(formerly FEXC11; absorbed BTCR11 in Nov/2022 — managed by BTG Pactual)
Segment: Paper (CRI) — Predominantly IPCA+ Hybrid · Price R$ 9.0 · P/BV 0.892 · BV/unit R$ 10.09 · Net assets R$ 1,00 Bi · 214,866 unitholders · 31 assets
BTCI11 (BTG Pactual Crédito Imobiliário - Fundo de CRI - FII Limited Liability) is a Brazilian REIT in the Paper (CRI) — Predominantly IPCA+ Hybrid segment. (formerly FEXC11; absorbed BTCR11 in Nov/2022 — managed by BTG Pactual)
Lends money to the real estate market via debt securities and passes on inflation-adjusted interest monthly.
This page gathers the factual snapshot of BTCI11 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: BTG Pactual Gestora de Recursos.
BTG Pactual Gestora de Recursos is the asset management arm of Latin America's largest investment bank, with AuM exceeding R$ 800 billion. In the FII segment, it manages one of the market's most comprehensive portfolios: paper (BTCI11, BTYU11, BTHF11, and the absorbed BTCR11), logistics brick-and-mortar (BTLG11), urban retail (BNFS11), FoFs, and structured funds. The platform features a dedicated team for origination, credit analysis, and CRI monitoring.
BTCI11 benefits from BTG's full infrastructure in credit analysis, featuring exposure controls by institution and prior evaluation by the risk team for all tactical investments. Counterpoint: the coexistence of multiple in-house paper FIIs (BTCI, BTYU, BTHF) creates potential allocation conflicts among mandates and requires monitoring of decision-making independence — 7.6% of BTCI11's NAV is invested in units of BTYU11 and BTHF11.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-mrv-flex | — | 5.7% | — |
| cri-casa-shopping | — | 5.7% | — |
| cri-direcional-carteira | — | 5.0% | — |
| cri-airplane-s1 | — | 4.7% | — |
| cri-xplg | — | 4.7% | — |
| cri-emergent-cold | — | 4.4% | — |
| cri-airplane-s2 | — | 4.4% | — |
| cri-cd-rp-btlg | — | 3.5% | — |
| cri-dialogo | — | 3.5% | — |
| cri-gpa-ii | — | 2.9% | — |
| cri-conx | — | 2.5% | — |
| cri-jsl-s1 | — | 1.8% | — |
| cri-jsl-s2 | — | 1.8% | — |
| cri-socicam | — | 1.7% | — |
| cri-airport-town | — | 1.7% | — |
| cri-hbr | — | 1.6% | — |
| cri-carvalho-hosken | — | 1.5% | — |
| cri-superfrio | — | 1.4% | — |
| cri-gpa-i | — | 1.4% | — |
| cri-souza-cruz-s1 | — | 1.2% | — |
| cri-souza-cruz-s2 | — | 1.2% | — |
| cri-rede-duque-s1 | — | 1.1% | — |
| cri-rede-duque-s2 | — | 1.1% | — |
| cri-bossa-nova | — | 1.0% | — |
| cri-le-biscuit | — | 0.9% | — |
| cri-you-corp-s1 | — | 0.4% | — |
| cri-bb-mapfre | — | 0.3% | — |
| cri-residencial-bs | — | 0.1% | — |
| cri-visc | — | 3.8% | — |
| cri-gen-shoppings | — | 3.5% | — |
| cri-bem-brasil | — | 1.4% | — |
| cri-republica-libano | — | 0.4% | — |
| cri-helbor-2 | — | 0.1% | — |
| cri-gpa-iii | — | 0.0% | — |
| FII BTG Pactual Yield | — | 6.9% | — |
| FII Kinea Índices de Preços | — | 2.7% | — |
| FII XP Crédito Imobiliário | — | 2.1% | — |
| FII Valora CRI IPCA | — | 1.1% | — |
| FII Helia Recebíveis | — | 1.0% | — |
| FII BTG Pactual Hedge Fund | — | 0.7% | — |
HHI 0.0389 — baixa.
