5 days ago
Fidelis Investors Closes Second Rated RTL Securitization, FID 2025-RTL2, Illustrating Continued Demand Amid Tariff Volatility
NEW YORK--(BUSINESS WIRE)--Fidelis Investors, a leading alternative asset manager with over $1 billion in assets under management, today announced the closing of its second rated Residential Transition Loan (RTL) securitization, FID 2025-RTL2.
The transaction marks another important step in Fidelis' mission to bring scale, structure, and transparency to the RTL market, while broadening institutional investor access to housing rehabilitation financing. It also demonstrates continued demand amid recent market volatility stemming from tariffs.
Rated by Morningstar DBRS, FID 2025-RTL2 is a two-year revolving, $144.525mm securitization backed by 308 RTLs across 24 different lenders, led by Unitas Funding, LLC, a wholly owned subsidiary of Fidelis. Additional eligible RTLs may be added to the portfolio in future transfer periods, subject to the transaction's eligibility criteria.
'This second RTL securitization continues our mission to institutionalize the asset class while creating investor access to an underserved but essential segment of the housing market,' said Brian Tortorella, Managing Partner at Fidelis Investors. 'With a seasoned and standardized platform, Fidelis is building repeatable capital markets solutions that connect institutional demand to America's housing supply challenge.'
'Jefferies commends Fidelis' ability to drive best in class securitization pricing with a well-diversified orderbook,' said Michael Wade, Co-Head of Securitized Markets Group, Capital Markets at Jefferies. 'We look forward to continuing to support Fidelis' mission as they become a programmatic securitization issuer and mainstay in the capital markets ecosystem.'
FID 2025-RTL2 follows the firm's inaugural securitization in February 2025 and was oversubscribed across all tranches, with both repeat participants and new investors joining the book. This strong demand reflects growing familiarity with RTLs as an asset class and confidence in the Fidelis platform.
'The market response to this transaction validates our approach and demonstrates that more investors are becoming comfortable with and excited about this asset class,' said Michael Tessitore, Managing Partner at Fidelis Investors. 'We're proud to bring another high-quality securitization to the market that serves both investors and communities.'
The firm's second RTL securitization comes after a brief market slowdown earlier this year due to tariff-related disruptions that temporarily paused issuance across the securitization market. Activity has since normalized, and current yields are largely in line with pre-tariff levels. Fidelis' ability to execute another securitization so soon after its first reflects its long-term vision to become a programmatic issuer, offering investors repeatable access to this emerging asset class.
Christopher Schmidt, Managing Director at Jefferies, agreed. 'We are pleased to be part of the ongoing growth of the Fidelis enterprise, as they continue to separate themselves as a premier leader in the RTL securitization, origination and asset management space,' he said.
'Whether held on the balance sheet or brought to market, we've been committed to the RTL space since 2013,' added Tortorella. 'Rated securitizations are a natural evolution for us, opening new investor channels while supporting liquidity and competitive financing terms for housing rehabilitation loans.'
Jefferies served as sole lead manager and bookrunner.
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.
About Jefferies
Jefferies is a leading global, full-service investment banking and capital markets firm that provides advisory, sales and trading, research, and wealth and asset management services. With more than 40 offices around the world, Jefferies offers insights and expertise to investors, companies, and governments.
