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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)


☒		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from___________ to _____________

Commission file number: 000-55601

REDWOOD MORTGAGE INVESTORS IX, LLC

(Exact name of registrant as specified in its charter)

     Delaware

     26-3541068

     (State or other jurisdiction of
incorporation or organization)

     (I.R.S. Employer
Identification Number)


155 Bovet Road, Suite 302, San Mateo, CA		94402
(Address of principal executive offices)		(Zip Code)

(650) 365-5341

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
none

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

REDWOOD MORTGAGE INVESTORS IX, LLC

Table of Contents


		Page
PART I.	FINANCIAL INFORMATION	3
Item 1.	Financial Statements	3
	Balance Sheets	3
	Statements of Income	4
	Statements of Changes in Members’ and Manager’s Capital	5
	Statements of Cash Flows	6
	Notes to Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	37
PART II.	OTHER INFORMATION	38
Item 1.	Legal Proceedings	38
Item 1A.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 3.	Defaults Upon Senior Securities	38
Item 4.	Mine Safety Disclosures	38
Item 5.	Other Information	38
Item 6.	Exhibits	39
Signatures		40

Part I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

REDWOOD MORTGAGE INVESTORS IX, LLC

Balance Sheets

March 31, 2026 and December 31, 2025 (unaudited)

($ in thousands)


	March 31,			December 31,
ASSETS	2026			2025
Cash, in banks	$	1,005		$	562
Loan payments in trust		3			28
Loans
Principal		58,100			58,163
Advances		152			81
Accrued interest		858			615
Loan balances secured by deeds of trust		59,110			58,859
Allowance for credit losses		(250	)		(545	)
Loan balances secured by deeds of trust, net		58,860			58,314
Real Estate Owned (REO)		784			—
Debt issuance costs, net		68			8
Prepaid expenses		36			—
Other receivable		12			228
Total assets	$	60,768		$	59,140

LIABILITIES AND MEMBERS’ CAPITAL

Liabilities
Accounts payable and accrued liabilities	$	212		$	25
Payable to related mortgage fund (Note 3)		35			2
Payable to manager (Note 3)		70			62
Line of credit		1,900			—
Total liabilities		2,217			89

Commitments and contingencies (Note 6)

Members’ and manager’s capital, net		60,985			61,641
Receivable from manager (formation loan) (Note 3)		(2,434	)		(2,590	)
Members’ and manager’s capital, net of formation loan		58,551			59,051
Total liabilities and members’ capital	$	60,768		$	59,140

The accompanying notes are an integral part of these unaudited financial statements.

REDWOOD MORTGAGE INVESTORS IX, LLC

Statements of Income

For the Three Months Ended March 31, 2026 and 2025 (unaudited)

($ in thousands)


	Three Months Ended March 31,
	2026			2025
Revenue
Interest income	$	1,404		$	1,079
Interest expense		(37	)		(27	)
Net interest income		1,367			1,052
Late fees		8			5
Gain on sale, loans		—			8
Total revenue, net		1,375			1,065

Provision for credit losses		—			—

Operations expense
Mortgage servicing fees to Redwood Mortgage Corp. (RMC)		36			32
Asset management fees to RMC		110			118
Costs from RMC, net (Note 3)		143			140
Professional services		396			532
REO holding costs		20			—
Other		15			26
Total operations expense		720			848
Net income	$	655		$	217

Net income
Members (99%)	$	648		$	215
Manager (1%)		7			2
	$	655		$	217

The accompanying notes are an integral part of these unaudited financial statements.

REDWOOD MORTGAGE INVESTORS IX, LLC

Statements of Changes in Members’ and Manager’s Capital

For the Three Months Ended March 31, 2026 (unaudited)

($ in thousands)


	Members’ Capital			Manager’s Capital			Unallocated Organization and Offering Expenses			Members’ and Manager’s Capital, net
Balance at December 31, 2025	$	61,788		$	83		$	(230	)	$	61,641
Net income		648			7			—			655
Earnings distributed		(509	)		(6	)		—			(515	)
Redemptions		(799	)		—			—			(799	)
Organization and offering expenses allocated		(35	)		—			35			—
Organization and offering expenses repaid by RMC		—			—			3			3
Balance at March 31, 2026	$	61,093		$	84		$	(192	)	$	60,985

For the Three Months Ended March 31, 2025 (unaudited)

($ in thousands)


	Members’ Capital			Manager’s Capital			Unallocated Organization and Offering Expenses			Members’ and Manager’s Capital, net
Balance at December 31, 2024	$	65,995		$	83		$	(471	)	$	65,607
Net income		215			2			—			217
Earnings distributed		(713	)		(2	)		—			(715	)
Redemptions		(840	)		—			—			(840	)
Organization and offering expenses allocated		(57	)		—			57			—
Organization and offering expenses repaid by RMC		—			—			5			5
Balance at March 31, 2025	$	64,600		$	83		$	(409	)	$	64,274

The accompanying notes are an integral part of these unaudited financial statements.

