RMI VIII and a borrower in default on certain loans secured by various California properties. As part of a workout, RMI VIII received an assignment of a non-voting economic membership interest in the developer’s joint venture, in an amount equal to 25% of all distributions of profit and return of invested capital attributable to the developer’s interest, but excluding management and development fees, payable to the developer from certain joint ventures from which the developer receives a share of the proceeds of the properties. In the third quarter of 2018 one of the two properties held by the joint venture was transferred to an affiliate of the joint venture. The joint venture operating agreement prohibits distributions prior to the sale of the last asset. Accordingly, RMI VIII disclosed a contingent gain based on that transfer beginning in its third quarter 2018 financial statements. The second and last asset held by the joint venture was sold in the second quarter of 2019. After that sale, the Loans designated impaired and the associated allowance for loan losses is presented in the following table ($ in thousands). December 31, 2020 December 31, 2019 Number of loans 3 4 Principal $ 15,139 $ 12,310 Recorded investment (8) 15,531 12,931 Impaired loans without allowance 15,531 12,931 Impaired loans with allowance — — Allowance for loan losses, impaired loans — — Weighted average LTV at origination 54.0 % 68.0 % (8) Recorded investment is the sum of principal, advances, and interest accrued for financial reporting purposes. Loans designated impaired had an average recorded investment and interest income recognized and received in cash as presented in the following table ($ in thousands). December 31, 2020 December 31, 2019 Average recorded investment $ 14,231 $ 8,160 Interest income recognized 1,271 298 Interest income received in cash 502 284

Real Estate Owned (REO) and Mor

Real Estate Owned (REO) and Mortgages Payable	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Real Estate Owned (REO) and Mortgages Payable	NOTE 5 – REAL ESTATE OWNED (REO) AND MORTGAGES PAYABLE REO transactions and valuation adjustments are summarized in the following table ($ in thousands). 2020 2019 REO Valuation Allowance REO, net REO Valuation Allowance (3) REO, net Balance, beginning of period $ 6,491 $ (3,239 ) $ 3,252 $ 7,700 $ (3,547 ) $ 4,153 Acquisitions from foreclosure (1) 5,787 — 5,787 — — — Valuation allowance adjustment (4) — — — — (631 ) (631 ) Dispositions (2)(3) (234 ) — (234 ) (1,209 ) 939 (270 ) Balance, end of period $ 12,044 $ (3,239 ) $ 8,805 $ 6,491 $ (3,239 ) $ 3,252 (1) In June 2020 the partnership acquired – in Los Angeles County (Hollywood Hills) – by foreclosure sale, two single-family residences on separate adjoining parcels. The larger parcel and residence are 0.31 acres and approximately 5,200 square feet, respectively. The other parcel and residence are 0.12 acres and approximately 3,100 square feet, respectively. The properties were acquired subject to mortgages payable and other liabilities. (2) In 2020, the partnership sold – in San Francisco County – two of the remaining units in a condominium complex for approximately $368,000 resulting in a gain of approximately $134,000. (3) In 2019, the partnership sold 13 acres zoned for residential development in Marin County, the net proceeds for which approximated $270,000. The valuation reserve was increased by $210,000 prior to its sale. (4) In 2019, the valuation allowance on two REO properties was increased by $421,000 as new appraisals coupled with analysis by the manager indicated a decline in the estimated net realizable value of the properties. REO at December 31, 2020 was comprised of five properties with a carrying value of approximately $8,805,000. REO is recorded at fair value less costs to sell at acquisition, and subsequently adjusted to the lower of the recorded cost or fair value less costs to sell based on appraisals and analysis by RMC: • In Los Angeles County (Hollywood Hills), two single-family residences on separate adjoining parcels to be marketed for sale upon resolution of a legal dispute with the former owner/borrower. • In San Francisco County, 1 residential unit in a condominium complex, to be marketed as an affordable-unit to qualifying buyers upon receipt of a listing approved by the City of San Francisco. • In Fresno County, a partially completed home subdivision; the manager is considering marketing alternatives in this inactive market. • In Stanislaus County, approximately 14 acres of undeveloped land zoned commercial, the manager is considering marketing alternatives in this inactive market. • In San Francisco County, a real estate interest comprised of a condominium unit/storage lockers and signage rights on an exterior façade of the building. In June 2020, the REO acquisitions by foreclosure sale (Hollywood Hills) were made subject to two first mortgages, with aggregate principal of approximately $2,449,000, and mortgage interest, property taxes, and other liabilities totaling approximately $175,000. The interest rates on the mortgages payable are deemed to be at market for the type and location of the securing property and the remaining term on the mortgage note, the other terms and conditions are deemed to be customary. The mortgages payable were 201 and 242 days delinquent at the date of the foreclosures sale, with accrued interest in arrears of approximately $33,000 and $40,000, and delinquent property taxes of approximately $23,000 and $47,000 (advanced by the first mortgage lender), respectively. Interest in arrears and delinquent property taxes at acquisition are included in accounts payable on the consolidated balance sheet. Mortgages payable at December 31, 2020 are summarized in the following table ($ in thousands). Lender - summary of terms 2020 Wells Fargo Bank - secured by a first trust deed on a single family residence located in Los Angeles County, matures November 1, 2044, monthly payment $7,754.40, and interest at 4.125% until October 31, 2024; thereafter interest at LIBOR plus 2.25%, Wells Fargo submitted a payoff statement in July 2020. $ 1,453 East West Bank - secured by a first trust deed on a single family residence located in Los Angeles County, matures January 14, 2035, with interest at Prime plus 1% or 4.25% at June 30, 2020. Subsequent to foreclosure, East West Bank submitted a demand to be paid in full in July 2020. 996 Total mortgages payable $ 2,449 Since acquisition, accrued interest of approximately $59,000, and property taxes of approximately $35,000 have been recorded in accrued liabilities on the consolidated balance sheet. The borrower has contested the foreclosure sale, and at December 31, 2020 had not vacated the residences. REO, net in operations expense is comprised of the following for the years ended December 31 ($ in thousands). 2020 2019 Holding costs, net of other income $ 164 $ 53 (Gains)/losses on sales (133 ) (14 ) Valuation adjustments — 631 REO, net $ 31 $ 670 Other income netted in holding costs include month-to-month occupancy rents received (i.e., excluding storage and sign rents) of approximately $55,000 and $58,000 and storage and sign rents of approximately $39,000 and $56,000 in 2020 and 2019, respectively are included in the table above as holding costs, net of other income.

