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Organization and General (Tables)
3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Summary of Gross Proceeds from Sales of Units

Gross proceeds from sales of units from inception (October, 2009) through March 31, 2018 are summarized below.

 

 

Proceeds

 

From investors - admitted

$

67,106,564

 

From members under our DRIP

 

6,830,872

 

From premiums paid by RMC(1)

 

296,209

 

Total proceeds from unit sales

$

74,233,645

 

 

 

(1)

If a member acquired units through an unsolicited sale (i.e. without broker/dealer) the member’s capital account is credited with their capital contribution plus a premium paid by RMC equal to the amount of the sales commissions that otherwise would have been paid to a broker-dealer by RMC. This premium is reported in the year paid as taxable income to the member.

 

As of March 31, 2018, we had sold approximately 74,234,000 units– 39,407,000 units under our previous registration statements and approximately 34,827,000 units under our current registration statement which was effective on June 6, 2016. Correspondingly, gross proceeds from unit sales at $1 per unit (including units issued under our distribution reinvestment plan) were approximately $39,407,000 and $34,827,000, respectively.