Rithm Capital Corp. is making another bold move in the world of asset management, announcing Thursday it will acquire Crestline Management, a private markets heavyweight with $17 billion under management. The deal, advised by a roster of powerhouse law firms, will dramatically expand Rithm’s reach into private credit, insurance, and reinsurance.
Legal Heavyweights Behind the Transaction
Five firms guided the transaction: Skadden Arps Slate Meagher & Flom LLP, Akin Gump Strauss Hauer & Feld LLP, Vinson & Elkins LLP, and Paul Hastings LLP. Terms of the deal remain undisclosed, but the acquisition marks one of the most significant milestones in Rithm’s transformation from its 2013 beginnings as a mortgage servicing rights manager into a diversified investment giant.
A Platform Supercharged to $98 Billion
With the addition of Crestline, Rithm’s platform will soar to $98 billion in investable assets, including $45 billion on balance sheet and another $53 billion in managed assets. The deal is expected to close in the fourth quarter of 2025.
“This transaction demonstrates the power of our differentiated asset management platform and our commitment to diversifying our investment strategies,” said Rithm CEO Michael Nierenberg. “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.”
