(Managed by CY.Capital, the credit arm of the Cyrela ecosystem; administered by Banco Genial)
Segment: Paper Fund (CRIs) — residential/commercial hybrid with co-development · Price R$ 8.35 · P/BV 0.8817 · BV/unit R$ 9.47 · Net assets R$ 346 Mi · 16,778 unitholders · 30 assets
CYCR11 (Cyrela Crédito - Brazilian REIT-style fund (FII)) is a Brazilian REIT in the Paper Fund (CRIs) — residential/commercial hybrid with co-development segment. (Managed by CY.Capital, the credit arm of the Cyrela ecosystem; administered by Banco Genial)
Lends money to real estate construction projects via notes (CRIs) structured by CY.Capital, the credit arm of the Cyrela group, with 30 active operations and zero delinquency. Be aware: more than half of the portfolio finances residential construction — delays or a downturn in the sector raise credit risk.
This page gathers the factual snapshot of CYCR11 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: CY.Capital (management) / Banco Genial (administration).
CY.Capital is the real estate credit manager affiliated with the Cyrela ecosystem, one of Brazil's largest developers. Its major competitive advantage is proprietary origination capacity: 77.8% of CYCR11's portfolio consists of internally structured CRIs, granting management access to transactions with more robust collateral and superior spreads compared to secondary market alternatives, alongside close proximity to developers and residential projects.
Fiduciary administration is handled by Banco Genial S.A. (which also performs the mark-to-market valuation of transactions) and auditing by Deloitte Touche Tohmatsu. Management has demonstrated alignment with unitholders—previously opting to smooth or waive part of the performance fee to preserve distributions. Points of attention include its still-small scale (R$ 343M net assets) and relatively short history (fund launched in 2021), untested across a complete real estate credit cycle. IR contact: [email protected].
See our analysis of CY.Capital (management) / Banco Genial (administration) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-pg-klabin | — | 9.0% | — |
| cri-shop-itaquera | — | 7.6% | — |
| cri-shop-downtown | — | 6.2% | — |
| cri-ag7 | — | 5.8% | — |
| cri-phv-ii | — | 5.7% | — |
| cri-hyde-park | — | 5.7% | — |
| cri-swa-horizon | — | 4.9% | — |
| cri-shop-ponta-negra | — | 4.5% | — |
| cri-mrv-flex-ii | — | 4.4% | — |
| cri-somos-liv | — | 3.8% | — |
| cri-pulv-res-ii | — | 3.6% | — |
| cri-pulv-res-iii | — | 3.3% | — |
| cri-habitasul | — | 3.3% | — |
| cri-pulv-res | — | 3.0% | — |
| cri-cdt | — | 2.7% | — |
| cri-epiroc | — | 2.6% | — |
| cri-solidi | — | 2.3% | — |
| cri-daxo | — | 1.9% | — |
| cri-rni | — | 1.8% | — |
| cri-sao-benedito | — | 1.8% | — |
| cri-lendme | — | 1.7% | — |
| cri-aquisicao-sp | — | 1.3% | — |
| cri-ponta-negra-ii | — | 1.2% | — |
| cri-mrv-flex | — | 1.2% | — |
| cri-swa-patriarca | — | 1.1% | — |
| cri-bari-3 | — | 1.1% | — |
| cri-haras-larissa | — | 1.0% | — |
| cri-harmonia-vila | — | 0.3% | — |
| cri-helbor | — | 0.2% | — |
| cri-ampla | — | 0.2% | — |
HHI 0.027 — baixa.
| Breakdown | Share |
|---|---|
| By state | Southeast (São Paulo/Minas Gerais/Rio de Janeiro) 65.7% · Sul (PR/SC) 18.3% · Midwest (Goiás) + North/Northeast (Amazonas/Ceará) + national granular 16.0% |
| By index | IPCA 82.4% · CDI / DI 13.8% · INCC 3.8% |
Quotation of R$ 8.88 (June 1, 2026) vs book value per unit of R$ 9.40 (Mar/2026). A discount of ~6% — in line with the paper FII segment median. Reflects smaller scale and residential concentration, offset by origination quality and zero delinquency.
last close R$ 8.35 · all-time low R$ 7.45 · high R$ 9.99 · book value per unit R$ 9.47.
To liquidate a R$ 100k position without moving the price (limit 20% of ADTV/day), it takes ~7 business days. A R$ 500k position takes ~35 business days. Low liquidity for the fund's size.
In just over 4 years, CYCR11 has built a portfolio of 30 current CRIs, 3 equity co-developments, and 6 credit FIIs, with net assets of R$ 343M. Its major differentiator is proprietary origination (77.8%) through the Cyrela ecosystem, providing access to structured transactions with robust collateral and high spreads. Accumulated return since the IPO reached 84.42%, equivalent to 159.3% of the liquid CDI and well above the IFIX (42.91%) and IPCA (30.39%).
The trajectory is positive and consistent, with a stable DPU of R$ 0.106 since July/2025 and zero delinquency. Ahead lie tests including residential/Southeast concentration, execution of equity co-developments (construction/INCC risk), and the impact of falling Selic rates on nominal DPU — but origination quality and the absence of delinquency are solid pillars.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Establishment of Cyrela Crédito FII (CNPJ 36.501.233/0001-15), administered by Banco Genial and managed by CY.Capital, the credit arm of the Cyrela ecosystem. Focus on real estate-backed CRIs with proprietary origination as a differentiator. |
| INÍCIO EFETIVO | Effective management began on June 21, 2021, with B3 trading starting in November/2021 (base unit price R$ 100, later adjusted to base R$ 10). First CRIs originated by CY.Capital, focusing on the Southeast region. |
| EXPANSÃO + CO-INCORPORAÇÕES | Expansion of the CRI portfolio and entry into equity residential co-developments with developer Somos (Goiânia/GO). Capital raising via new offerings significantly increases net assets. |
| EXERCÍCIO FY2024-25 | Financial Statements for the fiscal year ended June 30, 2025 (audited by Deloitte) show net assets of R$ 344.95M and net income for the year of R$ 38.29M (R$ 2.35/unit on a 16.3M unit base), vs. R$ 15.64M in the previous fiscal year — a jump driven by the mark-to-fair-value adjustment of CRIs (R$ 5.5M) and CRI interest income (R$ 31.5M). |
| DISTRIBUIÇÃO ESTÁVEL R$ 0,106 | DPU stabilizes continuously at R$ 0.106/unit/month from July/2025 to May/2026 (following a peak of R$ 0.116 in June/25). Portfolio maintains zero delinquency and 100% allocation. |
| NOVAS ORIGINAÇÕES + AMORTIZAÇÕES | In April/26, the fund paid in R$ 13.0M for the Somos - Liv CRI (proprietary origination, with certificate of occupancy issued), contributed R$ 0.5M to the Somos Veneza SPV, and received extraordinary principal repayments of R$ 1.6M (MRV Flex II, Habitasul, Lendme). The fund closed the month with 100% of net assets allocated and 30 current CRIs. |
| ATUAL (DATA ANÁLISE) | Units at R$ 8.88 (June 1, 2026), 0.94 P/BV, distribution of R$ 0.106/unit (May/26 reference, payment on June 15, 2026). Annualized DY ~14.3%. Selic at 14.50% (Copom cut 0.25pp) and 12m IPCA at 4.39%. |