TREZ CAPITAL YIELD TRUST | SERIES I

Net Asset Value

$10.00

Distributions
Year to Date1

6.5%

Annualized2
Since Inception

8.2%

1Based on I Series units as of December 31, 2020. 2020 return is before the payment of the year-end top up, if any, distributed in March 2021. Assumes distributions are reinvested.
2Historical fund returns are reported as at December 31, 2019.

A diversified, balanced short-term commercial mortgage strategy. Trez Capital Yield Trust invests across the capital stack, including first position and second position mortgages, sub-tranches of mortgages, and blanket mortgages secured by multiple properties. Loans may be secured by property located in Canada or the United States. The investment objective is to preserve capital, while generating an attractive, stable rate of interest income for distribution to unitholders.

Fund Summary

Fund TypeOpen-Ended pooled mortgage fund
FundServ CodeTRZ 120
InceptionJune 1, 2009
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
Target Return6.85% per annum

Manager Summary

ManagerTrez Capital Fund Management Limited Partnership
Manager AUMGreater than $4.1 Billion (estimated as at December 31, 2020)
Fund AUM$1,215,743,431

Portfolio Metrics¹

Number of Loans164
Weighted Average LTV69.9%
Weighted Average Term-to-Maturity (Months)9.3

¹ Unaudited and non-consolidated, as at December 31, 2020.

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 June 2009, the return for 2009 is an annualized return.
** 2020 YTD return is before the payment of the year-end-top-up, if any, distributed in March 2021.
*** As of December 31, 2020.

 202021 Year3 Year5 Year10 YearSince Inception3
Trez Capital Yield Trust
Series I1
6.5%7.1%7.5%7.6%8.0%8.2%
¹ 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.
² 2020 YTD return is before the payment of the year-end top up, if any, distributed in March.
³ Annualized returns as of December 31, 2019. Due to the inception of the fund in June 2009, the return for 2009 is an annualized return. 

 

 

 

 

Trez Capital Yield Trust distributes 100% of its net income annually. Unitholders receive quarterly distributions at a rate of 1.5% on Series I units, payable fifteen days following each calendar quarter end. All residual income is distributed by way of an annual top-up distribution, which is paid in mid-March following the conclusion of the annual audit of the Trust.

Distribution History

2021 Trez Capital Monthly Distributions¹

YearSeriesJanFebMarAprMayJunJulAugSepOctNovDecTop-
up3
YTD
Distribution
YTD DRIP
Return4
2021I2$0.0530------------$0.05300.530%

2020 Trez Capital Monthly Distributions¹

YearSeriesJanFebMarAprMayJunJulAugSepOctNovDecTop-
up3
YTD DistributionYTD DRIP Return4
2020I2$0.0500$0.0500$0.0500$0.0540$0.0540$0.0540$0.0540$0.0540$0.0540$0.0540$0.0540$0.0540-$0.63606.549%

Historical Distributions⁶

YearSeriesJanFebMarAprMayJunJulAugSepOctNovDecTop-
up3
Annual
Distribution
Annualized
DRIP Return6
2019I2$0.050$0.050$0.050$0.050$0.050$0.050$0.050$0.050$0.050$0.050$0.050$0.050$0.091$0.6917.10%
YearSeriesQ1Q2Q3Q4Quarterly
Distribution
Top-
up3
Annual
Distribution
Annualized
DRIP Return6
2018I2$0.150$0.150$0.150$0.150$0.600$0.095$0.6957.1%
2017I2$0.150$0.150$0.150$0.150$0.600$0.195$0.7958.0%
2016I2$0.150$0.150$0.150$0.150$0.600$0.155$0.7557.7%
2015I2$0.150$0.150$0.150$0.150$0.600$0.160$0.7607.8%
2014I2$0.150$0.150$0.150$0.150$0.600$0.142$0.7427.6%
2013I2$0.150$0.150$0.150$0.150$0.600$0.194$0.7948.2%

¹ Distributions paid as of January 31, 2021. 2020 rate came into effect in April and therefore represents the pro-rate of 2020 rates.
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 reinvestment 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 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 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.

To discuss minimum investment amounts and eligibility, please contact Trez Capital Fund Management L.P.

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:

Daniel Marchand

Senior Vice President, Head of Investor Global Sales

P: 647.778.1780

E: DanielM@trezcapital.com

 

Fund Fact Sheets

  • Fund Fact Sheet (I Series)

    Trez Capital Yield Trust – Ins – Fund Fact Sheet (I Series)

    December 2020 - Trez Capital Yield Trust Fund Fact Sheet (I Series)


  • Fiche d’information sur le fonds (Série I)

    Trez Capital Yield Trust – Ins – Fiche d’information sur le fonds – Série I

    décembre 2020 - Trez Capital Yield Trust Fiche d’information sur le fonds (Série I)


Subscription/Redemption Documents

  • Institutional Investor Application Form

    Trez Capital Yield Trust – Ins – Institutional Investor Application Form

    December 2019 - Institutional Investor Application Form


Financial Statements

  • Audited Financial Statements

    Trez Capital Yield Trust – Ins – Audited Financial Statements

    December 2019 - Trez Capital Yield Trust Audited Financial


Offering Documents

  • Offering Memorandum

    Trez Capital Yield Trust – Ins – Offering Memorandum

    Apr 2020 - Trez Capital Yield Trust Offering Memorandum


  • TCYT- notice d'offre

    Trez Capital Yield Trust – Ins – TCYT- notice d’offre

    avril 2020 - TCYT- notice d'offre


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