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Hildene Capital Management Finalizes $318.4 Million Securitization

News Director
Feb 05, 2024

The securitization was with a pool of 630 residential mortgages.

Hildene Capital Management, LLC, a credit-focused asset manager with assets totaling $14.7 billion, has finalized the CROSS 2024-H1 securitization, valued at $318.4 million. This securitization is backed by non-qualified residential mortgage loans that were originated by CrossCountry Mortgage (CCM).

CROSS 2024-H1 is secured by a pool of 630 residential mortgages, all of which were originated by CCM. The loan pool boasts a weighted average FICO score of 738 and a loan-to-value ratio of 70.6%. The majority of these loans are for owner-occupied properties. 

Fitch assigned a rating of AAA-BBB to the senior investment grade bonds, while Kroll rated both the IG (investment grade) and Non-IG bonds down to BB. Goldman Sachs played a pivotal role in structuring the deal, with Atlas SP Partners acting as a joint lead and Piper Sandler and Nomura serving as co-managers.

“The close of our latest CROSS securitization underscores the opportunity we continue to see in the non-QM market,” said Justin Gregory, portfolio manager at Hildene. “We look forward to continuing our relationship with CrossCountry Mortgage this year to scale our securitizations in an effort to deliver quality, risk-adjusted returns for our clients.”

In 2022, Hildene initiated a multi-year strategic partnership with CCM, granting Hildene exclusive access to scalable, high credit, quality, non-QM loans sourced from the CCM platform.

CROSS 2024-H1 marks Hildene’s inaugural non-QM securitization of the year, following the successful completion of CROSS 2023-H2, a $332.8 million securitization in November 2023, and CROSS 2023-H1, a $303.4 million securitization in July 2023. Hildene and CCM plan to issue deals programmatically throughout 2024, further bolstering their presence in the market.

About the author
Christine Stuart is the news director at NMP.
Feb 05, 2024
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