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

Net Asset Value

$10.00

Distributions
Year to Date1

5.3%

Annualized2
Since Inception

9.4%

1Based on I Series units as of September 30, 2022. 2022 return is before the payment of the year-end top up, if any, distributed in March 2023. Assumes distributions are reinvested.
2Historical fund returns are reported as at December 31, 2021.

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. Investors can purchase U.S. dollar units or Canadian dollar hedged units. 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
FundServ CodeTRZ 320
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 Fee1.15%
Incentive Fee10% of Net Operating Income
Distribution FrequencyMonthly

Corporate Summary1

ManagerTrez Capital Fund Management Limited Partnership
Corporate Group AUM2$5.3 Billion CAD
Manager AUM$2.9 Billion CAD
Fund AUM$176,323,583 USD

Portfolio Metrics3

Number of Investments146
Weighted Average LTV464.4%
Weighted Average Term-to-Maturity (Months)518.1

1 Corporate Group AUM and Manager AUM are estimated as at September 30, 2022

2 Corporate Group AUM includes assets held by all Trez related entities as well as Manager AUM

3 Unaudited and non-consolidated, as at Setpember 30, 2022

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.
** 2022 YTD return is before the payment of the year-end-top-up, if any, distributed in March 2023.
*** As at September 30, 2022.
 
Historical Fund Returns11 – Year3 – Year5 – YearSince
Inception3
Trez Capital Yield Trust
U.S. (USD)
Series I2
7.3%8.2%8.6%9.4%
¹ Annualized returns as of December 31, 2021.
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 Due to the inception of the fund in January 2013, the return for 2013 is an annualized return. 

 

 

 

 

Trez Capital Yield Trust U.S. (USD) distributes 100% of its net income annually. Unitholders receive monthly distributions at a rate of 0.595% 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

2022 Trez Capital Monthly Distributions

YearSeriesJanFebMarAprMayJunJulAugSepOctNovDecTop-
up3
YTD
Distribution
YTD DRIP
Return4
2022I2$0.0570$0.0570$0.0570$0.0570$0.0570$0.0570$0.0595$0.0595$0.0595$0.0630$0.58355.991%

Historical Distributions

YearSeriesJanFebMarAprMayJunJulAugSepOctNovDecTop-
up3
Annual
Distribution
Annualized
DRIP Return7
2021I2$0.0680$0.0680$0.0570$0.0570$0.0570$0.0570$0.0570$0.0570$0.0570$0.0570$0.0570$0.0570$0.0000$0.70607.293%
20205I2$0.0650$0.0650$0.0650$0.0690$0.0690$0.0690$0.0690$0.0690$0.0690$0.0690$0.0690$0.0690$0.0000$0.81608.472%
20196I2$0.0650$0.0650$0.0650$0.0650$0.0650$0.0650$0.0650$0.0650$0.0650$0.0650$0.0650$0.0650$0.0852$0.90028.967%

YearSeriesQ1Q2Q3Q4Quarterly
Distribution
Top-
up3
Annual
Distribution
Annualized
DRIP Return7
2018I2$0.200$0.200$0.200$0.200$0.800$0.120$0.9209.5%
2017I2$0.200$0.200$0.200$0.200$0.800$0.035$0.8358.6%
2016I2$0.200$0.200$0.200$0.200$0.800$0.133$0.9339.6%
2015I2$0.200$0.200$0.200$0.200$0.800$0.709$1.50910.1%
2014I2$0.200$0.200$0.200$0.200$0.800$0.303$1.10311.4%
2013I2$0.200$0.200$0.200$0.200$0.800$0.235$1.03510.6%

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 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

Management FeePercentage negotiated by the Manager and the Unitholder of the Average Annual Gross Assets of the I Series units.
Incentive Fee10% of the Net Income for each unit series after deduction of the Management fee.

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