Segment: Paper (CRI) — Multi-category / High Yield · Price R$ 16.78 · P/BV 0.1776 · BV/unit R$ 94.49 · Net assets R$ 1,33 Bi · 73,595 unitholders
DEVA11 (Devant Recebíveis Imobiliários FII) is a Brazilian REIT in the Paper (CRI) — Multi-category / High Yield segment.
Lends money to developers, land subdivision companies, and resorts via dozens of real estate credit agreements (CRIs) and distributes collections as monthly income. Note: most borrowing companies are negotiating term extensions or are delinquent — monthly income may decline further.
This page gathers the factual snapshot of DEVA11 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: Devant Asset Investimentos.
Devant Asset Investimentos is an independent asset manager specializing in structured credit, with historical expertise in CRIs with pulverized backing (land subdivision, timeshare, real-estate development). The firm also manages DPRO11 (logistics) and DVFF11 (fund of funds / receivables).
Its track record with DEVA11 is marked by diligent portfolio construction during the first 18 months (Aug/2020 to Dec/2021), and by strong legal activism in response to problems emerging in 2023. The manager led lawsuits against the securitization company Fortesec for lack of transparency and conducted collateral enforcement.
Points of attention: in Dec/2023, there was the removal of three administrators from Devant Asset amid the crisis. Subsequent management has maintained active monitoring of operations.
Technical note: Devant Asset remains the manager of DEVA11 in 2026 (confirmed in the Jan/26 Management Report). Any notices issued by Qore DTVM in May 2026 refer to a distinct fund, DPRO11 / Devant Properties (CNPJ 42.922.127), and not to DEVA11 (CNPJ 37.087.810).
Portfolio of 66 pulverized high-yield CRIs, with 75% in grace period or delinquency
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-chemin | — | 9.2% | — |
| cri-hope-sr | — | 7.4% | — |
| cri-circuito-compras-sr | — | 4.8% | — |
| cri-wam-holding-a | — | 4.0% | — |
| cri-aquan-prime-sr | — | 3.6% | — |
| cri-wam-holding-b | — | 3.8% | — |
| cri-hope-sub | — | 3.4% | — |
| cri-brasil-parques-b | — | 3.1% | — |
| cri-chemin-ii | — | 3.0% | — |
| cri-gpk-b | — | 3.0% | — |
| cri-gpk-a | — | 2.9% | — |
| cri-pride-sub | — | 2.9% | — |
| cri-gran-viver-sr | — | 2.6% | — |
| cri-gvi-sr | — | 2.6% | — |
| cri-op-resort-sr | — | 2.4% | — |
| cri-golden-laghetto-sr | — | 2.2% | — |
| cri-brasil-parques-a | — | 2.3% | — |
| cri-gpk-ii | — | 2.1% | — |
| cri-loteamento-goias-sr | — | 2.0% | — |
| cri-eco-resort-sr | — | 1.6% | — |
| cri-coteminas | — | 1.6% | — |
| cri-lr-loteamentos-sr | — | 0.2% | — |
| cri-rr-solaris-sr | — | 0.3% | — |
| Devant Fund of Funds | — | 2.7% | — |
| Devant Properties (logistics) | — | 0.5% | — |
| R Cap Malls/Retail | — | 0.2% | — |
| Remaining 43 pulverized CRIs | — | 32.0% | — |
| Cash and Fixed Income | — | 5.5% | — |
HHI 0.043 — baixa.
| Breakdown | Share |
|---|---|
| By state | Sul 34.0% · Sudeste 26.4% · Centro-Oeste 19.5% · Nordeste 6.0% · Norte 1.7% |
| By index | IPCA+ 96.6% · IGP-M+ 0.6% · PreFixado 2.5% · CDI+ 0.2% · INPC+ 0.1% |
The P/BV of 0.19 is the lowest in the high-yield paper segment. Book value per unit around R$ 94–98 versus a unit price of R$ 18.27 (historical low) implies a discount of over 80%. Caution: the discount is NOT an anomaly to be arbitraged — it is largely justified. Book value still reflects historical costs of CRIs in grace periods and has been eroded by successive revaluations (the May/26 Management Report adjusted book value downward). The discount may close 'from below' (falling book value), not just from above.
last close R$ 16.78 · all-time low R$ 20.16 · high R$ 155.0 · book value per unit R$ 94.49.
Average daily volume (21 sessions) of R$ 670,000 · 12-month average of R$ 600,000.
Adequate liquidity for an FII of this size. Average monthly volume of R$ 13.4M (Jan/26) permits exiting positions up to R$ 500k in ~4 business days. A downward trend is underway as the unitholder base continues to shrink.
Launched in August 2020 during the post-pandemic low-interest-rate environment, DEVA11 captured high demand for high-yield credit FIIs. Devant Asset rapidly built a diversified portfolio of 66 CRIs (Brazilian real-estate receivables certificates) in less common segments — fractional ownership, land subdivisions, timesharing — niches featuring elevated spreads but high sensitivity to economic cycles.
The inflection point occurred in March 2023, when the combination of the Selic rate at 13.75%, economic contraction in the hospitality/fractional-ownership sector, and operational issues among borrowers concentrated in the Gramado Parks ecosystem produced a cascade of payment defaults. Conflicts with the securitization firm Fortesec — involving lawsuits and challenges to unitholder general meetings (AGTs) — generated additional institutional noise.
The fund currently operates in recovery mode: income is depressed by grace periods, trading at an extreme discount, and the unitholder base is shrinking. The magnitude of recoveries via collateral enforcement over the next 24-36 months will determine whether a P/BV of 0.21 translates into a real gain or locks in permanent losses.
| Period | What happened |
|---|---|
| IPO | Inception of DEVA11 with 1st offering of 200 thousand units at R$ 100. Mandate: pulverized high-yield CRIs with projected average rate of IPCA+11.5% p.a. |
| EXPANSÃO | Series of offerings (2nd to 7th) brought net assets to R$ 1.3B by the end of 2021. Unitholder base grew from 570 to ~68k. Portfolio reached 48 CRIs across 16 states. |
| INÍCIO DA CRISE | Initial discussions with securitization company Fortesec regarding waivers for Gramado Parks Group operations. |
| EXECUÇÃO GRAMADO | General Unithholders' Meeting approves early maturity of Gramado Parks CRIs. Hiring of the Sérgio Bermudes law firm. |
| LITÍGIO FORTESEC | Devant sends extrajudicial notice to Fortesec for lack of transparency. Legal measures underway. |
| FINANCIAL STATEMENTS WITH DISCLAIMER OF OPINION | Auditor issues disclaimer of opinion on 2022 financial statements. 91.3% of unitholders reject the financial statements. |
| DESTITUIÇÃO | Three Devant Asset administrators removed amid the crisis (official notice from Vórtx). |
| RESTRUTURAÇÕES | Successive General Unithholders' Meetings restructure CRIs Pride, Hope, WAM, Chemin, Brasil Parques, GPK I and II, OP Resort, Eco Resort, Aquan Prime, Resort do Lago IV. Waivers granted through 2026. |
| ATUAL | DPU of R$ 0.30/unit (12-month dividend yield 18.47%). Portfolio with 24.8% current, 63.2% in grace period, 12.1% delinquent. Net assets R$ 1.38B. CRI LR Loteamentos: total repurchase demanded in General Unithholders' Meeting. |
| ESCLARECIMENTO | Qore notice (May 11, 2026, doc 1185084) refers to DPRO11 (CNPJ 42.922.127), NOT to DEVA11. DEVA11 maintains a DPU of R$ 0.30 paid on May 15, 2026 — Devant Asset remains the manager. |