REDWOOD MORTGAGE INVESTORS IX, LLC

Statements of Cash Flows

For the Three Months Ended March 31, 2026 and 2025 (unaudited)

($ in thousands)


	Three Months Ended March 31,
	2026			2025
Operations
Interest income received	$	1,162		$	1,073
Interest expense paid		(17	)		(76	)
Late fees and other loan income		33			(17	)
Operations expense		(269	)		(857	)
REO holding costs		(130	)		—
Total cash provided by operations		779			123
Investing
Loans funded		(6,595	)		(3,981	)
Principal collected		3,953			8,804
Proceeds from loans sold to non-affiliate, net		1,750			1,076
Advances		(111	)		(12	)
Total cash (used in) provided by investing		(1,003	)		5,887
Financing
Members’ and manager's capital
Distributions to members and manager
Distributions, net of DRIP		(527	)		(768	)
Redemptions, net of early withdrawal penalties (Note 3)		(799	)		(840	)
Total distributions to members and manager		(1,326	)		(1,608	)
Organization and offering expenses repaid by RMC, net		3			6
Cash (used in) members’ and manager’s capital		(1,323	)		(1,602	)
Line of credit
Advances		1,900			2,000
Repayments		—			(6,000	)
Debt issuance costs		(66	)		—
Cash provided by (used in) line of credit		1,834			(4,000	)
Formation loan collected		156			52
Total cash (used in) financing		667			(5,550	)
Net increase in cash		443			460
Cash, beginning of year		562			12,058
Cash, end of period	$	1,005		$	12,518

The accompanying notes are an integral part of these unaudited financial statements.

REDWOOD MORTGAGE INVESTORS IX, LLC

Statements of Cash Flows

For the Three Months Ended March 31, 2026 and 2025 (unaudited)

($ in thousands)


	Three Months Ended March 31,
Reconciliation of net income to total cash provided by operations	2026			2025
Net income	$	655		$	217
Adjustments to reconcile net income to total cash provided by operations
Gain on sale, loans		—			(8	)
Amortization of debt issuance costs		8			8
Change in operating assets and liabilities
Loan payments in trust		25			(22	)
Accrued interest		(243	)		5
Prepaid interest		—			(11	)
Allowance for credit losses		—			—
Prepaid expenses		(36	)		(27	)
Other receivable		228			3
Accounts payable and accrued liabilities		101			(34	)
Payable to related parties		41			(8	)
Total adjustments		124			(94	)
Total cash provided by operations	$	779		$	123


Supplemental disclosures of cash flow information – REO
Non-cash investing activities
Real estate acquired by foreclosure	$	900		$	—
Other liabilities, net assumed at possession		(201	)		—
REO acquired, net of payables and other liabilities assumed at possession		699			—

The accompanying notes are an integral part of these unaudited financial statements.

REDWOOD MORTGAGE INVESTORS IX, LLC

Notes to Financial Statements

March 31, 2026 (unaudited)

NOTE 1 – ORGANIZATION AND GENERAL

Redwood Mortgage Investors IX, LLC (“RMI IX” or “the company”) 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.

The company is externally managed by Redwood Mortgage Corp. (“RMC” or “the manager”).

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RMC is solely responsible for managing the business and affairs of RMI IX, subject to the voting rights of the members on specified matters. The manager acting alone has the power and authority to act for and bind the company.

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RMC provides personnel and services necessary for RMI IX to conduct its business as the company has no employees of its own.

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The mortgage loans the company funds and invests in are arranged and generally are serviced by RMC.

In the opinion of management of RMC, the accompanying unaudited financial statements contain all adjustments, consisting of normal, recurring adjustments, necessary to present fairly and accurately the financial information included therein. These unaudited financial statements should be read in conjunction with the audited financial statements included in the company’s Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC). The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results to be expected for the full year.

The rights, duties and powers of the members and manager are governed by the Ninth Amended and Restated Limited Liability Company Operating Agreement of RMI IX (the “Operating Agreement”), as amended, the Delaware Limited Liability Company Act and the California Revised Uniform Limited Liability Company Act.

Members representing a majority of the outstanding units may, without the concurrence of the manager, vote to: (i) dissolve the company, (ii) amend the Operating Agreement, subject to certain limitations, (iii) approve or disapprove the sale of all or substantially all of the assets of the company or (iv) remove or replace one or all of the managers. Where there is only one manager, a majority in interest of the members is required to elect a new manager to continue the company business after a manager ceases to be a manager due to its withdrawal.

The following is a summary of certain provisions of the Operating Agreement and is qualified in its entirety by the terms of the Operating Agreement. Members should refer to the Operating Agreement for complete disclosure of its provisions.

The company’s primary investment objectives are to:

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yield a favorable rate of return from the company’s business of making and/or investing in loans;

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preserve and protect the company’s capital by making and/or investing in loans secured by California real estate, preferably income-producing properties geographically situated in the San Francisco Bay Area and the coastal metropolitan regions of Southern California; and

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generate and distribute cash flow from these mortgage lending and investing activities.

Net income (or loss) is allocated among the members according to their respective capital accounts after one percent (1%) of the net income (or loss) is allocated to the manager. The monthly results are subject to subsequent adjustment as a result of quarterly and year-end accounting and reporting.

To determine the amount of cash to be distributed in any specific month, the company relies in part on its forecast of full year profits. At March 31, 2026, the difference between earnings allocated to members’ capital accounts and net income available to members was approximately $279 thousand, and is expected to be offset by future earnings in excess of net distributions in 2026 resulting from the collection of foregone interest, late fees and post-maturity interest.

The company’s net income, cash available for distribution, and net-distribution rate fluctuate depending on:

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loan origination volume and the balance of capital available to lend;

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the current and future interest rates negotiated with borrowers;

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line of credit advances, repayments and the interest rate thereon;

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loan sales to unaffiliated third parties, and any gains received thereon;

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the amount of fees and cost reimbursements to RMC;

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the timing and amount of other operating expenses, including expenses for professional services;

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the timing and amount of payments from RMC on the formation loan; and

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fee and/or cost reimbursements waived, if any, from RMC.

Federal and state income taxes are the obligation of the members, other than the annual California franchise tax and the California LLC gross receipts tax. The tax basis in the net assets differs from book basis by the amount of the allowance for credit losses.

