Vestin Realty Mortgage I, Inc. (VRM I) operates as a real estate investment trust. The investment objective of VRM I is to invest approximately 97% of the assets in real estate loans, while maintaining approximately 3% as a working capital cash reserve. As of December 31, 2011, approximately 52% of the Company's assets, net of allowance for loan losses, are classified as investments in real estate loans. As of December 31, 2011, the Company's loans were in the states, which included Arizona, California, Colorado, Nevada, Oregon and Texas. As of December 31, 2011, the Company was authorized to operate two reportable segments: investments in real estate loans and investments in real property. As of December 31, 2011, VRM I had not commenced investing in real property. The manager of VRM I is Vestin Mortgage, LLC.