TREZ CAPITAL YIELD TRUST | SERIES A, F, I

Net Asset Value

$10.00

Distributions
Year to Date1

1.4%

Annualized2
Since Inception

7.7%

1Based on F Series units as of March 31, 2021. 2021 return is before the payment of the year-end top up, if any, distributed in March 2022. Assumes distributions are reinvested.
2Historical fund returns are reported as at December 31, 2020.

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 TypeOpen-Ended pooled mortgage fund
FundServ Code
F SeriesTRZ 110
A SeriesTRZ 100
InceptionJune 1, 2009
EligibilityRRSP, RRIF, DPSP, RDSP, RESP, TFSA, IPP
Unit Value$10
PurchaseT + 2
RedemptionT + 20, subject to 1% retraction penalty if redeemed within 1st year
Management Fee1.50%
Incentive Fee10% of Net Operating Income
Distribution FrequencyMonthly

Manager Summary

ManagerTrez Capital Fund Management Limited Partnership
Manager AUMGreater than $3.9 Billion CAD (estimated as at March 31, 2021)
Fund AUM$1,218,383,499 CAD

Portfolio Metrics¹

Number of Loans147
Weighted Average LTV72.3%
Weighted Average Term-to-Maturity (Months)11.5

¹ Unaudited and non-consolidated, as at March 31, 2021

GEOGRAPHIC REGION

 

ASSET CLASS

 

SECURITY RANK

 

HISTORICAL PERFORMANCE

 

 

 

GROWTH OF $10,000

 

 

All reported returns are net of fees
* Due to the inception of the fund in June 2009, the return for 2009 is an annualized return.
** 2021 YTD return is before the payment of the year-end-top-up, if any, distributed in March 2022.
*** As of March 31, 2021.

Historical Fund Returns21 – Year3 – Year5 – Year10 – YearSince
Inception
Trez Capital Yield Trust
Series F
6.2%6.6%7.0%7.4%7.7%
Trez Capital Yield Trust
Series A1
5.1%5.5%5.9%6.4%6.7%
¹ A Series units were introduced on May 1, 2011. Returns are reported as F Series less 100 bps.
² Annualized returns as of December 31, 2020.

 

 

 

 

Trez Capital Yield Trust distributes 100% of its net income annually. Unitholders receive monthly distributions at a rate of 0.430% on Series F units and 0.347% on Series A units. An investor may be eligible for an additional annual top-up distribution, which is paid in mid-March following the conclusion of the annual audit of the Trust.

Distribution History¹

2021 Trez Capital Monthly Distributions

YearSeries2JanFebMarAprMayJunJulAugSepOctNovDecTop-
up3
YTD
Distribution
YTD DRIP
Return4
2021A$0.0417$0.0417$0.0347$0.0347$0.0347$0.18731.887%
F$0.0500$0.0500$0.0430$0.0430$0.0430$0.22902.311%

Historical Distributions⁵

YearSeries2JanFebMarAprMayJunJulAugSepOctNovDecTop-
up3
Annual
Distribution
Annualized
DRIP Return6
2020A$0.0417$0.0417$0.0417$0.0417$0.0417$0.0417$0.0417$0.0417$0.0417$0.0417$0.0417$0.0417$0.0000$0.50005.116%
F$0.0500$0.0500$0.0500$0.0500$0.0500$0.0500$0.0500$0.0500$0.0500$0.0500$0.0500$0.0500$0.0000$0.60006.168%
2019A$0.0417$0.0417$0.0417$0.0417$0.0417$0.0417$0.0417$0.0417$0.0417$0.0417$0.0417$0.0417$0.0560$0.55605.689%
F$0.0500$0.0500$0.0500$0.0500$0.0500$0.0500$0.0500$0.0500$0.0500$0.0500$0.0500$0.0500$0.0560$0.65606.743%

YearSeries2Q1Q2Q3Q4Quarterly
Distribution
Top-
up3
Annual
Distribution
Annualized
DRIP Return6
2018A$0.125$0.125$0.125$0.125$0.500$0.060$0.5605.706%
F$0.150$0.150$0.150$0.150$0.600$0.060$0.6606.750%
2017A$0.125$0.125$0.125$0.125$0.500$0.157$0.6576.700%
F$0.150$0.150$0.150$0.150$0.600$0.157$0.7577.800%
2016A$0.125$0.125$0.125$0.125$0.500$0.118$0.6186.300%
F$0.150$0.150$0.150$0.150$0.600$0.118$0.7187.350%
2015A$0.125$0.125$0.125$0.125$0.500$0.125$0.6256.369%
F$0.150$0.150$0.150$0.150$0.600$0.125$0.7257.416%
2014A$0.125$0.125$0.125$0.125$0.500$0.107$0.6076.186%
F$0.150$0.150$0.150$0.150$0.600$0.107$0.7077.232%
2013A$0.125$0.125$0.125$0.125$0.500$0.159$0.6596.805%
F$0.150$0.150$0.150$0.150$0.600$0.159$0.7597.805%
2012A$0.125$0.125$0.125$0.125$0.500$0.201$0.7017.216%
F$0.150$0.150$0.150$0.150$0.600$0.201$0.8018.216%
2011An/a$0.125$0.125$0.125$0.375$0.259$0.6347.789%
F$0.150$0.150$0.150$0.150$0.600$0.259$0.8598.789%
2010F$0.150$0.150$0.150$0.150$0.600$0.220$0.8208.391%
2009Fn/a$0.070$0.150$0.150$0.370$0.377$0.5809.774%

¹ Distributions are paid out with a record date of the last day of the month.
² A Series units were introduced on May 30, 2011.
³ 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 re-investment plan will receive a slightly higher top up due to the effects of compounding.
⁴ This return is based on all distributions year-to-date being re-invested into the fund, without any year-end top-up distribution. This is a compounded return from the distribution re-investment program.
⁵ In 2019 Trez Capital moved from quarterly to monthly distributions.
This return is based on all distributions throughout the year being re-invested into the fund. This is a compounded return from the distribution re-investment program.

