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CONSUMER LOANS | 6 Months Ended
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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 Balance |  |  |  | Carrying Value |  | Weighted Average Coupon |  | Weighted Average Expected Life (Years) |  |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |
SpringCastle | $ | 231,945 |  |  |  |  | $ | 244,578 |  |  | 18.2 | % |  | 3.8 |  |
Marcus | 779,708 |  |  |  |  | 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 |  |
Marcus | 1,048,672 |  |  |  |  | 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, 2024 |  | December 31, 2023
Days Past Due |  | UPB |  | Carrying Value(A) |  | Carrying Value Over (Under) UPB |  | UPB |  | 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, net |  |  |  |  | 15,978 |
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.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References No definition available. + Details
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