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CONSUMER LOANS
 6 Months Ended
Jun. 30, 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) consumer loans purchased from SpringCastle (the “SpringCastle loans” or “SpringCastle”) through a co-investment. 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.

On June 28, 2024, Rithm Capital purchased the remaining 46.5% interest in the SpringCastle loans from the co-investor for a total purchase price of $22.0 million.

The following table summarizes characteristics of the consumer loan portfolio measured at fair value:
Unpaid Principal BalanceCarrying ValueWeighted Average CouponWeighted Average Expected Life (Years)
June 30, 2024
SpringCastle $231,945 $244,578 18.2 %3.8
Marcus779,708 701,789 10.9 %0.9
Total consumer loans$1,011,653 $946,367 12.5 %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 18 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:
June 30, 2024December 31, 2023
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
SpringCastle
Current$227,741 $240,197 $12,456 $255,441 $280,577 $25,136 
90+4,204 4,381 177 4,661 5,055 394 
Total SpringCastle$231,945 $244,578 $12,633 $260,102 $285,632 $25,530 
Marcus
Current$690,063 $621,103 $(68,960)$1,014,404 $956,076 $(58,328)
90+89,645 80,686 (8,959)34,268 32,297 (1,971)
Total Marcus$779,708 $701,789 $(77,919)$1,048,672 $988,373 $(60,299)
$1,011,653 $946,367 $(65,286)$1,308,774 $1,274,005 $(34,769)
(A)Consumer loans are carried at fair value under the fair value option election. See Note 19 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)
10,098 
Proceeds from repayments(302,325)
Accretion of loan discount and premium amortization, net15,978 
Fair value adjustments due to:
Changes in instrument-specific credit risk(31,634)
Other factors(19,755)
Balance at June 30, 2024$946,367 
(A)Represents draws on consumer loans with revolving privileges.