Fidelis Investors Closes Fourth Rated RTL Securitization, Showcasing Strong Demand for Housing Production Tools Amid Persistent Affordability Challenges

Driving the institutionalization of the RTL space, Fidelis becomes the first manager to close two RTLs in 2026 as well as attain KBRA-rated bonds

NEW YORK--(BUSINESS WIRE)--Fidelis Investors (“Fidelis”), a leading alternative asset manager with $1.6 billion in assets under management, today announced the closing of its fourth rated Residential Transition Loan (RTL) securitization, FIDL 2026-RTL2. As Americans grapple with housing costs that have risen 54% since 2020, RTLs continue to prove a successful housing rehabilitation finance tool to put more affordable, high quality homes on the market, funding programs traditional lenders often ignore, including fix-and-flip loans.

Rated by Morningstar DBRS and KBRA, FIDL 2026-RTL2 is a two-year revolving, $191.5mm securitization backed by 381 RTLs across 24 lenders, led by Unitas Funding, LLC, a wholly owned subsidiary of Fidelis. The RTL marks a series of firsts for the industry, with Fidelis establishing itself as the first manager to launch a second rated RTL this year, as well as the first to ever close a deal backed by KBRA-rated bonds. Additional eligible RTLs may be added to the portfolio in future transfer periods, subject to the transaction’s eligibility criteria.

“From playing a major role in establishing the secondary market in residential transition lending to now bringing KBRA-rated bonds to market, Fidelis continues to drive the institutionalization of private real estate lending,” said Brian Tortorella, Managing Partner at Fidelis. “As the nation continues to contend with an intense housing affordability problem, investors are eager to support solutions that put more homes on the market while delivering strong opportunities for returns.”

Fidelis’ fourth securitization sets new standards for the $85 billion RTL industry in 2026. Being the first firm to not only close two rated RTLs so far in 2026, but also the first to earn the backing of KBRA-rated bonds, highlights the trust investors have in Fidelis to deliver strong returns in the rapidly-growing RTL space. The longstanding challenges facing the U.S. housing market, including limited starts, high purchase prices, and persistent economic uncertainty, continue to attract investors searching for opportunities to help create more homes and secure strong returns.

“The closing of our second rated RTL this year is a testament to the fact that, even as headlines repeatedly stress the private credit sector’s woes, investors remain deeply committed to private mortgage lending as an asset class,” said Michael Tessitore, Managing Partner at Fidelis. “Alternative asset managers continue to provide housing rehabilitation finance tools like RTLs that traditional lenders simply cannot match, positioning the sector for strong growth in the long-term.”

“Jefferies is pleased to once again serve as the sole bookrunner for Fidelis Investors’ fourth rated RTL securitization,” said Jordan Rothstein, Head of ABS Trading and Distribution at Jefferies. “The platform’s continued growth is a testament to the company’s strong execution and best-in-class approach to the RTL sector.”

“We are proud to have assisted Fidelis with the first RTL securitization rated by two rating agencies and the first RTL transaction rated by KBRA,” Chris Schmidt, Managing Director at Jefferies, noted: “Fidelis continues to be a market leader in this sector, consistently raising the bar for the industry and the benefit of their investors. Congratulations to the Fidelis team and everyone involved in achieving this important milestone.”

About Fidelis Investors

Founded in 2020 and headquartered in Cranford, New Jersey, Fidelis Investors is an alternative asset manager serving institutional investors with strategies across mortgage debt, structured finance, asset-based lending, and real estate. Fidelis has invested approximately $4.5 billion through 16 Mortgage & Real Estate Debt Funds and continues to lead efforts to modernize access to housing-related credit with transparent, scalable solutions. https://www.fidelis-investors.com/