TREZ CAPITAL YIELD TRUST U.S. (CAD) | SERIES A, F, I
Net Asset Value
Distributions
Year to Date1
Annualized2
Since Inception
1Based on distributions on F Series units paid to June 30, 2019. Assumes distributions are reinvested.
2Historical fund returns are reported as the calendar year ended December 31, 2018.
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 |
| 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 |
| Target Return | 7.5% per annum |
Manager Summary
| Manager | Trez Capital Fund Management Limited Partnership |
| Manager AUM | Greater than $3.5 Billion |
| Fund AUM | $753,425,070 |
Portfolio Metrics
| Number of Loans | 121 |
| Weighted Average LTV | 65.90% |
| Weighted Average Term-to-Maturity (Months) | 14.5 |
GEOGRAPHIC REGION
ASSET CLASS
SECURITY RANK
HISTORICAL PERFORMANCE
*Due to the inception of the fund in January 2006, the return for 2006 is an annualized return.
**As of December 31, 2018. Includes year end top up.
GROWTH OF $10,000
| 2019 YTD | 1 Year2 | 3 Year2 | 5 Year2 | Since Inception2 | |
|---|---|---|---|---|---|
| Trez Capital Yield Trust U.S. (CAD) Series F | 5.8% | 8.2% | 8.6% | 9.9% | 9.9% |
| Trez Capital Yield Trust U.S. (CAD) Series A1 | 5.0% | 7.2% | 7.5% | 8.8% | 8.8% |
1A Series units were introduced on April 1, 2013. Returns are reported as F Series.
2 Historical fund returns are reported as the calendar year ended December 31, 2018.
Trez Capital Yield Trust US (CAD) distributes 100% of its net income annually. Unitholders receive monthly distributions at a rate of 0.610% on Series F units and $0.53 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
In 2019, Trez Capital moved from quarterly to monthly distributions.
| Year | Series | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Top-up1 | YTD Distribution | Annualized DRIP Return4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2019 | A | $0.057 | $0.057 | $0.057 | $0.053 | $0.053 | $0.053 | $0.053 | $0.053 | $0.053 | $0.053 | $0.053 | $0.053 | $0.644 | 6.63% | |
| F | $0.065 | $0.065 | $0.065 | $0.061 | $0.061 | $0.061 | $0.061 | $0.061 | $0.061 | $0.061 | $0.061 | $0.061 | $0.744 | 7.70% |
| Year | Series | Q1 | Q2 | Q3 | Q4 | Quarterly Distribution | Top-up1 | Annual Distribution | Annualized DRIP Return3 |
|---|---|---|---|---|---|---|---|---|---|
| 2018 | F | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | – | $0.800 | 8.24% |
| A | $0.175 | $0.175 | $0.175 | $0.175 | $0.700 | – | $0.700 | 7.19% | |
| 2017 | F | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | – | $0.800 | 8.24% |
| A | $0.175 | $0.175 | $0.175 | $0.175 | $0.700 | – | $0.700 | 7.19% | |
| 20162 | F | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.092 | $0.892 | 9.20% |
| A | $0.175 | $0.175 | $0.175 | $0.175 | $0.700 | $0.090 | $0.790 | 8.10% | |
| 20152 | F | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.425 | $1.225 | 12.68% |
| A | $0.175 | $0.175 | $0.175 | $0.175 | $0.700 | $0.486 | $1.186 | 11.86% |
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. Top-up distributions are paid following the conclusion of the annual audit, to all registered unitholders on the record date December 31.
2 Due to the fund being established in January of 2017 distributions prior to 2017 are reported as the returns on Trez Capital Yield Trust US CAD units.
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 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
-
Fund Fact Sheet (A Series) CAD
Sep 2019 - Trez Capital Yield Trust US Fund Fact Sheet (A Series) CAD
View/Download » -
Fund Fact Sheet (F Series) CAD
Sep 2019 - Trez Capital Yield Trust US Fund Fact Sheet (F Series) CAD
View/Download » -
Fiche d’information sur le fonds - Série A
Sep 2019 - Trez Capital Yield Trust US (CAD) fiche d’information sur le fonds - Série A
View/Download » -
Fiche d’information sur le fonds - Série F
Sep 2019 - Trez Capital Yield Trust US (CAD) fiche d’information sur le fonds - Série F
View/Download »
Subscription/Redemption Documents
-
Corporate Investor Application Form
June 2019 - Fund Application form for Corporation, Partnership, or Trust
View/Download » -
Exempt Market Dealers - Subscription Form (Corporate)
June 2019 - Exempt Market Dealers - Subscription Form (Corporate)
View/Download » -
Exempt Market Dealers - Subscription Form (Individual)
June 2019 - Exempt Market Dealers - Subscription Form (Individual)
View/Download » -
FundSERV Brokers - Subscription Form (Corporate)
June 2019 - FundSERV Brokers - Subscription Form (Corporate)
View/Download » -
FundSERV Brokers - Subscription Form (Individual)
June 2019 - FundSERV Brokers - Subscription Form (Individual)
View/Download » -
Individual Investor Application Form
June 2019 - Fund Application form for Individual investors (or joint investors)
View/Download » -
Redemption Request Form
June 2019 - TCYT US $CAD Redemption Request Form
View/Download » -
FundServ Corporatif
octobre 2018 - TCYTUS $CAD FundServ Corporatif
View/Download » -
FundServ Individuel
octobre 2018 - TCYTUS $CAD FundServ Individuel
View/Download »
Financial Statements
-
Audited Financial Statements
December 2018 - Trez Capital Yield US Trust Audited Financial Statements ($C)
View/Download »
Offering Documents
-
TCYTUS(CAD) notice d'offre
mai 2019 - TCYTUS(CAD) notice d'offre
View/Download » -
Trez Capital Yield Trust US ($CAD) Offering Memorandum
May 2019 - Trez Capital Yield Trust US ($CAD) Offering Memorandum
View/Download » -
Declaration of Trust
Declaration of Trust
View/Download »
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.
