(Banestes DTVM — sole manager since 2015)
Segment: Paper (CRI) — High Yield · Price R$ 57.5 · P/BV 0.6738 · BV/unit R$ 85.34 · Net assets R$ 534 Mi · 40,219 unitholders
BCRI11 (Banestes Recebíveis Imobiliários FII - Limited Liability) is a Brazilian REIT in the Paper (CRI) — High Yield segment. (Banestes DTVM — sole manager since 2015)
A fund that lends money to companies backed by real estate collateral in high-risk operations, managed by the public bank Banestes for over a decade with no performance fee. Note: part of the portfolio is in delinquency or court-supervised collateral renegotiation.
This page gathers the factual snapshot of BCRI11 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.
Management: Banestes DTVM S.A..
Banestes DTVM, the fund manager since its inception in May/2015, is the securities broker-dealer of the Bank of the State of Espírito Santo (Banestes), a mixed-economy state bank. Fiduciary administration was originally provided by Banco Fator S.A. (until 2018), before migrating to BRL Trust DTVM (now the Apex group). Custody and bookkeeping have also been handled by BRL Trust since the transition.
Management is considered transparent and active: monthly live broadcasts with unitholders, detailed reports featuring individual profiles for each CRI, explicit monitoring of construction projects (Pinheiro de Sá, Felicitá, Impegno), and recovery actions reported month by month. In 2025, it recovered R$ 7M from the Skanix CRI, redeemed the Thermas São Pedro CRI early, and recycled R$ 52M into new CRIs (~10% of NAV). In 2026, it remains active in renegotiating the PESA, WAM, Casa & Vídeo, and Correios cases. No performance fee is charged — which is rare for High Yield and improves net earnings for unitholders.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-direcional | — | 6.8% | — |
| cri-sendas | — | 5.9% | — |
| cri-rede-dor-vii | — | 5.2% | — |
| cri-villa-xp | — | 3.5% | — |
| cri-trisul | — | 3.4% | — |
| cri-pesa | — | 3.7% | — |
| cri-eco-resort | — | 3.2% | — |
| cri-zavit | — | 3.0% | — |
| cri-felicita | — | 2.9% | — |
| cri-almeida-junior | — | 2.8% | — |
| cri-atacadao | — | 2.7% | — |
| cri-wam | — | 2.5% | — |
| cri-gvi | — | 1.9% | — |
| cri-correios | — | 1.4% | — |
| cri-skanix | — | 1.2% | — |
| cri-kroton | — | 1.1% | — |
| cri-casa-video | — | 0.8% | — |
| cri-artenge | — | 0.8% | — |
| cri-br-distribuidora | — | 0.7% | — |
| deva11 | — | 1.1% | — |
| hctr11 | — | 0.8% | — |
| vslh11 | — | 0.6% | — |
| soberano-rf | — | 4.2% | — |
| compromissadas-cri | — | 3.7% | — |
| Breakdown | Share |
|---|---|
| By index | IPCA+ 85.0% · CDI+ 7.0% · IGP-M 1.1% · %CDI 7.9% |
Units trading at ~R$ 63.00 vs. a book value of R$ 85.05 — 26% discount. The discount reflects: 14.21% of the portfolio in waivers/delinquencies, 12m IGP-M of only +0.61% (vs. IGP-M+6% benchmark), and Selic still at 15%. Meaningful net asset margin of safety for investors willing to accept the HY profile.
last close R$ 57.5 · all-time low R$ 56.0 · high R$ 133.1 · book value per unit R$ 85.34.
Average daily volume (21 sessions) of R$ 495,594 · 12-month average of R$ 504,917.
Low-to-medium liquidity. A R$ 100k position takes ~1 business day to exit without moving prices; R$ 1M takes ~10 days; R$ 10M takes ~101 days. Suitable for retail investors up to R$ 1M. Above that, it requires fragmented exits.
Over its 11-year history, BCRI11 grew from an NAV of R$ 49M (May/2016) to over R$ 532M currently, completing 9 unit offerings. It has accumulated ~R$ 97.50/unit in distributions since Mar/2017 (partial history — missing 2015/2016 and part of 2026), but the market price fell from R$ 100 (IPO) to ~R$ 63.00 (May/2026). The drop in unit price reflects the high interest rate cycle (Selic at 15%), defaults in mid-risk segment high-yield CRIs, and the devaluation of residual positions in high-yield FIIs. Banestes management has been active and transparent, with monthly live broadcasts and detailed reports.
| Period | What happened |
|---|---|
| IPO | Inception as Banestes Recebíveis Imobiliários FII by Banestes DTVM, with initial administration by Banco Fator. |
| FORMAÇÃO | Initial offerings to build the core portfolio. Administration migrated from Banco Fator to BRL Trust in 2018. |
| EXPANSÃO | Accelerated capital-raising period — 9 offerings executed, concluding in Jul/2021 with R$ 200M raised in the 9th offering. NAV reaches R$ 650M. |
| CICLO DE RISCO | Selic rises to 13.75% and later 15%, pressuring paper FIIs. First defaults appear (Kroton, Artenge, BR Distribuidora). DPU drops from R$ 1.47 (Jun/22) to R$ 0.69 (Jul/23). |
| RENEGOCIAÇÕES | Management intensifies restructuring and recovery efforts. PESA, GVI, WAM, Skanix, and Casa & Vídeo undergo waivers and/or litigation. DPU stabilizes around R$ 0.75-0.84. |
| RECUPERAÇÃO | Year of recovery — delivered 137.41% of the tax-adjusted CDI. Portfolio recycled with R$ 52M in new CRIs (10% of NAV). DPU rises to R$ 0.92 in October. |
| ATUAL | 12m IGP-M at only +0.61% — far below the IGP-M+6% benchmark. DPU fell for 6 consecutive months, closing Apr/26 at R$ 0.70. PESA CRI warehouse sale deadline set for 05/29/2026 — a decisive event. Cash reinforced at R$ 36.99M (6.96% of NAV) preserves sustainability. |