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CONSUMER LOANS
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [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 master service the Marcus loans for the duration of their life. As of December 2023, the servicing of the loans moved to Systems & Services Technologies, Inc. with Goldman remaining as master servicer of the loans.

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 December 31, 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:
UPBCarrying ValueWeighted Average CouponWeighted Average Expected Life (Years)
December 31, 2023
SpringCastle$260,102 $285,632 18.2 %3.7
Marcus$1,048,672 $988,373 10.5 %1.2
Total consumer loans$1,308,774 $1,274,005 12.0 %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 19 regarding the financing of consumer loans.

The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of consumer loans:
December 31,
20232022
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
SpringCastle
Current$255,441 $280,577 $25,136 $325,192 $358,057 $32,865 
90+4,661 5,055 394 5,236 5,699 463 
Total SpringCastle$260,102 $285,632 $25,530 $330,428 $363,756 $33,328 
Marcus
Current$1,014,404 $956,076 $(58,328)$— $— $— 
90+34,268 32,297 (1,971)— — — 
Total Marcus$1,048,672 $988,373 $(60,299)$— $— $— 
$1,308,774 $1,274,005 $(34,769)$330,428 $363,756 $33,328 
(A)Consumer loans are carried at fair value. See Note 20 regarding fair value measurements.
The following table summarizes activities related to the carrying value of consumer loans:
Balance at December 31, 2021
$507,291 
Purchases— 
Additional fundings(A)
29,615 
Proceeds from repayments(150,301)
Accretion of loan discount and premium amortization, net13,891 
Fair value adjustments due to:
Changes in instrument-specific credit risk1,540 
Other factors(38,280)
Balance at December 31, 2022
$363,756 
Purchases1,317,347 
Additional fundings(A)
27,510 
Proceeds from repayments(446,124)
Accretion of loan discount and premium amortization, net37,717 
Fair value adjustments due to:
Changes in instrument-specific credit risk957 
Other factors(27,158)
Balance at December 31, 2023
$1,274,005 
(A)Represents draws on consumer loans with revolving privileges.