KBRA Affirms the Ratings for Alesco Preferred Funding X, Ltd.
16 Apr 2026 | New York
KBRA affirms the ratings to six classes of notes issued by Alesco Preferred Funding X, Ltd. (“Alesco X”), a cash flow collateralized debt obligation (“CDO”) managed by Hildene Collateral Management Company, LLC (“Hildene”). Alesco X is a CDO of TruPS securities, surplus notes, and sub debt issued by community and regional banks and their holding companies along with insurance companies and their holding companies.
The last surveillance portfolio consisted of 31 obligors with a performing collateral par value of $358.5 million and liabilities totaled $458.9 million. It now contains 30 obligors with a total performing par value of $354.0 million and liabilities total $457.2 million. Similar to last year and at initial ratings, $67.1 million in defaults were recognized as of the latest portfolio date.
The liabilities dropped by a net $1.7 million reflecting a $2.8 million increase in deferred interest of since last year’s surveillance and $4.5 million in asset prepayments. The deal maturity is 23 Sep 2036. Since last year, the K-PD, which adjusts for the asset tenor, decreased from 10.3% to 9.7% while the WAL decreased from 10.6 to 9.8 years.
We first rated the transaction on 20 May 2024. Kroll Bond Rating Agency’s (KBRA) ratings on Class A1, Class A2A, and Class A2B Notes represent timely payment of interest and ultimate payment of principal by the applicable stated maturity date. KBRA’s rating on the Class B, C1 and C2 Notes considers the ultimate payment of interest and principal by the applicable stated maturity date.
To access ratings and relevant documents, click here.
Click here to view the report.