1Last calculated NAV prior to August 18, 2025 suspension of redemption of units of the Trust.
2Based on F Series units as of September 30, 2025. 2025 return is before the payment of the year-end top up, if any, distributed in March 2026. Assumes distributions are reinvested.
3Historical fund returns are reported as at December 31, 2024.
| Fund Type | Open-Ended pooled mortgage fund |
| FundServ Code | |
| F Series | TRZ 370 |
| A Series | TRZ 360 |
| Inception | January 1, 2017 |
| Eligibility | RRSP, RRIF, DPSP, RDSP, RESP, TFSA, IPP, FHSA |
| Unit Value | N/A1 |
| Purchase | T+1 |
| Redemption | T+20, subject to 1% retraction penalty if redeemed within 1st year |
| Management Fee | 1.50% |
| Incentive Fee | 10% of Net Operating Income |
| Distribution Frequency | Monthly |
| Manager | Trez Capital Fund Management Limited Partnership |
| Corporate Group AUM2 | $5.3 Billion CAD |
| Manager AUM | $2.8 Billion CAD |
| Fund AUM | $1,298,203,804 CAD |
| Number of Investments | 145 |
| Weighted Average LTV4 | 68.8% |
| Weighted Average Term-to-Maturity (Months)5 | 12.8 |
1 Corporate Group AUM and Manager AUM are estimated as at June 30, 2025
2 Corporate Group AUM includes assets held by all Trez related entities as well as Manager AUM
3 Unaudited and non-consolidated, as at June 30, 2025
4 Includes equivalent calculation for preferred equity and equity investments
5 Based on performing loans, excludes preferred equity and equity investments
| Historical Fund Returns2 | 1 – Year | 3 – Year | 5 – Year | Since Inception |
|---|---|---|---|---|
| Trez Capital Yield Trust U.S. (CAD) Series F | 8.7% | 8.3% | 7.8% | 8.9% |
| Trez Capital Yield Trust U.S. (CAD) Series A1 | 7.6% | 7.2% | 6.8% | 7.8% |
Trez Capital Yield Trust US (CAD) distributes 100% of its net income annually. Unitholders receive monthly distributions at a rate of 0.583% on Series F units and 0.500% 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.
2025 Trez Capital Monthly Distributions
Year Series2 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Top-
up3YTD
DistributionYTD DRIP
Return4
2025 A $0.0585 $0.0544 $0.0544 $0.0544 $0.0544 $0.0544 $0.0500 $0.0500 $0.0500 – – – – $0.4806 4.910%
F $0.0668 $0.0628 $0.0628 $0.0628 $0.0628 $0.0628 $0.0583 $0.0583 $0.0583 – – – – $0.5555 5.695%
Historical Distributions⁵
Year Series2 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Top-
up3
Annual
DistributionAnnualized
DRIP Return6
2024 A $0.0637 $0.0637 $0.0637 $0.0637 $0.0637 $0.0637 $0.0637 $0.0585 $0.0585 $0.0585 $0.0585 $0.0585 – $0.7382 7.637%
F $0.0720 $0.0720 $0.0720 $0.0720 $0.0720 $0.0720 $0.0720 $0.0668 $0.0668 $0.0668 $0.0668 $0.0668 – $0.8380 8.709%
2023 A $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 $0.7522 7.788%
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 $0.8522 8.865%
2022 A $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 $0.6005 6.174%
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 $0.7004 7.235%
2021 A $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 $0.5620 5.767%
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 $0.6620 6.825%
2020 A $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 $0.6320 6.506%
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 $0.7320 7.571%
2019 A $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 $0.6752 6.954%
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 $0.7752 8.020%
Year Series2 Q1 Q2 Q3 Q4 Quarterly
DistributionTop-
up3Annual
DistributionAnnualized
DRIP
Return6
2018 A $0.175 $0.175 $0.175 $0.175 $0.700 $0.000 $0.700 7.19%
F $0.200 $0.200 $0.200 $0.200 $0.800 $0.000 $0.800 8.24%
2017 A $0.175 $0.175 $0.175 $0.175 $0.700 $0.000 $0.700 7.19%
F $0.200 $0.200 $0.200 $0.200 $0.800 $0.000 $0.800 8.24%
2016 F $0.200 $0.200 $0.200 $0.200 $0.800 $0.092 $0.892 9.20%
2015 F $0.200 $0.200 $0.200 $0.200 $0.800 $0.425 $1.225 12.68%
| Record Date | Expected Pay Date | |
|---|---|---|
| January | January 31 | February 7 |
| February | February 28 | March 8 |
| March | March 31 | April 9 |
| April | April 30 | May 9 |
| May | May 31 | June 7 |
| June | June 30 | July 9 |
| July | July 31 | August 9 |
| August | August 31 | September 9 |
| September | September 30 | October 8 |
| October | October 31 | November 8 |
| November | November 30 | December 9 |
| December | December 31 | January 8 |
| Annual Top-Up | December 31 | March 17 |
| Management Fee | 1.5% of the Average Annual Gross Assets relating to the F Series and A Series units. |
| Incentive Fee | 10% of the Net Income for each unit series after deduction of the Management fee. |
| Province | Minimum investment when relying on accredited investor exemption2 | Minimum investment when relying on offering memorandum exemption3 | Minimum investment amount 4 |
|---|---|---|---|
| Alberta | $5,000 | $5,000 | $150,000 |
| British Columbia | $5,000 | $5,000 | $150,000 |
| Manitoba | $5,000 | N/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 | $5,000 | N/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.
As previously announced on August 18, 2025, Trez Capital Fund Management Limited Partnership (“Trez Capital”), in its capacity as manager of Trez Capital Yield Trust US (Canadian $) (the “Trust”), temporarily suspended the Redemptions of Units of the Trusts effective 4:00 PM ET on August 18, 2025 as contemplated by the applicable Declaration of Trust creating the Trusts (each, a “Declaration of Trust”). The suspension applies to all Redemption requests placed on or before August 18, 2025 for which payment has not yet been made and the Trusts will not accept any Redemption requests after the Effective Time until such time as the Suspension has been terminated. No payment will be made in respect of unsettled Redemption requests placed on or before August 18, 2025. The suspension will continue until the first day on which the condition giving rise to the suspension ceases to exist in the opinion of Trez Capital, acting reasonably, provided that no other condition under which a suspension is authorized then exists. In the event another condition under which a suspension is authorized then exists, the suspension will continue until the first day on which such new condition giving rise to the suspension ceases to exist in the opinion of Trez Capital and provided that no other condition under which a suspension is authorized then exists. Unless a suspension is earlier terminated by Trez Capital in its discretion and in accordance with the Declaration of Trust, if no other condition under which a suspension is authorized exists as of the date that is 180 days (or, in the case of Trez Capital Private Real Estate Fund Trust, 12 months) from the effective time of a suspension, such suspension will be terminated and the Trusts will resume Redemptions of Units in accordance with the Declarations of Trust and such processes as may be determined by Trez Capital.
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:
T: 604.689.0821
TF: 1.877.689.0821
E: invest@trezcapital.com
Monday to Friday, 8:30am to 5:00pm PST
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