“Our teams have already begun working together to identify opportunities to integrate our capabilities and support the expansion of Rithm’s broader platform,” said Doug Bratton, founder and CEO of Crestline, in a statement. Keith Williams, managing partner and chief investment officer, added that the firm is “extending our reach, expanding our capabilities and unlocking new avenues for differentiated alpha.”
Rithm was advised by JP Morgan Securities LLCwhile Piper Sandler & Co. Crestline advised.
The acquisition builds on Rithm’s recent merger and acquisition deals, including the $720 million purchase Sculptor Capital Management.
With Sculptor and Crestline on board, Rithm has grown to 200 investment professionals managing $47 billion in assets on the balance sheet and $55 billion in assets under management across asset-based financing, real estate, and structured and corporate credit strategies.
In addition to asset management, Rithm has remained active on the consumer and mortgage front. The company acquired $1.4 billion in consumer loans from Goldman Sachsreached an agreement to purchase Computershare Mortgage Services and its subsidiary Specialized loan servicetogether with Upgrade of $1 billion in home improvement loans, and formed a partnership with an institutional investor for a potential $1.5 billion in home transition loans.
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