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CONSUMER LOANS
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [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”) initially in a co-investment with an unaffiliated entity. On June 28, 2024, Rithm Capital acquired the remaining 46.5% interest in the SpringCastle loans from the co-investor for a total purchase price of $22.0 million. Following the acquisition, Rithm Capital holds a 100% interest in the SpringCastle loans.

The Marcus 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 and 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 under the fair value option election:
UPBCarrying ValueWeighted Average CouponWeighted Average Expected Life (Years)
December 31, 2024
SpringCastle$208,306 $219,308 18.1 %3.8
Marcus559,317 446,257 11.0 %1.0
Total Consumer Loans$767,623 $665,565 12.9 %1.8
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:
December 31,
20242023
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
SpringCastle:
Current$203,923 $214,746 $10,823 $255,441 $280,577 $25,136 
90+4,383 4,562 179 4,661 5,055 394 
Total SpringCastle208,306 219,308 11,002 260,102 285,632 25,530 
Marcus:
Current$438,712 $438,712 — $1,014,404 $956,076 $(58,328)
90+120,605 7,545 (113,060)34,268 32,297 (1,971)
Total Marcus559,317 446,257 (113,060)1,048,672 988,373 (60,299)
$767,623 $665,565 $(102,058)$1,308,774 $1,274,005 $(34,769)
(A)Consumer loans are carried at fair value. See Note 19 regarding fair value measurements.


The following table summarizes the activity for consumer loans for the period:
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 
Additional fundings(A)
24,091 
Proceeds from repayments(560,518)
Accretion of loan discount and premium amortization, net27,914 
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk(51,977)
Other factors(47,950)
Balance at December 31, 2024
$665,565 
(A)Represents draws on consumer loans with revolving privileges.