# EDGAR Filing Document

**Accession Number:** 0001748189
**File Stem:** 0000929638-25-002595
**Filing Date:** 2025-7
**Character Count:** 15258
**Document Hash:** 8902c993f11fdf63f35ada5ee95a95a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000929638-25-002595.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0000929638-25-002595

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250710

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Debt Securities

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hildene Opportunities Master Fund, Ltd.
- **CENTRAL INDEX KEY:** 0001748189

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-04030
- **FILM NUMBER:** 251124628

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MAPLES CORPORATE SERVICES LIMITED
- **STREET 2:** UGLAND HOUSE, SOUTH CHURCH STREET
- **CITY:** GEORGE TOWN, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104
- **BUSINESS PHONE:** 345-949-8066

**MAIL ADDRESS:**
- **STREET 1:** C/O MAPLES CORPORATE SERVICES LIMITED
- **STREET 2:** UGLAND HOUSE, SOUTH CHURCH STREET
- **CITY:** GEORGE TOWN, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hildene Opportunities Master Fund, Ltd.
- **CENTRAL INDEX KEY:** 0001748189

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MAPLES CORPORATE SERVICES LIMITED
- **STREET 2:** UGLAND HOUSE, SOUTH CHURCH STREET
- **CITY:** GEORGE TOWN, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104
- **BUSINESS PHONE:** 345-949-8066

**MAIL ADDRESS:**
- **STREET 1:** C/O MAPLES CORPORATE SERVICES LIMITED
- **STREET 2:** UGLAND HOUSE, SOUTH CHURCH STREET
- **CITY:** GEORGE TOWN, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM ABS-15G

#### ASSET-BACKED SECURITIZER

#### REPORT PURSUANT TO SECTION 15G OF

#### THE SECURITIES EXCHANGE ACT OF 1934

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

___ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period ______________ to ______________.

&nbsp;&nbsp;&nbsp;&nbsp;<br>

Date of Report (Date of earliest event reported): ______________<br>Commission File Number of securitizer:&nbsp;&nbsp;&nbsp;&nbsp; ______________<br>Central Index Key Number of securitizer:&nbsp;&nbsp;&nbsp;&nbsp; ______________<br>

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name and telephone number, including area code, of the person to

contact in connection with this filing.

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) [ ]

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [ ]

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [ ]

_<u>X</u>_ Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: 0001748189

Central Index Key Number of sponsor: N/A

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hildene TruPS Securitization 3, Ltd.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): N/A

Central Index Key Number of underwriter (if applicable): N/A

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>John Scannell, 203-517-2500</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name and telephone number, including area code, of the person to

contact in connection with this filing.

------

#### INFORMATION TO BE INCLUDED IN THE REPORT

---

| | |
|:---|:---|
| **Item 2.01.** | **<u>Findings and Conclusions of a Third Party Due Diligence Report Obtained By the Issuer</u>** |

---

Hildene Opportunities Master Fund, Ltd., as depositor, is furnishing this Form ABS-15G in respect of an issuance of securities by Hildene TruPS Securitization 3, Ltd., as issuer, and Hildene TruPS Securitization 3, LLC, as co-issuer, in reliance on Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended. Attached hereto as Exhibit 99.1 is the Report of Independent Certified Public Accountants, dated July 10, 2025 with respect to certain agreed-upon procedures performed by KPMG LLP.

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#### SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 11, 2025

---

| | |
|:---|:---|
| HILDENE OPPORTUNITIES MASTER FUND, | HILDENE OPPORTUNITIES MASTER FUND, |
| LTD. (Depositor) | LTD. (Depositor) |
| By:  | HILDENE CAPITAL MANAGEMENT, |
|  | LLC, its investment manager |
| By: | <u>/s/ Dushyant Mehra&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
|  | Name: Dushyant Mehra  |
|  | Title: Co-Chief Investment Officer |

---

------

#### EXHIBIT INDEX
<u>Exhibit Number</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 Report of Independent Certified Public Accountants, dated July 10, 2025

## Exhibit 99.1

#### Exhibit 99.1<br>

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| | |
|:---|:---|
| ![](logo_kpmg.jpg) | <br>KPMG LLP<br> Suite 700<br> 20 Pacifica<br> Irvine, CA 92618-3391<br>|

---

#### Independent Accountants' Agreed-Upon Procedures Report
Hildene TruPS Securitization 3, Ltd. (the "Issuer")

Hildene Structured Advisors, LLC (the "Collateral Manager")

U.S. Bank Trust Company, National Association (the "Trustee" or "Collateral Administrator")

Piper Sandler & Co.

