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CONSUMER LOANS
 3 Months Ended
Mar. 31, 2024
Investments In Consumer Loans Equity Method Investees [Abstract]  
CONSUMER LOANS CONSUMER LOANS
Rithm Capital’s consumer loan portfolio consists of (i) consumer loans purchased from Goldman Sachs Bank USA (the “Marcus loans” or “Marcus”) in June 2023 and (ii) a co-investment (as of March 31, 2024, Rithm Capital owns 53.5% in a portfolio of consumer loans purchased from SpringCastle (the “SpringCastle loans” or “SpringCastle”). The Marcus loans portfolio includes unsecured fixed-rate closed-end installment loans, and the SpringCastle loans portfolio includes personal unsecured loans and personal homeowner loans. The Marcus loans are serviced by Systems & Services Technologies, Inc. and the SpringCastle loans are serviced by OneMain Holdings Inc.

The following table summarizes characteristics of the consumer loan portfolio measured at fair value:
Unpaid Principal BalanceCarrying ValueWeighted Average CouponWeighted Average Expected Life (Years)
March 31, 2024
SpringCastle $246,553 $267,948 18.2 %3.8
Marcus908,089 835,851 10.1 %1.0
Total consumer loans$1,154,642 $1,103,799 11.8 %1.6
December 31, 2023
SpringCastle$260,102 $285,632 18.2 %3.7
Marcus1,048,672 988,373 10.5 %1.2
Total consumer loans$1,308,774 $1,274,005 12.0 %1.7

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:
March 31, 2024December 31, 2023
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
SpringCastle
Current$241,454 $262,483 $21,029 $255,441 $280,577 $25,136 
90+5,099 5,465 366 4,661 5,055 394 
Total SpringCastle$246,553 $267,948 $21,395 $260,102 $285,632 $25,530 
Marcus
Current$842,297 $775,293 $(67,004)$1,014,404 $956,076 $(58,328)
90+65,792 60,558 (5,234)34,268 32,297 (1,971)
Total Marcus$908,089 $835,851 $(72,238)$1,048,672 $988,373 $(60,299)
$1,154,642 $1,103,799 $(50,843)$1,308,774 $1,274,005 $(34,769)
(A)Consumer loans are carried at fair value under the fair value option election. See Note 20 regarding fair value measurements.
The following table summarizes the activity for consumer loans for the period:
Total
Balance at December 31, 2023$1,274,005 
Purchases— 
Additional fundings(A)
4,113 
Proceeds from repayments(154,354)
Accretion of loan discount and premium amortization, net10,152 
Fair value adjustments due to:
Changes in instrument-specific credit risk(22,961)
Other factors(7,156)
Balance at March 31, 2024$1,103,799 
(A)Represents draws on consumer loans with revolving privileges.