Manager and Other Related Parties (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Accounts, Notes, Loans and Financing Receivable

Formation loan transactions for the three months ended March 31, 2022 and 2021 are presented in the following table ($ in thousands).


	2022			2021
Balance, January 1	$	3,388		$	3,812
Payments received from RMC		(123	)		(119	)
Early withdrawal penalties applied		—			(4	)
Balance, March 31	$	3,265		$	3,689

Schedule of Unit Redemptions

Redemptions of members’ capital for the three months ended March 31, 2022 and 2021 are presented in the following table ($ in thousands).


Redemptions	2022		2021
Without penalty	$	1,816	$	750
With penalty		111		177
Total	$	1,927	$	927
Early withdrawal penalties	$	3	$	8

Summary of Organization and Offering Expenses

Unallocated O&O transactions for the three months ended March 31, 2022 and 2021 are summarized in the following table ($ in thousands).


	2022			2021
Balance, January 1	$	1,458		$	1,858
O&O expenses allocated		(73	)		(77	)
O&O expenses paid by RMC(1)		(34	)		(18	)
Early withdrawal penalties applied (2)		—			(4	)
Balance, March 31	$	1,351		$	1,759

RMC is obligated per the Operating Agreement to repay RMI IX for the amount of unallocated O&O expenses attributed to a member’s capital account if the member redeems prior to the 40 quarterly allocations. RMC estimated its future obligation to repay unallocated O&O expenses on scheduled redemptions as of March 31, 2022, to be approximately $21,000.

(2)

Beginning in 2022, RMC discontinued the specific allocation of early withdrawal penalties it received to the formation loan and to the amount owed for unallocated O&O expenses on redeeming-members’ accounts. Prior to 2022, the O&O expenses component of early withdrawal penalties were applied as a reduction to O&O expenses to be repaid by RMC to members’ capital on scheduled redemptions. The amounts credited were determined by the ratio between the amount of the formation loan and the amount of offering costs incurred by the company. The change in 2022 has no net effect on the amounts paid by RMC to RMI IX.