Fair Value

Fair Value	12 Months Ended
	Dec. 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, designated impaired (Level 3) - The fair value of secured loans 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 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 typically provided in appraisals, or by realtors who specialize in multi-family residential properties. Sales 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 reputable 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 – Management’s preferred method for determining the fair value of its commercial buildings is the sale comparison method. Sale comps are typically provided in appraisals, or by realtors who specialize in commercial properties. 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, common areas, and year built. Managements secondary method for valuing its commercial buildings 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. 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 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	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Line of Credit	NOTE 7 – LINE OF CREDIT Line of credit transactions are summarized in the following table ($ in thousands). 2020 Balance, beginning of period $ — Advances 3,640 Repayments (1,187 ) Balance at December 31, 2020 $ 2,453 Line of credit - average daily balance beginning September 28, 2020 (1) $ 3,060 (1) Date the first draw was made. The partnership can borrow up to a maximum principal of $10 million subject to a borrowing base calculation pursuant to a credit and term loan agreement (the loan agreement) dated March 2020 with a bank. Amounts under the loan 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 loan agreement matures March 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 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 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. For each calendar quarter during which the aggregate average daily outstanding 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 average principal outstanding and fifty percent (50%) of the maximum principal of $10 million ($5,000,000). The loan proceeds are to be used exclusively to fund secured loans. The loan agreement provides for customary financial and borrowing base reporting by the partnership to the lending bank and specifies that the partnership 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 than ten percent (10.0%) at the calendar quarter-end, calculated as the principal of loans with payments over 61-days past due as determined by the lending banks guidance, less loan loss allowances, divided by total principal of the partnership’s 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 December 31, 2020, aggregate principal of pledged loans was approximately $5,371,000 with a maximum allowed advance thereon of approximately $3,491,000 subject to the borrowing base calculation. Debt issuance costs of $107,626 are being amortized over the two-year term of the line of credit agreement. For 2020, amortized debt issuance costs included in interest expense totaled approximately $40,000.

Commitments and Contingencies O

Commitments and Contingencies Other than Loan and REO Commitments	12 Months Ended
	Dec. 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 December 31, 2020 is to fund the scheduled limited partner capital withdrawal requests as presented in the following table ($ in thousands). 2021 $ 12,831 2022 8,854 2023 5,900 2024 3,026 2025 812 Thereafter 46 Total $ 31,469 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 December 31, 2020, 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	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 9 – SUBSEQUENT EVENTS In the first quarter of 2021, a related mortgage fund transferred to the partnership one performing loan with principal of approximately $624,000 at par plus accrued interest which approximates fair value. During the same period in 2021, the partnership transferred to a related mortgage fund five performing loans with aggregate principal of approximately $4.7 million at par plus accrued interest, which approximates fair value. The partnership evaluated subsequent events that have occurred after December 31, 2020 and determined that there were no other events or transactions that require recognition or disclosure in the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 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 partners’ 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 involve significant level of uncertainty and have had or are reasonably likely to have a material impact on the partnership’s financial condition or results of operations. 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, including the consideration of adjustments made for any attributes specific to the real estate property. 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 December 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 creditworthiness/investment grade credit rating. See Note 7 (Line of Credit) for compensating balance arrangements.
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 origination 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 operations, performing loans that mature may be renewed at then current market rates and terms for new loans. From time to time, the manager negotiates and enters into loan modifications with borrowers whose loans are delinquent (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 (“TDR"). In March 2020, various federal regulatory agencies issued an interagency statement on loan modifications and reporting for financial institutions working with borrowers affected by COVID-19. The interagency statement was effective immediately and impacted accounting for loan modifications. The agencies confirmed with the staff of the Financial Accounting Standards Board (“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. As of December 31, 2020, the partnership had not made any loan modifications under this guidance. The partnership funds loans with the intent to hold the loans until maturity. From time to time the partnership may sell certain loans. 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. Loans classified as held for sale are carried at the lower of cost or fair value.
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 not collect substantially all amounts due according to the contractual terms of the original loan agreement, then a loan is designated as impaired. An insignificant delay or insignificant shortfall in the amount of payments does not constitute non-performance with the contractual terms of the original loan agreement if the manager expects to collect the amounts due including interest accrued at the contractual interest rate for the period of delay. In determining the probability that the borrower will not substantially perform according to the terms of the original loan agreement, the manager considers the following factors: - Payment status – if payments are in arrears more than 90 days (typically 3 payments past due) loans are designated impaired unless resolution of the delinquency is expected without significant delay. - Bankruptcy – if the borrower files bankruptcy, the loan is designated impaired. - Notice of sale – if the partnership files a notice of sale, the loan is designated impaired. Payments on impaired loans are applied in the following order: late fees, accrued interest, advances, and lastly to principal. A provision for loan losses to adjust the allowance for loan losses (principal and/or recorded interest) is made to 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. REO is analyzed periodically for changes in fair values and any subsequent write down is charged to operations expense as an adjustment to the valuation allowance. 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 or losses 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 on a straight-line basis, which approximates the interest method, 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 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. The partnership 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 the partnership 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 the partnership’s loans at that date. - Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, provides temporary optional expedients for various agreements and contracts that utilize the London Interbank Offered Rate (“LIBOR”) as the benchmark reference rate. The relief generally applies to eligible modifications of contractual terms that change (or have the potential to change) the amount or timing of contractual cash flows related to replacement of a reference rate. The relief allows such modifications to be accounted for as continuations of existing contracts without additional analysis. As the guidance in ASU 2020-04 is intended to assist entities during the global market-wide reference rate transition period, it is in effect from March 12, 2020 through December 31, 2022. The partnership is currently evaluating the impact of the potential discontinuance of LIBOR in relation to the partnership’s line of credit and has not yet adopted the optional relief.

General Partners and Other Re_2

General Partners and Other Related Parties (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Schedule of Formation Loan Activity	Formation loan transactions are presented in the following table ($ in thousands). 2020 2019 Balance, January 1 $ 4,292 $ 4,943 Early withdrawal penalties (196 ) (412 ) Repayments (113 ) (239 ) Balance, December 31 $ 3,983 $ 4,292
Schedule of Withdrawals of Limited Partners' Capital	The table below sets forth withdrawals of limited partners' capital ($ in thousands). Withdrawals 2020 2019 Without penalty $ 15,403 $ 20,162 With penalty 1,958 4,173 Total $ 17,361 $ 24,335 Scheduled, at December 31, $ 31,469 $ 40,159

Loans (Tables)

