VANCOUVER, Aug. 29, 2013 /CNW/ - Trez Capital Mortgage Investment Corporation ("Trez Junior MIC" or "the Company") announced today the results of its operations for the period January 1, 2013 to June 30, 2013. The following highlights are from the Interim Financial Statements and Interim Management Report on Fund Performance, which can be accessed under the Company's profile on www.sedar.com or www.Trezcapital.com. All figures are expressed in Canadian Dollars unless otherwise indicated.
Financial Summary for the six months ended June 30, 2013
- 100% of the $217,795,212 in net proceeds raised during 2012 was invested in 49 mortgages totalling $218,950,695, with the remainder having been funded from the Company's credit facility.
- The Company's portfolio of mortgages had an average loan-to-value of 65.1% and an average yield, including net commitment fees, of 9.94%.
- The Company paid its originally projected distributions totaling $8,045,572.
- The net asset value of the Company was $217,628,270 or $9.46 per Class A share.
"We are pleased to report the Company's results for the first half of 2013," said Michael J.R. Nisker, President and CEO of Trez Junior MIC. "We have built a mortgage portfolio that is delivering an attractive yield while at the same time maintaining a low loan-to-value ratio of 65%. Risk mitigation is further built into the portfolio by maintaining an average loan duration of about 20 months. As such, new mortgages are written to coincide with the current interest rate environment, while also applying a floating interest rate with a fixed minimum rate on all mortgages. These measures minimize loan duration risk and interest rate sensitivity."
About the Company
The objective of the Trez Junior MIC is to acquire and maintain a diversified portfolio of mortgages in Canada that preserves capital and generates attractive returns in order to pay monthly distributions to its shareholders. Trez Junior MIC accomplishes its investment objectives through prudent investments in mortgages to qualified real estate investors and developers, focusing primarily on short-term bridge financing needs not serviced by traditional real estate lenders. Trez Capital Fund Management Limited Partnership is the manager of and portfolio advisor to the Trez Junior MIC.
SOURCE: Trez Capital Mortgage Investment Corporation
For further information:
Mr. Michael J.R. Nisker
President & Chief Executive Officer
Trez Capital Mortgage Investment Corporation
Tel: (416) 350-1299