Manager and Other Related Parties (Tables)

3 Months Ended

Mar. 31, 2018

Summary of Fees Waived and Costs Reimbursements

Fees waived and costs reimbursements for the three months ended March 31, 2018

				Operating Expenses
	Loan Admin Fees			Mortgage Servicing Fees		Asset Management Fee			Cost Reimbursements			Professional Services			Other			Total

Chargeable/reimbursable	$	158,363		$	35,184	$	127,844		$	184,149		$	147,837		$	14,332		$	667,709
RMC Support
Waived		(158,363	)		—		(127,844	)		(184,149	)		—			—			(470,356	)
Cost Absorbed by RMC		—			—		—			—			(143,152	)		(14,247	)		(157,399	)
Total RMC Support		(158,363	)		—		(127,844	)		(184,149	)		(143,152	)		(14,247	)		(627,755	)

Net charged	$	—		$	35,184	$	—		$	—		$	4,685		$	85		$	39,954

Fees waived and costs reimbursements for the three months ended March 31, 2017 are presented in the following table.

				Operating Expenses
	Loan Admin Fees			Mortgage Servicing Fees		Asset Management Fee			Cost Reimbursements			Professional Services			Other			Total

Chargeable/reimbursable	$	86,077		$	24,310	$	86,434		$	97,605		$	119,739		$	11,808		$	425,973
RMC Support
Waived		(86,077	)		—		(86,434	)		(97,605	)		—			—			(270,116	)
Cost Absorbed by RMC		—			—		—			—			(119,739	)		(10,769	)		(130,508	)
Total RMC Support		(86,077	)		—		(86,434	)		(97,605	)		(119,739	)		(10,769	)		(400,624	)

Net charged	$	—		$	24,310	$	—		$	—		$	—		$	1,039		$	25,349

Schedule of Accounts, Notes, Loans and Financing Receivable

Formation loan transactions are presented in the following table.

	For the three months ended			Since Inception
Balance, beginning of period	$	3,777,088		$	—
Formation loan advances to RMC		357,794			5,017,741
Payments received from RMC		—			(854,077	)
Early withdrawal penalties applied		(1,051	)		(29,833	)
Balance, March 31, 2018	$	4,133,831		$	4,133,831
Subscription proceeds since inception				$	71,490,002
Formation loan advance rate					7	%

Formation Loan, Future Minimum Payments

The future minimum payments on the formation loan as of March 31, 2018 are presented in the following table.

2018	$	377,709
2019		377,709
2020		377,709
2021		377,709
2022		377,709
Thereafter		2,245,286
Total	$	4,133,831

Summary of Organization and Offering Expenses

Organization and offering expenses (O & O expenses) are summarized in the following table.

	2018			Since Inception
Balance, January 1	$	2,335,325		$	—
O&O expenses reimbursed to RMC		143,694			3,038,308
Early withdrawal penalties applied ⁽¹⁾		(696	)		(19,211	)
O&O expenses allocated⁽²⁾		(70,208	)		(452,365	)
O&O expenses reimbursed by RMC ⁽³⁾		(12,193	)		(170,810	)
Balance, March 31 ⁽⁴⁾	$	2,395,922		$	2,395,922

(1)

Early withdrawal penalties collected are applied to the next installment of principal due under the formation loan and to reduce the amount owed to RMC for O&O expenses. The amounts credited will be determined by the ratio between the amount of the formation loan and the amount of offering costs incurred by the company.

(2)

Beginning in 2016, O&O expenses reimbursed to RMC by RMI IX are allocated to members’ capital accounts over 40 quarters

(3)

RMC reimburses the company for any unallocated O&O expenses on units redeemed.

(4)

Proceeds from investors admitted to RMI IX were $67,106,564 through March 31, 2018. O&O expenses incurred by RMC and remaining to be reimbursed to RMC by RMI IX were $3,210,028.