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

Net Asset Value

$10.00

Distributions
Year to Date1

6.0%

Annualized2
Since Inception

9.5%

1Based on distributions on F Series USD 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 (USD) 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 in U.S. dollars for distribution to unitholders.

Fund Summary

Fund TypeOpen-Ended pooled mortgage fund
InceptionJanuary 1, 2013
EligibilityRRSP, RRIF, DPSP, RDSP, RESP, TFSA, IPP
Unit Value$10
PurchaseT + 2
RedemptionT + 20, subject to 1% retraction penalty if redeemed within 1st year.
Management Fee1.50%
Incentive Fee10% of Net Operating Income
Distribution FrequencyMonthly
Target Return8.5% per annum

Manager Summary

ManagerTrez Capital Fund Management Limited Partnership
Manager AUMGreater than $3.5 Billion CAD
Fund AUM$178,066,399

Portfolio Metrics

Number of Loans82
Weighted Average LTV67.1%
Weighted Average Term-to-Maturity (Months)14.4

GEOGRAPHIC REGION

ASSET CLASS

SECURITY RANK

HISTORICAL PERFORMANCE

* A Series units were introduced on April 1, 2013. Returns are reported as F Series, USD unit returns less 100 bps.

** As of December 31, 2018. Includes year end top up.

GROWTH OF $10,000

 2019 YTD1 Year23 Year25 Year2Since Inception2
Trez Capital Yield Trust U.S. (USD) Series F6.0%9.1%8.9%9.5%9.5%
Trez Capital Yield Trust U.S. (USD) Series A15.2%8.1%7.8%8.3%8.3%

1 A Series units were introduced on April 1, 2013. Returns are reported as F Series, USD unit returns less 100 bps.

2 Historical fund returns are reported as the calendar year ended December 31, 2018.

 

 

 

Trez Capital Yield Trust US distributes 100% of its net income annually. Unitholders receive monthly distributions at a rate of 0.650% on Series F units and 0.567% 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.

YearSeriesJanFebMarAprMayJunJulAugSepOctNovDecTop-up1YTD DistributionAnnualized DRIP
Return3
2019A2$0.057$0.057$0.057$0.057$0.057$0.057$0.057$0.057$0.057$0.057$0.057$0.627
F$0.065$0.065$0.065$0.065$0.065$0.065$0.065$0.065$0.065$0.065$0.065$0.715

 

YearSeriesQ1Q2Q3Q4Quarterly
Distribution
Top-up1Annual
Distribution
Annualized DRIP
Return3
2018F$0.200$0.200$0.200$0.200$0.800$0.085$0.8859.12%
A2$0.175$0.175$0.175$0.175$0.700$0.085$0.7858.06%
2017F$0.200$0.200$0.200$0.200$0.800$0.8008.24%
A2$0.175$0.175$0.175$0.175$0.700$0.7007.19%
2016F$0.200$0.200$0.200$0.200$0.800$0.098$0.8989.25%
A2$0.175$0.175$0.175$0.175$0.700$0.095$0.7958.17%
2015F$0.200$0.200$0.200$0.200$0.800$0.168$0.9689.73%
A2$0.175$0.175$0.175$0.175$0.700$0.134$0.8348.37%
2014F$0.200$0.200$0.200$0.200$0.800$0.268$1.06811.00%
A2$0.175$0.175$0.175$0.175$0.700$0.234$0.9349.59%
2013F$0.200$0.200$0.200$0.200$0.800$0.200$1.00010.24%
A2$0.175$0.175$0.175$0.175$0.700$0.200$0.9009.24%

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.

2 A Series units were introduced on April 1, 2013.

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.