Loans (Tables)	12 Months Ended
	Dec. 31, 2020
Secured Loan Principal Transactions	Secured loan transactions are summarized in the following table ($ in thousands). 2020 2019 Principal, beginning of period 86,203 97,438 Loans funded 7,718 63,600 Principal collected (10,798 ) (67,095 ) Loan transferred to related mortgage fund (3,374 ) — Loans sold to non-affiliate (2,730 ) (7,740 ) Foreclosures (1) (2,939 ) — Principal, December 31 $ 74,080 $ 86,203 (1) The partnership foreclosed on one loan, with a recorded investment of approximately $3,163,000. The net investment in the loan was adjusted to 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, which resulted in the recognition of foregone interest of approximately $140,000.
Secured Loans Characteristics	Secured loans had the characteristics presented in the following table ($ in thousands). December 31, December 31, 2020 2019 Number of secured loans 33 47 Secured loans – principal $ 74,080 $ 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 $ 2,245 $ 1,834 Average principal as percent of total principal 3.0 % 2.1 % Average principal as percent of partners’ capital, net of formation loan 2.9 % 2.0 % Average principal as percent of total assets 2.7 % 1.9 % Largest secured loan – principal $ 10,200 $ 10,200 Largest principal as percent of total principal 13.8 % 11.8 % Largest principal as percent of partners’ capital, net of formation loan 13.0 % 10.9 % Largest principal as percent of total assets 12.1 % 10.8 % Smallest secured loan – principal $ 46 $ 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 14 15 Largest percentage of principal in one California county 40.0 % 38.2 % Number of secured loans with filed notice of default — 1 Secured loans in foreclosure – principal $ — $ 2,939 Number of secured loans with prepaid interest — 2 Prepaid interest $ — $ 121
Secured Loans by Lien Position in the Collateral	Secured loans had the lien positions in the following table ($ in thousands). December 31, 2020 December 31, 2019 Loans Principal Percent Loans Principal Percent First trust deeds 24 $ 64,286 87 % 31 $ 72,621 84 % Second trust deeds 9 9,794 13 16 13,582 16 Total principal, secured loans 33 74,080 100 % 47 86,203 100 % Liens due other lenders at loan closing 15,759 29,817 Total debt $ 89,839 $ 116,020 Appraised property value at loan closing $ 180,041 $ 226,185 Percent of total debt to appraised values (LTV) at loan closing (2) 53.8 % 55.1 % (2) Based on appraised values and liens due other lenders at loan closing. The weighted-average loan-to-value (LTV) computation above does not take into account subsequent increases or decreases in property values following the loan closing, nor does it include decreases or increases of the amount of senior liens to other lenders.
Secured Loans by Property Type of the Collateral	Secured loans summarized by property type are presented in the following table ($ in thousands). December 31, 2020 December 31, 2019 Loans Principal Percent Loans Principal Percent Single family (3) 19 $ 16,598 22 % 32 $ 30,629 36 % Multi-family 1 6,300 9 2 7,072 7 Commercial 12 49,682 67 12 48,117 56 Land 1 1,500 2 1 385 1 Total principal, secured loans 33 $ 74,080 100 % 47 $ 86,203 100 % (3) Single family property type as of December 31, 2020 consists of 8 loans with aggregate principal of approximately $3,344,000 that are owner occupied and 11 loans with aggregate principal of approximately $13,254,000 that are non-owner occupied. At December 31, 2019, single family property consisted of 12 loans with aggregate principal of approximately $7,642,000 that were owner occupied and 20 loans with aggregate principal approximately of $22,987,000 that were non-owner occupied.
Secured Loans Distributed within California	The distribution of secured loans by counties is presented in the following table ($ in thousands). December 31, 2020 December 31, 2019 Principal Percent Principal Percent San Francisco Bay Area (4) San Francisco $ 29,659 40.0 % $ 32,908 38.2 % San Mateo 16,756 22.6 17,221 20.0 Santa Clara 4,600 6.2 6,281 7.3 Alameda 823 1.1 3,349 3.9 Napa — 0.0 548 0.6 Contra Costa 302 0.4 308 0.3 Marin 917 1.2 513 0.6 53,057 71.5 61,128 70.9 Other Northern California Placer 1,500 2.0 — — Santa Cruz 485 0.7 1,376 1.6 Amador 701 0.9 719 0.8 Mariposa 46 0.1 51 0.1 Monterey — 0.0 193 0.2 2,732 3.7 2,339 2.7 Northern California Total 55,789 75.2 63,467 73.6 Los Angeles & Coastal Los Angeles 10,199 13.8 14,623 17.0 Santa Barbara 2,070 2.8 2,085 2.4 Orange 642 0.9 648 0.8 12,911 17.5 17,356 20.2 Other Southern California San Bernardino 5,380 7.3 5,380 6.2 5,380 7.3 5,380 6.2 Southern California Total 18,291 24.8 22,736 26.4 Total principal, secured loans $ 74,080 100.0 % $ 86,203 100.0 % (4) Includes Silicon Valley
Secured Loans Scheduled Maturities	Secured loans are scheduled to mature as presented in the following table as of December 31, 2020 ($ in thousands). Loans Principal Percent 2021 17 $ 43,920 59 % 2022 10 20,141 27 2023 2 3,798 5 2024 2 1,078 2 2025 — — — Thereafter 1 739 1 Total scheduled maturities 32 69,676 94 Matured as of December 31, 2020 1 4,404 6 Total principal, secured loans 33 $ 74,080 100 %
Past Due Financing Receivables	Payments in arrears for non-performing secured loans (i.e., principal and interest payments past due 30 or more days) are presented in the following table as of December 31, 2020 ($ in thousands). Loans Principal Interest(5) Past maturity Monthly payments Past maturity Monthly payments Past maturity Monthly payments Total payments in arrears Past due 30-89 days (1-3 payments) — — $ — $ — $ — $ — $ — 90-179 days (4-6 payments) — — — — — — — 180 or more days (more than 6 payments) (6) 3 — 15,139 — 849 — 15,988 Total past due 3 — $ 15,139 $ — $ 849 $ — $ 15,988 (5) Interest includes foregone interest of approximately $512,000 on non-accrual loans past maturity. December 2020 interest is due January 1, 2021 and is not included in the payments in arrears at December 31, 2020. (6) Two loans, with an aggregate principal of approximately $10,735,000, included in past maturity payments (principal and interest) 180 or more days, had forbearance agreements in place at December 31, 2020. See the disclosure above for a discussion of the terms of the forbearance agreements. Payments in arrears for non-performing secured loans (i.e., principal and interest payments past due 30 or more days) are presented in the following table as of December 31, 2019 ($ in thousands). Loans Principal Interest(7) Past maturity Monthly payments Past maturity Monthly payments Past maturity Monthly payments Total payments in arrears Past due 30-89 days (1-3 payments) — — $ — $ — $ — $ — $ — 90-179 days (4-6 payments) 1 — 5,355 — 76 — 5,431 180 or more days (more than 6 payments) 3 — 6,955 — 394 — 7,349 Total past due 4 — $ 12,310 $ — $ 470 $ — $ 12,780 (7) Interest includes foregone interest of approximately $243,000 on non-accrual loans past maturity. December 2019 interest was due January 1, 2020 and is not included in the payments in arrears at December 31, 2019.
Secured Loans in Non-Accrual Status	Secured loans in nonaccrual status are summarized in the following table ($ in thousands). December 31, 2020 December 31, 2019 Number of loans 3 3 Principal $ 15,139 $ 6,955 Advances 24 25 Accrued interest 368 184 Total recorded investment $ 15,531 $ 7,164 Foregone interest $ 582 $ 298
Activity in the Allowance for Loan Losses	Activity in the allowance for loan losses is presented in the following table. 2020 2019 Balance, January 1 $ 50 $ — Provision for loan loss — 50 Balance December 31 $ 50 $ 50
By Days Past Due [Member]
Past Due Financing Receivables	Secured loans, principal summarized by payment delinquency is presented in the following table ($ in thousands). December 31, 2020 December 31, 2019 Loans Principal Loans Principal Current 30 $ 58,941 43 $ 73,893 Past Due 30-89 days — — — — 90-179 days — — 1 5,355 180 or more days 3 15,139 3 6,955 Total past due 3 15,139 4 12,310 Total principal, secured loans 33 $ 74,080 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). December 31, 2020 December 31, 2019 Number of loans 3 4 Principal $ 15,139 $ 12,310 Recorded investment (8) 15,531 12,931 Impaired loans without allowance 15,531 12,931 Impaired loans with allowance — — Allowance for loan losses, impaired loans — — Weighted average LTV at origination 54.0 % 68.0 % (8) Recorded investment is the sum of principal, advances, and interest accrued for financial reporting purposes.
Average Balances And Interest Income [Member]
Impaired Financing Receivables	Loans designated impaired had an average recorded investment and interest income recognized and received in cash as presented in the following table ($ in thousands). December 31, 2020 December 31, 2019 Average recorded investment $ 14,231 $ 8,160 Interest income recognized 1,271 298 Interest income received in cash 502 284

