Trez Capital Prime Trust
Trust · Multi-Residential
Managed by Trez Capital Fund Management Limited Partnership
Data as of: March 31, 2026
This review is compiled by WOWA for informational purposes only and is not investment advice, an offer, or a solicitation. Figures are drawn from the manager's published materials as of the dates shown and may change. Returns are historical and do not guarantee future results. Verify all details with the manager or a licensed advisor before investing.
About the fund
A conservative short-term commercial mortgage strategy. Trez Capital Prime Trust participates exclusively in first position mortgages, or sub-tranches of first position mortgages, which have a maximum loan-to-value ratio of 75% at the time of funding. Loans may be secured by real property located in Canada or the United States. The investment objective is to preserve capital, while generating a consistent rate of interest income for distribution to unitholders.
At a glance
| Assets under management (AUM) | $252M CAD |
| 2025 return | -2.7% |
| Overall LTV | 48% |
| First mortgages | 96.2% |
| Property focus | Multi-Residential (96%) / Other Categories (4%) |
| Structure | Trust |
| Investor access | Redemptions suspended |
Portfolio & performance
The portfolio is composed of multi-residential mortgages (96%) and other categories mortgages (4%).
| Property Type | Share (%) |
| Multi-Residential | 96% |
| Other Categories | 4% |
Trez Capital Prime Trust has a focus on the U.S., with 78% of its mortgages located in the U.S., followed by Ontario (13.6%), BC (6.9%).
| Province/Region | Share (%) |
| the U.S. | 78% |
| Ontario | 13.6% |
| BC | 6.9% |
| Other Categories | 1.5% |
Trez Capital Prime Trust returns
| Calendar year | Net return |
| 2023 | 7.2% |
| 2024 | 6.3% |
| 2025 | -2.7% |
Return objective (2026)
Trez Capital Prime Trust has a target return of 5.5%-6.5% for 2026.
Fund facts
| Structure | Trust |
| Managed by | Trez Capital Fund Management Limited Partnership |
| Management fee | 1.15% |
| Performance fee | No |
| First mortgages | 96.2% |
| Leverage | Leveraged |
| Series/classes | F |
| Latest data | March 31, 2026 |
Additional fund details
Redemptions were initially suspended on August 18, 2025, across five Trez Capital open-ended funds, including Prime Trust. A further suspension took effect on February 15, 2026, covering four mortgage funds and extending to both redemptions and NAV calculations. The suspension reflects liquidity pressure associated largely with U.S. commercial real estate exposure and elevated redemption requests. Prime Trust remains in an orderly capital-return or wind-down process while Trez Capital evaluates strategic alternatives. Investors may be unable to redeem units or receive a current NAV while the suspension remains in effect.
Investor access
Redemptions currently suspended
This fund is currently not processing investor redemption requests. This prevents existing investors from withdrawing their funds.
About the manager
Founded in 1997 by Morley Greene and headquartered in Vancouver, Trez Capital Fund Management Limited Partnership manages commercial real estate debt funds across Canada and the United States. The firm operates offices in Toronto, Dallas, and manages roughly $2.5 billion in fund-level (Manager) AUM across four open-ended mortgage trusts (~$5.3 billion corporate-group AUM as of mid-2025). On August 18, 2025, amid elevated redemptions and U.S. commercial-real-estate stress, Trez suspended redemptions across five open-ended funds; its four mortgage funds carry a February 15, 2026 effective suspension of redemptions and NAV calculation, and the firm is evaluating strategic alternatives.
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