Hildene Capital Management, an alternative asset manager specializing in credit strategies, has announced the successful closing of the CROSS 2025-H6 securitization, which amounts to an impressive $496.3 million. This latest securitization is backed by a diversified pool of 968 non-qualified residential mortgage (non-QM) loans, which are typically loans that do not meet the standard criteria set by government-sponsored entities.
The collateral for this transaction showcases a weighted average FICO score of 748, indicating a strong credit profile among borrowers. Additionally, the loans have a loan-to-value (LTV) ratio of 71.03%, reflecting a prudent level of collateralization relative to the underlying property values.
The CROSS 2025-H6 securitization has received favorable ratings from major credit rating agencies Fitch and Kroll. A significant portion of the securitized loans—96.35%—has been classified as investment-grade, with ratings spanning from AAA to BBB-. This high percentage underscores the quality of the underlying mortgage assets and reinforces Hildene’s commitment to maintaining stringent origination standards.
This latest deal follows Hildene’s previous securitization, CROSS 2025-H5, which closed in June 2025 for a total of $416.4 million. The CROSS 2025-H5 transaction comprised 881 residential mortgage loans, showcasing a slightly lower weighted average FICO score of 747 and a higher LTV ratio of 71.26%. Both securitizations were exclusively composed of loans that were originated through Hildene’s strategic partnership with CrossCountry Mortgage, a leading retail residential mortgage lender in the United States. This collaboration has proven instrumental in enhancing the quality and volume of loans offered in Hildene’s securitization transactions.
In total, Hildene has successfully completed six non-QM loan securitizations throughout 2025, marking a significant achievement in the firm’s ongoing growth and diversification strategy. Since establishing its relationship with CrossCountry Mortgage in 2022, the firm has executed a total of sixteen non-QM loan securitizations. Year-to-date issuance for Hildene Capital Management has reached an impressive $2.7 billion, reflecting the firm’s robust performance in the alternative credit markets and its ability to capitalize on favorable market conditions.
KEY QUOTE:
“We are seeing continued demand for high-credit-quality non-QM origination, as demonstrated by our consistent issuance and the successful close of these securitizations.”
Justin Gregory, Portfolio Manager at Hildene