Real Estate Owned (REO) and M_2

Real Estate Owned (REO) and Mortgages Payable (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Summary of REO Transactions and Valuation Adjustments	REO transactions and valuation adjustments are summarized in the following table ($ in thousands). 2020 2019 REO Valuation Allowance REO, net REO Valuation Allowance (3) REO, net Balance, beginning of period $ 6,491 $ (3,239 ) $ 3,252 $ 7,700 $ (3,547 ) $ 4,153 Acquisitions from foreclosure (1) 5,787 — 5,787 — — — Valuation allowance adjustment (4) — — — — (631 ) (631 ) Dispositions (2)(3) (234 ) — (234 ) (1,209 ) 939 (270 ) Balance, end of period $ 12,044 $ (3,239 ) $ 8,805 $ 6,491 $ (3,239 ) $ 3,252
Schedule of Mortgage Payable	Mortgages payable at December 31, 2020 are summarized in the following table ($ in thousands). Lender - summary of terms 2020 Wells Fargo Bank - secured by a first trust deed on a single family residence located in Los Angeles County, matures November 1, 2044, monthly payment $7,754.40, and interest at 4.125% until October 31, 2024; thereafter interest at LIBOR plus 2.25%, Wells Fargo submitted a payoff statement in July 2020. $ 1,453 East West Bank - secured by a first trust deed on a single family residence located in Los Angeles County, matures January 14, 2035, with interest at Prime plus 1% or 4.25% at June 30, 2020. Subsequent to foreclosure, East West Bank submitted a demand to be paid in full in July 2020. 996 Total mortgages payable $ 2,449
Summary of REO, Net	REO, net in operations expense is comprised of the following for the years ended December 31 ($ in thousands). 2020 2019 Holding costs, net of other income $ 164 $ 53 (Gains)/losses on sales (133 ) (14 ) Valuation adjustments — 631 REO, net $ 31 $ 670

Line of Credit (Tables)

Line of Credit (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Activity Involving Line of Credit	Line of credit transactions are summarized in the following table ($ in thousands). 2020 Balance, beginning of period $ — Advances 3,640 Repayments (1,187 ) Balance at December 31, 2020 $ 2,453 Line of credit - average daily balance beginning September 28, 2020 (1) $ 3,060

Commitments and Contingencies_2

Commitments and Contingencies Other than Loan and REO Commitments (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Scheduled limited partner capital withdrawal requests	The partnership’s only commitment at December 31, 2020 is to fund the scheduled limited partner capital withdrawal requests as presented in the following table ($ in thousands). 2021 $ 12,831 2022 8,854 2023 5,900 2024 3,026 2025 812 Thereafter 46 Total $ 31,469

Organization and General - Addi

Organization and General - Additional Information (Details) - Installment	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Organizational and General Details [Line Items]
Ownership interest held by the general partner	61.00%	62.00%
Loan to value ratios	54.00%	68.00%
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 [Member] | Maximum [Member]
Organizational and General Details [Line Items]
Loan to value ratios	70.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 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 Financial Accounting Standards Board (“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.
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)	Oct. 30, 2020USD ($)	Dec. 31, 2022USD ($)	Dec. 31, 2020USD ($)Loan	Dec. 31, 2019USD ($)	Oct. 19, 2020USD ($)
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).
Loan Brokerage Commissions, Maximum Percent of Assets			4.00%
Quarterly payments of principal, without interest			$ 162,500
Scheduled withdrawals			31,469,000
Withdrawal penalties			196,000	$ 412,000
Amount due from manager and related mortgage funds, net			$ 1,713,000	0
Number of performing loans | Loan			4
Performing loans mortgaged, par value			$ 3,374,000
Total mortgage loans amount			2,449,000
Redwood Mortgage Investors IX [Member]
General Partners And Other Related Parties Details [Line Items]
Borrowings from related party			850,000
Total mortgage loans amount			2,331,000		$ 7,535,000
Interest expense, borrowings			2,700
Lending to related party					$ 800,000
Interest income, lending	$ 1,831
Limited Partner [Member]
General Partners And Other Related Parties Details [Line Items]
Scheduled withdrawals			31,469,000	$ 40,159,000
Withdrawal penalties			$ 521,000
Scenario Forecast [Member]
General Partners And Other Related Parties Details [Line Items]
Formation loan advances to RMC		$ 650,000
Maximum [Member]
General Partners And Other Related Parties Details [Line Items]
Annual mortgage servicing fees, percentage			1.50%
RMC [Member]
General Partners And Other Related Parties 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]
General Partners And Other Related Parties Details [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Profit (Loss) Percentage			1.00%
Payable to related parties			$ 3,388
Partial settlement of payable to related parties offset by receivable			$ 5,101

General Partners and Other Re_4

General Partners and Other Related Parties - Formation Loan Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Formation Loan - Transactions [Abstract]
Balance, January 1	$ 4,292	$ 4,943
Early withdrawal penalties	(196)	(412)
Repayments	(113)	(239)
Balance, December 31	$ 3,983	$ 4,292

General Partners and Other Re_5

General Partners and Other Related Parties - Schedule of Withdrawals of Limited Partners' Capital (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
General Partners And Other Related Parties Details [Line Items]
Scheduled withdrawals, at December 31	$ 31,469,000
Limited Partner [Member]
General Partners And Other Related Parties Details [Line Items]
Scheduled withdrawals, at December 31	31,469,000	$ 40,159,000
Limited Partner [Member] | Capital Withdrawals-without Penalty [Member]
General Partners And Other Related Parties Details [Line Items]
Total, Capital withdrawals	15,403,000	20,162,000
Limited Partner [Member] | Capital Withdrawals-subject to Penalty [Member]
General Partners And Other Related Parties Details [Line Items]
Total, Capital withdrawals	1,958,000	4,173,000
Limited Partner [Member] | Capital Subject to Withdrawals Net [Member]
General Partners And Other Related Parties Details [Line Items]
Total, Capital withdrawals	$ 17,361,000	$ 24,335,000

