CrossCountry Mortgage (CCM) is widening the scope of its asset management arm, CrossCountry Capital (CCC), after securing more than $1 billion in equity commitments that will support over $20 billion of new loan investments. The expansion comes with backing from an Ares Alternative Credit fund and Hildene Capital Management, according to a Sept. 18 announcement.
CCC, launched in 2022, has quickly established itself as one of the most active players in the non-agency space. The firm manages more than $7 billion in loans and operates a top-three non-agency securitization platform under its “CROSS” shelf, attracting more than 50 institutional investors.
Ron Leonhardt, founder and CEO of CCM, said, “We pride ourselves in having built the number one retail mortgage lender and look forward to continuing to support our borrowers and loan officers with exceptional service and the broadest range of products. The growth of CCC positions CCM to uniquely capitalize on the current market environment, something no other mortgage company is doing right now.”
Madhur Agarwal, CFO of CCM, added, “The continued expansion of CCC allows us to further diversify our business model outside of core origination and servicing activities in a capital-light manner, and is a testament to our proven track record of originating high-quality non-agency mortgage investments.”
Steven Ujvary, managing partner at CCC, said, “We are pleased to see the continued strong support from our partners. The additional capital will enhance our ability to scale, provide flexible capital solutions, and capture the growing opportunities in the non-agency mortgage market while addressing the financing needs of borrowers underserved by traditional lenders.”
Seven Deals, Top-Three Issuer
Through September 2025, CCC and Hildene have completed seven non-QM securitizations, cementing their place among the top three issuers in the sector. NMP previously reported on several of these transactions, including a $454 million CROSS 2025-H4 deal that extended their streak of programmatic issuances. Earlier securitizations included a $318 million 2024 deal and the pair’s initial 2022 partnership announcement.
Production Trends
Modex data shows CCM has maintained strong origination volume over the past three years:
2023: $31.1 billion across 88,157 loans; Non-QM $295.8 million (732 loans).
2024: $41.2 billion across 105,783 loans; Non-QM $273.1 million (627 loans).
2025 (Jan–Sept): $28.0 billion across 71,824 loans; Non-QM $139.4 million (324 loans).
CCM primarily offers Non-QM loans through its retail network, but also makes products available to brokers via its Valere Financial wholesale channel, giving it additional market reach.
Why It Matters
For mortgage professionals, the growth of CCC signals that retail production scale can be leveraged into a vertically integrated non-agency investment platform. The firm’s securitization track record — combined with retail and wholesale Non-QM offerings — positions CrossCountry to keep liquidity and product breadth flowing even as borrower demand shifts.
