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

Net Asset Value

$10.00

Distributions
Year to Date1

6.0%

Annualized2
Since Inception

9.8%
1 Based on distributions on F Series units paid to March 31, 2019. Assumes distributions are reinvested
2 Historical 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 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
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
Target Return8.85% 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 Year3 Year5 YearSince Inception
Trez Capital Yield Trust
US
Series I 1
6.0%9.5%9.2%9.8%9.8%

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

 

 

 

Trez Capital Yield Trust US distributes 100% of its net income annually. Unitholders receive quarterly distributions at a rate of 2.0% on Series I 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

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

YearSeriesJanFebMarAprMayJunJulAugSepOctNovDecTop-up1YTD DistributionAnnualized DRIP Return3
2019I2$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
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 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.

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:

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 US USD – Pvt – Fund Fact Sheet (I Series)

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

  • Fiche d’information sur le fonds - Série I

    Trez Capital Yield Trust US USD – Pvt – Fiche d’information sur le fonds – Série I

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

Subscription/Redemption Documents

  • Institutional Investor Application Form

    Trez Capital Yield Trust US USD – Pvt – Institutional Investor Application Form

    June 2019 - Fund Application form for Institutional, Pension Plan, or Investment Fund
    View/Download »

Financial Statements

  • Audited Financial Statements

    Trez Capital Yield Trust US USD – Pvt – Audited Financial Statements

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

Investments

Prime Trust

A conservative short-term commercial mortgage strategy.

Yield Trust

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Yield Trust U.S. (CAD)

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