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CONSUMER LOANS | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
CONSUMER LOANS | CONSUMER LOANS Rithm Capital’s consumer loan portfolio consists of (i) consumer loans acquired from Goldman Sachs Bank USA (the “Marcus loans” or “Marcus”) 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 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 classified as HFI and measured at fair value under the fair value option election:
| UPB |  | Carrying Value |  | Weighted Average Coupon |  | Weighted Average Expected Life (Years)
March 31, 2025 |  |  |  |  |  |  |
SpringCastle | $ | 192,644 |  |  | $ | 201,468 |  |  | 18.0 | % |  | 3.7
Marcus | 470,473 |  |  | 352,700 |  |  | 11.1 | % |  | 0.8
Total Consumer Loans | $ | 663,117 |  |  | $ | 554,168 |  |  | 13.1 | % |  | 1.6
December 31, 2024 |  |  |  |  |  |  |
SpringCastle | $ | 208,306 |  |  | $ | 219,308 |  |  | 18.1 | % |  | 3.8
Marcus | 559,317 |  |  | 446,257 |  |  | 11.0 | % |  | 1.0
Total Consumer Loans | $ | 767,623 |  |  | $ | 665,565 |  |  | 12.9 | % |  | 1.8
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:
|  | March 31, 2025 |  | December 31, 2024
Days Past Due |  | UPB |  | Carrying Value(A) |  | Carrying Value Over (Under) UPB |  | UPB |  | Carrying Value(A) |  | Carrying Value Over (Under) UPB
SpringCastle: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 188,399 |  |  | $ | 197,088 |  |  | $ | 8,689 |  |  | $ | 203,923 |  |  | $ | 214,746 |  |  | $ | 10,823 |
90+ |  | 4,245 |  |  | 4,380 |  |  | 135 |  |  | 4,383 |  |  | 4,562 |  |  | 179 |
Total SpringCastle |  | 192,644 |  |  | 201,468 |  |  | 8,824 |  |  | 208,306 |  |  | 219,308 |  |  | 11,002 |
Marcus: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 337,889 |  |  | $ | 338,903 |  |  | 1,014 |  |  | $ | 438,712 |  |  | $ | 438,712 |  |  | $ | — |
90+ |  | 132,584 |  |  | 13,797 |  |  | (118,787) |  |  | 120,605 |  |  | 7,545 |  |  | (113,060) |
Total Marcus |  | 470,473 |  |  | 352,700 |  |  | (117,773) |  |  | 559,317 |  |  | 446,257 |  |  | (113,060) |
|  | $ | 663,117 |  |  | $ | 554,168 |  |  | $ | (108,949) |  |  | $ | 767,623 |  |  | $ | 665,565 |  |  | $ | (102,058) |
(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, 2024 |  | $ | 665,565 |
Additional fundings(A) |  | 6,595 |
Proceeds from repayments |  | (111,102) |
Accretion of loan discount and premium amortization, net |  | 5,923 |
Fair Value Adjustments Due To: |  |
Changes in instrument-specific credit risk |  | (2,003) |
Other factors |  | (10,810) |
Balance at March 31, 2025 |  | $ | 554,168 |
(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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- References No definition available. + Details
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