Distribution Schedule

 Record DateExpected Pay Date
JanuaryJanuary 31February 7
FebruaryFebruary 28March 8
MarchMarch 31April 9
AprilApril 30May 9
MayMay 31June 7
JuneJune 30July 9
JulyJuly 31August 9
AugustAugust 31September 9
SeptemberSeptember 30October 8
OctoberOctober 31November 8
NovemberNovember 30December 9
DecemberDecember 31January 8
Annual
Top-Up
December 31March 17
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.

 

Fees

Management Fee1.5% of the Average Annual Gross Assets relating to the F Series and A Series units.
Incentive Fee10% of the Net Income for each unit series after deduction of the Management fee.

Minimum Investment

ProvinceMinimum investment when
relying on accredited investor exemption1
Minimum investment when
relying on offering memorandum exemption2
Minimum investment
amount 3
Alberta$5,000$5,000$150,000
British Columbia$5,000$5,000$150,000
Manitoba$5,000N/A$150,000
New Brunswick$5,000$5,000$150,000
Newfoundland & Labrador$5,000$5,000$150,000
Nova Scotia$5,000$5,000$150,000
Ontario$5,000$5,000$150,000
Quebec$5,000N/A$150,000

1 Accredited Investor Exemption: There is no regulatory minimum subscription amount for investors qualifying under the Accredited Investor Exemption. However, the minimum initial purchase amount established by the Manager is $5,000.

2 Offering Memorandum Exemption: There is no regulatory minimum subscription amount for investors qualifying under the Offering Memorandum Exemption. However, the minimum initial purchase amount established by the Manager is $5,000. (Only available for residents of British Columbia, Newfoundland & Labrador, Ontario, Alberta, Saskatchewan, Nova Scotia, and New Brunswick, subject to certain restrictions)

3 Minimum Amount Exemption (not available to individuals): The minimum initial subscription amount for investors qualifying under the Minimum Amount Exemption is $150,000 in each province listed above.

 

TREZ CAPITAL PRIME TRUST is sold BY offering memorandum and is available to:

  • Residents of British Columbia or Newfoundland & Labrador, who are provided with an offering memorandum and complete a risk acknowledgment form (45-106F4). Investment relies on the Offering Memorandum exemption.
  • Residents of Ontario, Alberta, Saskatchewan, New Brunswick, Nova Scotia or Quebec who are provided with an offering memorandum and complete a risk acknowledgement form (45-106F4) with Schedule I and Schedule II (Classification of Investors and Investment Limits). Investment relies on the Offering Memorandum exemption.
  • Residents of Manitoba or Prince Edward Island, who are provided with an offering memorandum and complete a risk acknowledgment form (45-106F4) and an eligible investor certification. Investment relies on the Offering Memorandum exemption.
  • Qualify as accredited investors and complete an accredited investor certification and a risk acknowledgement form (45-106F9 – for individual investors only). Investment relies on the Accredited Investor exemption. or;
  • By investing a minimum of $150,000 (for entities only). Investment relies on the Minimum Amount exemption.

How To Invest

Units of the Trust may be purchased through your registered Investment Advisor. To purchase units in a non-registered account directly through Trez Capital, please contact Investor Services at:

investor-services@trezcapital.com

T: 604-689-0821

TF: 1-877-689-0821

Monday to Friday, 8:30am to 5:00pm PST

 

Fund Fact Sheets

  • Trez Capital Yield Trust - Fund Fact Sheet (F Series)

    Trez Capital Yield Trust – Fund Fact Sheet (F Series)

    March 31, 2021


  • Trez Capital Yield Trust - Fund Fact Sheet (A Series)

    Trez Capital Yield Trust – Fund Fact Sheet (A Series)

    March 31, 2021


  • Trez Capital Yield Trust - Fiche d’information sur le fonds (Série A)

    Trez Capital Yield Trust – Fiche d’information sur le fonds – Série A

    31 mars 2021


  • Trez Capital Yield Trust - Fiche d’information sur le fonds (Série F)

    Trez Capital Yield Trust – Fiche d’information sur le fonds – Série F

    31 mars 2021


Subscription/Redemption Documents

Financial Statements

  • Audited Financial Statements

    Trez Capital Yield Trust – Audited Financial Statements

    December 31, 2020 - Trez Capital Yield Trust Audited Financial


Offering Documents

  • Offering Memorandum

    Trez Capital Yield Trust – Offering Memorandum

    April 2021 - Trez Capital Yield Trust Offering Memorandum


  • notice d'offre

    Trez Capital Yield Trust – TCYT- notice d’offre

    Avril 2021 - Trez Capital Yield Trust notice d'offre


Financings