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RESIDENTIAL TRANSITION LOANS | 3 Months Ended
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Mar. 31, 2025
Receivables [Abstract] |
RESIDENTIAL TRANSITION LOANS | RESIDENTIAL TRANSITION LOANS 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. The following table summarizes residential transition loans, at fair value and residential transition loans held by consolidated CFEs by loan type:
|  | Residential Transition Loans - Carrying Value(A) |  | Residential Transition Loans 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)
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 1,003,657 |  |  | $ | 417,895 |  |  | $ | 1,421,552 |  |  | 43.4 | % |  | 477 |  |  | 32.1 | % |  | 11.4 | % |  | 19.8 |  | 72.0% / 62.0%
Bridge |  | 1,063,102 |  |  | 382,927 |  |  | 1,446,029 |  |  | 44.2 | % |  | 570 |  |  | 38.5 | % |  | 10.0 | % |  | 23.6 |  | 66.6%
Renovation |  | 268,459 |  |  | 137,710 |  |  | 406,169 |  |  | 12.4 | % |  | 437 |  |  | 29.4 | % |  | 10.3 | % |  | 14.8 |  | 83.4% / 68.4%
|  | $ | 2,335,218 |  |  | $ | 938,532 |  |  | $ | 3,273,750 |  |  | 100.0 | % |  | 1,484 |  |  | 100.0 | % |  | 10.6 | % |  | 20.4 |  | N/A
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 935,142 |  |  | $ | 492,071 |  |  | $ | 1,427,213 |  |  | 45.4 | % |  | 490 |  |  | 31.9 | % |  | 11.4 | % |  | 20.0 |  | 72.7% / 62.2%
Bridge |  | 972,443 |  |  | 363,946 |  |  | 1,336,389 |  |  | 42.6 | % |  | 600 |  |  | 39.1 | % |  | 10.0 | % |  | 23.9 |  | 66.6%
Renovation |  | 270,490 |  |  | 106,175 |  |  | 376,665 |  |  | 12.0 | % |  | 445 |  |  | 29.0 | % |  | 10.5 | % |  | 12.8 |  | 82.8% / 68.2%
|  | $ | 2,178,075 |  |  | $ | 962,192 |  |  | $ | 3,140,267 |  |  | 100.0 | % |  | 1,535 |  |  | 100.0 | % |  | 10.7 | % |  | 20.4 |  | N/A
(A)Residential transition loans are carried at fair value under the FVO election. Residential transition loans held by consolidated CFEs are classified as Level 3 and valued based on the more observable financial liabilities of consolidated CFEs. See Note 19 regarding fair value measurements. (B)Weighted by commitment loan-to-value (“LTV”) for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans. The following table summarizes the activity of loans included in residential transition loans, at fair value on the consolidated balance sheets:
Balance at December 31, 2024 |  | $ | 2,178,075 |
Initial loan advances |  | 526,672 |
Construction holdbacks and draws |  | 248,857 |
Repayments and sales |  | (353,127) |
Purchased loans discount (premium) amortization |  | 27 |
Transfer of loans to REO |  | (1,206) |
Transfers to assets of consolidated CFEs |  | (263,356) |
Fair Value Adjustments Due To: |  |
Changes in instrument-specific credit risk |  | (8,561) |
Other factors |  | 7,837 |
Balance at March 31, 2025 |  | $ | 2,335,218 |
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 residential transition loans, at fair value on the consolidated balance sheets:
|  | March 31, 2025 |  | December 31, 2024
Days Past Due |  | UPB |  | Carrying Value |  | Carrying Value Over (Under) UPB |  | UPB |  | Carrying Value |  | Carrying Value Over (Under) UPB
Current |  | $ | 2,276,488 |  |  | $ | 2,287,856 |  |  | $ | 11,368 |  |  | $ | 2,117,479 |  |  | $ | 2,128,802 |  |  | $ | 11,323 |
90+ |  | 54,300 |  |  | 47,362 |  |  | (6,938) |  |  | 55,234 |  |  | 49,273 |  |  | (5,961) |
Total |  | $ | 2,330,788 |  |  | $ | 2,335,218 |  |  | $ | 4,430 |  |  | $ | 2,172,713 |  |  | $ | 2,178,075 |  |  | $ | 5,362 |
See Note 18 regarding the financing of residential transition loans.

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