Trez Capital Yield 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
$785M CAD
2025 return
-12.5%
LTV
70.6%
Management fee
1.5%
About Trez Capital Yield Trust
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.
The fund reports approximately $785M CAD in assets.
Most of the portfolio is in first mortgages, with some subordinate exposure.
The latest annual return declined from 7.7% in 2024 to -12.5% in 2025.
The portfolio is diversified across the U.S., Ontario and Alberta.
At a glance
| Assets under management (AUM) | $785M CAD |
| 2025 return | -12.5% |
| Overall LTV | 70.6% |
| First mortgages (as a % of the portfolio) | 76.2% |
| Property focus | Multi-Residential (79%) / Unclassified (21%) |
| Structure | Trust |
| Investor access | Redemptions suspended |
Trez Capital Yield Trust portfolio and performance
The portfolio is composed of multi-residential mortgages (79%) and unclassified mortgages (21%).
| Property Type | Share (%) |
| Multi-Residential | 79% |
| Unclassified | 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.
Trez Capital Yield Trust facts
Fund structure
| Structure | Trust |
| Manager | Trez Capital Fund Management Limited Partnership |
| Series | F |
| Latest data | March 31, 2026 |
Mortgage portfolio
| First mortgages | 76.2% |
| Overall LTV | 70.6% |
| 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 | 1.5% |
| Performance fee | 10% of Net Operating Income |
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.
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 Prime Trust | Multi-Residential mortgages | $252M 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 70.6%.
Yes. It is available to individual investors.
The fund is managed by Trez Capital Fund Management Limited Partnership.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA® does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.