TREZ CAPITAL YIELD TRUST U.S. (CAD) | SERIES A, F, I
Net Asset Value
Distributions
Year to Date1
Annualized2
Since Inception
1Based on F Series units as of September 30, 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.
An opportunistic, short-term commercial financing strategy focused on core U.S. markets. Trez Capital Yield Trust US participates primarily in large scale residential lot development projects in major urban centres of Texas. 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 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 |
| Unit Value | $10 |
| Purchase | T+2 |
| 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 |
Corporate Summary1
| Manager | Trez Capital Fund Management Limited Partnership |
| Corporate Group AUM2 | $3.9 Billion CAD |
| Manager AUM | $2.7 Billion CAD |
| Fund AUM | $960,300,111 CAD |
Portfolio Metrics3
| Number of Investments | 146 |
| Weighted Average LTV4 | 69.4% |
| Weighted Average Term-to-Maturity (Months)5 | 14.8 |
1 Corporate Group AUM and Manager AUM are estimated as at September 30, 2021
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, 2021
4 Includes equivalent calculation for preferred equity and equity investments
5 Excludes preferred equity and equity investments
GEOGRAPHIC REGION
ASSET CLASS
SECURITY RANK
HISTORICAL PERFORMANCE
GROWTH OF $10,000
** 2021 YTD return is before the payment of the year-end-top-up, if any, distributed in March 2022.
*** As at September 30, 2021.
| Historical Fund Returns2 | 1 – Year | 3 – Year | 5 – Year | Since Inception |
|---|---|---|---|---|
| Trez Capital Yield Trust U.S. (CAD) Series F | 7.6% | 7.9% | 8.3% | 9.4% |
| Trez Capital Yield Trust U.S. (CAD) Series A1 | 6.5% | 6.9% | 7.2% | 8.3% |
² Annualized returns as of December 31, 2020.
Trez Capital Yield Trust US (CAD) distributes 100% of its net income annually. Unitholders receive monthly distributions at a rate of 0.540% on Series F units and $0.457 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
Year Series2 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Top-
up3YTD
DistributionYTD DRIP
Return4
2021 A $0.0527 $0.0527 $0.0457 $0.0457 $0.0457 $0.0457 $0.0457 $0.0457 $0.0457 $0.0457 – – – $0.4707 4.808%
F $0.0610 $0.0610 $0.0540 $0.0540 $0.0540 $0.0540 $0.0540 $0.0540 $0.0540 $0.0540 – – – $0.5540 5.680%
Historical Distributions⁵
Year Series2 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Top-
up3
Annual
DistributionAnnualized
DRIP Return6
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%
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 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 |
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 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. |
Minimum Investment
| Province | Minimum 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 | $5,000 | 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 |
| Quebec | $5,000 | N/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
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Trez Capital Yield Trust U.S. (CAD) - Fund Fact Sheet (F Series)
September 30, 2021
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Trez Capital Yield Trust U.S. (CAD) - Fund Fact Sheet (A Series)
September 30, 2021
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Trez Capital Yield Trust U.S. (CAD) - Fiche d’info sur le fonds (Série A)
30 septembre 2021
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Trez Capital Yield Trust U.S. (CAD) - Fiche d’info sur le fonds (Série F)
30 septembre 2021
View/Download »Subscription/Redemption Documents
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Corporate Investor Application Form
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Exempt Market Dealers - Subscription Form (Corporate)
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Exempt Market Dealers - Subscription Form (Individual)
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FundSERV Brokers - Subscription Form (Corporate)
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FundSERV Brokers - Subscription Form (Individual)
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Individual Investor Application Form
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Redemption Request Form
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FundServ-Corporatif
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FundServ-Individuel
Sign with DocuSign »Financial Statements
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Audited Financial Statements
December 31, 2020 - Trez Capital Yield Trust U.S. (CAD) Audited Financial Statements
Offering Documents
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notice d'offre
Avril 2021 - Trez Capital Yield Trust U.S. (CAD) notice d'offre
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Offering Memorandum
April 2021 - Trez Capital Yield Trust U.S. (CAD) Offering Memorandum
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Declaration of Trust
Declaration of Trust
The Declaration of Trust for Trez Capital Yield Trust US (Canadian $) has been posted for informational purposes in connection with the special meeting of unitholders of Trez Capital Yield Trust US to be held on December 9, 2016, and remains subject to further change and finalization prior to the effective date of the reorganization of Trez Capital Yield Trust US, which is conditional upon, among other things, receipt of unitholder approval.