REDWOOD MORTGAGE INVESTORS IX, LLC

Notes to Financial Statements

March 31, 2026 (unaudited)

The ongoing sources of funds for loans are the proceeds (net of redemption of members’ capital and operating expenses) from:

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loan payoffs;

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borrowers’ monthly principal and interest payments;

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line of credit advances;

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loan sales to unaffiliated third parties; and

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payments from RMC on the outstanding balance of the formation loan.

Lending and investment guidelines and criteria

The company intends to hold until maturity 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 company may sell mortgage loans (or fractional interests therein) when the manager determines that it appears to be advantageous for the company to do so, based upon prevailing and expected interest rates, the length of time that the loan has been held by the company and the expected time to maturity and/or payoff of the loan, the company’s credit risk and concentration risk and the overall investment objectives of the company. 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. Company 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 company; however, selling loans will increase members’ capital available for investing in new loans for which the manager will earn brokerage fees and other forms of compensation.

The manager has discretion to pay amounts (advances) to third parties on behalf of borrowers to protect the company’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. Interest is accrued daily on principal and advances, if any.

The company’s business is neither dependent on any one, nor concentrated with a few, major borrowers, investors, or lenders.

Distribution policy

Cash available for distribution at the end of each calendar month is allocated ninety-nine percent (99%) to the members and one percent (1%) to the manager. Cash available for distribution means cash flow from operations (excluding repayments for loan principal and other capital transaction proceeds) less amounts set aside for creation or restoration of reserves. The manager may withhold from cash otherwise distributable to the members with respect to any period the respective amounts of organization and offering expenses (“O&O expenses”) allocated to the members’ accounts for the applicable period pursuant to the company’s reimbursement to RMC and allocation to members’ accounts of O&O expenses. The amount otherwise distributable, less the respective amounts of O&O expenses allocated to members, is the net distribution. Pursuant to the terms of the Operating Agreement, cash available for distribution to the members is allocated among the members in proportion to their percentage interests (except with respect to differences in the amounts of O&O expenses allocated to the respective members during the applicable period) and in proportion to the number of days during the applicable month that they owned such percentage interests. (See Note 3 (Manager and Other Related Parties) to the financial statements for a detailed discussion on the allocation of O&O expenses to members’ accounts.)

Cash available for distributions is disbursed at the end of each calendar month. The manager’s allocable share of cash available for distribution is also distributed not more frequently than cash distributions to members.

Liquidity and unit redemption program

There are substantial restrictions on transferability of units, and there is no established public trading and/or secondary market for the units and none is expected to develop. In order to provide liquidity to members, the Operating Agreement includes a unit redemption program, whereby a member may redeem all or part of their units, subject to certain limitations. The price paid for redeemed units is based on the lesser of the purchase price paid by the redeeming member or the member’s capital account balance as of the date of each redemption payment. The company redeems units quarterly, and under the Operating Agreement, the maximum number of units which may be redeemed per quarter per individual member may not exceed the greater of (i) 100 thousand units, or (ii) 25% of the member’s total outstanding units.

REDWOOD MORTGAGE INVESTORS IX, LLC

Notes to Financial Statements

March 31, 2026 (unaudited)

Pursuant to the Operating Agreement, eligible redemption requests are to be honored in the following order of priority:

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first, to redemptions upon the death of a member, subject to a cap of $100 thousand per quarter for each deceased member’s account; and

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next, to all other eligible redemption requests on a pro rata basis.

Pursuant to the Operating Agreement, the company will not, in any calendar year, redeem more than five percent (5%) and in any calendar quarter one and one-quarter percent (1.25%) of the weighted average number of units outstanding during the twelve (12) month period immediately prior to the date of the redemption; however, the manager may, but is not required to, waive this limitation if it deems it in the best interest of the company. In the event unit withdrawal requests exceed 5% in any calendar year, and are held by the company, units will be redeemed in the order of priority provided in the Operating Agreement. The manager may, in its sole discretion, waive any applicable holding periods or penalties in the event of the death of a member or other exigent circumstances or if the manager believes such waiver is in the best interests of the company. The manager has no present intention to exercise its discretionary power to waive or modify the enforcement of the redemption limitations in the foreseeable future.

The company has not established a cash reserve from which to fund redemptions. The company’s capacity to redeem units upon request is limited by the availability of cash and the company’s cash flow. The manager also has the right, in its sole discretion, at any time, to reject any request for redemption, or to suspend or terminate the acceptance of new redemption requests without prior notice, or to terminate, suspend or amend the unit redemption program upon 30-days’ notice.

Manager’s interest

If a manager is removed, withdrawn or terminated, the company will pay to the manager all amounts then accrued and due to the manager. Additionally, the company will terminate the manager’s interest in the company’s profits, losses, distributions and capital by payment of an amount in cash equal to the then-present fair value of such interest.

Term of the company

The term of the company will terminate on December 31, 2038 unless: (i) the term is further extended by RMC with the affirmative consent of a majority interest of the members; or (ii) the company is earlier terminated pursuant to the Operating Agreement or by operation of law.

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”).

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 a significant level of uncertainty and have had or are reasonably likely to have a material impact on the company’s financial condition or results of operations. Such estimates relate principally to the determination of the allowance for credit losses (including the fair value of the collateral), and the valuation of real estate owned (“REO”) at acquisition and subsequently. Actual results could differ materially from these estimates.

Fair value estimates

The fair value of real property (as to loan collateral and REO) is determined by exercise of judgment based on RMC’s 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 and income approach may yield different values depending on certain basic assumptions, including comparables sales, market capitalization rates and certain components of net operating income as well as the consideration of adjustments made for any attributes specific to the real estate.

REDWOOD MORTGAGE INVESTORS IX, LLC

Notes to Financial Statements

March 31, 2026 (unaudited)

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, and 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.

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:

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Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the company 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.

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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.

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Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs reflect the company’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 company’s own data.

