Hildene Capital Management, a $15.6 billion credit-focused asset manager, completed 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), a retail residential mortgage originator 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 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,” Justin Gregory, portfolio manager at Hildene, said. “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 structured the deal, J.P. Morgan acted as a joint lead.
