Multi-category CRI fund with 22 CRIs in its portfolio (CNPJ 35.507.262/0001-21). Launched in Oct/2020, 1:10 split in Jan/2024 (unit price R$ 100 → R$ 10).
Segment: Paper — Multi-Category CRI (Active Management) · Price R$ 8.08 · P/BV 0.9151 · BV/unit R$ 8.83 · Net assets R$ 456 Mi · 2,370 unitholders
HREC11 (Hedge Recebíveis Imobiliários FII) is a Brazilian REIT in the Paper — Multi-Category CRI (Active Management) segment. Multi-category CRI fund with 22 CRIs in its portfolio (CNPJ 35.507.262/0001-21). Launched in Oct/2020, 1:10 split in Jan/2024 (unit price R$ 100 → R$ 10).
Tax-exempt monthly carry with a growing premium over NTN-B Treasury bonds; repurchase agreement leverage rose to 8% of NAV; 75% intra-group Hedge concentration requires trust in execution
This page gathers the factual snapshot of HREC11 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: Hedge Investments Real Estate Gestão de Recursos.
Hedge Investments is an independent asset manager specialized in Brazilian real-estate-fund (FII)s for over 15 years. It manages an ecosystem of complementary real estate funds—including HDOF (design offices), Hedge AAA (office buildings), Hedge Logística, and Hedge Desenvolvimento Logístico, among others. HREC acts as the credit vehicle for this ecosystem: most CRIs in its portfolio have other funds managed by the firm as borrowers, forming an in-house funding structure. Execution quality is good (100% of CRIs current on payments for 5 years, active management with meaningful portfolio turnover), and governance requires third-party institutional participation in offerings, but investors must recognize that Hedge acts as both judge and party in these transactions.See our analysis of Hedge Investments Real Estate Gestão de Recursos →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-jardim-sul | — | 43.0% | — |
| cri-thera-424-425-426 | — | 30.0% | — |
| cri-viracopos-477-478-479 | — | 31.5% | — |
| cri-sinop | — | 20.9% | — |
| cri-citlog-67e-1s | — | 16.6% | — |
| cri-cnl-aura | — | 13.7% | — |
| cri-solpanamby | — | 12.6% | — |
| cri-izp-conego-118 | — | 10.0% | — |
| cri-izp-conego-143 | — | 8.8% | — |
| cri-hpd-itacema | — | 8.5% | — |
| cri-izp-itacema-105e | — | 7.4% | — |
| cri-izp-haddock-82e | — | 4.7% | — |
| cri-izp-haddock-original | — | 6.2% | — |
| cri-paladin-hld-itacema | — | 2.5% | — |
| cri-izp-haddock-54e | — | 4.5% | — |
| cri-izp-franca-345 | — | 5.7% | — |
| cri-izp-franca-187 | — | 4.2% | — |
| cri-izp-franca-52e | — | 5.4% | — |
HHI 0.27 — alta.
| Breakdown | Share |
|---|---|
| By state | Southeast - São Paulo (capital) 77.0% · Southeast - São Paulo (interior) 9.0% · Southeast - Minas Gerais (Varginha) 1.0% · Midwest (MT - Sinop) 3.0% · SP Alphaville/Tamboré 10.0% |
| By index | IPCA 73.0% · CDI 27.0% |
HREC11 trades at R$ 8.37 against a book value per unit of R$ 8.90 — a 6% discount that has essentially closed.
last close R$ 8.08 · all-time low R$ 7.04 · high R$ 9.05 · book value per unit R$ 8.83.
Average daily volume (21 sessions) of R$ 167,000 · 12-month average of R$ 250,000.
