Rithm Capital, Crestline transaction expected to close in 4Q

Rithm Capital, Crestline transaction expected to close in 4Q

NEW YORK, Sept. 2, 2025 — Rithm Capital Corp. (Rithm), a global alternative asset manager, has entered into a definitive agreement to acquire Crestline Management, L.P. (Crestline), an alternative investment manager with approximately $17 billion in assets under management (AUM). The transaction is expected to close in the fourth quarter of 2025, subject to customary regulatory approvals and closing conditions [1].

The acquisition underscores Rithm’s long-term strategy to build a global, diversified asset management platform focused on delivering alpha for investors and value for shareholders. Crestline’s integration will expand Rithm’s capabilities across direct lending, fund liquidity solutions, insurance, and reinsurance, adding to its existing strengths in asset-based finance, real estate, structured and corporate credit, and energy and infrastructure [1].

Rithm’s combined platform, including Crestline and Sculptor, will be comprised of $98 billion in investable assets, consisting of $45 billion of assets on balance sheet and approximately $53 billion in assets under management. This will offer institutional investors a broad suite of innovative strategies across asset classes and return profiles—powered by over 200 seasoned investment professionals [1].

Crestline, founded in 1997, is a fully integrated platform offering private credit and alternative investment strategies across direct lending, opportunistic credit, and fund liquidity solutions. It also manages investment strategies on behalf of its wholly owned insurance company and affiliated reinsurer. Since 2018, the firm has tripled its AUM [1].

Upon closing, Crestline’s investment team, committees, and strategies will remain unchanged, and the firm will maintain its existing offices in Fort Worth, New York, Toronto, Tokyo, and London [1].

Michael Nierenberg, Chief Executive Officer of Rithm, commented, “This transaction demonstrates the power of our differentiated asset management platform and our commitment to diversifying our investment strategies. Crestline adds meaningful new credit and alternative investment capabilities, establishes our entrance into insurance and reinsurance, and creates additional value-creating opportunities for our investors and shareholders” [1].

Doug Bratton, Founding Partner and Chief Executive Officer of Crestline, added, “We are excited to be joining Rithm, an industry-leading alternative asset manager with deep expertise in asset-based strategies and a shared focus on building innovative solutions that deliver alpha to investors. We believe this transaction achieves all of those objectives and positions our platform for long-term growth” [1].

The transaction is expected to close in the fourth quarter of 2025, subject to customary regulatory approvals and closing conditions. Advisors to the transaction include J.P. Morgan Securities LLC, Skadden, Arps, Slate, Meagher & Flom LLP, Piper Sandler & Co., Jackson Walker LLP, Akin, Vinson & Elkins, and Paul Hastings LLP [1].

References:
[1] https://www.stocktitan.net/news/RITM/rithm-capital-to-acquire-qs0po37mz28r.html