Loans - Additional Information

Loans - Additional Information (Details)	1 Months Ended						12 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)LoanMortgageLoan	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jul. 31, 2019USD ($)Loan	Aug. 31, 2018	Dec. 31, 2020USD ($)LoanMortgageLoan	Dec. 31, 2019USD ($)LoanMortgageLoan	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Oct. 21, 2011
Loans Details [Line Items]
Loans receivable, term							5 years
Loans receivable number of loans | Loan		33					33	47
Loans receivable, number of interest only loans | Loan		14					14
Loans receivable, amortization term							30 years
Mortgage loans on real estate number of loans renewed | Loan							18	9
Mortgage loans on real estate principal renewed							$ 53,340,000	$ 13,814,000
Number of loans sold to an unaffiliated third party | Loan		2			3
Aggregate principal amount of loans sold to unaffiliated third party		$ 2,730,000			$ 7,740,000		2,730,000
Accrued interest of loans sold to unaffiliated third party		13,500					13,500
Gain recognized on sales of loans		26,000			$ 38,000
Largest secured loan - principal (in Dollars)		$ 10,200,000					10,200,000	10,200,000
Loans receivable maturity date			Jul. 1, 2020	Oct. 1, 2019
Loan amount funded							$ 7,718,000	$ 63,600,000
Delinquent loans, number | MortgageLoan		33					33	47
Mortgage loan balance			$ 5,380,000	$ 5,355,000
Loans Receivable Defer Maturity Date		Dec. 31, 2021	Dec. 1, 2020	Jan. 1, 2021
Non-performing loans		$ 15,100,000					$ 15,100,000	$ 12,300,000
Non-Performing Number Of Loans		3					3	4
Accrued interest		$ 716,000					$ 716,000	$ 692,000
Provision (and allowance) for loan losses		50,000					50,000	50,000
Recovery for loan losses				$ 134,000
Principal		$ 74,080,000					$ 74,080,000	86,203,000		$ 97,438,000
Percentage of membership interest equal to distributions of profit and return of invested capital											25.00%
Percentage of claim of profit and amount to be distributed to developer						25.00%
Workout Agreements [Member]
Loans Details [Line Items]
Principal									$ 1,612,500
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
Accrued interest								$ 114,000
Loans receivable, number of days past maturity date								90 days
Subsequent Event [Member]
Loans Details [Line Items]
Payment receivable from borrower	$ 675,000
Past Due 180 Days or More [Member] | Forbearance Agreement [Member]
Loans Details [Line Items]
Delinquent loans, number | MortgageLoan		2					2
Mortgage loan balance		$ 10,735,000					$ 10,735,000
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		22					22
Loans receivable, percent of aggregate principal		85.00%					85.00%
Interest Only [Member]
Loans Details [Line Items]
Loans receivable, percent of aggregate principal		76.00%					76.00%
Largest Loan [Member]
Loans Details [Line Items]
Largest secured loan - principal (in Dollars)		$ 10,200,000					$ 10,200,000
Loans receivable, yield of loan acquired		9.50%					9.50%
Loans receivable maturity date							Mar. 1, 2021
Extension period							1 year
Extension date							Mar. 31, 2022
Construction Loans [Member]
Loans Details [Line Items]
Loans outstanding		$ 0					$ 0
Rehabilitation Loans [Member]
Loans Details [Line Items]
Loans outstanding		$ 0					$ 0

Loans - Secured Loan Principal

Loans - Secured Loan Principal Transactions (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Principal, beginning of period		$ 86,203	$ 97,438
Loans funded		7,718	63,600
Principal collected		(10,798)	(67,095)
Loan transferred to related mortgage fund		(3,374)
Loans sold to non-affiliate		(2,730)	(7,740)
Foreclosures	[1]	(2,939)
Principal, ending of period		$ 74,080	$ 86,203
[1]	The partnership foreclosed on one loan, with a recorded investment of approximately $3,163,000. The net investment in the loan was adjusted to 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, which resulted in the recognition of foregone interest of approximately $140,000.

Loans - Secured Loan Principa_2

Loans - Secured Loan Principal Transactions (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2020USD ($)Loan
Receivables [Abstract]
Number of loan partnership foreclosed | Loan	1
Recorded investment	$ 3,163,000
Foregone interest	$ 140,000

Loans - Secured Loans Character

Loans - Secured Loans Characteristics (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2020MortgageLoan	Dec. 31, 2020USD ($)LoanCountyMortgageLoan	Dec. 31, 2019USD ($)LoanCountyMortgageLoan	Dec. 31, 2018USD ($)
Secured Loan Transactions [Line Items]
Number of secured loans | Loan		33	47
Secured loans - principal (in Dollars)		$ 74,080	$ 86,203	$ 97,438
Average secured loan - principal (in Dollars)		$ 2,245	$ 1,834
Average principal as percent of total principal		3.00%	2.10%
Average principal as percent of partners’ capital, net of formation loan		2.90%	2.00%
Average principal as percent of total assets		2.70%	1.90%
Largest secured loan - principal (in Dollars)		$ 10,200	$ 10,200
Largest principal as percent of total principal		13.80%	11.80%
Largest principal as percent of partners’ capital, net of formation loan		13.00%	10.90%
Largest principal as percent of total assets		12.10%	10.80%
Smallest secured loan - principal (in Dollars)		$ 46	$ 51
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		14	15
Largest percentage of principal in one California county		40.00%	38.20%
Number of secured loans with filed notice of default | MortgageLoan	2	33	47
Secured loans in foreclosure - principal (in Dollars)			$ 2,939
Prepaid interest			$ 121
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 filed notice of default | MortgageLoan			1
Prepaid Interest [Member]
Secured Loan Transactions [Line Items]
Number of secured loans with filed notice of default | MortgageLoan			2

Loans - Secured Loans by Lien P

Loans - Secured Loans by Lien Position in the Collateral (Details) $ in Thousands		1 Months Ended	12 Months Ended
		Jun. 30, 2020MortgageLoan	Dec. 31, 2020USD ($)MortgageLoan	Dec. 31, 2019USD ($)MortgageLoan	Dec. 31, 2018USD ($)
Loans Details - Secured Loans by Lien Position in the Collateral [Line Items]
Number of secured loans | MortgageLoan		2	33	47
Secured loans, principal			$ 74,080	$ 86,203	$ 97,438
Liens due other lenders at loan closing (in Dollars)			15,759	29,817
Total debt (in Dollars)			89,839	116,020
Appraised property value at loan closing (in Dollars)			$ 180,041	$ 226,185
Percent of total debt to appraised values (LTV) at loan closing	[1]		53.80%	55.10%
Loans - percent			100.00%	100.00%
First Trust Deeds [Member]
Loans Details - Secured Loans by Lien Position in the Collateral [Line Items]
Number of secured loans | MortgageLoan			24	31
Secured loans, principal			$ 64,286	$ 72,621
Loans - percent			87.00%	84.00%
Second Trust Deeds [Member]
Loans Details - Secured Loans by Lien Position in the Collateral [Line Items]
Number of secured loans | MortgageLoan			9	16
Secured loans, principal			$ 9,794	$ 13,582
Loans - percent			13.00%	16.00%
[1]	Based on appraised values and liens due other lenders at loan closing. The weighted-average loan-to-value (LTV) computation above does not take into account subsequent increases or decreases in property values following the loan closing, nor does it include decreases or increases of the amount of senior liens to other lenders.

