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MORTGAGE LOANS RECEIVABLE | 6 Months Ended
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Jun. 30, 2024
Receivables [Abstract] |
MORTGAGE LOANS RECEIVABLE | MORTGAGE LOANS RECEIVABLE Genesis specializes in originating and managing a portfolio of primarily short-term mortgage loans to fund the construction and development of, or investment in, residential properties. On August 24, 2023, Rithm Capital acquired a portfolio of loans from Morgan Stanley Bank, N.A. with a face value of $148.4 million. The portfolio consists of fixed-rate bridge and renovation loans and is master serviced by Genesis. The following table summarizes Mortgage loans receivable, at fair value and mortgage loans receivable held by consolidated CFEs by loan type as of June 30, 2024:
|  | Mortgage Loans Receivable - Carrying Value(A) |  | Mortgage Loans Receivable of Consolidated CFEs - Carrying Value(A) |  | Total Carrying Value |  | % of Portfolio |  | Loan Count |  | % of Portfolio |  | Weighted Average Yield |  | Weighted Average Original Life (Months) |  | Weighted Average Committed Loan Balance to Value(B) |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 886,359 |  |  | $ | 211,184 |  |  | $ | 1,097,543 |  |  | 43.3 | % |  | 396 |  | 28.3 | % |  | 11.2 | % |  | 18.3 |  | 72.8% / 62.3% |  |  |  |  |  |  |  |  |  |
Bridge |  | 898,306 |  |  | 220,071 |  |  | 1,118,377 |  |  | 43.8 | % |  | 575 |  | 41.2 | % |  | 10.1 | % |  | 24.6 |  | 67.7% |  |  |  |  |  |  |  |  |  |
Renovation |  | 264,601 |  |  | 60,848 |  |  | 325,449 |  |  | 12.9 | % |  | 426 |  | 30.5 | % |  | 10.5 | % |  | 12.5 |  | 81.7%/ 67.4% |  |  |  |  |  |  |  |  |  |
|  | $ | 2,049,266 |  |  | $ | 492,103 |  |  | $ | 2,541,369 |  |  | 100.0 | % |  | 1,397 |  | 100.0 | % |  | 10.6 | % |  | 20.4 |  | N/A |  |  |  |  |  |  |  |  |  |
(A)Mortgage loans receivable are carried at fair value under the fair value option election. Mortgage loans of consolidated CFEs are classified as Level 2, as their value is based on the fair value of the more observable financial liabilities of consolidated CFEs. See Note 19 regarding fair value measurements. (B)Weighted by commitment LTV for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans. The following table summarizes the activity for the period of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets:
Balance at December 31, 2023 (As Restated) |  | $ | 1,879,319 |
Initial loan advances |  | 931,574 |
Construction holdbacks and draws |  | 392,874 |
Paydowns and payoffs |  | (798,720) |
Fair value adjustments |  | 17,418 |
Purchased loans discount amortization |  | 871 |
Transfer of loans to REO |  | (4,311) |
Transfers from (to) assets of consolidated CFEs |  | (369,759) |
Balance at June 30, 2024 |  | $ | 2,049,266 |
The Company is subject to credit risk in connection with its investments in mortgage loans. The two primary components of credit risk are default risk, which is the risk that a borrower fails to make scheduled principal and interest payments, and severity risk, which is the risk of loss upon a borrower’s default on a mortgage loan or other secured or unsecured loan. Severity risk includes the risk of loss of value of the property or other asset, if any, securing the loan, as well as the risk of loss associated with taking over the property or other asset, if any, including foreclosure costs. The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets:
|  | June 30, 2024 |  | December 31, 2023 (As Restated)
Days Past Due |  | UPB |  | Carrying Value |  | Carrying Value Over (Under) UPB |  | UPB |  | Carrying Value |  | Carrying Value Over (Under) UPB
Current |  | $ | 1,991,233 |  |  | $ | 2,009,083 |  |  | $ | 17,850 |  |  | $ | 1,838,935 |  |  | $ | 1,837,513 |  |  | $ | (1,422) |
90+ |  | 45,996 |  |  | 40,183 |  |  | $ | (5,813) |  |  | 41,869 |  |  | 41,806 |  |  | (63) |
The following table summarizes the geographic distribution of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets as of June 30, 2024:
|  | Percentage of Total Loan Commitment
State Concentration |  | June 30, 2024 |  | December 31, 2023 (As Restated)
California |  | 45.6 | % |  | 47.8 | %
Florida |  | 8.8 | % |  | 7.8 | %
Georgia |  | 8.0 | % |  | 2.5 | %
Washington |  | 6.4 | % |  | 7.9 | %
New York |  | 5.7 | % |  | 6.7 | %
Colorado |  | 3.9 | % |  | 3.1 | %
Arizona |  | 3.8 | % |  | 4.8 | %
Virginia |  | 3.6 | % |  | 4.1 | %
South Carolina |  | 2.2 | % |  | 0.6 | %
Texas |  | 2.0 | % |  | 2.7 | %
Other US |  | 10.0 | % |  | 12.0 | %
|  | 100.0 | % |  | 100.0 | %
See Note 18 regarding the financing of mortgage loans receivable.

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