Hildene Capital Closes $493 Million Non-QM Loan Securitization

CROSS 2024-H7 is Hildene’s seventh and largest non-QM securitization of 2024

STAMFORD, Conn.--(BUSINESS WIRE)--Hildene Capital Management, LLC (“Hildene” or the “Firm”), a $15.6 billion credit-focused asset manager, announced the completion of CROSS 2024-H7, a $493 million securitization backed by a pool of non-qualified residential mortgage (“non-QM”) loans originated through Hildene’s relationship with CrossCountry Mortgage (“CCM”), one of the largest retail residential mortgage originators in the United States.

To date, Hildene has issued a total of approximately $3.5 billion of non-QM securitizations across 10 deals. CROSS 2024-H7 is Hildene’s seventh and largest non-QM securitization of 2024. The transaction is collateralized by a pool of 923 residential mortgages, with a weighted average FICO score of 752 and a loan-to-value (LTV) of 72%. The transaction was rated by Fitch and Kroll, with 94% being rated investment grade AAA through BBB-.

“The completion of CROSS 2024-H7 speaks to the breadth of our partnership with CrossCountry Mortgage, which provides us access to scalable, high credit quality non-QM loan origination,” said Justin Gregory, Portfolio Manager at Hildene. “We remain committed to leveraging our unique sourcing channels to deliver compelling risk-adjusted investment opportunities for our clients across various market conditions.”

Goldman Sachs & Co. LLC structured the deal, J.P. Morgan acted as a joint lead.

About Hildene Capital Management

Hildene Capital Management, LLC (“Hildene”) is an alternative asset manager focused on opportunistic and complex credit investing through structured and private credit strategies. Hildene manages approximately $15.6 billion for a broad range of clients across hedge fund, drawdown, SMA, insurance and securitization vehicles, with a focus on maximizing returns through event-driven strategies. The firm’s investment process extends above and beyond traditional market valuation processes and utilizes rigorous analysis and research to identify mispriced assets which may be overlooked or misunderstood by other market participants. Hildene was founded in 2008 and is based in Stamford, CT. For additional information, please visit www.hildenecap.com.