Trez Capital Yield Trust U.S. (USD)
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
$146M CAD
2025 return
-0.4%
LTV
63.9%
Management fee
1.5%
About Trez Capital Yield Trust U.S. (USD)
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).
The fund reports approximately $146M CAD in assets.
Most of the portfolio is in first mortgages, with some subordinate exposure.
The latest annual return declined from 8.9% in 2024 to -0.4% in 2025.
The portfolio is concentrated in Residential mortgages.
The portfolio is highly concentrated in the U.S..
At a glance
| Assets under management (AUM) | $146M CAD |
| 2025 return | -0.4% |
| Overall LTV | 63.9% |
| First mortgages (as a % of the portfolio) | 77.8% |
| Property focus | Residential (98%) / Unclassified (2%) |
| Structure | Trust |
| Investor access | Redemptions suspended |
Trez Capital Yield Trust U.S. (USD) portfolio and performance
The portfolio is composed of residential mortgages (98%) and unclassified mortgages (2%).
| Property Type | Share (%) |
| Residential | 98% |
| Unclassified | 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.
Trez Capital Yield Trust U.S. (USD) facts
Fund structure
| Structure | Trust |
| Manager | Trez Capital Fund Management Limited Partnership |
| Series | F |
| Latest data | March 31, 2026 |
Mortgage portfolio
| First mortgages | 77.8% |
| Overall LTV | 63.9% |
| Property focus | 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 the Net operating Income |
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.
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 | Multi-Residential mortgages | $785M CAD | Learn More |
| Trez Capital Yield Trust U.S. | Residential mortgages | $1.2B CAD | Learn More |
Frequently asked questions
It invests in residential mortgages.
The fund reports a weighted-average LTV of 63.9%.
Yes. It is available to individual investors.
The fund is managed by Trez Capital Fund Management Limited Partnership.
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