Pretium, a specialized alternative investment management firm, and Ares Management, a global alternative investment manager, agreed to acquire Front Yard Residential, a provider of single-family rental housing, for $2.5bn. "This transaction further establishes Pretium as both a pioneer and a leader in the SFR space since 2012, having completed the industry's largest strategic recapitalization in 2019 and now leading the industry's first public-to-private transaction. We firmly believe that scale is paramount to outperformance and continuing to create meaningful liquidity for SFR investors is necessary to ensure robust valuations and the continued flow of institutional capital into the SFR asset class," Don Mullen, Pretium Chairman and CEO. On November 23, 2020, parties announced the amended agreement under which the consideration payable for Front Yard increased from $2.4bn to $2.5bn.