TREZ CAPITAL YIELD TRUST U.S. (USD) | SERIES I
Net Asset Value
Distributions
Year to Date1
Annualized2
Since Inception
1Based on I Series units as of March 31, 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 Type | Open-Ended pooled mortgage fund |
| FundServ Code | TRZ 320 |
| Inception | January 1, 2013 |
| Eligibility | RRSP, RRIF, DPSP, RDSP, RESP, TFSA, IPP |
| Unit Value | $10 |
| Purchase | T + 2 |
| Redemption | T + 20, subject to 1% retraction penalty if redeemed within 1st year |
| Management Fee | 1.15% |
| Incentive Fee | 10% of Net Operating Income |
| Distribution Frequency | Monthly |
Corporate Summary1
| Manager | Trez Capital Fund Management Limited Partnership |
| Corporate Group AUM2 | $4.2 Billion CAD |
| Manager AUM | $2.8 Billion CAD |
| Fund AUM | $162,830,397 USD |
Portfolio Metrics3
| Number of Investments | 131 |
| Weighted Average LTV4 | 66.0% |
| Weighted Average Term-to-Maturity (Months)5 | 20.2 |
1 Corporate Group AUM and Manager AUM are estimated as at March 31, 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 March 31, 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
* 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 March 31, 2022.
| Historical Fund Returns1 | 1 - Year | 3 - Year | 5 - Year | Since Inception3 |
|---|---|---|---|---|
| Trez Capital Yield Trust U.S. (USD) Series I2 | 7.3% | 8.2% | 8.6% | 9.4% |
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 0.570% 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
| Year | Series | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Top- up3 | YTD Distribution | YTD DRIP Return4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | I2 | $0.0570 | $0.0570 | $0.0570 | $0.0570 | $0.0570 | - | - | - | - | - | - | - | - | $0.2850 | 2.883% |
Historical Distributions
| Year | Series | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Top- up3 | Annual Distribution | Annualized DRIP Return7 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | I2 | $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 | $0.7060 | 7.293% |
| 20205 | I2 | $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 | $0.8160 | 8.472% |
| 20196 | I2 | $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 | $0.9002 | 8.967% |
| Year | Series | Q1 | Q2 | Q3 | Q4 | Quarterly Distribution | Top- up3 | Annual Distribution | Annualized DRIP Return7 |
|---|---|---|---|---|---|---|---|---|---|
| 2018 | I2 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.120 | $0.920 | 9.5% |
| 2017 | I2 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.035 | $0.835 | 8.6% |
| 2016 | I2 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.133 | $0.933 | 9.6% |
| 2015 | I2 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.709 | $1.509 | 10.1% |
| 2014 | I2 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.303 | $1.103 | 11.4% |
| 2013 | I2 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.235 | $1.035 | 10.6% |
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 Date | Expected Pay Date | |
|---|---|---|
| January | January 31 | February 7 |
| February | February 28 | March 8 |
| March | March 31 | April 9 |
| April | April 30 | May 9 |
| May | May 31 | June 7 |
| June | June 30 | July 9 |
| July | July 31 | August 9 |
| August | August 31 | September 9 |
| September | September 30 | October 8 |
| October | October 31 | November 8 |
| November | November 30 | December 9 |
| December | December 31 | January 8 |
| Annual Top-Up | December 31 | March 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 Fee | 1.5% of the Average Annual Gross Assets relating to the F Series and A Series units. |
| Incentive Fee | 10% of the Net Income for each unit series after deduction of the Management fee. |
Minimum Investment
| Management Fee | Percentage negotiated by the Manager and the Unitholder of the Average Annual Gross Assets of the I Series units. |
| Incentive Fee | 10% 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
Fund Fact Sheets
Trez Capital Yield Trust U.S. (USD) - Fund Fact Sheet (I Series)
EN View/DownloadSubscription/Redemption Documents
Institutional Investor Application Form
Financial Statements
Audited Financial Statements
Offering Documents
Offering Memorandum
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