TREZ CAPITAL YIELD TRUST | SERIES A, F, I

Net Asset Value

$10.00

Distributions
Year to Date1

1.000%

Annualized2
Since Inception

7.9%

1Based on distributions on F Series units paid to February 29, 2020. Assumes distributions are reinvested

2Historical fund returns are reported as the calendar year ended December 31, 2018.

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
Target Return6.5% per annum

Manager Summary

ManagerTrez Capital Fund Management Limited Partnership
Manager AUMGreater than $3.5 Billion
Fund AUM$1,279,389,213

Portfolio Metrics

Number of Loans191
Weighted Average LTV70.4%
Weighted Average Term-to-Maturity (Months)13.3

GEOGRAPHIC REGION

 

ASSET CLASS

 

SECURITY RANK

 

HISTORICAL PERFORMANCE

 

*A Series units were introduced on April 1, 2013. Returns are reported as F Series returns less 100 bps.

**As of December 31, 2018. Includes year end top up.

GROWTH OF $10,000

 
 2019 YTD1 Year23 Year25 Year2Since Inception2
Trez Capital Yield Trust
Series F
6.2%6.8%7.3%7.3%7.9%
Trez Capital Yield Trust
Series A1
5.1%5.7%6.2%6.3%6.9%

1 A Series units were introduced on April 1, 2013. Returns are reported as F Series returns less 100 bps.

2 Historical fund returns are reported as the calendar year ended December 31, 2018.

 

 

 

Trez Capital Yield Trust distributes 100% of its net income annually. Unitholders receive monthly distributions at a rate of 0.500% on Series F units and 0.417% 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 History

2020, Trez Capital monthly distributions.

YearSeriesJanFebMarAprMayJunJulAugSepOctNovDecTop-up1YTD DistributionAnnualized DRIP Return3
2020A2$0.042$0.042$0.0830.840%
F$0.050$0.050$0.1001.000%

In 2019, Trez Capital moved from quarterly to monthly distributions.

YearSeriesJanFebMarAprMayJunJulAugSepOctNovDecTop-up1Annual DistributionAnnualized DRIP Return4
2019A2$0.042$0.042$0.042$0.042$0.042$0.042$0.042$0.042$0.042$0.042$0.042$0.042$0.5005.12%
F$0.050$0.050$0.050$0.050$0.050$0.050$0.050$0.050$0.050$0.050$0.050$0.050$0.6006.17%

 

YearSeriesQ1Q2Q3Q4Quarterly
Distribution
Top-up1Annual
Distribution
Annualized DRIP

Return3
2018F$0.150$0.150$0.150$0.150$0.600$0.060$0.6606.75%
A2$0.125$0.125$0.125$0.125$0.500$0.060$0.5605.71%
2017F$0.150$0.150$0.150$0.150$0.600$0.157$0.7577.62%
A2$0.125$0.125$0.125$0.125$0.500$0.157$0.6576.61%
2016F$0.150$0.150$0.150$0.150$0.600$0.118$0.7187.35%
A2$0.125$0.125$0.125$0.125$0.500$0.118$0.6186.30%
2015F$0.150$0.150$0.150$0.150$0.600$0.130$0.7307.25%
A2$0.125$0.125$0.125$0.125$0.500$0.125$0.6256.37%
2014F$0.150$0.150$0.150$0.150$0.600$0.110$0.7107.07%
A2$0.125$0.125$0.125$0.125$0.500$0.107$0.6076.19%
2013F$0.150$0.150$0.150$0.150$0.600$0.160$0.7607.59%
A2$0.125$0.125$0.125$0.125$0.500$0.159$0.6596.81%
2012F$0.150$0.150$0.150$0.150$0.600$0.200$0.8008.01%
2011F$0.150$0.150$0.150$0.150$0.600$0.250$0.8508.59%
2010F$0.150$0.150$0.150$0.150$0.600$0.220$0.8208.39%
2009F$0.070$0.150$0.150$0.370$0.210$0.5809.77%

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 A Series units were introduced on April 1, 2013.

3 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.

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.

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 UpDecember 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

  • Fiche d’information sur le fonds (Série F)

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

    Dec 2019 - Trez Capital Yield Trust fiche d’information sur le fonds - Série F
    View/Download »

  • Fiche d’information sur le fonds (Série A)

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

    Dec 2019 - Trez Capital Yield Trust Fiche d'Information (Série A)
    View/Download »

  • Fund Fact Sheet (A Series)

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

    Dec 2019 - Trez Capital Yield Trust Fund Fact Sheet (A Series)
    View/Download »

  • Fund Fact Sheet (F Series)

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

    Dec 2019 - Trez Capital Yield Trust Fund Fact Sheet (F Series)
    View/Download »

Subscription/Redemption Documents

  • FundSERV Brokers - Subscription Form (Corporate)

    Trez Capital Yield Trust – FundSERV Brokers – Subscription Form (Corporate)

    December 2019 - FundSERV Brokers - Subscription Form (Corporate)


    View/Download »

  • Corporate Investor Application Form

    Trez Capital Yield Trust – Corporate Investor Application Form

    December 2019 - Corporate Investor Application Form


    View/Download »

  • Exempt Market Dealers - Subscription Form (Corporate)

    Trez Capital Yield Trust – Exempt Market Dealers – Subscription Form (Corporate)

    December 2019 - Exempt Market Dealers - Subscription Form (Corporate)
    View/Download »

  • Individual Investor Application Form

    Trez Capital Yield Trust – Individual Investor Application Form

    December 2019 - Individual Investor Application Form


    View/Download »

  • Redemption Request Form

    Trez Capital Yield Trust – Redemption Request Form

    June 2019 - TCYT Redemption Request Form
    View/Download »

  • TCYT-FundServ-Corporatif

    Trez Capital Yield Trust – TCYT-FundServ-Corporatif

    décembre 2019 - TCYT-FundServ-Corporatif


    View/Download »

  • TCYT-FundServ-Individuel

    Trez Capital Yield Trust – TCYT-FundServ-Individuel

    décembre 2019 - TCYT-FundServ-Individuel


    View/Download »

  • FundSERV Brokers - Subscription Form (Individual)

    Trez Capital Yield Trust – FundSERV Brokers – Subscription Form (Individual)

    December 2019 - FundSERV Brokers - Subscription Form (Individual)


    View/Download »

  • Exempt Market Dealers - Subscription Form (Individual)

    Trez Capital Yield Trust – Exempt Market Dealers – Subscription Form (Individual)

    December 2019 - Exempt Market Dealers - Subscription Form (Individual)


    View/Download »

Financial Statements

  • Audited Financial Statements

    Trez Capital Yield Trust – Audited Financial Statements

    December 2018 - Trez Capital Yield Trust Audited Financial
    View/Download »

Offering Documents

  • Offering Memorandum

    Trez Capital Yield Trust – Offering Memorandum

    May 2019 - Trez Capital Yield Trust Offering Memorandum
    View/Download »

  • TCYT- notice d'offre

    Trez Capital Yield Trust – TCYT- notice d’offre

    mai 2019 - TCYT- notice d'offre
    View/Download »