Hildene Capital closes $496m non-QM loan securitisation

Credit-focused alternative asset manager Hildene Capital Management has closed a $496.3m (£368.2m) loan securitisation, its sixth non-qualified mortgage (non-QM) securitisation this year.

CROSS 2025-H6 is collateralised by a pool of 968 non-QM residential mortgage loans and has a weighted average FICO score of 748 and a loan-to-value (LTV) ratio of 71.03 per cent.

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The transaction was rated by Fitch and Kroll, with 96.35 per cent being rated investment grade AAA through BBB-, the firm said.

In June this year, Hildene closed the CROSS 2025-H5 securitization at $416.4m, which featured a pool of 881 residential mortgage loans, with a weighted average FICO score of 747 and an LTV ratio of 71.26 per cent.

The latest loan securitisation closure brings Hildene’s year-to-date issuance to a total of $2.7bn.

Loans for both securitisations originated through Hildene’s strategic relationship with US retail residential mortgage lender CrossCountry Mortgage.

Since the inception of its relationship with CrossCountry Mortgage in 2022, Hildene has completed 16 non-QM loan securitisations.

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

Hildene manages approximately $16.8bn for a range of clients across hedge fund, drawdown, separately managed accounts, insurance and securitisation vehicles.

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