Loans - Secured Loans by Proper

Loans - Secured Loans by Property Type (Details) $ in Thousands		1 Months Ended	12 Months Ended
		Jun. 30, 2020MortgageLoan	Dec. 31, 2020USD ($)MortgageLoan	Dec. 31, 2019USD ($)MortgageLoan	Dec. 31, 2018USD ($)
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of secured loans | MortgageLoan		2	33	47
Secured loans, principal | $			$ 74,080	$ 86,203	$ 97,438
Loans - percent			100.00%	100.00%
Single Family [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of secured loans | MortgageLoan	[1]		19	32
Secured loans, principal | $	[1]		$ 16,598	$ 30,629
Loans - percent	[1]		22.00%	36.00%
Multi-family [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of secured loans | MortgageLoan			1	2
Secured loans, principal | $			$ 6,300	$ 7,072
Loans - percent			9.00%	7.00%
Commercial [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of secured loans | MortgageLoan			12	12
Secured loans, principal | $			$ 49,682	$ 48,117
Loans - percent			67.00%	56.00%
Land [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of secured loans | MortgageLoan			1	1
Secured loans, principal | $			$ 1,500	$ 385
Loans - percent			2.00%	1.00%
[1]	Single family property type as of December 31, 2020 consists of 8 loans with aggregate principal of approximately $3,344,000 that are owner occupied and 11 loans with aggregate principal of approximately $13,254,000 that are non-owner occupied. At December 31, 2019, single family property consisted of 12 loans with aggregate principal of approximately $7,642,000 that were owner occupied and 20 loans with aggregate principal approximately of $22,987,000 that were non-owner occupied.

Loans - Secured Loans by Prop_2

Loans - Secured Loans by Property Type (Parenthetical) (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2020MortgageLoan	Dec. 31, 2020USD ($)MortgageLoan	Dec. 31, 2019USD ($)MortgageLoan	Dec. 31, 2018USD ($)
Loans Details [Line Items]
Number of secured loans | MortgageLoan	2	33	47
Secured loans, principal | $		$ 74,080,000	$ 86,203,000	$ 97,438,000
Single Family Property-Owner Occupied [Member]
Loans Details [Line Items]
Number of secured loans | MortgageLoan		8	12
Secured loans, principal | $		$ 3,344,000	$ 7,642,000
Single Family Property-NonOwner Occupied [Member]
Loans Details [Line Items]
Number of secured loans | MortgageLoan		11	20
Secured loans, principal | $		$ 13,254,000	$ 22,987,000

Loans - Secured Loans Distribut

Loans - Secured Loans Distributed within California (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 74,080	$ 86,203	$ 97,438
Loans - percent		100.00%	100.00%
San Francisco Bay Area [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal	[1]	$ 53,057	$ 61,128
Loans - percent	[1]	71.50%	70.90%
San Francisco [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 29,659	$ 32,908
Loans - percent		40.00%	38.20%
San Mateo [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 16,756	$ 17,221
Loans - percent		22.60%	20.00%
Santa Clara [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 4,600	$ 6,281
Loans - percent		6.20%	7.30%
Alameda [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 823	$ 3,349
Loans - percent		1.10%	3.90%
Napa [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal			$ 548
Loans - percent		0.00%	0.60%
Contra Costa [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 302	$ 308
Loans - percent		0.40%	0.30%
Marin [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 917	$ 513
Loans - percent		1.20%	0.60%
Other Northern California [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 2,732	$ 2,339
Loans - percent		3.70%	2.70%
Placer [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 1,500
Loans - percent		2.00%
Santa Cruz [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 485	$ 1,376
Loans - percent		0.70%	1.60%
Amador [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 701	$ 719
Loans - percent		0.90%	0.80%
Mariposa [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 46	$ 51
Loans - percent		0.10%	0.10%
Monterey [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal			$ 193
Loans - percent		0.00%	0.20%
Northern California [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 55,789	$ 63,467
Loans - percent		75.20%	73.60%
Los Angeles And Coastal [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 12,911	$ 17,356
Loans - percent		17.50%	20.20%
Los Angeles [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 10,199	$ 14,623
Loans - percent		13.80%	17.00%
Santa Barbara [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 2,070	$ 2,085
Loans - percent		2.80%	2.40%
Orange [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 642	$ 648
Loans - percent		0.90%	0.80%
Other Southern California [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 5,380	$ 5,380
Loans - percent		7.30%	6.20%
San Bernardino [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 5,380	$ 5,380
Loans - percent		7.30%	6.20%
Southern California [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 18,291	$ 22,736
Loans - percent		24.80%	26.40%
[1]	Includes Silicon Valley

Loans - Secured Loans Scheduled

Loans - Secured Loans Scheduled Maturities (Details) $ in Thousands	Dec. 31, 2020USD ($)Loan	Dec. 31, 2019USD ($)Loan	Dec. 31, 2018USD ($)
Receivables [Abstract]
2021, Loan | Loan	17
2022, Loan | Loan	10
2023, Loan | Loan	2
2024, Loan | Loan	2
Thereafter, Loan | Loan	1
Total scheduled maturities, Loan | Loan	32
Matured as of December 31, 2020, Loan | Loan	1
Total principal, secured loans, Loan | Loan	33	47
2021, Principal | $	$ 43,920
2022, Principal | $	20,141
2023, Principal | $	3,798
2024, Principal | $	1,078
Thereafter, Principal | $	739
Total scheduled maturities, Principal | $	69,676
Matured as of December 31, 2020, Principal | $	4,404
Total principal, secured loans, Principal | $	$ 74,080	$ 86,203	$ 97,438
2021, Percent	59.00%
2022, Percent	27.00%
2023, Percent	5.00%
2024, Percent	2.00%
Thereafter, Percent	1.00%
Total scheduled maturities, Percent	94.00%
Matured as of December 31, 2020, Percent	6.00%
Total principal, secured loans, Percent	100.00%

Loans - Secured Loans Summarize

Loans - Secured Loans Summarized by Payment Delinquency (Details) $ in Thousands	Dec. 31, 2020USD ($)MortgageLoan	Dec. 31, 2019USD ($)MortgageLoan	Dec. 31, 2018USD ($)
Loans (Details) - Secured Loans by Property Type [Line Items]
Delinquent loans, number | MortgageLoan	33	47
Principal | $	$ 74,080	$ 86,203	$ 97,438
Current [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Delinquent loans, number | MortgageLoan	30	43
Principal | $	$ 58,941	$ 73,893
Past Due 90-179 Days [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Delinquent loans, number | MortgageLoan		1
Principal | $		$ 5,355
Past Due 180 Days or More [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Delinquent loans, number | MortgageLoan	3	3
Principal | $	$ 15,139	$ 6,955
Past Due [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Delinquent loans, number | MortgageLoan	3	4
Principal | $	$ 15,139	$ 12,310

