High-yield paper REIT (FII) with ~30 real-estate receivables certificates (CRIs) concentrated in fractional ownership, hospitality, and residential subdivisions. A pioneer in high-yield, it is now under severe stress: 38% delinquent and 46% in grace periods (Feb/26 management report, published 3.5 months late in Jun/26).
Segment: Paper - High-Yield CRI · Price R$ 13.75 · P/BV 0.1357 · BV/unit R$ 101.33 · Net assets R$ 2,24 Bi · 120,225 unitholders
HCTR11 (Hectare CE FII) is a Brazilian REIT in the Paper - High-Yield CRI segment. High-yield paper REIT (FII) with ~30 real-estate receivables certificates (CRIs) concentrated in fractional ownership, hospitality, and residential subdivisions. A pioneer in high-yield, it is now under severe stress: 38% delinquent and 46% in grace periods (Feb/26 management report, published 3.5 months late in Jun/26).
A fund that finances fractional ownership properties, hotels, and land developments in Brazil through high-risk real estate credit. Caution: most debtors have had their payments suspended for months, persistently undermining distributions.
This page gathers the factual snapshot of HCTR11 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: Hectare Capital Gestora de Recursos.
Hectare Capital is an asset manager specialized in high-yield credit. Although a pioneer in the segment, HCTR11 now carries the liability of allocation decisions made in 2020-2021, when it concentrated resources in fractional-ownership and hospitality CRIs offering attractive paper yields but fragile underlying operations. The manager works on collections via the securitization firm and through collateral enforcement, but the complexity of the assets (fractional shares, cancellations, hotels under construction) makes recovery slow and uncertain. The approved liquidation of HCHG11 (Nov/25) and the prepayment of the Thermas São Pedro CRI (R$ 8.4M) are signs of active restructuring, but fall short given the scale of the problem.| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CRI Hope - Sr. | — | 13.3% | — |
| CRI Hope - Sub. | — | 6.3% | — |
| CRI WAM Holding - Sr. | — | 11.5% | — |
| CRI WAM Holding - Sub. | — | 10.6% | — |
| CRI GPK - Sr. | — | 3.8% | — |
| CRI GPK - Sub. | — | 2.9% | — |
| CRI GPK II - Un. | — | 3.7% | — |
| CRI Brasil Parques - Sr. | — | 2.3% | — |
| CRI Brasil Parques - Sub. | — | 4.7% | — |
| CRI Circuito de Compras - Sr. | — | 7.3% | — |
| CRI Circuito de Compras - Mez. | — | 1.1% | — |
| CRI GJP - RB - Un. | — | 1.7% | — |
| CRI Pride - Sr. | — | 1.8% | — |
| CRI Gran Viver II - Sr.+Sub. | — | 4.0% | — |
| CRI Goiás Land Developments (3 tranches) | — | 2.6% | — |
| CRI Solar Das Águas - Sr.+Sub. | — | 2.8% | — |
| CRI Eco Resort - Sr.+Sub. | — | 1.3% | — |
| CRI Resort do Lago Park+IV | — | 2.7% | — |
| CRI EDA - Sr. | — | 1.4% | — |
| CRI Aquan Prime - Sr.+Sub. | — | 100.0% | — |
| CRI Búzios Beach - Sr.+Sub. | — | 80.0% | — |
| CRI OP Resort - Sr.+Sub. | — | 70.0% | — |
| CRI Macapá - Sr. | — | 90.0% | — |
| CRI Ingleses Beach - Sr.+Sub. | — | 1.7% | — |
| CRI STX - Un. | — | 70.0% | — |
| Other pulverized CRIs (~10 transactions) | — | 2.1% | — |
last close R$ 13.75 · all-time low R$ 18.0 · high R$ 121.0 · book value per unit R$ 101.33.
| Period | What happened |
|---|---|
| IPO | Inception of Hectare CE FII as one of the pioneers in high-yield credit within the Brazilian REIT-style fund market. |
| EXPANSÃO | Strong growth via multiple offerings. Net assets expanded from ~R$ 100M to R$ 2.3B in 3 years. Unit price reached R$ 100+. |
| CRISE DE CRÉDITO | Credit events across various portfolio CRIs. Massive contract cancellations in fractional ownership. Unit price plunges. |
| GERAÇÃO DE CAIXA | Reorganization: the fund generated cash in 2025 (96% payout), prepaid Thermas São Pedro, and approved the liquidation of HCHG11. |
| PRESSÃO NO DPS | Recurring DPU in decline: R$ 0.27 → R$ 0.26 → R$ 0.23 (Jan–Mar/26). Cash earnings dropped to ~R$ 5–7M/month. |