1Last calculated NAV. Concurrently with the suspension of redemption of units of the Trust, initiated on August 18, 2025, Trez Capital Fund Management Limited Partnership has suspended the calculation of NAV.
2Estimated total distributions based on I Series units as of March 31, 2026. 2026 return is before the payment of the year-end top up, if any, distributed in March 2027. Assumes distributions are reinvested.
3Distribution rate based on audited annualized returns as at December 31, 2024.
| Fund Type | Open-Ended pooled mortgage fund |
| FundServ Code | TRZ 320 |
| Inception | January 1, 2013 |
| Eligibility | RRSP, RRIF, DPSP, RDSP, RESP, TFSA, IPP, FHSA |
| Unit Value | N/A1 |
| Purchase | T+1 |
| 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 |
| Manager | Trez Capital Fund Management Limited Partnership |
| Corporate Group AUM2 | $5.4 Billion CAD |
| Manager AUM | $2.7 Billion CAD |
| Fund AUM | $109,883,508 USD |
| Number of Investments | 93 |
| Weighted Average LTV4 | 64.8% |
| Weighted Average Term-to-Maturity (Months)5 | 13.6 |
1Corporate Group AUM and Manager AUM are estimated as at December 31, 2025.
2Corporate Group AUM includes assets held by all Trez related entities as well as Manager AUM.
3Unaudited and non-consolidated, as at December 31, 2025.
4Includes equivalent calculation for preferred equity investments.
5Based on performing loans, excludes equity investments.
6 Security rank as at the time of origination.
| Distribution Rate1 | 1 - Year | 3 - Year | 5 - Year | Since Inception3 |
|---|---|---|---|---|
| Trez Capital Yield Trust U.S. (USD) Series I2 | 9.3% | 8.9% | 8.5% | 9.3% |
Trez Capital Yield Trust U.S. (USD) distributes1 100% of its net income annually. Unitholders receive monthly distributions at a rate of 0.705% 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.
2026 Trez Capital Monthly Distributions
| Year | Series | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Top- up4 | YTD Distribution | YTD Distribution Rate5 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | I3 | $0.0705 | $0.0705 | $0.0705 | - | - | - | - | - | - | - | - | - | - | $0.2115 | 2.130% |
Historical Distributions
| Year | Series | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Top- up4 | Annual Distribution | Annualized Distribution Rate8 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | I3 | $0.0740 | $0.0705 | $0.0705 | $0.0705 | $0.0705 | $0.0705 | $0.0705 | $0.0705 | $0.0705 | $0.0705 | $0.0705 | $0.0705 | - | $0.8495 | 8.834% |
| 2024 | I3 | $0.0750 | $0.0750 | $0.0750 | $0.0750 | $0.0750 | $0.0750 | $0.0750 | $0.0740 | $0.0740 | $0.0740 | $0.0740 | $0.0740 | - | $0.8950 | 9.326% |
| 2023 | I3 | $0.0680 | $0.0680 | $0.0680 | $0.0680 | $0.0680 | $0.0680 | $0.0750 | $0.0750 | $0.0750 | $0.0750 | $0.0750 | $0.0750 | $0.0798 | $0.9378 | 9.795% |
| 2022 | I3 | $0.0570 | $0.0570 | $0.0570 | $0.0570 | $0.0570 | $0.0570 | $0.0595 | $0.0595 | $0.0595 | $0.0630 | $0.0630 | $0.0630 | $0.0334 | $0.7429 | 7.689% |
| 2021 | I3 | $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% |
| 20206 | I3 | $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% |
| 20197 | I3 | $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- up4 | Annual Distribution | Annualized DRIP Return8 |
|---|---|---|---|---|---|---|---|---|---|
| 2018 | I3 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.120 | $0.920 | 9.5% |
| 2017 | I3 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.035 | $0.835 | 8.6% |
| 2016 | I3 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.133 | $0.933 | 9.6% |
| 2015 | I3 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.709 | $1.509 | 10.1% |
| 2014 | I3 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.303 | $1.103 | 11.4% |
| 2013 | I3 | $0.200 | $0.200 | $0.200 | $0.200 | $0.800 | $0.235 | $1.035 | 10.6% |
| 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 |
| Management Fee | 1.15% 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. |
| 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.
Trez Capital Fund Management Limited Partnership (“Trez Capital”), in its capacity as manager of Trez Capital Yield Trust U.S. (USD) (the “Trust”), temporarily suspended the Redemptions of Units of the Trusts effective 8:00 AM ET on February 15, 2026 as contemplated by the applicable Declaration of Trust creating the Trusts (“Declaration of Trust”). The suspension applies to all Redemption requests placed on or before February 15, 2026 for which payment has not yet been made and the Trusts will not accept any Redemption requests after the Effective Time until such time as the Suspension has been terminated. No payment will be made in respect of unsettled Redemption requests placed on or before February 15, 2026. The suspension will continue until the first day on which the condition giving rise to the suspension ceases to exist in the opinion of Trez Capital, acting reasonably, provided that no other condition under which a suspension is authorized then exists. In the event another condition under which a suspension is authorized then exists, the suspension will continue until the first day on which such new condition giving rise to the suspension ceases to exist in the opinion of Trez Capital and provided that no other condition under which a suspension is authorized then exists. Unless a suspension is earlier terminated by Trez Capital in its discretion and in accordance with the Declaration of Trust, if no other condition under which a suspension is authorized exists as of the date that is 180 days from the effective time of a suspension, such suspension will be terminated and the Trusts will resume Redemptions of Units in accordance with the Declarations of Trust and such processes as may be determined by Trez Capital.
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:
T: 416.342.0470
TF: 1.877.689.0821
E: institutional@trezcapital.com
A long-term “Build-to-Hold” investment strategy.
A conservative short-term commercial mortgage strategy.
A diversified, balanced short-term commercial mortgage strategy.
An opportunistic, short-term commercial financing strategy focused on core U.S. markets.
The Institutional Investor Section of the website is intended for the sole use of institutional investors. Any person who is not an institutional investor should not act or rely on this information.
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