Loans - Schedule of Payments in

Loans - Schedule of Payments in Arrears Past Due Financing Receivables (Details) $ in Thousands		Dec. 31, 2020USD ($)Loan		Dec. 31, 2019USD ($)Loan
90-179 days (4-6 payments)
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of loans | Loan				1
Past maturity, principal				$ 5,355
Past maturity, interest	[1]			76
Total payments				$ 5,431
180 or more days (more than 6 payments)
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of loans | Loan		3	[2]	3
Past maturity, principal		$ 15,139	[2]	$ 6,955
Past maturity, interest		849	[2],[3]	394	[1]
Total payments		$ 15,988	[2]	$ 7,349
Total Payments Past Due
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of loans | Loan		3		4
Past maturity, principal		$ 15,139		$ 12,310
Past maturity, interest		849	[3]	470	[1]
Total payments		$ 15,988		$ 12,780
[1]	Interest includes foregone interest of approximately $243,000 on non-accrual loans past maturity. December 2019 interest was due January 1, 2020 and is not included in the payments in arrears at December 31, 2019.
[2]	Two loans, with an aggregate principal of approximately $10,735,000, included in past maturity payments (principal and interest) 180 or more days, had forbearance agreements in place at December 31, 2020. See the disclosure above for a discussion of the terms of the forbearance agreements.
[3]	Interest includes foregone interest of approximately $512,000 on non-accrual loans past maturity. December 2020 interest is due January 1, 2021 and is not included in the payments in arrears at December 31, 2020.

Loans - Schedule of Payments _2

Loans - Schedule of Payments in Arrears Past Due Financing Receivables (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2020USD ($)Loan		Dec. 31, 2019USD ($)Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Foregone interest	$ 140,000
180 or more days (more than 6 payments)
Financing Receivable Recorded Investment Past Due [Line Items]
Foregone interest	$ 512,000		$ 243,000,000
Interest, Due Date	Jan. 1, 2021		Jan. 1, 2020
Number of loans | Loan	3	[1]	3
Principal	$ 15,988,000	[1]	$ 7,349,000
180 or more days (more than 6 payments) | Forbearance Agreement [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Number of loans | Loan	2
Principal	$ 10,735,000
[1]	Two loans, with an aggregate principal of approximately $10,735,000, included in past maturity payments (principal and interest) 180 or more days, had forbearance agreements in place at December 31, 2020. See the disclosure above for a discussion of the terms of the forbearance agreements.

Loans - Secured Loans in Non-Ac

Loans - Secured Loans in Non-Accrual Status (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2020MortgageLoan	Dec. 31, 2020USD ($)MortgageLoan	Dec. 31, 2019USD ($)MortgageLoan	Dec. 31, 2018USD ($)
Loans Details Secured Loans In Nonaccrual Status [Line Items]
Number of secured loans | MortgageLoan	2	33	47
Secured loans, principal		$ 74,080,000	$ 86,203,000	$ 97,438,000
Accrued interest		716,000	$ 692,000
Foregone interest		$ 140,000
Non-accrual Status [Member]
Loans Details Secured Loans In Nonaccrual Status [Line Items]
Number of secured loans | MortgageLoan		3	3
Secured loans, principal		$ 15,531,000	$ 7,164,000
Accrued interest		368,000	184,000
Foregone interest		582,000	298,000
Principal [Member] | Non-accrual Status [Member]
Loans Details Secured Loans In Nonaccrual Status [Line Items]
Secured loans, principal		15,139,000	6,955,000
Advances [Member] | Non-accrual Status [Member]
Loans Details Secured Loans In Nonaccrual Status [Line Items]
Secured loans, principal		$ 24,000	$ 25,000

Loans - Activity in the Allowan

Loans - Activity in the Allowance for Loan Losses (Details)	12 Months Ended
	Dec. 31, 2019USD ($)
Receivables [Abstract]
Provision for loan loss	$ 50,000
Balance December 31	$ 50,000

Loans - Secured Loans Designate

Loans - Secured Loans Designated as Impaired Loans (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2020USD ($)Loan	Dec. 31, 2019USD ($)Loan
Secured Loans Designated as Impaired Loans [Abstract]
Number of loans | Loan		3	4
Principal		$ 15,139	$ 12,310
Recorded investment	[1]	15,531	12,931
Impaired loans without allowance		$ 15,531	$ 12,931
Loan to value ratios		54.00%	68.00%
[1]	Recorded investment is the sum of principal, advances, and interest accrued for financial reporting purposes.

Loans - Impaired Loans - Averag

Loans - Impaired Loans - Average Balances and Interest Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Impaired Loans - Average Balances and Interest Income [Abstract]
Average recorded investment	$ 14,231	$ 8,160
Interest income recognized	1,271	298
Interest income received in cash	$ 502	$ 284

Summary of REO Transactions and

Summary of REO Transactions and Valuation Adjustments (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019
'Real Estate Owned REO Details [Line Items]
Balance, beginning of period		$ 3,252
Valuation allowance, balance, beginning of period		(3,239)		$ (3,547)
Valuation allowance adjustment(4)				(631)
Valuation allowance, Disposition				939
Balance, end of period		8,805		3,252
Valuation allowance, Balance, end of period		(3,239)		(3,239)
R E O Balance
'Real Estate Owned REO Details [Line Items]
Balance, beginning of period		6,491		7,700
Acquisitions from foreclosure(1)	[1]	5,787
Dispositions(2)(3)		(234)	[2],[3]	(1,209)
Balance, end of period		12,044		6,491
R E O Net
'Real Estate Owned REO Details [Line Items]
Balance, beginning of period		3,252		4,153
Acquisitions from foreclosure(1)	[1]	5,787
Valuation allowance adjustment(4)				(631)
Dispositions(2)(3)		(234)	[2],[3]	(270)
Balance, end of period		$ 8,805		$ 3,252
[1]	In June 2020 the partnership acquired – in Los Angeles County (Hollywood Hills) – by foreclosure sale, two single-family residences on separate adjoining parcels. The larger parcel and residence are 0.31 acres and approximately 5,200 square feet, respectively. The other parcel and residence are 0.12 acres and approximately 3,100 square feet, respectively. The properties were acquired subject to mortgages payable and other liabilities.
[2]	In 2019, the partnership sold 13 acres zoned for residential development in Marin County, the net proceeds for which approximated $270,000. The valuation reserve was increased by $210,000 prior to its sale.
[3]	In 2020, the partnership sold – in San Francisco County – two of the remaining units in a condominium complex for approximately $368,000 resulting in a gain of approximately $134,000.

