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CONSUMER LOANS
 9 Months Ended
Sep. 30, 2023
Investments In Consumer Loans Equity Method Investees [Abstract]  
CONSUMER LOANS CONSUMER LOANS
On June 20, 2023, Rithm Capital purchased a portfolio of consumer loans from Goldman Sachs Bank USA (the “Marcus loans” or “Marcus”). The portfolio consists of unsecured fixed rate closed end installment loans. In tandem with this purchase, Rithm Capital entered into a loan servicing agreement with Goldman Sachs Bank USA (“Goldman”) whereby Goldman will continue to service the Marcus loans for the duration of their life.

Rithm Capital, through certain limited liability companies (together, the “Consumer Loan Companies”), has a co-investment in a portfolio of consumer loans purchased from the joint venture SpringCastle. The portfolio includes personal unsecured loans and personal homeowner loans (the “SpringCastle loans” or “SpringCastle”). OneMain Holdings Inc is the servicer of the SpringCastle loans and provides all servicing and advancing functions for the SpringCastle portfolio. As of September 30, 2023, Rithm Capital owns 53.5% of the limited liability company interests in, and consolidates, the Consumer Loan Companies.

The following table summarizes characteristics of the consumer loan portfolio, inclusive of the SpringCastle loans and Marcus loans:
Unpaid Principal BalanceCarrying ValueWeighted Average CouponWeighted Average Expected Life (Years)
September 30, 2023
SpringCastle $275,053 $303,881 18.2 %3.6
Marcus1,200,441 1,132,199 11.1 %1.3
Total consumer loans$1,475,494 $1,436,080 12.4 %1.7
December 31, 2022
SpringCastle$330,428 $363,756 17.8 %3.4
Marcus— — — %—
Total consumer loans$330,428 $363,756 17.8 %3.4

See Note 18 regarding the financing of consumer loans.
The following table summarizes the past due status and difference between the aggregate unpaid principal balance and the aggregate carrying value of consumer loans:
September 30, 2023December 31, 2022
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
SpringCastle
Current$270,509 $298,905 $28,396 $325,192 $358,057 $32,865 
90+4,544 4,976 432 5,236 5,699 463 
Total SpringCastle$275,053 $303,881 $28,828 $330,428 $363,756 $33,328 
Marcus
Current$1,193,531 $1,125,682 $(67,849)$— $— $— 
90+6,910 6,517 (393)— — — 
Total Marcus$1,200,441 $1,132,199 $(68,242)$— $— $— 
$1,475,494 $1,436,080 $(39,414)$330,428 $363,756 $33,328 
(A)Consumer loans are carried at fair value. See Note 19 regarding fair value measurements.

The following table summarizes activities related to the carrying value of consumer loans:
SpringCastleMarcusTotal
Balance at December 31, 2022$363,756 $— $363,756 
Purchases— 1,317,347 1,317,347 
Additional fundings(A)
20,675 — 20,675 
Proceeds from repayments(75,681)(197,274)(272,955)
Accretion of loan discount and premium amortization, net7,178 14,103 21,281 
Fair value adjustment due to:
Changes in instrument-specific credit risk3,945 — 3,945 
Other factors(15,992)(1,977)(17,969)
Balance at September 30, 2023$303,881 $1,132,199 $1,436,080 
(A)Represents draws on consumer loans with revolving privileges.