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RWDMU on OTC

Redwood Mortgage Investors IX

American real estate company, incorporated in Delaware, listed on OTC (RWDMU)1

In its 2026 annual report the company says: “Redwood Mortgage Investors IX, LLC is a Delaware limited liability company formed in October 2008 to engage in business as a mortgage lender and investor by making and holding-for-investment mortgage loans secured by California real estate, primarily through first and second deeds of trust.”3 It is headquartered in San Mateo, California.1

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Last updated Oct 21, 2026.

Overview

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  • TickerRWDMU on OTC1
  • IndustryReal Estate1
  • HeadquartersSan Mateo, California1
  • Incorporated inDE2
  • Business address155 Bovet Road, Suite 302, San Mateo, Ca2
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Redwood Mortgage Investors IX, LLC (“RMI IX”, “the company”, “we”, “us” or “our”) is a Delaware limited liability company formed in October 2008 to engage in business as a mortgage lender and investor by making and holding-for-investment mortgage loans secured by California real estate, primarily through first and second deeds of trust.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

35.9%Net margin4
-18.1%Revenue growth, 20254

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs63¢$3.2M
  • Interest1¢$51.0K
  • Profit36¢$1.8M

Out of $5.1M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$1.8M

Out of $1.8M of cash from operations.4

Financial statements

Revenue567894$5.1M in 2025−16% since 2019
0$2.0M$4.0M$6.0M$8.0M2019: $6.1M$6.1M20192020: $6.4M$6.4M2020+5%2021: $6.5M$6.5M2021+3%2022: $6.1M$6.1M2022−7%2023: $6.1M$6.1M2023+1%2024: $6.2M$6.2M2024+1%2025: $5.1M$5.1M2025−18%
Net income567894$1.8M in 2025−63% since 2019
0$2.0M$4.0M$6.0M2019: $5.0M$5.0M20192020: $4.9M$4.9M2020−2%2021: $4.8M$4.8M2021−1%2022: $4.1M$4.1M2022−16%2023: $3.8M$3.8M2023−6%2024: $3.4M$3.4M2024−11%2025: $1.8M$1.8M2025−46%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Interest income$5.0M$6.8M
Interest expense-$51.0K-$675.0K
Net interest income$5.0M$6.1M
Late fees$79.0K$30.0K
Gain on sale, loans$8.0K$24.0K
Total revenue, net$5.1M$6.2M
Provision for credit losses$335.0K$90.0K
Mortgage servicing fees to Redwood Mortgage Corp.$123.0K$169.0K
Asset management fees to RMC$472.0K$471.0K
Costs from RMC, net (Note 3)$592.0K$396.0K
Professional services$1.7M$1.7M
Other$65.0K$28.0K
Total operations expense$2.9M$2.7M
Net income$1.8M$3.4M
Members (99%)$1.8M$3.4M
Manager (1%)$18.0K$34.0K

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What it owns

What Redwood Mortgage Investors IX reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$562.0K4 Dec 31, 2025$12.1M4 Dec 31, 2024−95.3%

Properties, in its own words

As of December 31, 2025, the company does not own (and has not owned since its inception) any real property.

The company’s mailing address is at RMC’s leased office space at 155 Bovet Road, Suite 302, San Mateo, CA 94402.

Item 2 of the 10-K filed Apr 14, 2026.3

Timeline

  1. May 7, 20268-K Change of auditor15
  2. Apr 24, 20268-K Change of auditor16
  3. Mar 17, 20268-K Entered a material agreement17
  4. Apr 16, 20248-K Entered a material agreement18
  5. Oct 26, 20228-K Other events19
  6. Mar 11, 20228-K Entered a material agreement; Bylaws or fiscal year changed; Shareholder vote20

Filings

35 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 6 major events, 9 other. The latest 20:

  1. Aug 14, 202610-Q EDGAR
  2. May 20, 202610-Q EDGAR
  3. May 18, 2026NT 10-Q EDGAR
  4. May 7, 20268-K EDGAR
  5. Apr 24, 20268-K EDGAR
  6. Apr 14, 202610-K EDGAR
  7. Mar 31, 2026NT 10-K EDGAR
  8. Mar 17, 20268-K EDGAR
  9. Nov 12, 202510-Q EDGAR
  10. Aug 19, 202510-Q EDGAR
  11. Aug 14, 2025NT 10-Q EDGAR
  12. May 21, 202510-Q EDGAR
  13. May 16, 2025NT 10-Q EDGAR
  14. Apr 24, 202510-K EDGAR
  15. Apr 1, 202510-Q EDGAR
  16. Mar 31, 2025NT 10-K EDGAR
  17. Nov 15, 2024NT 10-Q EDGAR
  18. Aug 14, 202410-Q EDGAR
  19. May 15, 202410-Q EDGAR
  20. Apr 18, 202410-K EDGAR

The 35 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How Redwood Mortgage Investors IX is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARRedwood Mortgage Investors IX1
  • CIK0001448038
  • Employer ID (EIN)26-35410683
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6500 Real Estate1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address155 Bovet Road, Suite 302, San Mateo, CA1
  • Phone650-365-53411
  • Shares outstanding0 as of Jun 30, 202611
  • Public float$0 as of Dec 31, 20254
  • AuditorBDO USA, P.C., San Francisco, California PCAOB ID 243; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceNov 18, 20081
  • Filings204 in all: 10-Q (52), 8-K (28), 424B3 (23), POS AM (22), EFFECT (19), 10-K (17), S-11/A (9), CORRESP (7)1
    All 20 form types

