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

Net Asset Value

$10.00

Distributions
Year to Date1

8.5%

Annualized2
Since Inception

9.8%

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.

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
FundServ CodeTRZ 320
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

Manager Summary

ManagerTrez Capital Fund Management Limited Partnership
Manager AUMGreater than $4.1 Billion CAD (estimated as at December 31, 2020)
Fund AUM$159,268,551

Portfolio Metrics¹

Number of Loans74
Weighted Average LTV71.1%
Weighted Average Term-to-Maturity (Months)10.3

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 January 2013, the return for 2013 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 YearSince Inception3
Trez Capital Yield Trust
US
Series I 1
8.5%9.0%9.0%9.3%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 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 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

2021 Trez Capital Monthly Distributions

YearSeriesJanFebMarAprMayJunJulAugSepOctNovDecTop-
up3
YTD
Distribution
YTD DRIP
Return4
2021I2$0.0680$0.0680$0.0570$0.0570---------$0.25002.523%

Historical Distributions

YearSeriesJanFebMarAprMayJunJulAugSepOctNovDecTop-
up3
Annual
Distribution
Annualized
DRIP Return7
20205I2$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$0.81608.472%
20196I2$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$0.90028.967%

YearSeriesQ1Q2Q3Q4Quarterly
Distribution
Top-
up3
Annual
Distribution
Annualized
DRIP Return7
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 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 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 U.S. USD – Inst – Fund Fact Sheet (I Series)

    March 31, 2021 - Trez Capital Yield Trust U.S. (USD) Fund Fact Sheet (I Series)


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

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

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


Subscription/Redemption Documents

  • Institutional Investor Application Form

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

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


Financial Statements

  • Audited Financial Statements

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

    December 31, 2020 - Trez Capital Yield Trust U.S. (USD) Audited Financial Statements


Offering Documents

  • Trez Capital Yield Trust US (USD) Offering Memorandum

    Trez Capital Yield Trust US (USD) – Ins – Trez Capital Yield Trust US (USD) Offering Memorandum

    April 2020 - Trez Capital Yield Trust US (USD) Offering Memorandum


  • TCYT US (USD) notice d'offre

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

    avril 2020 - TCYT US (USD) notice d'offre


Investments

Prime Trust

A conservative short-term commercial mortgage strategy.

Yield Trust

A diversified, balanced short-term commercial mortgage strategy.

Yield Trust U.S. (CAD)

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