BICE11 — Brio Crédito Estruturado FII

BRIO CRÉDITO ESTRUTURADO - FUNDO DE INVESTIMENTO IMOBILIÁRIO — CNPJ 39.332.032/0001-20

Segment: Securities / Fund of Funds (CRI FoF) · Price R$ 400.0 · P/BV 0.5026 · BV/unit R$ 795.82 · Net assets R$ 106 Mi · 119 unitholders

What is BICE11

BICE11 (Brio Crédito Estruturado FII) is a Brazilian REIT in the Securities / Fund of Funds (CRI FoF) segment. BRIO CRÉDITO ESTRUTURADO - FUNDO DE INVESTIMENTO IMOBILIÁRIO — CNPJ 39.332.032/0001-20

Closed-end boutique vehicle with book discount — price convergence thesis at liquidation

This page gathers the factual snapshot of BICE11 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.

BICE11 numbers in 2026

Net assets: R$ 106 Mi
Book value per share: R$ 795.82
Number of shareholders: 119

Fees

Management Fee: 1,25% a.a.
Advisory Fee: 0,00% a.a.
Performance Fee: n/d

Manager

Management: Brio Investimentos Ltda..

Brio Investimentos is the manager of the BICE11, with administration delegated to BTG Pactual Serviços Financeiros S.A. DTVM. The combination of a boutique manager and an institutional administrator (BTG Pactual) is common in structured credit funds restricted to qualified investors. There is no verifiable track record in this lite analysis — the manager's quality must be assessed based on the fund's official documents and the historical returns of the underlying assets.

Fundada em: n/d
Administrador: BTG Pactual DTVM
Público-alvo: Qualified Investor

See our analysis of Brio Investimentos Ltda. →

BICE11 portfolio: what the fund invests in

Structured Credit FoF — asset composition unverified in CVM filings for this lite analysis

Asset	Location	% of NAV	Occupancy
Portfolio of CRIs / CRAs / FII units (detailed composition n/a)	—	100.0%	—

Price, P/BV and book value

last close R$ 400.0 · book value per unit R$ 795.82.

Liquidity and trading

Average daily volume (21 sessions) of R$ 1,650,000.

Reasonable liquidity for a qualified fund (~R$ 1.65M/day). Positions up to R$ 500k can be traded within minutes without material impact. Positions above R$ 5M take several days.

BICE11 track record

The BICE11 is a fund restricted to qualified investors that operates at the intersection of real estate structured credit and FoF strategies. With only ~120 unitholders and a finite term, the fund has the characteristics of a closed-end boutique vehicle. The book discount of ~30% in Jun/2026 contrasts with the apparent solidity of the R$ 144.8M net assets and suggests that the secondary market prices in a material illiquidity premium. The dividend yield of ~7.7% below Selic limits the appeal of new entries in the current interest rate cycle.

Period	What happened
CONSTITUIÇÃO	Inception of the BICE11 (CNPJ 39.332.032/0001-20, registered in 2020). The fund was established directly as a product restricted to qualified investors, focusing on real estate structured credit.
CRESCIMENTO	Fundraising and structuring phase for the structured credit portfolio. Details of capital calls and initial composition not verified in this lite analysis.
OPERAÇÃO REGULAR	Fund in regular operation with active management of the credit portfolio. The Selic rate hiking cycle impacts the relative valuation of credit FoFs.
POSIÇÃO ATUAL	Fund trades at a ~30% discount to book value, a dividend yield of ~7.7%, and daily liquidity of ~R$ 1.65M. The high-interest-rate environment pressures the structured credit thesis.