VANCOUVER, Aug. 29, 2013 /CNW/ - Trez Capital Senior Mortgage Investment Corporation ("Trez Senior 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 and www.trezcapital.com. All figures are expressed in Canadian Dollars unless otherwise indicated.
Financial Summary for six months ended June 30, 2013
- Trez Senior MIC had $121,279,206 invested in 33 mortgages. This was funded from the net proceeds raised from the IPO of $83,706,929 and overallotment, with the remainder having been funded by a credit facility of $37,572,277 (maximum credit facility is $40,000,000).
- The Company's portfolio of mortgages had an average loan-to-value of 39.2% and an average yield, including net commitment fees of 6.7%.
- The Company paid its originally projected distributions totaling $1,854,332.
- The Net Asset Value of the Company was $83,307,899 or $9.35 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 Senior MIC. "As well as acquiring higher-yielding first mortgages, we have mitigated risk by maintaining a very low loan-to-value ratio and have loan durations averaging at about 18 months. As such, new mortgages are written to coincide with current interest rate environment."
"Looking into the second half of the year, we continue to add attractive deals to the portfolio," added Mr. Nisker. "As with the current portfolio, we will maintain our practice of writing loans that have a floating interest rate in relation to the prime rate and a fixed minimum rate. This will further protect the Company against interest rate fluctuation."
About the Company
Trez Capital Senior Mortgage Investment Corporation's objective is to acquire and maintain a diversified portfolio of first mortgages in Canada that preserves capital and generates attractive returns in order to pay monthly distributions to its shareholders. The Company pursues its investment objectives through prudent investments in first mortgages to qualified real estate investors and developers, focusing primarily on short-term bridge financing needs not currently serviced by traditional real estate lenders. Trez Capital Fund Management Limited Partnership is the manager of and portfolio advisor to the Company.
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