Trez Capital Yield 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
Trez Capital Yield Trust is a diversified short-term commercial mortgage fund investing across first and second position mortgages, sub-tranches, and blanket mortgages secured by real estate in Canada and the United States. As of Q1 2026, approximately 55% of AUM is U.S.-focused. Note: redemptions were first suspended August 18, 2025, and NAV calculation was suspended February 15, 2026 (concurrent with a re-suspension of redemptions), as part of an orderly wind-down process.
At a glance
| Assets under management (AUM) | $785M CAD |
| 2025 return | -12.5% |
| Overall LTV | 70.6% |
| First mortgages | 76.2% |
| Property focus | Multi-Residential (79%) / Other Categories (21%) |
| Structure | Trust |
| Investor access | Redemptions suspended |
Portfolio & performance
The portfolio is composed of multi-residential mortgages (79%) and other categories mortgages (21%).
| Property Type | Share (%) |
| Multi-Residential | 79% |
| Other Categories | 21% |
Trez Capital Yield Trust has a focus on the U.S., with 55% of its mortgages located in the U.S., followed by Ontario (20.6%), Alberta (16.9%), BC (7%).
| Province/Region | Share (%) |
| the U.S. | 55% |
| Ontario | 20.6% |
| BC | 7% |
| Alberta | 16.9% |
Trez Capital Yield Trust returns
| Calendar year | Net return |
| 2023 | 7.7% |
| 2024 | 7.7% |
| 2025 | -12.5% |
Return objective (2026)
Trez Capital Yield Trust has a target return of 6.5%-7.5% for 2026.
Fund facts
| Structure | Trust |
| Managed by | Trez Capital Fund Management Limited Partnership |
| Management fee | 1.5% |
| Performance fee | 10% of Net Operating Income |
| First mortgages | 76.2% |
| 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: Prime Trust, Yield Trust, Yield Trust U.S. CAD, Yield Trust U.S. USD and the Private Real Estate Fund Trust. Effective February 15, 2026, redemptions were suspended again for four of these funds, limiting investors’ ability to withdraw their capital.
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.
Other funds by Trez Capital Fund Management Limited Partnership
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