High-yield paper REIT (FII) with a granular portfolio of CRIs backed by fractional timeshares (48%), subdivisions (25%), and vertical developments (22%). Largest fund in the granular segment.
Segment: Paper - Granular CRI · Price R$ 65.2 · P/BV 0.691 · BV/unit R$ 94.35 · Net assets R$ 767 Mi · 56,349 unitholders
HABT11 (Habitat Recebíveis Pulverizados FII) is a Brazilian REIT in the Paper - Granular CRI segment. High-yield paper REIT (FII) with a granular portfolio of CRIs backed by fractional timeshares (48%), subdivisions (25%), and vertical developments (22%). Largest fund in the granular segment.
A fund that lends money to dozens of developers and subdivision companies, distributing interest as monthly income adjusted by IPCA, Brazil's official inflation index. Be aware: several contracts are under reorganization or in delinquency, and the manager has not constituted an accounting provision — real risk of distribution cuts.
This page gathers the factual snapshot of HABT11 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: XP Vista Asset Management.
XP Vista Asset Management is the real estate fund manager within the XP Inc. ecosystem, managing over R$ 10 billion. HABT11 is the manager's flagship vehicle in high-yield granular CRIs, featuring a Core strategy focused on land subdivision, gated community, fractional timeshare, and vertical development receivables. Strengths: detailed quarterly asset monitoring reports, transparency regarding CRIs under restructuring (ZAVIT-MEDABIL, Solar das Águas), active role in renegotiations. Weaknesses: management and administration fees totaling 1.26% + 20% performance fee are expensive compared to peers; a closed ecosystem (XP manager + XP administrator + XP HABITAT FII XPHR as a HABT11 unitholder) reduces checks and balances; atypical positions such as investments in the LPLP15 REIT and XPHR account for 5.6% of NAV.| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CRI GAV GRAN GARDEN | — | 9.9% | — |
| GAV PORTO 2 LIFE CRI — Subordinated | — | 6.3% | — |
| GAV PORTO 2 LIFE CRI — Senior | — | 1.3% | — |
| INFINITY TMI CRI — Senior | — | 4.3% | — |
| INFINITY TMI CRI — Subordinated | — | 3.2% | — |
| POR DO SOL III CRI — Subordinated | — | 3.2% | — |
| POR DO SOL III CRI — Senior | — | 3.1% | — |
| CRI HOT BEACH YOU | — | 6.0% | — |
| GR GROUP CRI — Senior | — | 2.7% | — |
| GR GROUP CRI — Mezzanine | — | 1.8% | — |
| CRI CHATEAU DU GOLDEN | — | 3.5% | — |
| CRI IPIOCA II | — | 3.1% | — |
| CRI ALTA VISTA | — | 2.8% | — |
| CRI GR LOTEAMENTOS | — | 2.2% | — |
| SOLAR DAS AGUAS CRI — Senior | — | 2.2% | — |
| CRI LAREDO II | — | 1.9% | — |
| CRI OLIMPIA PARK RESORT | — | 1.9% | — |
| CRI VILA MARIANA | — | 1.7% | — |
| CRI RECEL | — | 1.7% | — |
| CRI RESERVA DO VALE | — | 1.6% | — |
| SKY DIADEMA CRI — Senior | — | 1.1% | — |
| SKY DIADEMA CRI — Subordinated | — | 0.3% | — |
| CRI SETAI | — | 1.3% | — |
| CRI VARANDAS PARK II | — | 1.3% | — |
| CRI JARDINS BOULEVARD | — | 1.3% | — |
| CRI CAPIVARI ECO RESORT | — | 1.2% | — |
| OCEAN BARRA CRI — Senior | — | 0.9% | — |
| OCEAN BARRA CRI — Subordinated | — | 0.2% | — |
| CRI GUARAPUAVA | — | 1.1% | — |
| CRI VILLA BELLA | — | 1.0% | — |
| CRI MORRO DA MATA | — | 0.9% | — |
| CRI BRDU | — | 0.8% | — |
| CRI VILA MADALENA | — | 0.8% | — |
| HOT BEACH SUITES CRI — Senior Mezzanine | — | 0.7% | — |
| CRI BUSSOLARO | — | 0.7% | — |
| CRI D URBANISMO | — | 0.6% | — |
| CRI WANDERLUST | — | 0.5% | — |
| CRI BRAVA SIXTEEN | — | 0.4% | — |
| CRI LEÃO DOURADO | — | 0.2% | — |
| CRI A&C LIMA | — | 0.1% | — |
last close R$ 65.2 · all-time low R$ 64.01 · high R$ 130.81 · book value per unit R$ 94.35.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Establishment of Habitat Recebíveis Pulverizados FII by XP Vista, succeeding the HBTT11 track record. |
| INÍCIO OPERAÇÕES | Effective start of operations on 07/29/2019. Base unit price R$ 100.00. |
| CRESCIMENTO | Multiple offerings expanded assets from ~R$ 100M to R$ 700M+. |
| STRESS DE CRÉDITO | ZAVIT-MEDABIL CRI enters credit restructuring. Active monitoring initiated. |
| CORTE DE DPS | Recurring DPU drops from R$ 1.15 (Apr-Jun/25) to R$ 0.95 (Sep/25 onwards). Solar das Águas CRI faces declared maturity by timeframe. |
| TROCA ADMIN | Administration migrates from Vortx DTVM to XP Investimentos CCTVM to reduce fees. Unit price recovers to R$ 77.30. |
| ATUAL | June/26 Management Report: cash at 12.54% (~R$ 96M), awaiting new Core allocations. DPU rose to R$ 0.97 (breaking a 9-month streak at R$ 0.95). June/26 net cash earnings: R$ 0.94/unit. |