Rithm Capital to acquire Crestline, expanding AUM to $98 bln.

Rithm Capital Corp. has agreed to acquire Crestline Management, expanding its assets under management to $98 billion. The deal adds direct lending, fund liquidity, insurance, and reinsurance capabilities to Rithm's existing strengths. Crestline's team, strategies, and offices will remain unchanged post-closing. The transaction is expected to close in Q4 2025, subject to regulatory approvals. Rithm's CEO, Michael Nierenberg, said the acquisition enhances Rithm's credit and alternative capabilities, marks its entry into insurance and reinsurance, and creates new opportunities for investors and shareholders.

Rithm Capital Corp. has agreed to acquire Crestline Management, a significant move that will expand its assets under management (AUM) to $98 billion. The acquisition, announced on September 4, 2025, adds direct lending, fund liquidity, insurance, and reinsurance capabilities to Rithm's existing strengths in asset-based finance, real estate, credit, and infrastructure. Crestline, founded in 1997, has tripled its AUM since 2018 and offers private credit and alternative strategies across multiple markets.

The transaction, expected to close in the fourth quarter of 2025, subject to regulatory approvals, will integrate Crestline's team, strategies, and offices in Fort Worth, New York, Toronto, Tokyo, and London without any changes. Rithm's CEO, Michael Nierenberg, stated that the acquisition enhances Rithm's credit and alternative capabilities, marks its entry into insurance and reinsurance, and creates new opportunities for investors and shareholders. Crestline's leaders, Doug Bratton and Keith Williams, highlighted shared values with Rithm, noting that the partnership positions their platform for long-term growth and strengthens client offerings.

The acquisition is part of Rithm's long-term strategy to build a global, diversified asset management platform. With Crestline and Sculptor, Rithm's combined platform will consist of $45 billion of assets on balance sheet and approximately $53 billion in assets under management. This expanded suite of strategies will be powered by over 200 seasoned investment professionals, offering institutional investors a broad range of innovative solutions across asset classes and return profiles.

The transaction is expected to close in Q4 2025, subject to customary regulatory approvals and closing conditions. J.P. Morgan Securities LLC acted as the exclusive financial advisor to Rithm, while Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel. Piper Sandler & Co. acted as the exclusive financial advisor and Jackson Walker LLP acted as lead legal counsel to Crestline with specialist counsel at Akin, Vinson & Elkins, and Paul Hastings LLP.

References:
[1] https://finance.yahoo.com/news/rithm-capital-acquire-crestline-104500081.html
[2] https://www.nasdaq.com/articles/rithm-capital-acquire-crestline-expanding-aum-98-bln