Lender restructures executive team amid parent company's pending sale to BlackRock
Alternative lender Acra Lending is searching for a new chief executive officer following the resignation of Keith Lind, who has transitioned to the newly created position of non-executive chairman.
The leadership shift comes as Acra’s parent company, HPS Investment Partners, prepares to be acquired by BlackRock Financial.
The $12 billion all-equity acquisition, first announced in December 2024, is scheduled to close on June 1, 2025, pending regulatory approvals and customary conditions. Acra management told Morningstar DBRS that the company does not expect any platform changes from the deal aside from its future ownership by funds managed by BlackRock.
Lind is expected to remain involved with Acra until a new CEO has been identified. He had served as both CEO and chairman of the board at Acra since February 2020, after previously holding a managing director position at HPS. Lind has since returned to HPS in a senior leadership role.
To manage the transition, Acra has established an “office of the president” consisting of its five senior executives—the president, chief financial officer, managing director of business development, managing director of IT, and general counsel—who meet weekly to coordinate executive leadership.
Acra’s operations and growth
Acra, operating under the dba Citadel Servicing Corporation (CSC), specializes in non-qualified mortgage (non-QM) lending and has been originating loans since 2013. Acra rebranded its origination arm in 2021 following the 2020 acquisition of CSC by HPS.
In 2024, the company originated or acquired more than 7,000 loans with an unpaid principal balance of over $3.5 billion, up $1.2 billion from 2023. About 83% of these originations were through the wholesale channel, with correspondent and retail channels contributing 14% and 3%, respectively.
Headquartered in Irvine, California, Acra holds licenses across 47 states and the District of Columbia. The lender offers a range of products, including non-QM, fix and flip, bridge loans, jumbo prime, and a newly introduced platinum program targeting better-credit borrowers. Loan programs span full documentation, limited documentation, bank statement, ability-to-repay, and investor cash flow, among others.
Read more: Acra Lending embraces tech while retaining tried-and-true products
The company employs approximately 410 people, including 53 underwriters averaging nearly 20 years of industry experience. In 2024, Acra experienced a 36% overall turnover rate, with a 43% turnover in origination staff, largely due to the departure of around 20 wholesale account executives. The company also saw the appointment of a new CFO and managing director of IT.
Credit rating outlook
Morningstar DBRS recently confirmed Acra’s MOR RO2 residential mortgage originator ranking but revised the trend from “Positive” to “Stable.” The change reflects senior management turnover, sales staff attrition, and the ongoing CEO search.
“While the acquisition of HPS, Acra’s parent, by BlackRock is viewed as positive, the transaction is not yet closed and will need to season over time,” Morningstar DBRS noted.
Despite these leadership shifts, the rating agency pointed to Acra’s strong management, robust underwriting processes, risk-conscious culture, and integrated technology platform as key strengths supporting its current rating.
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