AFHI11 — AF Invest CRI FII

AF Invest CRI Fundo de Investimento Imobiliário Recebíveis Imobiliários — Limited Liability (CNPJ 36.642.293/0001-58)

Segment: Credit (CRI) · Price R$ 93.15 · P/BV 0.9784 · BV/unit R$ 95.21 · Net assets R$ 504 Mi · 38,727 unitholders

What is AFHI11

AFHI11 (AF Invest CRI FII) is a Brazilian REIT in the Credit (CRI) segment. AF Invest CRI Fundo de Investimento Imobiliário Recebíveis Imobiliários — Limited Liability (CNPJ 36.642.293/0001-58)

A fund that lends to companies backed by real estate collateral through debt certificates (CRIs), mostly indexed to inflation and partially tied to the benchmark interest rate, building a granular portfolio distributed across dozens of operations under the active management of AF Invest.

This page gathers the factual snapshot of AFHI11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.

AFHI11 numbers in 2026

  • Net assets: R$ 504 Mi
  • Book value per share: R$ 95.21
  • Number of shareholders: 38,727
  • Gross leasable area: N/A (paper FII)

Portfolio composition

  • Essential Retail: 24.81%
  • Incorporação: 21.39%
  • Shopping Mall: 10.89%
  • Logístico: 10.15%
  • Loteamento: 5.91%
  • Varejo: 5.74%
  • Energia: 4.88%
  • Corporate Offices: 4.26%
  • Home Equity: 3.82%
  • Agronegócio: 3.08%
  • Óleo e Gás: 2.5%
  • Transporte: 2.49%
  • Hospital: 0.08%

Fees

  • Total Fee (Management + Administration + Custody + Bookkeeping): 1,00% a.a.
  • Performance Fee: Não há
  • Offering Cost: Zero

Manager

Management: AF Invest Real Estate.

AF Invest Real Estate is the subsidiary of the Araújo Fontes ecosystem (36-year history) focused on real estate transactions and structured credit. Formed as an independent manager in Dec/2022 (CVM no. 20.475) following AF Invest's corporate restructuring, it retained the same technical team. AFHI11's management stands out for three rare attributes in the paper FII segment: (1) distribution costs paid by the manager across all 7 offerings (zero dilution via offerings for the unitholder); (2) a commitment not to issue units below book value; (3) spread compression operations in the secondary market generating one-off gains (Rochaverá CRI: 18.23% annualized IRR over 17 months; Yoshii CRI: 24.62% IRR over 25 months; Almeida Júnior CRI: 16.56% IRR; VBI Garden CRI: 14.06% IRR). Zero delinquency across ~70 active CRIs is an indicator of rigorous selection.
  • Araújo Fontes Ecosystem: 36 anos
  • AFHI11 Assets: R$ 455,5 Mi
  • Distributed since IPO: R$ 62.21/unit

See our analysis of AF Invest Real Estate →

AFHI11 portfolio: what the fund invests in

Portfolio with ~70 active CRIs across 13 segments, zero delinquency, average rate IPCA+8.62% / CDI+2.86%

AssetLocation% of NAVOccupancy
GARE Atacadão CRI—4.4%—
CRI Muffato—4.1%—
Cahima/Direcional CRI—3.9%—
UFV Jacutinga CRI—3.7%—
VISC Campinas Shopping CRI—3.4%—
Genial Malls CRI—3.4%—
TRX Leroy Merlin CRI—2.9%—
Grupo Comporte CRI—2.6%—
Direcional CRI—2.5%—
Grupo Aldo CRI—2.4%—
CRI Socicam—2.4%—
TRX Mateus CRI—2.2%—
CRI XP Log—2.2%—
CRI OBA—2.2%—
Shopping Metrô Itaquera CRI—2.1%—
Other CRIs (~55 operations)—51.6%—
Liquidity Reserve—4.3%—

Concentration and diversification

HHI 0.0234 — muito_baixa.

BreakdownShare
By stateBrazil (multi-regional) 100.0%
By indexIPCA+ (average rate 8.62%, MtM 9.93%, duration 4.88y) 70.0% · CDI+ (average rate 2.86%, MtM 2.97%, duration 2.88y) 24.4% · Fixed-rate (16.64%) 1.5% · Cash (LFTs/Fixed Income) 4.1%

Price, P/BV and book value

last close R$ 93.15 · all-time low R$ 87.92 · high R$ 99.99 · book value per unit R$ 95.21.

Liquidity and trading

Average daily volume (21 sessions) of R$ 880,000 · 12-month average of R$ 730,000.

Moderate liquidity for a paper FII — positions up to R$100k clear in less than one business day; R$1M positions take ~7 days. Compatible with a retail investor profile.

AFHI11 track record

Over 5 years since its IPO, AFHI11 grew from ~R$100M to R$455M in net assets via 7 zero-cost offerings for the unitholder. The portfolio diversified from ~30 to ~70 CRIs across 13 segments, maintaining zero delinquency. The fund has distributed R$62.21/unit since its IPO (total dividend yield of 62.2% over initial unit price). The 7th offering in Dec/25 raised only 22% of the target (R$22M) — a sign of tepid demand but with a modest dilution effect: DPU dropped from R$1.01 to R$0.97 starting in Jan/26 while maintaining operational quality. Attention: the unitholder base fluctuated from 40.7k in May/25 to 38.5k in Mar/26 (-5.4%), although with a slight recovery in the last quarter.
PeriodWhat happened
CONSTITUIÇÃOEstablishment of the AF Invest CRI FII on October 20, 2020. Registered as a closed-end fund with an indefinite term.
INÍCIO DE OPERAÇÕESEffective start of operations on March 3, 2021. Trading on B3 starting April 2021. Initial unit price R$100.00.
EXPANSÃO INICIALDPU climbed from R$0.50 to R$1.40/unit reflecting high IPCA. New offerings expanded net assets.
REESTRUTURAÇÃO SOCIETÁRIAAF Invest spun off its management activity to a new company, AF Invest Real Estate (CVM no. 20.475 since Dec/2022).
CRESCIMENTO ESTRUTURADOFour consecutive offerings raise net assets to R$430M. Portfolio exceeds 60 CRIs.
ALTERAÇÃO DO REGULAMENTOBylaws amendments approved (IDs 906338, 900927) — operational adjustments and scope expansion.
7TH OFFERING (partial)Restricted 7th offering raised R$21.98M (233,572 units at R$94.15) — 22% of the expanded target of R$100M.
8TH OFFERING (approved)Approval of the 8th offering on May 13, 2026 (Material Fact Notice 1190150) — up to R$80.07M base (R$100.09M with additional allotment). Price R$95.48 = book value per unit on April 30, 2026; offering restricted to Professional Investors via CVM 160. Pipeline of 12 CRIs (R$120M) at IPCA+9.90% / CDI+2.44% rates.
ATUALConsolidated fund with ~70 active CRIs and zero delinquency. Net assets of R$455.5M (March 2026) and 38,529 unitholders.

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