CNPJ 40.011.251/0001-96 — managed by BREI (Brazilian Real Estate Investments) with administration by BTG Pactual; ANBIMA classification: Paper/CRI Active Management.
Segment: Paper — High Yield CRI (Residential, BTS, Land Subdivision, Logistics) · Price R$ 37.82 · P/BV 0.4274 · BV/unit R$ 88.48 · Net assets R$ 84,8 Mi · 3,657 unitholders
IBCR11 (BREI Integral CRI FII) is a Brazilian REIT in the Paper — High Yield CRI (Residential, BTS, Land Subdivision, Logistics) segment. CNPJ 40.011.251/0001-96 — managed by BREI (Brazilian Real Estate Investments) with administration by BTG Pactual; ANBIMA classification: Paper/CRI Active Management.
A fund that lends to developers via real estate securities backed by hard assets, passing on the interest as monthly income. Be aware: two loans totaling over a third of net assets are in judicial enforcement and could stall distributions for over a year.
This page gathers the factual snapshot of IBCR11 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: BREI — Brazilian Real Estate Investments.
BREI (Brazilian Real Estate Investments Ltda., CNPJ 14.744.231/0001-14) is a boutique asset manager headquartered at Av. Brigadeiro Faria Lima 1,663 in São Paulo, authorized by CVM, Brazil's securities regulator, since 2014 (Declaratory Act 13,584). It specializes in high-yield real estate credit, focusing on residential construction completion, BTS, land subdivision, and inventory CRIs. Administration of IBCR11 is carried out by BTG Pactual Serviços Financeiros (DTVM). Management has maintained reasonable transparency in its monthly reports, providing objective commentary on credit events regarding CRVO (early maturity announced and detailed in Dec/25 and Jan/26) and Olimpo (default disclosed in Feb/26). Management's rhetoric is defensive—"collateral appraisal exceeds outstanding balance"—but the IRR since IPO (-8% p.a. on the unit price; +50% total return including distributions) reflects a history of errors in selecting and pricing original credit risk.See our analysis of BREI — Brazilian Real Estate Investments →
11 CRIs at IPCA + 9.77% (HTM rate) with two active credit events and Braspark undergoing restructuring
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-crvo | — | 27.3% | — |
| cri-vivatti | — | 9.0% | — |
| cri-pateo-ii | — | 10.4% | — |
| cri-pateo-iii | — | 7.6% | — |
| cri-villa-residence | — | 8.9% | — |
| cri-loft | — | 7.1% | — |
| cri-olimpo | — | 7.2% | — |
| cri-gdp | — | 2.6% | — |
| cri-braspark | — | 5.9% | — |
| cri-next | — | 0.1% | — |
| cri-maehara | — | 9.9% | — |
| TRX Yield FII | — | 2.3% | — |
| Bime FII | — | 1.6% | — |
HHI 0.143 — moderada.
| Breakdown | Share |
|---|---|
| By state | São Paulo 53.3% · Rio Grande do Sul 28.4% · Santa Catarina 18.2% · Espírito Santo 0.1% |
| By index | IPCA+ 100.0% |
P/BV of 0.59 (unit price R$ 53.00 vs. book value of R$ 89.48 in Mar/26)—a 41% discount to net asset value. This is one of the most aggressive discounts in the high-yield credit subclass, reflecting the specific risk of CRVO + Olimpo.
last close R$ 37.82 · all-time low R$ 41.51 · high R$ 100.00 · book value per unit R$ 88.48.
Average daily volume (21 sessions) of R$ 308,000 · 12-month average of R$ 191,000.
Low liquidity. A position of R$ 1M takes ~16 trading days to liquidate without moving the price (assuming a maximum absorption of 20% of daily volume).
| Period | What happened |
|---|---|
| IPO | Launch via CVM Instruction 476 with restricted offering: 802,921 units at R$ 100.00 = R$ 80.3M for 323 unitholders. |
| PICO DO DPS | First full year with an average DPU of R$ 1.19/unit. Peak in Jan–Mar/22 at R$ 1.50/unit. |
| ESTABILIZAÇÃO | DPU converges to R$ 0.90–1.00/unit. Total for the year R$ 11.41 (dividend yield 11.89%). |
| ENCHENTE RS | Historic floods in Rio Grande do Sul impact the CRVO operation (Unidasul BTS in São Leopoldo). |
| REESTRUTURAÇÃO PATEO | Páteo Boa Vista is restructured in two issuances. Rates raised to IPCA + 13%/12.5%. |
| OLIMPO EM DEFAULT | Olimpo CRI fails to pay final bullet amortization on Jan 22, 2025 — technical default declared. |
| QUEDA DO DPS | Average DPU drops to R$ 0.79 (vs. R$ 0.85 in 2024). Total for the year R$ 9.51 (dividend yield 10.44%). |
| WAIVER ENCERRADO | Announcement in Dec/25 MR: management signals that waivers for CRVO end in December. |
| VENCIMENTO ANTECIPADO CRVO | On January 23, 2026, the collateral manager Virgo declares early maturity for the CRVO CRI. |
| FASE ATUAL | Fund operates with DPU stabilized at R$ 0.60 and minimal reserves. Awaiting CRVO enforcement. |