Moderate-to-low liquidity. May/26 monthly volume of R$ 3.574M (R$ 167k/day); 12-month total: R$ 62.9M (R$ ~250k/day). Positions up to R$ 100k clear in ~2 business days. Restricted for positions > R$ 200k.
| Period | What happened |
|---|---|
| Commencement of operations (1st offering) | First capital call in Oct/2020 with 902,000 units at R$ 100/unit and NAV of R$ 89.3M. Initial DPU of R$ 0.10 (Oct/2020). |
| Commencement of trading on B3 | Units listed on Jan 26, 2021 under ticker HREC11. Prior to this, performance was tracked via book value per unit. |
| First expansion (2nd offering) | Capital raising that increased units from 902k to 1.18M and NAV to R$ 113.6M. DPU fluctuated between R$ 0.70 and R$ 1.08 in the initial months. |
| Growth to R$ 269M in NAV | Units jumped to 2.85M following the 3rd offering. NAV reached R$ 269M — still in the phase of rapidly allocating cash into CRIs. |
| NAV exceeds R$ 430M | Following the 4th offering, units reached 4.66M and NAV hit R$ 432.8M. The fund began operating at a meaningful scale. Peak DPU in Jun/2022 reached R$ 1.40/unit with a strong IPCA component. |
| Additional capital raising to 5.16M units | NAV reached R$ 458.3M. DPU stabilized at R$ 0.90/unit starting in Jan/2023. |
| 1:10 unit split (R$ 100 → R$ 10) | In Dec/2023, the fund executed a 1:10 unit split — units jumped from 5.16M to 51.57M, and book value per unit went from R$ 91.77 to R$ 9.30. The Dec/2023 DPU was already post-split at R$ 0.085/unit (equivalent to R$ 0.85 pre-split). |
| Sustained DPU of R$ 0.08 (12 months) | Between Feb/2024 and Dec/2024, the fund paid R$ 0.08/unit linearly — reflecting a depressed market unit price and a partial retention strategy within the permitted 5% limit. |
| DPU increase to R$ 0.09 (Jan–Jun/2025) | In January 2025, the manager raised the DPU to R$ 0.09/unit and maintained it through June. This reflected portfolio turnover and the capture of premiums in CRIs with retained monetary correction. |
| September/25: unlocked R$ 0.169/unit (monetary correction component) | In Sep/2025, the monetary correction component totaled R$ 0.098/unit — unlocking accumulated earnings in CRIs via portfolio turnover. According to the manager, a favorable market window was utilized to realize part of the IPCA inventory. |
| Reduction to R$ 0.08/unit starting in Oct/2025 | In Oct/2025, the fund returned to R$ 0.08/unit. It has stabilized at this level for 7 months (Oct/25–Mar/26). Distributions are aligned with current cash generation (roughly R$ 0.082/unit/month). |
| Sale of the underlying asset for the Varginha CRI | In Dec/2025, HDEL11 sold the Citlog Sul de Minas 3 asset (Varginha/MG) for R$ 285M to TRXF11 (R$ 167.25M upfront + R$ 75M over 180 days). The sale triggers an extraordinary amortization of the Varginha CRI with a 2% prepayment penalty. HREC has already received R$ 31.6M between Jan–Feb/26 (including R$ 597k in penalties). |
| Acquisition of R$ 17.5M of the IZP Cônego II CRI | In Feb/2026, the fund acquired an additional R$ 17.5M of the IZP Cônego II CRI (CDI+3%). 81% LTV, 17% physical construction progress. The acquisition absorbs part of the cash generated by the payoff of the Varginha CRI. |
| Position as of Apr/2026: 22 CRIs, 100% current on payments | NAV of R$ 459.8M, 51.69M units, BV per unit of R$ 8.90, unit price of R$ 8.37 (0.97 P/BV). Market yield of IPCA+10.8% / CDI+3.33%. Maintained DPU of R$ 0.08/unit. Leverage reduced to 1.3% of NAV. |
| May/2026: acquisitions of Haddock 82E, HPD Itacema, Paladin HLD + 8% leverage | In May/2026, the fund acquired R$ 21.4M of the IZP Haddock 82E CRI (CDI+3.40%, 78% LTV), +R$ 19M of the HPD Itacema CRI (totaling ~R$ 38.9M), and +R$ 2.9M of the Paladin HLD Itacema CRI (totaling ~R$ 11.6M). The CRI portfolio reached 108% of NAV (8% leverage). DPU maintained at R$ 0.095/unit — monthly earnings were R$ 0.108/unit, leaving a surplus of R$ 0.013/unit added to reserves. |