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.