TREZ CAPITAL YIELD TRUST U.S. (CAD) | SERIES A, F, I

Net Asset Value

$10.00

Distributions
Year to Date1

8.0%

Annualized2
Since Inception

8.9%

1Based on F Series units as of November 30, 2024. 2024 return is before the payment of the year-end top up, if any, distributed in March 2025. Assumes distributions are reinvested.
2Historical fund returns are reported as at December 31, 2023.

An opportunistic, short-term commercial financing strategy focused on core U.S. markets. Trez Capital Yield Trust U.S. (CAD) participates primarily in large scale residential lot development projects in major urban centres throughout the U.S. Sunbelt. In addition to its commercial loan portfolio, up to 20% of net assets may be invested in equity positions and 10% may be invested in mezzanine loans. The investment objective is to preserve invested capital, while generating an attractive rate of income.

Fund Summary

Fund TypeOpen-Ended pooled mortgage fund
FundServ Code
F SeriesTRZ 370
A SeriesTRZ 360
InceptionJanuary 1, 2017
EligibilityRRSP, RRIF, DPSP, RDSP, RESP, TFSA, IPP, FHSA
Unit Value$10
PurchaseT+11
RedemptionT+20, subject to 1% retraction penalty if redeemed within 1st year
Management Fee1.50%
Incentive Fee10% of Net Operating Income
Distribution FrequencyMonthly
1as at May 27, 2024

Corporate Summary1

ManagerTrez Capital Fund Management Limited Partnership
Corporate Group AUM2$5.4 Billion CAD
Manager AUM$3.0 Billion CAD
Fund AUM$1,237,192,372 CAD

Portfolio Metrics3

Number of Investments157
Weighted Average LTV468.1%
Weighted Average Term-to-Maturity (Months)510.9

1 Corporate Group AUM and Manager AUM are estimated as at September 30, 2024

2 Corporate Group AUM includes assets held by all Trez related entities as well as Manager AUM

3 Unaudited and non-consolidated, as at September 30, 2024

4 Includes equivalent calculation for preferred equity and equity investments

5 Based on performing loans, excludes preferred equity and equity investments

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 2013, the return for 2013 is an annualized return.
** 2024 YTD return is before the payment of the year-end-top-up, if any, distributed in March 2025.
*** As at September 30, 2024.
Historical Fund Returns21 – Year3 – Year5 – YearSince
Inception
Trez Capital Yield Trust U.S. (CAD) Series F8.9%7.6%7.7%8.9%
Trez Capital Yield Trust U.S. (CAD) Series A17.8%6.6%6.6%7.8%
¹ A Series units were introduced on January 1, 2017. Returns are reported as F Series less 100 bps.
² Annualized returns as of September 30, 2024.

 

 

Trez Capital Yield Trust US (CAD) distributes 100% of its net income annually. Unitholders receive monthly distributions at a rate of 0.668% on Series F units and 0.585% 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

2024 Trez Capital Monthly Distributions

YearSeries2JanFebMarAprMayJunJulAugSepOctNovDecTop-
up3		YTD
Distribution		YTD DRIP
Return4
2024A$0.0637$0.0637$0.0637$0.0637$0.0637$0.0637$0.0637$0.0585$0.0585$0.0585$0.0585––$0.67977.010%
F$0.0720$0.0720$0.0720$0.0720$0.0720$0.0720$0.0720$0.0668$0.0668$0.0668$0.0668––$0.77127.988%

Historical Distributions⁵

YearSeries2JanFebMarAprMayJunJulAugSepOctNovDecTop-
up3
Annual
Distribution		Annualized
DRIP Return6
2023A$0.0567$0.0567$0.0567$0.0567$0.0567$0.0567$0.0637$0.0637$0.0637$0.0637$0.0637$0.0637$0.0302$0.75227.788%
F$0.0650$0.0650$0.0650$0.0650$0.0650$0.0650$0.0720$0.0720$0.0720$0.0720$0.0720$0.0720$0.0302$0.85228.865%
2022A$0.0457$0.0457$0.0457$0.0457$0.0457$0.0457$0.0482$0.0482$0.0482$0.0517$0.0517$0.0517$0.0269$0.60056.174%
F$0.0540$0.0540$0.0540$0.0540$0.0540$0.0540$0.0565$0.0565$0.0565$0.0600$0.0600$0.0600$0.0269$0.70047.235%
2021A$0.0527$0.0527$0.0457$0.0457$0.0457$0.0457$0.0457$0.0457$0.0457$0.0457$0.0457$0.0457$0.0000$0.56205.767%
F$0.0610$0.0610$0.0540$0.0540$0.0540$0.0540$0.0540$0.0540$0.0540$0.0540$0.0540$0.0540$0.0000$0.66206.825%
2020A$0.0527$0.0527$0.0527$0.0527$0.0527$0.0527$0.0527$0.0527$0.0527$0.0527$0.0527$0.0527$0.0000$0.63206.506%
F$0.0610$0.0610$0.0610$0.0610$0.0610$0.0610$0.0610$0.0610$0.0610$0.0610$0.0610$0.0610$0.0000$0.73207.571%
2019A$0.0567$0.0567$0.0567$0.0527$0.0527$0.0527$0.0527$0.0527$0.0527$0.0527$0.0527$0.0527$0.0312$0.67526.954%
F$0.0650$0.0650$0.0650$0.0610$0.0610$0.0610$0.0610$0.0610$0.0610$0.0610$0.0610$0.0610$0.0312$0.77528.020%

YearSeries2Q1Q2Q3Q4Quarterly
Distribution		Top-
up3		Annual
Distribution		Annualized
DRIP
Return6
2018A$0.175$0.175$0.175$0.175$0.700$0.000$0.7007.19%
F$0.200$0.200$0.200$0.200$0.800$0.000$0.8008.24%
2017A$0.175$0.175$0.175$0.175$0.700$0.000$0.7007.19%
F$0.200$0.200$0.200$0.200$0.800$0.000$0.8008.24%
2016F$0.200$0.200$0.200$0.200$0.800$0.092$0.8929.20%
2015F$0.200$0.200$0.200$0.200$0.800$0.425$1.22512.68%

¹ Distributions are paid out with a record date of the last day of the month.
² A Series units were introduced on January 1, 2017.
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.
⁶ 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
Prince Edward Island$5,000$5,000$150,000
Quebec$5,000N/A$150,000
Saskatchewan$5,000$5,000$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 U.S. (CAD) - Fund Fact Sheet (A Series)

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FR View/Download

Trez Capital Yield Trust U.S. (CAD) - Fund Fact Sheet (F Series)

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Trez Capital Yield Trust U.S. (CAD) - Fund Brochure

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Subscription/Redemption Documents

FundSERV Brokers - Subscription Form (Individual)

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FundSERV Brokers - Subscription Form (Corporate)

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Individual Investor Application Form

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Corporate Investor Application Form

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Exempt Market Dealers - Subscription Form (Individual)

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Exempt Market Dealers - Subscription Form (Corporate)

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Redemption Request Form

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Financial Statements

Audited Financial Statements

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FR View/Download

Offering Documents

Declaration of Trust

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Offering Memorandum

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FR View/Download

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