In a statement to People Magazine, the couple said "How grateful we feel to welcome our newest little daughter into this world,"
"Just as magical and filled with love as every other little person we have been blessed with."
They went on to say, "Her Baldwinito siblings are so excited and all discussing who she looks the most like … we are overjoyed to introduce you to baby Ilaria."
News of Hilaria's pregnancy broke in March when the mother of seven posted a video to Instagram in which she and her husband were seen surrounded by their children hugging and smiling.
It comes after the couple celebrated their 10th wedding anniversary.
Sharing a photo of Alec on one knee and Hilaria grinning at him with their daughter, Carmen perched on her hip, Hilaria commemorated the occasion with a heartfelt post on Instagram.
"10 years packed full of so many babies, laughs, tears, frustration, breakthroughs, passion, fear, joy…and everything all in between that our life brings," Hilaria wrote. "Happy anniversary Alec."