Trez Capital Yield Trust U.S. (USD)
Trust · 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 U.S. (USD) is the USD-denominated version of the Yield Trust U.S. strategy, investing in short-term first mortgages on commercial properties in the United States with primary exposure to residential lot development in U.S. Sunbelt markets. Up to 20% of net assets may be invested in equity positions and 10% in mezzanine loans. As of Q1 2026, the fund held approximately USD $105 million in AUM (~$146 million CAD).
At a glance
| Assets under management (AUM) | $146M CAD |
| 2025 return | -0.4% |
| Overall LTV | 63.9% |
| First mortgages | 77.8% |
| Property focus | Residential (98%) / Other Categories (2%) |
| Structure | Trust |
| Investor access | Redemptions suspended |
Portfolio & performance
The portfolio is composed of residential mortgages (98%) and other categories mortgages (2%).
| Property Type | Share (%) |
| Residential | 98% |
| Other Categories | 2% |
Trez Capital Yield Trust U.S. (USD) has a focus on the U.S., with 100% of its mortgages located in the U.S..
| Province/Region | Share (%) |
| the U.S. | 100% |
Trez Capital Yield Trust U.S. (USD) returns
| Calendar year | Net return |
| 2023 | 9.4% |
| 2024 | 8.9% |
| 2025 | -0.4% |
Return objective (2026)
Trez Capital Yield Trust U.S. (USD) has a target return of 8.0%-9.0% for 2026.
Fund facts
| Structure | Trust |
| Managed by | Trez Capital Fund Management Limited Partnership |
| Management fee | 1.5% |
| Performance fee | 10% of the Net operating Income |
| First mortgages | 77.8% |
| Leverage | Leveraged |
| Series/classes | F |
| Latest data | March 31, 2026 |
Additional fund details
Redemptions were initially suspended on August 18, 2025, as part of a broader suspension affecting five Trez Capital open-ended funds. Effective February 15, 2026, this fund’s redemptions and NAV calculations were suspended again. Trez Capital is evaluating strategic alternatives, which may affect investors’ ability to redeem units or determine the current value of their holdings.
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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