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

Net Asset Value

$10.00

Distributions
Year to Date¹

8.3%

Annualized²
Since Inception

9.3%

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 Type	Open-Ended pooled mortgage fund
FundServ Code	TRZ 380
Inception	January 1, 2017
Eligibility	RRSP, RRIF, DPSP, RDSP, RESP, TFSA, IPP, FHSA
Unit Value	$10
Purchase	T+1¹
Redemption	T+20, subject to 1% retraction penalty if redeemed within 1st year
Management Fee	1.15%
Incentive Fee	10% of Net Operating Income
Distribution Frequency	Monthly

^{¹as at May 27, 2024}

Corporate Summary¹

Manager	Trez 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 Investments	157
Weighted Average LTV⁴	68.1%
Weighted Average Term-to-Maturity (Months)⁵	10.9

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 January 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 Returns¹	1 – Year	3 – Year	5 – Year	Since Inception³
Trez Capital Yield Trust U.S. (CAD) Series I²	9.3%	8.0%	8.1%	9.3%

¹ Annualized returns as of September 30, 2024.

² I Series returns are reported as F Series returns, plus 35bps to account for the reduction in management fee. To discuss eligibility, please contact Trez Capital Fund Management Limited Partnership.
³ The fund was established on Dec 8, 2016 and assets were transferred from Trez Capital Yield Trust US (“TCYT US”) pursuant to a unitholder-approved reorganization of TCYT US whereby the CAD denominated units of TCYT US were cancelled and an equal number of units of Trez Capital Yield Trust US (Canadian $) were issued to unitholders.

Trez Capital Yield Trust U.S. (CAD) distributes 100% of its net income annually. Unitholders receive monthly distributions at a rate of 0.698% on Series I units, paid in the currency of the units denomination. An investor may be eligible for an 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

Year	Series	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Top- up³	YTD Distribution	YTD DRIP Return⁴
2024	I²	$0.0750	$0.0750	$0.0750	$0.0750	$0.0750	$0.0750	$0.0750	$0.0698	$0.0698	$0.0698	$0.0698	–	–	$0.8042	8.342%

Historical Distributions

Year	Series	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Top- up³	Annual Distribution	Annualized DRIP Return⁷
2023	I²	$0.0680	$0.0680	$0.0680	$0.0680	$0.0680	$0.0680	$0.0750	$0.0750	$0.0750	$0.0750	$0.0750	$0.0750	$0.0302	$0.8882	9.254%
2022	I²	$0.0570	$0.0570	$0.0570	$0.0570	$0.0570	$0.0570	$0.0595	$0.0595	$0.0595	$0.0630	$0.0630	$0.0630	$0.0269	$0.7364	7.619%
2021	I²	$0.0640	$0.0640	$0.0570	$0.0570	$0.0570	$0.0570	$0.0570	$0.0570	$0.0570	$0.0570	$0.0570	$0.0570	$0.0000	$0.6980	7.208%
2020⁵	I²	$0.0610	$0.0610	$0.0610	$0.0650	$0.0650	$0.0650	$0.0650	$0.0650	$0.0650	$0.0650	$0.0650	$0.0650	$0.0000	$0.7680	7.956%
2019⁶	I²	$0.0650	$0.0650	$0.0650	$0.0610	$0.0610	$0.0610	$0.0610	$0.0610	$0.0610	$0.0610	$0.0610	$0.0610	$0.0662	$0.8452	8.384%

Year	Series	Q1	Q2	Q3	Q4	Quarterly Distribution	Top- up³	Annual Distribution	Annualized DRIP Return⁷
2018	I²	$0.200	$0.200	$0.200	$0.200	$0.800	$0.035	$0.835	8.6%
2017	I²	$0.200	$0.200	$0.200	$0.200	$0.800	$0.035	$0.835	8.6%
2016	I²	$0.200	$0.200	$0.200	$0.200	$0.800	$0.127	$0.927	9.5%

¹ Distributions are paid out with a record date of the last day of the month.
² I Series returns are reported as F Series returns, plus 35bps to account for the reduction in management fee. To discuss eligibility, please contact Trez Capital Fund Management Limited Partnership.
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 The 2020 distribution rate was amended in April 2020 to include the management fee rebate. Therefore, the monthly distribution thereafter includes a prorated amount of the management fee rebate for 2020.
⁶ In 2019 Trez Capital moved from quarterly to monthly distributions.
⁷ 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.

How To Invest

Institutional Investors form a core part of our investor base. As investors seek ways to diversify away from equities and traditional fixed income to both enhance income while mitigating risks, alternative investments such as private mortgage pools provide for an attractive solution.

To learn more about our private mortgage pools for institutional clients please contact:

P: 1.877.689.0821
E: institutional@trezcapital.com

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

Net Asset Value

Distributions
Year to Date¹

Annualized²
Since Inception

Fund Summary

Corporate Summary¹

Portfolio Metrics³

GEOGRAPHIC REGION

ASSET CLASS

SECURITY RANK

HISTORICAL PERFORMANCE

GROWTH OF $10,000

Distribution History¹

Distribution Schedule

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

Minimum Investment

How To Invest

Our Funds

Private Real Estate Fund Trust

Prime Trust

Yield Trust

Yield Trust U.S. (CAD)

Yield Trust U.S. (USD)

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

Net Asset Value

Distributions Year to Date1

Annualized2 Since Inception

Fund Summary

Corporate Summary1

Portfolio Metrics3

GEOGRAPHIC REGION

ASSET CLASS

SECURITY RANK

HISTORICAL PERFORMANCE

GROWTH OF $10,000

Distribution History¹

Distribution Schedule

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

Minimum Investment

How To Invest

Our Funds

Private Real Estate Fund Trust

Prime Trust

Yield Trust

Yield Trust U.S. (CAD)

Yield Trust U.S. (USD)

Distributions
Year to Date¹

Annualized²
Since Inception

Corporate Summary¹

Portfolio Metrics³