Hildene Capital: $453.9M Non-QM Deal & 2025 Expansion
Hildene Capital closes a important $453.9 million non-QM securitization deal, backed by residential mortgages originated through CrossCountry Mortgage.This strategic move, detailed in this News Directory 3 update, marks Hildene’s fourth non-QM transaction in 2025, totaling an impressive $1.8 billion. The securitization, CROSS 2025-H4, includes 895 residential mortgages with a weighted average FICO score of 748 and a 70.25% LTV ratio. Fitch and Kroll rated the deal,with nearly all loans receiving investment-grade ratings.with a proven track record since 2022,Hildene continues to lead in the non-QM market. Discover what’s next for Hildene Capital and its expansion plans for 2025.
Hildene Capital Completes $453.9M Non-QM Securitization
Hildene Capital Management, LLC, has finalized CROSS 2025-H4, a $453.9 million securitization. This deal is backed by non-qualified residential mortgage (non-QM) loans sourced through Hildene’s partnership with CrossCountry Mortgage (CCM).
The CROSS 2025-H4 securitization includes 895 residential mortgages. The loans have a weighted average FICO score of 748 and a loan-to-value (LTV) ratio of 70.25. Fitch and Kroll rated the deal, with 99.5% of the loans receiving investment-grade ratings from AAA through B. Goldman Sachs & Co. LLC structured the deal, with J.P. Morgan as joint lead.
Justin Gregory, portfolio manager at Hildene, said the securitization highlights their unique approach to asset-based credit. He emphasized the relationship with CCM, which provides access to high-credit-quality non-QM loan originations.
The completion of CROSS 2025-H4 represents Hildene’s fourth non-QM transaction in 2025, bringing the year-to-date issuance to $1.8 billion. Prior transactions include:
- CROSS 2025-H1: $511.5 million (January)
- CROSS 2025-H2: $426.8 million (March)
- CROSS 2025-H3: $413.4 million (April)
Since 2022, Hildene, a $17 billion credit-focused alternative asset manager based in Stamford, Conn., has issued about $5.4 billion in non-QM securitizations across 14 deals. These non-QM loans provide alternative options for borrowers.
What’s next
Hildene Capital Management is expected to continue its focus on non-QM securitizations, leveraging its relationship with CrossCountry mortgage to expand its offerings in the residential mortgage market.