Trez Capital Prime Trust
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.
Redemptions currently suspended
This fund is currently not processing investor redemption requests. This prevents existing investors from withdrawing their funds.
AUM
$252M CAD
2025 return
-2.7%
LTV
48%
Management fee
1.15%
About Trez Capital Prime Trust
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.
The fund reports approximately $252M CAD in assets.
The portfolio is predominantly composed of first mortgages.
The latest annual return declined from 6.3% in 2024 to -2.7% in 2025.
The portfolio is concentrated in Multi-Residential mortgages.
The portfolio is diversified across the U.S. and Ontario.
At a glance
| Assets under management (AUM) | $252M CAD |
| 2025 return | -2.7% |
| Overall LTV | 48% |
| First mortgages (as a % of the portfolio) | 96.2% |
| Property focus | Multi-Residential (96%) / Unclassified (4%) |
| Structure | Trust |
| Investor access | Redemptions suspended |
Trez Capital Prime Trust portfolio and performance
The portfolio is composed of multi-residential mortgages (96%) and unclassified mortgages (4%).
| Property Type | Share (%) |
| Multi-Residential | 96% |
| Unclassified | 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% |
| Unclassified | 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.
Trez Capital Prime Trust facts
Fund structure
| Structure | Trust |
| Manager | Trez Capital Fund Management Limited Partnership |
| Series | F |
| Latest data | March 31, 2026 |
Mortgage portfolio
| First mortgages | 96.2% |
| Overall LTV | 48% |
| Property focus | Multi-Residential |
| Leverage | Yes, the fund uses leverage. This means the fund borrows additional money and combines it with investor capital to fund more mortgages. Leverage can increase returns when the portfolio performs well, but it also adds interest costs and can magnify losses. |
Fees
| Management fee | 1.15% |
| Performance fee | No |
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.
About Trez Capital Fund Management Limited Partnership
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.
Compare other funds by Trez Capital Fund Management Limited Partnership
Trez Capital Fund Management Limited Partnership manages several mortgage investment entities (MIEs) with different loan and investment objectives. Compare its other funds below.
| Fund | Primary strategy | Approx. size | |
|---|---|---|---|
| Trez Capital Yield Trust | Multi-Residential mortgages | $785M CAD | Learn More |
| Trez Capital Yield Trust U.S. | Residential mortgages | $1.2B CAD | Learn More |
| Trez Capital Yield Trust U.S. (USD) | Residential mortgages | $146M CAD | Learn More |
Frequently asked questions
It invests in multi-Residential mortgages.
The fund reports a weighted-average LTV of 48%.
Yes. It is available to individual investors.
The fund is managed by Trez Capital Fund Management Limited Partnership.
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