Cash in banks

Certain of the company’s cash balances in banks exceed federally insured limits. The bank or banks in which funds are deposited are reviewed periodically for their general creditworthiness/investment grade credit rating.

Loans and interest income

Loans are carried at amortized cost, which is generally equal to the unpaid principal balance (principal).

The company may fund a specific loan 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 to the principal.

Payments on loans are applied in the following order: accrued interest, advances, and lastly to principal, consistent with the terms of the notes. Late fees and post-maturity/default interest are recognized in the period received, as collectability is not assured until then. Amounts are calculated based on the terms of the note. 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 balance sheet as “Loan payments in trust”). Funds are disbursed to the company’s bank account as collected, which can range from same day for wire transfers and to two weeks after deposit for checks.

The company funds loans with the intent to hold until maturity or for the foreseeable future. From time to time the company may sell certain loans to unaffiliated third parties. Loans are classified as held-for-sale once a decision has been made to sell loans and the loans to be held-for-sale have been identified. Loans classified as held-for-sale are carried at the lower of amortized cost or fair value.

Performing loans that are maturing or have matured may be renewed at then current market rates of interest and terms for new loans. Such loan extensions are typically deemed to be modifications rather than new originations under GAAP per the manager’s evaluation of the changes to terms of the notes.

REDWOOD MORTGAGE INVESTORS IX, LLC

Notes to Financial Statements

March 31, 2026 (unaudited)

Loans are placed on non-accrual status when the manager determines that the primary source of repayment will come from the acquisition by foreclosure (or acquisition by deed in lieu of foreclosure) and subsequent sale of the collateral securing the loan (e.g., a notice of sale is filed and/or when a borrower files for bankruptcy) or when the loan is no longer considered well-secured (i.e., the LTV for the loan based on the estimated net realizable value of the collateral and the total principal, advances and accrued interest (at the note rate) is at or greater than eighty percent (80%), seventy-five percent (75%) for lands outside of metropolitan areas) and the borrower has payments in arrears.

When a loan is placed on non-accrual status, the accrual of interest (and the corresponding recognition of interest revenue) is discontinued – beginning with the then current month – for accounting purposes only; previously recorded interest is not reversed. A loan may return to accrual status when all delinquent loan payments are cured and the loan becomes current in accordance with the terms of the loan agreement and the loan balance is considered well collateralized.

Payments received on loans on non-accrual status are applied using the cash basis method, whereby payments received by the creditor are recorded as interest income provided the amount does not exceed the amount that would have been earned at the asset’s original effective interest rate.

Allowance for credit losses

The allowance for credit losses is adjusted each period for changes in expected lifetime credit losses for loans and accrued interest. The company charges off uncollectible loans and related receivables directly to the allowance for credit losses once it is determined the full amount is not collectible. Any amounts collected after a charge off is deemed a recovery.

The allowance for credit losses is recognized based on current expected lifetime credit losses at the time a loan is originated or acquired. For RMI IX’s loans, generally no loss is expected at origination, given the substantial protective equity (resulting from low LTVs), the predominance of first lien loans, the short duration of the loans, and the property-type and location of the collateral.

The present fair values of the collateral are reassessed periodically (determined by the manager’s assessment of markets and/or property types that are deemed possibly to have changed and the time since the last valuation of the loan’s collateral) and the resultant protective equity for each loan is determined. 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 and claims, exceeds the loan balance.

Loan balances (as stated on the Balance Sheets, is the sum of principal, advances and interest) are analyzed on a periodic basis for ultimate recoverability, and the allowance for credit losses is adjusted each period for changes in expected credit losses. The ultimate collectability of the amounts owed is reliant on the estimation of the present fair value of the real property collateral and the remaining time to maturity.

The determination of the probability-of-loss (and, accordingly, the determination of the amount of the allowance for expected credit losses) begins with:

- familiarity with - and risk & opportunity analysis of - the current and near-term state of the local real estate markets in which loan collateral is located, with due consideration of property type;

- determination of the current fair value of the collateral, and the resultant protective equity;

- identification and valuation of existing senior debt and/or claims (including property taxes, if unpaid); and

- historical loss experience.

Then, the time to maturity – by lien position – is scheduled, with expected weighted average LTV and with consideration of costs to sell and senior debt and claims.

The manager consults government, banker, real estate firm, law firm and academic studies and forecasts (typically covering forward periods of one or two years), and reverts immediately to historical loss experience beyond that period. A determination is then made as to the likelihood that any combination of events would adversely impact real estate markets (and economic conditions) in California – in the time to maturity – such that the substantial protective equity existing for the loans would no longer be sufficient to collect the recorded amounts of principal, advances and accrued interest due on the loan. Any loans requiring individual consideration/analysis due to its LTV, property type, payment status and/or having matured, are evaluated.

Expected credit losses are determined on a collective (pool) basis when similar risk characteristic(s) exist. When determining risk characteristics to include in its pooling assessment, the following are most determinant.

- LTV: The ratio of the outstanding loan balance to the fair value of the underlying collateral, and thereby the amount of protective equity of the company’s loans, is the most determinant attribute at inception of the loan and ongoing in estimating incurred and

REDWOOD MORTGAGE INVESTORS IX, LLC

Notes to Financial Statements

March 31, 2026 (unaudited)

lifetime expected credit losses. Further to reducing the risk of loss, the company’s loans are predominantly first mortgages, but second lien deeds of trust are not infrequent nor insignificant.

- Term: The duration (or expected term) of loan is a determinant attribute as the duration of the company’s loans are less than those of other conventional commercial real estate lenders (e.g., institutions, such as banks, insurance companies, private equity firms), as the notes typically are written with terms to maturity of one to five years and typically are written without a prepayment penalty.

