A diversified, balanced short-term commercial mortgage strategy.  Trez Capital Yield Trust invests across the capital stack, including first position and second position mortgages, sub-tranches of mortgages, and blanket mortgages secured by multiple properties.  Loans may be secured by property located in Canada or the United States.  The investment objective is to preserve capital, while generating an attractive, stable rate of interest income for distribution to unitholders.

Fund Summary

Fund Type Open-Ended pooled mortgage fund
Inception June 1, 2009
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
Target Return 6.85% per annum

Manager Summary

Manager Trez Capital Fund Management Limited Partnership
Manager AUM CAD 3.0 Billion
Fund AUM $816,069,571

Portfolio Metrics

Number of Loans 143
Weighted Average LTV 71.1%
Weighted Average Term-to-Maturity (Months) 17.4
Weighted Average Interest Rate 10.2%

Geographic Region

British Columbia
United States - Other
Nova Scotia

Security Rank

First Mortgages
Second Mortgages
Blanket Mortgages

Historical Performance

  2018 1 Year 3 Year 5 Year Since Inception
Trez Capital Yield Trust
Series I
7.1% 7.1% 7.7% 7.7% 8.30%

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 June 2009, the return for 2009 is an annualized return.

Growth of $10,000


Trez Capital Yield Trust distributes 100% of its net income annually. Unitholders receive quarterly distributions at a rate of 1.5% on Series I units, payable fifteen days following each calendar quarter end. All residual income 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.


Year Series Q1 Q2 Q3 Q4 Total Quarterly Distribution Top-up1 Annual Distribution
2018 I2 $0.150 $0.150 $0.150 $0.150 $0.600 $0.195 7.11% (DRIP)
2017 I2 $0.150 $0.150 $0.150 $0.150 $0.600 $0.195 $0.795
2016 I2 $0.150 $0.150 $0.150 $0.150 $0.600 $0.155 $0.755
2015 I2 $0.150 $0.150 $0.150 $0.150 $0.600 $0.160 $0.760
2014 I2 $0.150 $0.150 $0.150 $0.150 $0.600 $0.142 $0.742
2013 I2 $0.150 $0.150 $0.150 $0.150 $0.600 $0.194 $0.794

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.



  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.



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.

Minimum Investment

To discuss minimum investment amounts and eligibility, please contact Trez Capital Fund Management L.P.


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)

     Fund Fact Sheet (I Series)
    December 2018 - Trez Capital Yield Trust Fund Fact Sheet (I Series)
    View/Download »

Subscription Documents

  • Institutional Investor Application Form

    November 2018 - Institutional Investor Application Form
    View/Download »

Financial Statements

  • Audited Financial Statements

    December 2018 - Trez Capital Yield Trust Audited Financial
    View/Download »

Offering Documents

  • Offering Memorandum

    May 2018 - Trez Capital Yield Trust Offering Memorandum
    View/Download »
  • TCYT- notice d'offre

    May 2018 - TCYT- notice d'offre
    View/Download »