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 UpDecember 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 exemption1Minimum investment when relying on offering memorandum exemption2Minimum 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
Quebec$5,000N/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)

    Trez Capital Yield Trust US (USD) – Fund Fact Sheet (A Series)

    Sep 2019 - Trez Capital Yield Trust US (USD) Fund Fact Sheet (A Series)
    View/Download »

  • Fund Fact Sheet (F Series)

    Trez Capital Yield Trust US (USD) – Fund Fact Sheet (F Series)

    Sep 2019 - Trez Capital Yield Trust US (USD) Fund Fact Sheet (F Series)
    View/Download »

  • Fiche d’information sur le fonds - Série A

    Trez Capital Yield Trust US (USD) – Fiche d’information sur le fonds – Série A

    Sep 2019 - Trez Capital Yield Trust US (USD) Fiche d’information sur le fonds - Série A
    View/Download »

  • Fiche d’information sur le fonds - Série F

    Trez Capital Yield Trust US (USD) – Fiche d’information sur le fonds – Série F

    Sep 2019 - Trez Capital Yield Trust US (USD) Fiche d’information sur le fonds - Série F
    View/Download »

Subscription/Redemption Documents

  • Corporate Investor Application Form

    Trez Capital Yield Trust US (USD) – Corporate Investor Application Form

    June 2019 - Corporate Investor Application Form
    View/Download »

  • Exempt Market Dealers - Subscription Form (Corporate)

    Trez Capital Yield Trust US (USD) – Exempt Market Dealers – Subscription Form (Corporate)

    June 2019 - Exempt Market Dealers - Subscription Form (Corporate)
    View/Download »

  • Exempt Market Dealers - Subscription Form (Individual)

    Trez Capital Yield Trust US (USD) – Exempt Market Dealers – Subscription Form (Individual)

    June 2019 - Exempt Market Dealers - Subscription Form (Individual)
    View/Download »

  • FundSERV Brokers - Subscription Form (Corporate)

    Trez Capital Yield Trust US (USD) – FundSERV Brokers – Subscription Form (Corporate)

    June 2019 - FundSERV Brokers - Subscription Form (Corporate)
    View/Download »

  • FundSERV Brokers - Subscription Form (Individual)

    Trez Capital Yield Trust US (USD) – FundSERV Brokers – Subscription Form (Individual)

    June 2019 - FundSERV Brokers - Subscription Form (Individual)
    View/Download »

  • Individual Investor Application Form

    Trez Capital Yield Trust US (USD) – Individual Investor Application Form

    June 2019 - Individual Investor Application Form
    View/Download »

  • Redemption Request Form

    Trez Capital Yield Trust US (USD) – Redemption Request Form

    June 2019 - TCYT US Redemption Request Form
    View/Download »

  • FundServ-Corporatif

    Trez Capital Yield Trust US (USD) – FundServ-Corporatif

    octobre 2018 - FundServ-Corporatif
    View/Download »

  • FundServ-Individuel

    Trez Capital Yield Trust US (USD) – FundServ-Individuel

    octobre 2018 - FundServ-Individuel
    View/Download »

Financial Statements

  • Audited Financial Statements

    Trez Capital Yield Trust US (USD) – Audited Financial Statements

    December 2018 - Trez Capital Yield US (USD) Trust Audited Financial Statements
    View/Download »

Offering Documents

  • TCYT US (USD) notice d'offre

    Trez Capital Yield Trust US (USD) – TCYT US (USD) notice d’offre

    mai 2019 - TCYT US (USD) notice d'offre
    View/Download »

  • Trez Capital Yield Trust US (USD) Offering Memorandum

    Trez Capital Yield Trust US (USD) – Trez Capital Yield Trust US (USD) Offering Memorandum

    May 2019 - Trez Capital Yield Trust US (USD) Offering Memorandum
    View/Download »

  • Amended and Restated Declaration of Trust (USD)

    Trez Capital Yield Trust US (USD) – Amended and Restated Declaration of Trust (USD)

    December 2016 - Amended and Restated Declaration of Trust (USD)
    View/Download »

  • Declaration of Trust (CAD)

    Trez Capital Yield Trust US (USD) – Declaration of Trust (CAD)

    December 2016 - Trez Capital Yield Trust US (Canadian $)
    View/Download »

The Declaration of Trust for Trez Capital Yield Trust US 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.