| Breakdown | Share |
|---|---|
| By index | IPCA+ 96.1% · CDI+ 2.6% · IGPM 1.3% |
Book value discount of 9% relative to the book value of R$ 10.16 (book value per unit as of Apr/26). Historically, BTG paper FIIs trade between 0.90x and 1.00x — the current level is near the floor of its recent historical range.
last close R$ 9.0 · all-time low R$ 7.45 · high R$ 11.2 · book value per unit R$ 10.09.
Average daily volume (21 sessions) of R$ 2,400,000 · 12-month average of R$ 2,700,000.
Average liquidity. A R$ 500k position liquidates in ~1 business day; R$ 1 million in ~2 days. Suitable for retail up to medium positions; institutional investors with >R$ 5M must slice orders
In 2026, BTCI11 marks its 18th year of operations as one of the longest-standing paper FIIs in the Brazilian market. The incorporation of BTCR11 in 2022 and the stock split in 2023 expanded its unitholder base (1.46M → 99.5M units) and retail accessibility. The current phase is one of normalization: the fund distributed more than it generated in 2H/2025, forcing two DPU adjustments (R$ 0.100 → 0.095 → 0.093), but 12-month margins returned to positive territory (R$ 1.183 generated vs. R$ 1.160 distributed per unit), cash recovered to R$ 33.7M, and DPU rose to R$ 0.095 for the April 2026 accrual period. Full sustainability continues to benefit from the declining Selic cycle; the new risk vector is the court-supervised reorganization of Le Biscuit (0.9% NAV), the portfolio's first significant credit event in years.
| Period | What happened |
|---|---|
| IPO COMO FEXC11 | Operations commenced on May 19, 2008, as BTG Pactual Fundo de CRI (FEXC11). One of the earliest paper FII structures in Brazil — a pioneer in the segment. |
| EXPANSÃO INICIAL | Following the offering, the fund reached R$ 100M in net assets with 1.46 million units. Pre-split DPU ranged between R$ 0.55 and R$ 0.85 per unit monthly. |
| INCORPORAÇÃO BTCR11 | Incorporation of BTG Pactual Crédito Imobiliário (BTCR11) — unitholder base and assets unified. Renamed to BTCI11. |
| DESDOBRAMENTO 1:10 | 1:10 split approved. Unit price of ~R$ 95 becomes ~R$ 9.50. Pre-split DPU of R$ 0.95 adjusts to R$ 0.106. |
| CICLO DE SELIC ALTA | Selic reaches 13.75% and later 11.75% — pressure on the P/BV of paper FIIs. BTCI11 reduces CDI exposure and expands IPCA+. Annual distribution rises from R$ 1.11/unit (2024) to R$ 1.16/unit (2025). |
| DPS NO TOPO (R$ 0,100) | Five consecutive months paying R$ 0.100/unit (May-Sep/2025) — DPU at its highest post-split level. However, with a payout >100%, it was already consuming accumulated reserves. |
| AJUSTE DEFENSIVO DO DPS | Cash pressure forces an adjustment: DPU reduced from R$ 0.100 to R$ 0.095 (Oct/25) and subsequently to R$ 0.093 (Feb/26). Cash reached a low of R$ 11.3M in Dec/2025. |
| ATUAL — NORMALIZAÇÃO | Fund holds 34 CRIs + 9 paper FIIs, net assets of R$ 1.01B, 208 thousand unitholders, with 90.9% allocated across 31 operations. Cash recovers to R$ 33.7M; 12-month income statement returns to positive territory and DPU rises to R$ 0.095. Point of attention: Le Biscuit (0.9% NAV) under court-supervised reorganization. Copom cut the rate to 14.50% at the end of Apr/26, but inflation above target lim |