Fidelis closes third rated RTL securitisation at $143.9m

Fidelis Investors has closed its third rated residential transition loan (RTL) securitisation, citing investor appetite for tangible assets amid “choppy markets”.

FIDL 2026-RTL1 is a two-year revolving $143.9m (£108.4m) securitisation which is backed by 330 RTLs across 29 different lenders, led by Unitas Funding, a wholly owned subsidiary of Fidelis, and rated by Morningstar DBRS.

The alternative asset manager confirmed that additional eligible RTLs may be added to the portfolio in future transfer periods, subject to the transaction’s eligibility criteria.

Its third RTL securitisation overall, and first of 2026, includes repeat and new participants.

“Securitizing in choppy markets is a testament to Fidelis’ strong operational platform,” said Brian Tortorella, managing partner at Fidelis. “While recent geopolitical challenges have shaken markets, investors continue to see reliable, long-term value in capital markets solutions that quickly and efficiently create more affordable homes nationwide.”

“The launch of our third RTL securitisation demonstrates not just how much faith investors have in this asset class backed by real, tangible assets, but how RTLs have quickly become a more institutionally embraced asset class,” added Michael Tessitore, managing partner at Fidelis.

Tessitore said the opportunity to support housing rehabilitation financing not only “tackles a national challenge”, but also delivers “reliable” returns.

Jefferies served as sole lead manager and bookrunner.

The firm closed its second rated RTL securitisation in July 2025, following its inaugural securitisation in February of the same year.

Fidelis, which oversees more than $1bn in assets under management, has invested approximately $4.5bn through 16 mortgage and real estate debt funds with a view to modernising access to housing-related credit in the US.