Hildene And CrossCountry Extend 2025 Non-QM Streak With $454M Securitization

Hildene Capital Management has priced its fourth Non-QM securitization of 2025, bringing its year-to-date issuance volume to $1.8 billion and accounting for just over 17% of the YTD market. All four transactions this year have been backed by loans originated by CrossCountry Mortgage (CCM), which remains one of the most active nonbank players in the Non-QM space.

The latest deal, CROSS 2025-H4, is a $453.9 million securitization backed by 895 residential mortgages. The loans carry a weighted average FICO of 748 and a loan-to-value ratio of 70.25%. Approximately 99.5% of the pool received investment-grade ratings from Fitch and Kroll. Goldman Sachs structured the transaction, with J.P. Morgan as joint lead manager.

“These transactions are supported by a consistent pipeline of high-credit-quality originations through our relationship with CrossCountry,” said Justin Gregory, portfolio manager at Hildene. “As the Non-QM market evolves, we continue to look for opportunities that offer strong risk-adjusted value to investors.”

Hildene’s 2025 transactions to date include:

• CROSS 2025-H1: $511.5M (January)

• CROSS 2025-H2: $426.8M (March)

• CROSS 2025-H3: $413.4M (April)

• CROSS 2025-H4: $453.9M (May)

The four deals represent roughly 7.4% of total Non-QM issuance volume and 6.3% of total deal count for the year through May, based on $24.2 billion in issuance across 63 transactions, according to market data.

Hildene has now completed 14 Non-QM securitizations totaling approximately $5.4 billion since 2022, including eight deals in 2024 worth $2.8 billion. CrossCountry has played a central role in that growth, with its originations forming the basis of each deal.

As consolidation increases and liquidity for non-agency mortgage credit remains selective, consistent execution and institutional partnerships like this one continue to shape the trajectory of the Non-QM market in 2025.