RTL securities consist of short-term loans used to finance the acquisition and renovation of residential properties, usually by fix-and-flip or bridge investors. For real estate professionals, these purchases are a key source of capital that supports renovation work and expands the stock of move-in ready homes, including those with affordable price points.
“Security in volatile markets is a testament to Fidelis’ strong operating platform,” said Brian Tortorella, managing partner at Fidelis, in a statement. “Although the country’s recent challenges have shaken markets, investors continue to see reliable, long-term value in capital markets that are creating affordable homes across the country quickly and efficiently.”
The deal comes on the heels of significant uncertainty, including recently announced tariffs and military conflict in the Middle East, which have added to volatility across fixed income markets. Despite that, Fidelis said demand from alternative asset investors remains strong for real estate-backed products.
“The launch of our third RTL confirmation shows not only how much investors have faith in this asset class backed by real, tangible assets, but how RTLs have quickly become an increasingly accepted asset class,” said Michael Tessitore, managing partner at Fidelis.
“Investors realize how bad the shortage of affordable housing is in our country and see an opportunity to support housing renovation funding as a way to address the national challenge while bringing reliable benefits.”
Jeffries served as sole lead supervisor and co-author on FIDL 2026-RTL1.
“Jefferies is pleased to help Fidelis Investors achieve strong securitybook enrollment through a diversified order,” said Jordan Rothstein, head of ABS trading and distribution at Jefferies.
Chris Schmidt, managing director at Jefferies, added that the transaction was closed “amidst significant volatility and risk aversion in today’s environment.”
Fidelis’ work underscores that investors’ appetite for RTL paper remains intact as spreads weigh on geopolitical and economic risks. For private lenders, mortgage REITs and funds that operate in bridge and repair loans, continued access to the foreclosure market can support larger credit lines, consistent financing and potentially better pricing.
For real estate investors and developers, stable RTL capital markets can translate into more reliable financing for acquisition and renovation projects, especially in markets where older housing stock needs significant updates. In turn, that refinancing pipeline is another way to increase the supply of renovated, entry-level and workforce housing without relying solely on new construction.
Fidelis, founded in 2020 and headquartered in Cranford, New Jersey, reports more than $1 billion in assets under management and approximately $4.5 billion invested in 16 real estate debt funds.