- Location and property type: The company’s loans are secured by commercial and residential real estate in coastal California metropolitan areas, typically in the Bay Area (including Silicon Valley) but also elsewhere in Northern and Southern California.

Given the limited number of loans and the short terms for which the loans are written (and the potentially even shorter duration given that the loans are written without a prepayment penalty), at each reporting date the company performs a risk analysis as to real estate market conditions (by property type) in the California areas in which loan collateral is located and performs a loan-by-loan analysis to determine the current net realizable value of the real property collateral and the remaining time to maturity. Loans with similar LTVs are included in pools and the weighted average LTVs in forward periods are forecasted – by lien position – for those loans expected (on a contractual maturity basis) to be then outstanding. No expected extensions, renewals, or modifications are factored in as the company’s loans do not contain renewal options that can be unconditionally exercised by the borrowers. This methodology/analysis determines if there is any amount outstanding in any future period in the contractual lifetime of the loan(s) in which a real estate market decline in values is expected to occur that would be sufficient to put at risk – given the protective equity provided by the excess of the net realizable value of the collateral to the loan balance at origination – the collection in full of amounts owed, including accrued interest and advances, if any, secured by the deeds of trust. For loans (and/or pools of loans) for which the LTVs are such that a loss within the contractual lifetime is expected, loan by loan analyses are undertaken using the likelihood of loss and the percentage (and/or amount) of the loss to determine the expected loss.

If foreclosure (or negotiation of a deed in lieu of foreclosure) is concluded to be probable, the loan is considered to be collateral-dependent and the recorded investment in the loan would be adjusted to an amount not to exceed the net realizable value of the real estate and other assets to be acquired, net of senior liens/mortgage debt plus the liabilities to be assumed. The determination of whether a loan is determined to be collateral-dependent requires judgment and considers the status of the loan (i.e., legal action is undertaken to enforce the lender’s rights to repayment) and the status of the borrower (e.g., has the borrower filed for bankruptcy protection).

For a loan that is deemed collateral dependent for repayment, a provision for credit losses is recorded, if necessary, to adjust the allowance for credit losses by an amount such that the net carrying amount would be reduced to the lower of the net realizable value of the related collateral, net of any senior liens (and/or claims) or the note balance.

Uncollectible loans are charged off directly to the allowance for credit losses once it is determined the full amount is not collectible. Any amounts collected after a charge off is deemed a recovery.

Real estate owned (“REO”)

Real estate owned, or REO, is property acquired in full or partial settlement of loan obligations generally through foreclosure (and a correlated trustee sale of the collateral) and is recorded at acquisition at the property’s fair value less estimated costs to sell. In conjunction with the acquisition, other assets may be acquired and senior debt and claims assumed (or for senior debt may be ‘taken subject to’ versus ‘assumed’). 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 credit 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 expenses. Any recovery in the fair value subsequent to such a write down is recorded and is 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 as interest expense over the term of the line of credit.

REDWOOD MORTGAGE INVESTORS IX, LLC

Notes to Financial Statements

March 31, 2026 (unaudited)

Recent accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) which requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and are expected to require little, if any, additional disclosure for the company.

NOTE 3 – MANAGER AND OTHER RELATED PARTIES

The Operating Agreement provides for compensation to the manager and for the reimbursement of qualifying costs as detailed below. RMC is entitled to 1% of the net income or loss of the company.

Mortgage servicing fees

The manager is entitled to receive a servicing fee of up to one-quarter of one percent (0.25%) annually of secured loan principal. 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 securing the loan has been acquired by the company.

Asset Management Fees

The manager is entitled to receive a monthly asset management fee for managing RMI IX’s assets, liabilities, and operations in an amount up to three-quarters of one percent (0.75%) annually of the portion of the capital originally committed to investment in mortgages, not including leverage, and including up to two percent (2%) of working capital reserves.

Costs from RMC

The manager is entitled to request reimbursement for operations expense incurred on behalf of RMI IX, including without limitation, RMC’s personnel and non-personnel costs incurred for qualifying business activities, including investor services, accounting, tax and data processing, postage and out-of-pocket general and administration expenses. Qualifying personnel/compensation costs and consulting fees are tracked by business activity, and then costs of qualifying activities are allocated to RMI IX pro-rata based on the percentage of RMI IX’s members’ capital to the total capital of all related mortgage funds managed by RMC. Certain other non-personnel, qualifying costs such as postage and out-of-pocket general and administrative expenses can be tracked by RMC as specifically attributable to RMI IX; other non-personnel, qualifying costs (e.g., RMC’s accounting and audit fees, legal fees and expenses, occupancy, and insurance premiums) are allocated pro-rata based on the percentage of RMI’s members’ capital to total capital of the related mortgage funds managed by RMC.

The amount of qualifying costs attributable to RMI IX incurred by RMC was approximately $143 thousand and $140 thousand in the three months ended March 31, 2026 and 2025, respectively.

Loan administrative fees

The manager is entitled to receive a loan administrative fee of up to one percent (1%) of the principal amount of each new loan funded or acquired for services rendered in connection with the selection and underwriting of loans payable upon the closing or acquisition of each loan. Since August 2015, RMC, at its sole discretion, has waived loan administrative fees on new originations. The total amount of loan administrative fees waived was approximately $66 thousand and $102 thousand in the three months ended March 31, 2026 and 2025, respectively.

Formation loan

Commissions for unit sales to new members paid to broker-dealers (“B/D sales commissions”) and premiums paid to certain investors upon the purchase of units were paid by RMC and were not paid directly by RMI IX out of unit-sales proceeds. Instead, RMI IX advanced to RMC amounts sufficient to pay the B/D sales commissions and premiums to be paid to investors. Such advances in total were not to exceed seven percent (7%) of offering proceeds, and when offerings of units to new members ended on April 30, 2019, totaled approximately $5.6 million. The receivable arising from the advances is unsecured and non-interest bearing and is referred to as the “formation loan”.