Jefferies LLC

(together, the "Specified Parties")

Re: Hildene TruPS Securitization 3, Ltd. — Data File Procedures

We have performed the procedures described below on the specified attributes in an electronic data file entitled "HITR 3 Reset Portfolio 6.27.25.xlsx" provided by the Collateral Administrator on July 8, 2025, on behalf of the Issuer, containing information on 72 Collateral Obligations as of June 27, 2025 (the "Data File"), related to the requirements set forth in Section 7.19 (a)(A) of the Second Supplemental Indenture dated as of June 27, 2025, among the Issuer, Hildene TruPS Securitization 3, LLC as Co-Issuer, and the Trustee. The Issuer is responsible for the specified attributes in the Data File.

The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.

All capitalized terms used herein, which are defined in the Indenture, are used with the meanings set forth therein. Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

&nbsp;&nbsp;&nbsp;&nbsp;• The term "compared" means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the
 reporting threshold.

&nbsp;&nbsp;&nbsp;&nbsp;• The term "reporting threshold" means that dollar amounts were within $1.00.

&nbsp;&nbsp;&nbsp;&nbsp;• The term "Loan Files" means the following electronic source documents provided by the Collateral Manager, on behalf of the Issuer, for the Collateral Obligations:

<br> - "Security Indenture" means security indentures, Form 10-K or prospectuses for certain Collateral Obligations and includes full documents, excerpts, addendums, and/or amendments.

<br> - "Position Report" means a report containing Principal Balance information for the Collateral Obligations as of June 27, 2025, which we were informed was generated from the Trustee's internal system as of July 3, 2025.

KPMG LLP, a Delaware limited liability partnership and a member firm of <br> the KPMG global organization of independent member firms affiliated with <br> KPMG International Limited, a private English company limited by guarantee.<br>

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![](logo_kpmg.jpg)

<br> — "Federal Register Benchmark Replacement" means a release by the Federal Reserve System dated as of January 26, 2023, on regulations implementing the Adjustable Interest Rate (LIBOR) Act.

<br> • The term "S&P Global" means information obtained from the S&P Global Market Intelligence, Inc. website. We make no representation regarding the validity or accuracy of this information.

<br> • The term "Bloomberg" means information obtained from Bloomberg L.P. We make no representation regarding the validity or accuracy of this information.

• &nbsp;&nbsp;&nbsp;&nbsp; The term "Source Information" means the Loan Files, S&P Global, Bloomberg, and the Indenture.

Prior to being provided the Data File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Specified Parties. The Data File represents the revised information reflecting resolution of differences communicated as determined appropriate by the Specified Parties. We performed the procedures on the Data File, and the results of those procedures are reflected herein.

The procedures we performed and the associated findings are as follows:

For each Collateral Obligation included in the Data File, we compared the specified attributes in the Data File listed in the table below to the corresponding information in the applicable Source Information. The Source Information is listed in the order of priority.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Attribute** | &nbsp;&nbsp; **Source Information** |
| &nbsp;&nbsp; Principal Balance ("Notional") | &nbsp;&nbsp; Position Report |
| &nbsp;&nbsp; Type of Collateral Obligation ("Float / Fixed") | &nbsp;&nbsp; Bloomberg, Security Indenture |
| &nbsp;&nbsp; Applicable Reference Rate ("Floating Rate Reference") | &nbsp;&nbsp; Bloomberg, Security Indenture, Federal Register Benchmark Replacement |
| &nbsp;&nbsp; Spread ("Floating Rate Spread (bps)") | &nbsp;&nbsp; Bloomberg, Security Indenture |
| &nbsp;&nbsp; Coupon ("Fixed Rate Coupon") | &nbsp;&nbsp; Bloomberg, Security Indenture |
| &nbsp;&nbsp; Maturity ("Maturity Date") | &nbsp;&nbsp; Bloomberg, Security Indenture |
| &nbsp;&nbsp; Type of Company ("Issuer Type") | &nbsp;&nbsp; S&P Global, Security Indenture |
| &nbsp;&nbsp; Holding Company ("Holding Company") | &nbsp;&nbsp; S&P Global |
| &nbsp;&nbsp; Operating Company ("Issuer Largest Operating Subsidiary Name") | &nbsp;&nbsp; S&P Global |

---

We found such information to be in agreement.

We were engaged by the Issuer to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and

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![](logo_kpmg.jpg)

reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.

We are required to be independent of the Issuer and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

The procedures performed were applied based on the information included in the Data File and Source Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Issuer, (ii) the physical existence of the Collateral Obligations, (iii) the reliability or accuracy of the Source Information which was used in our procedures, or (iv) matters of legal interpretation.

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Collateral Obligations to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Collateral Obligations being securitized, (iii) the compliance of the originator of the Collateral Obligations with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Collateral Obligations that would be material to the likelihood that the issuer of the Notes will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations ("NRSROs").

The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.

This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.

![](sig_kpmg.jpg)

Irvine, California

July 10, 2025

<br>