Hildene Capital Management, a $17 billion credit-focused alternative asset manager, announced the closing of CROSS 2025-H4, a $453.9 million securitization backed by a pool of non-qualified residential mortgage (non-QM) loans originated through Hildene’s relationship with CrossCountry Mortgage (CCM), a leading retail residential mortgage originator in the US
CROSS 2025-H4 is collateralized by a pool of 895 residential mortgages, with a weighted average FICO score of 748 and a loan-to-value (LTV) of 70.25. And the deal was rated by Fitch and Kroll, with 99.5% of loans rated investment grade AAA through B. Goldman Sachs structured the deal with J.P. Morgan acting as the joint lead.
The completion of CROSS 2025-H4 is Hildene’s fourth non-QM transaction of this year, totaling $1.8 billion in issuance year to date. And the firm’s previous transactions this year included:
1.) CROSS 2025-H1: $511.5 million securitization backed by a pool of 987 non-qualified residential mortgage loans, completed in January.
2.) CROSS 2025-H2: $426.8 million securitization backed by a pool of 860 non-qualified residential mortgage loans, completed in March.
3.) CROSS 2025-H3: $413.4 million securitization backed by a pool of 830 non-qualified residential mortgage loans in April.
Since 2022, Hildene issued approximately $5.4 billion of non-QM securitizations across 14 deals.
KEY QUOTE:
“The completion of our latest securitization underscores our differentiated approach to asset-based credit, rooted in our relationship with CCM that provides scalable access to high-credit-quality non-QM loan origination. We aim to continue this momentum by identifying and delivering compelling risk-adjusted opportunities for investors.”
Justin Gregory, Portfolio Manager at Hildene