REDWOOD MORTGAGE INVESTORS IX, LLC

Notes to Financial Statements

March 31, 2026 (unaudited)

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


	2026			2025
Balance, January 1	$	2,590		$	2,694
Payments received from RMC		(156	)		(52	)
Balance, March 31	$	2,434		$	2,642

The formation loan is being repaid in annual installments of approximately $208 thousand to coincide with the term of the company. The installments may be paid by RMC either in full on December 31st of each calendar year during the term of the company or in four equal quarterly installments.

In 2025, $104 thousand was received from RMC on the formation loan. The remaining $104 thousand was paid in January 2026.

The primary source of repayment of the formation loan is 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. As such, the formation loan is presented as contra equity.

Redemptions of members’ capital

Redemptions of members’ capital for the three months ended March 31, 2026 and 2025 were approximately $799 thousand and $840 thousand.

Pursuant to the Operating Agreement, unless waived by the manager, the company will not redeem in any calendar year more than five percent (5.0%) and in any calendar quarter one and one-quarter percent (1.25%) of the weighted average number of units outstanding in the twelve (12) month period immediately prior to the date of redemption. The manager has no present intention to exercise its discretionary power to waive or modify the enforcement of the redemption limitation in the foreseeable future.

Redemptions of members’ capital received by the manager and unpaid at March 31, 2026 approximated $26.7 million, of which,

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$24.9 million were received at or prior to December 31, 2025; and

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$1.7 million were received in the quarter ended March 31, 2026 (and will be eligible at June 30, 2026).

Eligible redemption requests are to be honored in the following order of priority:

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first, to redemptions upon the death of a member, subject to a cap of $100 thousand per quarter for each deceased member’s account; and

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next, to all other eligible redemption requests on a pro rata basis.

Organization and offering expenses

The manager is required to be reimbursed for O&O expenses incurred in connection with the organization of the company and the offering of the units of membership interest including, without limitation, attorneys’ fees, accounting fees, printing costs and other selling expenses (other than sales commissions) in a total amount not exceeding 4.5% of the original purchase price of all units (other than DRIP units) sold in all offerings (hereafter, the “maximum O&O expenses”). RMC paid the O&O expenses in excess of the maximum O&O expenses.

The O&O expenses incurred by RMI IX are allocated to the members as follows – for each of forty (40) calendar quarters or portion thereof after December 31, 2015 that a member holds units (other than DRIP units), the O&O expenses incurred by RMI IX are allocated to and debited from that member’s capital account in an annual amount equal to 0.45% of the member’s original purchase price for those units, in equal quarterly installments of 0.1125% each commencing with the later of the first calendar quarter of 2016 or the first full calendar quarter after a member’s purchase of units, and continuing through forty (40) calendar quarters or the quarter in which such units are redeemed.

As of March 31, 2026, approximately 42% of investors has received their full allocation of O&O and will not receive further allocations. O&O allocations are expected to continue to eligible investors through 2029.

REDWOOD MORTGAGE INVESTORS IX, LLC

Notes to Financial Statements

March 31, 2026 (unaudited)

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


	2026			2025
Balance, January 1	$	230		$	471
O&O expenses allocated		(35	)		(57	)
O&O expenses paid by RMC(1)		(3	)		(5	)
Balance, March 31	$	192		$	409

(1)

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, 2026 to be approximately $3 thousand.

Other related party transactions

Payable to/receivable from related parties

From time to time, in the normal course of business operations, the company may have payables to and/or receivables from related parties. At March 31, 2026, the payable to related parties balance of approximately $105 thousand consisted of accounts payable of approximately $70 thousand to the manager and approximately $35 thousand to a related mortgage fund.

At December 31, 2025, the payable to related party balance of approximately $64 thousand consisted of accounts payable of approximately $62 thousand to the manager and $2 thousand to a related mortgage fund.

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 value, which approximates market value.

No loans were transferred from or to related mortgage funds in the three months ended March 31, 2026 and 2025.

NOTE 4 – LOANS

Loans generally are funded at a fixed interest rate with a loan term of up to five years. See Note 3 (Manager and Other Related Parties) for a description of loans transferred by executed assignments between the related mortgage funds.

The company’s loans are secured generally by real estate in coastal California metropolitan areas. The portfolio segments are first and second trust deeds mortgages and the key credit quality indicator is the LTV. First mortgages are predominant, but second lien deeds of trust are not infrequent nor insignificant. First-mortgage loans comprised 86% of the portfolio at March 31, 2026 (86% at December 31, 2025).

Secured loans unpaid principal balance (principal)

Secured loan transactions for the three months ended March 31 are summarized in the following table ($ in thousands).


	Three Months Ended March 31, 2026
	Total			First Trust Deeds			Second Trust Deeds
Principal, beginning of period	$	58,163		$	49,788		$	8,375
Loans funded		6,595			5,845			750
Principal collected		(3,953	)		(3,953	)		—
Loan foreclosed to REO		(955	)		(955	)		—
Loans sold to non-affiliate		(1,750	)		(1,000	)		(750	)
Principal, end of period	$	58,100		$	49,725		$	8,375

The company renewed no maturing (or matured) loans in the three months ended March 31, 2026.

In the three months ended March 31, 2026, two loans with total principal of approximately $1.8 million were sold to an unaffiliated third party at par.

As of March 31, 2026, there were no commitments to lend outstanding and no construction or rehabilitation loans outstanding.

REDWOOD MORTGAGE INVESTORS IX, LLC

Notes to Financial Statements

March 31, 2026 (unaudited)

Loan characteristics

Secured loans had the characteristics presented in the following table ($ in thousands).


