CACR11 — Cartesia Recebíveis Imobiliários FII

What is CACR11

CACR11 (Cartesia Recebíveis Imobiliários FII) is a Brazilian REIT in the Paper — High Yield CRI (residential development) segment. Paper-type Brazilian REIT-style fund (FII) holding a portfolio of residential development CRIs undergoing restructuring, currently without income

A Brazilian REIT-style fund (FII) that lends money to high-risk residential developers, converting received interest into monthly income for unitholders. Note: distributions have been suspended since April 2026, the administrator has resigned, and the projects backing the loans remain stalled.

This page gathers the factual snapshot of CACR11 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.

CACR11 numbers in 2026

• Net assets: R$ 494 Mi
• Book value per share: R$ 102.16
• Number of shareholders: 24,012
• Assets in portfolio: 9

Fees

• Administration + Management: 1,0% a.a.
• Performance Fee: 20%
• Daily Liquidity (Mar/26): R$ 1,6 Mi

Manager

Management: Cartesia Investimentos e Gestão de Recursos.

Cartesia Capital is an independent manager specialized in real estate structured credit, with a management team boasting over 40 years of experience in the credit market. The active management model includes a proprietary monitoring center connected via Power BI to operations servicers, weekly meetings, on-site visits, mystery shoppers at sales stands, and portfolio monitoring with an independent third-party servicer within up to 8 business days (vs. the market average of 40 days).

The manager maintains meaningful alignment: partners and family members appear as long-term unitholders of CACR11. Selectivity is rigorous — out of 769 transactions analyzed since the IPO, only ~37 were invested in (4.8%) and 732 were declined.

However, the events of May 3, 2026, put the active management thesis to the test. The developer replacement cycle (20 months), repeated postponements of Bahia launches, delays in the Station occupancy permit (ongoing since Feb/2026), and the abstention of opinion on the 2025 financial statements demonstrate that active monitoring does not replace commercial and regulatory execution. Project repositioning toward a R$ 1B GDV (vs. the original R$ 476M) was reactive, not proactive.

• Team experience: 40+ anos
• CRIs analyzed since IPO: 769
• Total analyzed: R$ 29,1 Bi
• % aprovado: ~4,8%

See our analysis of Cartesia Investimentos e Gestão de Recursos →

CACR11 portfolio: what the fund invests in

Nine development CRIs: one in judicial foreclosure, three never launched, and only two with completed or advanced construction

Concentration and diversification

HHI 0.1919 — moderada.

Price, P/BV and book value

Units trade at approximately 14% of declared book value. An automated reading would suggest an "86% discount"—and that reading is misleading. The book value of R$ 102.16 is the sum of what developers owe the fund, marked by the outstanding balance of the CRIs. However, the balance grows on its own: since interest and IPCA inflation indexation have been capitalized rather than paid, net assets rose from R$ 74.73 (Dec/25) to R$ 98.87 (Jun/26) and R$ 102.16 (Jul/26)—up 3.32% in a single month—while fund cash plummeted from R$ 36.6 million to R$ 29,677.54. In June alone, accrued interest that never passed through cash stood at R$ 3.98 per unit.

And now there is a market test. On August 13, 2026, the fund sold the Helvetia CRI for R$ 23.5 million—38.6% of the R$ 60.9 million at which it was carried on the books. This was the first time an asset in this portfolio found a market price, and the price came in at barely over a third of its stated value, on an asset where construction was at least 76% complete. A discount to net assets that never turn into cash is no discount at all.

last close R$ 16.51 · all-time low R$ 34.10 · high R$ 106.99 · book value per unit R$ 102.16.

Liquidity and trading

Average daily volume (21 sessions) of R$ 6,000,000 · 12-month average of R$ 1,700,000.

Liquidity is paradoxically HIGH post-event — daily volume jumps from R$ 1.7M (historical average) to R$ 6+M amid panic. For positions up to R$ 1M, exiting in 1 day is viable. For larger positions (R$ 10M+), 8 business days of continuous selling pace. The real risk is further downward price movement during exit, not a lack of counterparties

CACR11 track record

CACR11 grew from R$ 100 at its initial offering (Oct/2019) to a peak of R$ 106.99 (Apr/2024), maintaining distributions between R$ 1.30 and R$ 1.45 for three consecutive years. The 2025 cycle — featuring speculative trading, a developer change in Bahia (20 months), asset repricing by Daycoval, and a shift of administrator to BRL Trust — brought an end to its period of predictability. On May 3, 2026, what had been chronic pressure turned into an acute crisis: net cash of R$ 2.82M could no longer support the monthly distribution of R$ 6M with revenue from the Bahian developments locked up. The accounting reassessment of Dec/2025 restored book value, but actual cash will only reappear once sales are finalized — and that depends on regional licensing (BA) plus municipal occupancy permits (SP) that are outside the manager's direct control.

Continue on CACR11

• Is CACR11 worth it? Score, recommendation, risks and who the fund is for
• CACR11 dividends: when it pays, how much and whether the level holds