    NT 10-Q (6), 3 (4), UPLOAD (4), NT 10-K (3), S-11 (3), 10-K/A (1), 10-Q/A (1), 8-A12G (1), 8-K/A (1), CT ORDER (1), RW (1), S-3 (1)

  • Latest filingsAnnual report (10-K) Apr 14, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Latest 8-K (8-K) May 7, 2026

Risk factors and legal proceedings

The risks Redwood Mortgage Investors IX names in Item 1A of its 10-K filed Apr 14, 2026: 43 risks under these headings, as written.3

  • RISKS RELATED TO OUR BUSINESS
  • RMC’s lending decisions are based on the real estate collateral securing the loans. A significant decline in the fair value of the collateral may impact the performance of the loans and their ultimate collectability.
  • Downturns in the economy and real estate market in the San Francisco Bay Area and the coastal metropolitan regions of Southern California, or on a regional or national scale, or changing conditions affecting the mortgage lending business could adversely affect our business.
  • To the extent RMC relies on appraisals to determine the fair market value (“FMV”) of the property securing our loans, which appraisals may be inaccurate or not reflect subsequent events affecting FMV which could increase the risk of loss.
  • Some of our loans are junior in priority to first and second liens that may make it more difficult and costly to protect our junior security interest.
  • If borrowers default, and/or economic circumstances increase defaults, we may have to foreclose on the loan, beginning the legal process of acquiring the collateral property. Foreclosure proceedings and/or workout agreements may slow our collection efforts and delay ultimate satisfaction of the loan.
  • Our interests in our properties may not be insured or may be underinsured against certain types of losses.
  • Bankruptcy and legal limitations on personal judgments may affect our ability to enforce the loans and increase our costs.
  • Owning real estate following foreclosure subjects us to additional risks.
  • A weak economy or real estate market could adversely affect us and members’ rate of return.
  • We may face potential liability for toxic or hazardous substances as a result of our lending activities or as a result of foreclosure on properties that secure loans we make.
  • Changes in interest rates could adversely impact our financial condition and results of operation and have affected and will continue to affect the timing of redemption payments.
The other 32 risks
  • Our borrowers may be negatively impacted by a pandemic or other health crises, which may result in adverse impacts to our financial condition and results of operation.
  • Increased competition and new entrants in the market for mortgage loan originations could adversely impact our ability to originate and acquire real estate-related loans at attractive returns.
  • We may make construction loans which may subject us to greater risks.
  • If we make high-cost mortgage loans, we will be required to comply with additional federal and state regulations and our non-compliance could adversely affect us.
  • Use of borrowed money to fund loans may reduce our profitability.
  • Our manager’s selection of loans for sale to third parties may involve conflicts of interest between us and our manager.
  • RISKS RELATED TO OWNERSHIP OF OUR UNITS
  • Units are not listed on an exchange or quoted through a quotation system and there are substantial restrictions on the transferability of units.
  • The unit redemption program contains significant restrictions and limitations that limit members’ ability to redeem their units.
  • There is no assurance members will receive cash distributions.
  • Members have no control over our operations, including the loans we make or sell; members must rely on the judgment of our manager in making loans.
  • Our manager has broad discretion to implement our investment objectives and can change investment strategies without member consent.
  • Our manager has various conflicts of interest.
  • We have no board of directors and are not subject to certain corporate governance rules under the federal securities laws applicable to securities listed on a national securities exchange.
  • As a public company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations have and will involve significant expenditures. Additionally, if our manager fails to maintain proper and effective internal controls, our ability to produce accurate financial statements on a timely basis could be impaired.
  • We operate in a heavily regulated industry and compliance with regulations could increase our costs of doing business and lower members’ return.
  • We established the $1 per unit offering price on an arbitrary basis which may not reflect the amount members will receive upon a redemption of their units.
  • Members will be bound by the actions taken by the majority voting power.
  • If payments are not made on the formation loan under certain circumstances, such as our manager’s removal, it may reduce members’ rate of return or affect our capital available to fund new loans.
  • Upon our dissolution or termination, members may experience delays in receiving distributions or receive no distributions and may not be able to fully recover their investment.
  • Insufficient working capital reserves may require borrowings or liquidating our loans which, if not possible, may adversely affect us.
  • Conflicts may arise regarding the financial condition of our manager.
  • Conflicts may arise if we participate in loans with other programs organized by our manager.
  • Certain officers and other key personnel of our manager will face competing demands relating to their time and this may cause our operations and our investors’ investments to suffer.
  • We are dependent on the information systems of our manager and systems failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations.
  • Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our data or confidential information, and/or damage to our business relationships, all of which could negatively impact our financial results.
  • A mortgage lending transaction involves various diligence and other procedures that we and other service providers must undertake, and if we or the third party service providers do not accurately or completely execute the necessary checks and procedures for a lending transaction or fail to detect fraudulent activity, we may experience increased costs, loss, regulatory investigations or other adverse consequences.
  • RISKS RELATED TO TAXES AND ERISA
  • Members’ ability to offset income with our losses may be limited.
  • Members’ tax liability may exceed the cash they receive.
  • We expect to generate unrelated business taxable income.
  • Members may be subject to state and local tax laws.
  • Changes in tax laws could have an adverse effect on members’ investment.
  • Risks of investment by ERISA plan investors and other tax-exempt investors.

Legal proceedings

See Note 6 (Commitments and Contingencies, Other Than Loan Commitments) to the financial statements included in Part II, Item 8 of this report for information regarding legal proceedings and government proceedings, which presentation is incorporated by reference into this Item 3.

The opening of Item 3, Legal Proceedings.3

Sources

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    SEC EDGAROther events
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