	March 31,			December 31,
	2026			2025
Number of secured loans		34			36
First trust deeds		28			30
Second trust deeds		6			6

Secured loans – principal	$	58,100		$	58,163
First trust deeds	$	49,725		$	49,788
Second trust deeds	$	8,375		$	8,375

Secured loans – lowest interest rate (fixed)		7.8	%		7.8	%
Secured loans – highest interest rate (fixed)		12.8	%		12.8	%

Average secured loan – principal	$	1,709		$	1,616
Average principal as percent of total principal		2.9	%		2.8	%
Average principal as percent of members’ and manager’s capital, net		2.9	%		2.6	%
Average principal as percent of total assets		2.8	%		2.7	%

Largest secured loan – principal	$	7,400		$	7,400
Largest principal as percent of total principal		12.7	%		12.7	%
Largest principal as percent of members’ and manager’s capital, net		12.6	%		12.0	%
Largest principal as percent of total assets		12.2	%		12.5	%

Smallest secured loan – principal	$	191		$	194
Smallest principal as percent of total principal		0.3	%		0.3	%
Smallest principal as percent of members’ and manager’s capital, net		0.3	%		0.3	%
Smallest principal as percent of total assets		0.3	%		0.3	%

California counties where security is located		10			12
Largest percentage of principal in one California county		26.6	%		26.6	%

Secured loans with filed notice of default		—			1
Secured loans in foreclosure – principal	$	—		$	955

Secured loans with prepaid interest		—			—

As of March 31, 2026, 25 loans with an aggregate principal of approximately $50.6 million provide for monthly payments of interest only, with the principal due at maturity, and 9 loans with an aggregate principal of approximately $7.5 million (representing 13% of the aggregate principal of the company’s loan portfolio) provide for monthly payments of principal and interest, typically calculated on a 30-year amortization, with the remaining principal due at maturity.

As of March 31, 2026, RMI IX’s largest loan with principal of $7.4 million, has an LTV at origination (OLTV) of 59%, and is in first lien position. The loan is secured by a redevelopment site located in San Diego County, California with an interest at 12.50%, matured on March 1, 2026 and is delinquent on monthly payments. The borrower is pursuing refinancing with other lenders.

REDWOOD MORTGAGE INVESTORS IX, LLC

Notes to Financial Statements

March 31, 2026 (unaudited)

Lien position/OLTV

At funding, secured loans had the lien positions presented in the following table ($ in thousands).


	March 31, 2026								December 31, 2025
	Loans		Principal			Percent			Loans		Principal			Percent
First trust deeds		28	$	49,725			86	%		30	$	49,788			86	%
Second trust deeds		6		8,375			14			6		8,375			14
Total principal, secured loans		34		58,100			100	%		36		58,163			100	%
Liens due other lenders at loan closing				19,699								21,055
Total debt			$	77,799							$	79,218
Appraised property value at loan closing			$	147,393							$	147,542
OLTV (weighted average)				54.8	%							55.7	%

At the time a loan is funded, the LTV is such that the protective equity in the collateral securing the loan is sufficient to preclude any expected credit losses unless there is a forward period adverse event that is uninsured and/or there are market conditions so adverse (and are other-than-temporary) that the protective equity is reduced to an amount not sufficient to recover the principal owed.

Secured loans, principal by OLTV and lien position at March 31, 2026 are presented in the following table ($ in thousands).


	Secured loans, principal
LTV(1)	First trust deeds		Percent			Count		Second trust deeds		Percent			Count		Total principal		Percent
<40%	$	2,296		3.9	%		5	$	1,100		1.9	%		1	$	3,396		5.8	%
40-49%		7,223		12.4			3		—		0.0			0		7,223		12.4
50-59%		19,725		34.0			9		4,800		8.3			2		24,525		42.3
60-69%		17,412		30.0			8		1,250		2.2			1		18,662		32.2
Subtotal <70%		46,656		80.3			25		7,150		12.4			4		53,806		92.7

70-79%		3,069		5.2			3		1,225		2.1			2		4,294		7.3
Subtotal <80%		49,725		85.5			28		8,375		14.5			6		58,100		100.0

≥80%		—		0.0			—		—		0.0			—		—		0.0

Total	$	49,725		85.5	%		28	$	8,375		14.5	%		6	$	58,100		100.0	%

(1)

LTV classifications in the table above are based on principal, advances and interest unpaid at March 31, 2026.

REDWOOD MORTGAGE INVESTORS IX, LLC

Notes to Financial Statements

March 31, 2026 (unaudited)

Property type

Secured loans summarized by property type are presented in the following table ($ in thousands).


	March 31, 2026							December 31, 2025
	Loans		Principal		Percent			Loans		Principal		Percent
Single family(2)		7	$	8,170		14	%		8	$	9,369		16	%
Commercial
Office		4		6,908		12			4		6,908		12
Retail		6		8,461		15			6		6,921		12
Industrial		4		11,023		18			4		11,024		18
Commercial – Other		6		14,896		26			6		14,899		26
Commercial Total		20		41,288		71			20		39,752		68
Multi-family		7		8,642		15			8		9,042		16
Total principal, secured loans		34	$	58,100		100	%		36	$	58,163		100	%

(2)

Single family includes 1-4 unit residential buildings, condominium units, townhouses and condominium complexes. At March 31, 2026, single family consists of four loans with an aggregate principal of approximately $5.1 million that are owner occupied and three loans with an aggregate principal of approximately $3.1 million that are non-owner occupied. At December 31, 2025, single family consisted of four loans with an aggregate principal of approximately $6.0 million that are owner occupied and four loans with an aggregate principal of approximately $3.4 million that are non-owner occupied.

