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

Net Asset Value

$10.00

Distributions
Year to Date1

5.194%

Annualized2
Since Inception

9.6%

1Based on distributions on I Series units paid as of August 31, 2020. Assumes distributions are reinvested.

2Historical fund returns are reported as at December 31, 2019.

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 TypeOpen-Ended pooled mortgage fund
FundServ CodeTRZ 380
InceptionJanuary 1, 2017
EligibilityRRSP, RRIF, DPSP, RDSP, RESP, TFSA, IPP
Unit Value$10
PurchaseT + 2
RedemptionCurrently monthly liquidity with limits. Please contact your Trez Capital representative for additional information
Management Fee1.15%
Incentive Fee10% of Net Operating Income
Distribution FrequencyMonthly
Target Return8.35% per annum

Manager Summary

ManagerTrez Capital Fund Management Limited Partnership
Manager AUMGreater than $3.8 Billion (estimated as at June 30, 2020)
Fund AUM$868,425,495

Portfolio Metrics

Number of Loans122
Weighted Average LTV70.0%
Weighted Average Term-to-Maturity (Months)12.5

GEOGRAPHIC REGION

 

ASSET CLASS

 

SECURITY RANK

 

HISTORICAL PERFORMANCE

 

 

*As of March 31, 2020. 

GROWTH OF $10,000

 
 20191 Year3 Year5 YearSince Inception
Trez Capital Yield Trust
US (CAD)
Series I
8.4%8.4%8.5%9.6%10.0%

1 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 Due to the inception of the fund in January 2013, the return for 2013 is an annualized return.

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 US (CAD) distributes 100% of its net income annually. Unitholders receive quarterly distributions at a rate of 2.0% on Series F units and 1.75% on Series A units, payable fifteen days following each calendar quarter end. Distributions are paid in the currency of the units denomination. All residual income attribuable to each unit series 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

2020, Trez Capital monthly distributions.

YearSeriesJanFebMarAprMayJunJulAugSepOctNovDecTop-up1YTD DistributionYTD DRIP Return3
2020I2$0.0610$0.0610$0.0610$0.0650$0.0650$0.0650$0.0650$0.0650$0.50805.194%

In 2019, Trez Capital moved from quarterly to monthly distributions.

YearSeriesJanFebMarAprMayJunJulAugSepOctNovDecTop-up1Annual DistributionAnnualized DRIP Return4
2019I2$0.065$0.065$0.065$0.061$0.061$0.061$0.061$0.061$0.061$0.061$0.061$0.061$0.066$0.8108.38%

 

YearSeriesQ1Q2Q3Q4Quarterly
Distribution
Top-up1Annual
Distribution
Annualized DRIP

Return3
2018I2$0.200$0.200$0.200$0.200$0.800$0.035$0.8358.6%
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$0.127$0.9279.5%

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 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 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 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.

 

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) CAD

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

    June 2020 - Trez Capital Yield Trust US Fund Fact Sheet (I Series) CAD


    View/Download »

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

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

    juin 2020 - Trez Capital Yield Trust US (CAD) fiche d’information sur le fonds - Série I


    View/Download »

Subscription/Redemption Documents

  • Institutional Investor Application Form

    Trez Capital Yield Trust US CAD – Ins – Institutional Investor Application Form

    December 2019 - Fund Application form for Institutional, Pension Plan, or Investment Fund


    View/Download »

Financial Statements

  • Audited Financial Statements

    Trez Capital Yield Trust US CAD – Ins- Audited Financial Statements

    December 2019 - Trez Capital Yield US Trust Audited Financial Statements ($C)


    View/Download »

Offering Documents

  • Trez Capital Yield Trust US ($CAD) Offering Memorandum

    Trez Capital Yield Trust US CAD – Ins – Trez Capital Yield Trust US ($CAD) Offering Memorandum

    Apr 2020 - Trez Capital Yield Trust US ($CAD) Offering Memorandum


    View/Download »

  • TCYTUS(CAD) notice d'offre

    Trez Capital Yield Trust US CAD – Ins – TCYTUS(CAD) notice d’offre

    avril 2020 - TCYTUS(CAD) notice d'offre


    View/Download »

  • Declaration of Trust

    Trez Capital Yield Trust US CAD – Ins – Declaration of Trust

    December 2016 - Trez Capital Yield Trust US ($CAD) Declaration of Trust
    View/Download »

Investments

Prime Trust

A conservative short-term commercial mortgage strategy.

Yield Trust

A diversified, balanced short-term commercial mortgage strategy.

Yield Trust U.S. (USD)

An opportunistic, short-term commercial financing strategy focused on core U.S. markets.