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Alternative Assets  + Real Estate  |  May 30, 2025
Hildene Capital Closes $453.9M Non-QM Securitization, Expanding 2025 Issuance to $1.8B 
By: Joe Palmisano

Hildene Capital Closes $453.9M Non-QM Securitization, Expanding 2025 Issuance to $1.8B 

Hildene Capital Management, LLC announced the close 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 U.S. retail residential mortgage originator. 

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. The deal was rated by Fitch and Kroll, with 99.5% of loans rated investment grade AAA through B. Goldman Sachs & Co. LLC structured the deal with J.P. Morgan acting as joint lead. 

“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,” said Justin Gregory, portfolio manager at Hildene. 

The completion of CROSS 2025-H4 is Hildene’s fourth non-QM transaction of 2025, totaling $1.8 billion in issuance year to date. The firm’s previous transactions this year included:  

CROSS 2025-H1: $511.5 million securitization backed by a pool of 987 non-qualified residential mortgage loans, completed in January. 

CROSS 2025-H2: $426.8 million securitization backed by a pool of 860 non-qualified residential mortgage loans, completed in March. 

CROSS 2025-H3: $413.4 million securitization backed by a pool of 830 non-qualified residential mortgage loans in April. 

Since 2022, the $17 billion Stamford, CT-based credit-focused alternative asset manager has issued approximately $5.4 billion of non-QM securitizations across 14 deals.  

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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