REDWOOD MORTGAGE INVESTORS IX, LLC

Notes to Financial Statements

March 31, 2026 (unaudited)

Distribution of secured loans - principal by California counties

The distribution of secured loans within California by counties is presented in the following table ($ in thousands).


	March 31, 2026					December 31, 2025
	Principal		Percent			Principal		Percent
San Francisco Bay Area(3)
San Francisco	$	7,863		13.5	%	$	7,863		13.5	%
San Mateo		4,500		7.8			5,455		9.4
Santa Clara		4,733		8.2			4,733		8.1
Alameda		5,190		8.9			6,821		11.7
Contra Costa		—		0.0			319		0.6
Napa		633		1.1			632		1.1
Marin		—		0.0			400		0.7
		22,919		39.5			26,223		45.1
Other Northern California
Santa Cruz		—		0.0			1,410		2.4
Yolo		2,500		4.3			—		0.0
		2,500		4.3			1,410		2.4
Northern California total		25,419		43.8			27,633		47.5

Southern California Coastal
Los Angeles		15,437		26.5			15,448		26.6
San Diego		8,140		14.0			8,141		14.0
		23,577		40.5			23,589		40.6
Other Southern California
Riverside		2,025		3.5			2,025		3.5
San Luis Obispo		6,838		11.8			4,675		8.0
		8,863		15.3			6,700		11.5
Southern California total		32,440		55.8			30,289		52.1
California total		57,859		99.6			57,922		99.6
Illinois(4)		241		0.4			241		0.4
Total principal, secured loans	$	58,100		100.0	%	$	58,163		100.0	%

(3)

Includes Silicon Valley

(4)

The loan with collateral in Illinois is the balance remaining from a loan with principal at funding of $2.9 million that was secured by a multi-family property in San Francisco County.

REDWOOD MORTGAGE INVESTORS IX, LLC

Notes to Financial Statements

March 31, 2026 (unaudited)

Scheduled maturities/Secured loans - principal

Secured loans scheduled to mature in periods as of and after March 31, 2026 , are presented in the following table ($ in thousands).


	First Trust Deeds				Second Trust Deeds				Total
	Loans		Principal		Loans		Principal		Loans		Principal		Percent
2026		3		2,799		—		—		3		2,799		5	%
2027		10		20,624		2		3,125		12		23,749		42
2028		3		1,982		1		2,775		4		4,757		8
2029		2		5,240		—		—		2		5,240		9
2030		2		2,713		—		—		2		2,713		5
2033		1		393		—		—		1		393		0
Thereafter		1		191		—		—		1		191		0
Total scheduled maturities		22		33,942		3		5,900		25		39,842		69
Matured(5)(6)		6		15,783		3		2,475		9		18,258		31
Total principal, secured loans		28	$	49,725		6	$	8,375		34	$	58,100		100	%

(5)

See Delinquency/Secured loans with payments in arrears below for additional information on matured loans.

(6)

A matured loan with principal of $4.7 million (past due 180 or more days at March 31, 2026) has an agreement (the “2026 agreement”), pursuant to which the borrower agreed to a payment plan consisting of ten (10) weekly payments of $20 thousand (commencing March 31, 2026 to June 2, 2026) and payment in full of the note balance on or before June 17, 2026.

Scheduled maturities are presented based on the most recent in-effect agreement with the borrower, including forbearance agreements, if any. As a result, matured loans at March 31, 2026, in the scheduled maturities table above may differ from the same captions in the tables of delinquencies and payment in arrears presented below that do not consider forbearance agreements. For matured loans, the company may continue to accept payments while pursuing collection of principal or while negotiating an extension of the maturity date. Loans are written without a prepayment penalty causing an uncertainty/a lack of predictability as to the expected duration versus the scheduled maturity.

One loan included above with principal of $5.3 million ($9.1 million at funding) at March 31, 2026 has payment terms that provide for principal reductions upon the sale of the office condominiums. Sales commenced in 2024 resulting in principal reductions of $3.8 million through the first quarter of 2026. Another loan included above with principal of $3.6 million ($4.6 million at funding) at March 31, 2026 has payment terms that provide for principal reductions upon the sale of individual tenants in common (TIC) units. Sales commenced in 2025 resulting in principal reduction of $1.0 million through the first quarter of 2026. The maturity table above does not reflect these periodic principal payments, which will result in an acceleration of the payoff of the loan as or if they continue to occur.

Delinquency/Secured loans

Secured loans principal summarized by payment-delinquency status are presented in the following table ($ in thousands).


	March 31, 2026				December 31, 2025
	Loans		Principal		Loans		Principal
Current		25	$	39,842		25	$	36,688
Past Due
30-89 days		—		—		3		11,450
90-179 days		4		10,498		3		2,114
180 or more days(7)(8)		5		7,760		5		7,911
Total past due		9		18,258		11		21,475
Total principal, secured loans		34	$	58,100		36	$	58,163

(7)

See Delinquency/Secured loans with payments in arrears below for additional information on matured loans.

(8)

REDWOOD MORTGAGE INVESTORS IX, LLC

Notes to Financial Statements

March 31, 2026 (unaudited)

Six of the nine loans past due at March 31, 2026, were in first lien position and had principal payments in arrears of approximately $15.8 million. The remaining three loans past due at March 31, 2026 were in second lien position and had principal payments in arrears of approximately $2.5 million.

Delinquency/Secured loans with payments in arrears

Secured loans with payments in arrears (nine loans), principal by LTV and lien position at March 31, 2026 are presented in the following table ($ in thousands).

          
         Secured loans with payments in arrears, principal

         LTV(9)

         First trust
deeds

         Percent(10)

Redwood Mortgage Investors IX 10-Q