A diversified, balanced short-term commercial mortgage strategy.  Trez Capital Yield Trust invests across the capital stack, including first position and second position mortgages, sub-tranches of mortgages, and blanket mortgages secured by multiple properties.  Loans may be secured by property located in Canada or the United States.  The investment objective is to preserve capital, while generating an attractive, stable rate of interest income for distribution to unitholders.

Fund Summary

Fund Manager: Trez Capital Fund Management Limited Partnership
Asset Class: Open-ended pooled mortgage fund
Inception Date: June 2009
Redemptions: 30 days' notice, subject to 1% retraction penalty if redeemed within 1st year
Eligibility: RRSP / RRIF / TFSA / RESP / RDSP / DPSP
FundSERV Codes: Series I - TRZ120
DRIP Eligible: Yes
Fund Assets (06/30/2018): $700,609,645

Case Studies

  • 409 Granville Street
    409 Granville Street
    Loan: $10,000,000
    Security Rank:Blanket 2nd Mortgage + Mezz.
    Term:13 months
    Interest Rate:Greater of 6.50% and (P+3.80%)
    Investment in a 2nd mortgage loan to be secured by 218,895 sf 17-story office building with ground floor retail.
  • West 43rd Avenue
    West 43rd Avenue
    Loan: $9,500,000
    Term:13 months
    Interest Rate:6.50%
    Investment in a 1st mortgage on a 0.3-acre site located in the Kerrisdale neighborhood of Vancouver with the plan of constructing a 4-storey, 29,883 sf luxury mixed-use building with one level of units and 3,372 sf of retail space.
  • 3005 Bloor Street West
    3005 Bloor Street West
    Loan: $9,100,000
    Term:19 months
    Interest Rate:7.00%
    A 1st mortgage on two adjacent properties in the Kingsway neighborhood of Toronto for an eight-storey concrete building featuring 88 residential unit, 8,064 sf of retail space and a separate 3,040 sf townhouse.
  • Burnaby Mixed Use Development
    Burnaby Mixed Use Development
    Loan: $60,000,000
    Security Rank:Blanket (2nd/3rd)
    Term:37 months
    Interest Rate:11.875%
    Investment in a blanket construction mortgage secured by a 49 storey mixed-use development with a 12 storey office/retail building and a second development site as additional collateral.
  • Scarborough Retail
    Scarborough Retail
    Loan: $5,500,000
    Security Rank:2nd mortgage
    Term:25 months
    Interest Rate:9.05%
    Investment in a second mortgage secured by a 104,000 s.f. retail plaza. The property is 100% leased with 94% of the net rentable area subject to a lease expiring in 2027.
  • Edmonton Industrial
    Edmonton Industrial
    Loan: $23,000,000
    Security Rank:1st mortgage
    Term:19 months
    Interest Rate:Greater of 8% and P + 5%
    Investment in a first mortgage secured by a 302,000 s.f. industrial property on an 11.5 acre site. The property is fully leased and will be undergoing significant value-add renovations.

Portfolio Composition

Cash (and Equivalents) $20,896,649
Other Receivables $24,154,751
Property Held for Sale $1,500,000
Limited Partnership Investments $18,289,671
Mortgage Investments $679,303,340
Total Fund Assets $744,144,411
Average Loan Size $5,146,237
Number of Loans 132
Weighted Average LTV 72.8%
Weighted Average Term-to-Maturity (Months) 18.2
Weighted Average Interest Rate 9.7%

Geographic Region

British Columbia
United States - Other
Nova Scotia

Asset Class


Security Rank

First Mortgages
Second Mortgages
Blanket Mortgages

Weighted Average Term to Maturity

1 Day - 90 Days
91 days - 120 Days
121 Days - 240 Days
241 Days - 365 Days
Over 365 Days

Historical Performance

  2018 YTD 1 Year 3 Year 5 Year Since Inception
Trez Capital Yield Trust
Series I
3.0% 8.0% 7.8% 7.8% 8.4%

1 I Series returns are reported as F Series returns, plus 35bps to account for the reduction in management fee. To discuss eligibility, please contact Trez Capital Fund Management Limited Partnership.

2 Due to the inception of the fund in June 2009, the return for 2009 is an annualized return.

Growth of $10,000


Trez Capital Yield Trust distributes 100% of its net income annually. Unitholders receive quarterly distributions at a rate of 1.5% on Series I units, payable fifteen days following each calendar quarter end. All residual income is distributed by way of an annual top-up distribution, which is paid in mid-March following the conclusion of the annual audit of the Trust.


Year Series Q1 Q2 Q3 Q4 Total Quarterly Distribution Top-up1 Annual Distribution
2018 I2 $0.150 $0.150     $0.300    
2017 I2 $0.150 $0.150 $0.150 $0.150 $0.600 $0.195 $0.795
2016 I2 $0.150 $0.150 $0.150 $0.150 $0.600 $0.155 $0.755
2015 I2 $0.150 $0.150 $0.150 $0.150 $0.600 $0.160 $0.760
2014 I2 $0.150 $0.150 $0.150 $0.150 $0.600 $0.142 $0.742
2013 I2 $0.150 $0.150 $0.150 $0.150 $0.600 $0.194 $0.794

1 Based on a weighted average return to Unitholders, this amount is an estimate of the average top up distribution paid. Those invested for less than a full one year period will receive a prorated allocation, and those invested in the dividend reinvestment plan will receive a slightly higher top up due to the effects of compounding.

2  I Series returns are reported as F Series returns, plus 35bps to account for the reduction in management fee. To discuss eligibility, please contact Trez Capital Fund Management Limited Partnership.


  Record Date Expected Pay Date
First Quarter March 31 April 15
Second Quarter June 30 July 15
Third Quarter September 30 October 15
Fourth Quarter December 31 January 15
Annual Top Up December 31 March 15

Note: Distributions are taxed in the year that they are earned. T3 slips are distributed to all unitholders in March of each year following completion of the year end audit and payment of the annual top-up distribution.



Management Fee Percentage negotiated by the Manager and the Unitholder of the Average Annual Gross Assets of the I Series units.
Incentive Fee 10% of the Net Income for each unit series after deduction of the Management fee.

Minimum Investment

To discuss minimum investment amounts and eligibility, please contact Trez Capital Fund Management L.P.


How To Invest

Institutional Investors form a core part of our investor base.  As investors seek ways to diversify away from equities and traditional fixed income to both enhance income while mitigating risks, alternative investments such as private mortgage pools provide for an attractive solution.

To learn more about our private mortgage pools for institutional clients please contact:

Daniel Marchand 
Senior Vice President, Head of Investor Global Sales
P: 647.778.1780
E: DanielM@trezcapital.com


Fund Fact Sheets

  • Fund Fact Sheet (I Series)

     Fund Fact Sheet (I Series)
    September 2018 - Trez Capital Yield Trust Fund Fact Sheet (I Series)
    View/Download »

Subscription Documents

  • Institutional Investor Application Form

    November 2018 - Fund Application form for Institutional, Pension Plan, or Investment Fund
    View/Download »

Financial Statements

  • Audited Financial Statements

    December 2015 - Trez Capital Yield Trust Audited Financial Statements
    View/Download »

Offering Documents

  • Offering Memorandum

    May 2018 - Trez Capital Yield Trust Offering Memorandum
    View/Download »