Real Estate Owned (REO) and M_3

Real Estate Owned (REO) and Mortgages Payable - Additional Information (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)MortgageLoanProperty	Dec. 31, 2020USD ($)aft²MortgageLoanProperty	Dec. 31, 2019USD ($)aMortgageLoan
'Real Estate Owned REO Details [Line Items]
REO - sales proceeds, net		$ 368,000	$ 281,000
Valuation adjustment			(631,000)
Real estate owned (REO), net		$ 8,805,000	$ 3,252,000
Number of secured loans with filed notice of default | MortgageLoan	2	33	47
Principal due	$ 2,449,000
Noncash or Part Noncash Acquisition, Other Assets Acquired	$ 175,000,000
Number of days for foreclosure sales		201 days	242 days
Interest in arrears		$ 59,000
Delinquent property taxes		35,000
Rental operations, net		55,000	$ 58,000
Occupancy rents received excluding storage and sign rents		39,000	56,000
Accounts Payable [Member]
'Real Estate Owned REO Details [Line Items]
Interest in arrears		33,000,000	40,000,000
Delinquent property taxes		$ 23,000,000	47,000,000
Partnership Property Held For Sale [Member]
'Real Estate Owned REO Details [Line Items]
Number of real estate properties | Property		5
Real estate owned (REO), net		$ 8,805,000
Los Angeles County [Member]
'Real Estate Owned REO Details [Line Items]
Number of units in real estate property | Property	2
Los Angeles County [Member] | Family Residence [Member]
'Real Estate Owned REO Details [Line Items]
Number of units in real estate property | Property		2
Los Angeles County [Member] | Family Residence [Member] | Large Parcel [Member]
'Real Estate Owned REO Details [Line Items]
Area of real estate property | a		0.31
Los Angeles County [Member] | Family Residence [Member] | Residence [Member]
'Real Estate Owned REO Details [Line Items]
Area of real estate property | ft²		5,200
Los Angeles County [Member] | Family Residence [Member] | Other Parcel [Member]
'Real Estate Owned REO Details [Line Items]
Area of real estate property | a		0.12
Los Angeles County [Member] | Family Residence [Member] | Other Residence [Member]
'Real Estate Owned REO Details [Line Items]
Area of real estate property | ft²		3,100
Marin County [Member]
'Real Estate Owned REO Details [Line Items]
Proceeds from sale of real estate			270,000
Increase in Valuation Reserve			210,000,000
Valuation adjustment			$ 421,000,000
Marin County [Member] | Residential Single Family | Partnership Property Held For Sale [Member]
'Real Estate Owned REO Details [Line Items]
Area of real estate property | a			13
San Francisco County [Member] | Condominium Complex [Member]
'Real Estate Owned REO Details [Line Items]
REO - sales proceeds, net		$ 368,000
Gains (Losses) on Sales of Other Real Estate		$ 134,000
San Francisco County [Member] | Condominium Complex [Member] | Partnership Property Held For Sale [Member]
'Real Estate Owned REO Details [Line Items]
Number of real estate properties | Property		1
San Francisco County [Member] | Condominium Complex [Member] | Sold [Member]
'Real Estate Owned REO Details [Line Items]
Number of units in real estate property | Property		2
Fresno County California [Member] | Home Subdivision [Member] | Partnership Property Held For Sale [Member]
'Real Estate Owned REO Details [Line Items]
Number of units in real estate property | Property		1
Stanislaus County [Member] | Commercial Property [Member] | Partnership Property Held For Sale [Member]
'Real Estate Owned REO Details [Line Items]
Area of real estate property | a		14

Real Estate Owned (REO) and M_4

Real Estate Owned (REO) and Mortgages Payable - Schedule of Mortgages Payable (Details) $ in Thousands	Dec. 31, 2020USD ($)
Real Estate [Line Items]
Total mortgages payable	$ 2,449
Wells Fargo Bank [Member]
Real Estate [Line Items]
Total mortgages payable	1,453
East West Bank [Member]
Real Estate [Line Items]
Total mortgages payable	$ 996

Real Estate Owned (REO) and M_5

Real Estate Owned (REO) and Mortgages Payable - Summary of REO, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Holding costs, net of other income	$ 164	$ 53
(Gains)/losses on sales	(133)	(14)
Valuation adjustments		631
REO, net	$ 31	$ 670

Line of Credit - Schedule of Ac

Line of Credit - Schedule of Activity Involving Line of Credit (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
Advances	$ 3,640
Repayments	(1,187)
Balance at December 31, 2020	2,453
Line of credit - average daily balance beginning September 28, 2020(1)	$ 3,060

Line of Credit - Additional Inf

Line of Credit - Additional Information (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Line Of Credit Facility [Line Items]
Amortization of debt issuance costs		$ 40,000
Interest expense		143,000
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Line of credit facility, maximum amount outstanding during period		$ 10,000,000
Agreement maturity date		Mar. 31, 2022
Line of credit facility, conversion of outstanding principal balance to term loan of fee		0.25%
Maturity date extended		Mar. 31, 2023
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 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, unused line of fee		0.50%
Line of Credit Facility, Commitment Fee Description		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 average principal outstanding and fifty percent (50%) of the maximum principal of $10 million ($5,000,000).
Pledged loans, aggregate principal amount	$ 5,371,000	$ 5,371,000
Pledged loans, advance amount	$ 3,491,000	3,491,000
Amortization of debt issuance costs		107,626
Interest expense		$ 40,000
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	$ 1,000,000	$ 1,000,000
Revolving Credit Facility [Member] | Maximum [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	$ 50,000,000	$ 50,000,000
Debt instrument, covenant description		the partnership 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] | 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
Line Of Credit [Member] | Maximum [Member] | Financial Asset, 61 Days Past Due [Member]
Line Of Credit Facility [Line Items]
Delinquency rate		10.00%

Commitments and Contingencies_3

Commitments and Contingencies Other than Loan and REO Commitments - Scheduled Capital Account Withdrawal Requests (Details) $ in Thousands	Dec. 31, 2020USD ($)
Partners Capital Account Withdrawals [Abstract]
2021	$ 12,831
2022	8,854
2023	5,900
2024	3,026
2025	812
Thereafter	46
Total	$ 31,469

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)MortgageLoan	Mar. 31, 2021USD ($)LoanMortgageLoan	Dec. 31, 2020MortgageLoan	Dec. 31, 2019MortgageLoan	Sep. 30, 2020USD ($)
Subsequent Event [Line Items]
Number of secured loans | MortgageLoan	2		33	47
Mortgage loan principal balance	$ 5,355,000				$ 5,380,000
Subsequent Event [Member] | One Performing Loan [Member]
Subsequent Event [Line Items]
Number of secured loans | Loan		1
Mortgage loan principal balance		$ 624,000
Subsequent Event [Member] | Five Performing Loans [Member]
Subsequent Event [Line Items]
Number of secured loans | MortgageLoan		5
Mortgage loan principal balance		$ 4,700,000