Paper fund managed by Itaú Asset and administered by Intrag DTVM, holding ~33 CRIs (IPCA+/CDI+) with a 1.00% p.a. management fee and no performance fee. Q2/2026 highlights: MAGOPPF position migrated to GENIAL INVESTIM (provision closed, R$ 5.9M loss recognized in BV); 5 CRIs rotated; high cash position (R$ 32M). H1/2026 earnings: R$ 6.45/unit (95% payout). CNPJ 51.294.441/0001-84. IPO on October 3, 2023.
Segment: Paper Fund — Hybrid CRI (IPCA+ and CDI+) · Price R$ 86.54 · P/BV 0.8655 · BV/unit R$ 99.99 · Net assets R$ 386 Mi · 11,269 unitholders
ICRI11 (Itaú Crédito Imobiliário IPCA FII) is a Brazilian REIT in the Paper Fund — Hybrid CRI (IPCA+ and CDI+) segment. Paper fund managed by Itaú Asset and administered by Intrag DTVM, holding ~33 CRIs (IPCA+/CDI+) with a 1.00% p.a. management fee and no performance fee. Q2/2026 highlights: MAGOPPF position migrated to GENIAL INVESTIM (provision closed, R$ 5.9M loss recognized in BV); 5 CRIs rotated; high cash position (R$ 32M). H1/2026 earnings: R$ 6.45/unit (95% payout). CNPJ 51.294.441/0001-84. IPO on October 3, 2023.
Paper fund that lends to the real estate sector through dozens of CRIs (88% of the portfolio), mostly inflation-linked (IPCA+), managed by Itaú Asset with a 1.00% annual fee and no performance fee. Note: monthly distributions fluctuate with the IPCA, and the reserve shrunk to ~R$ 1.50/unit following the MAGOPPF provision in June 2026.
This page gathers the factual snapshot of ICRI11 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: Itaú Asset Management (Intrag DTVM).
ICRI11 is managed by Itaú Unibanco Asset Management (CNPJ 40.430.971/0001-96) and administered by Intrag DTVM (CNPJ 62.418.140/0001-31), both part of the Itaú Unibanco conglomerate. Itaú Asset is one of the largest asset managers in Brazil and features a dedicated real estate credit team with proprietary origination via Itaú BBA — a tangible competitive advantage (several co-financed CRIs, such as Lotisa and Idea Zarvos via Itaú BBA). ICRI11 serves as the group's IPCA+ paper vehicle. Strengths: scale, origination, access to the Itaú BBA desk, high transparency in monthly reports (detailed CRI tables comparing Acquisition Rate vs. MTM), and growing reserve discipline. Weaknesses: unitholder base concentrated among Itaú clients (11,673 unitholders is low for a R$ 394M fund — averaging ~R$ 34k per unitholder, reflecting affluent Itaú clientele).33 CRIs in portfolio (88.67% of net assets), 5.59% in FII units (MAGOPPF), 5.74% in cash — reduced distributed generation, elevated warehouses
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| HSI (Leblon Retrofit) | — | 6.8% | — |
| Órigo (Distributed Generation) | — | 5.7% | — |
| Salas (MT Developer) | — | 5.5% | — |
| Lotisa (SC Developer) | — | 5.1% | — |
| CashMe III Sr (Cyrela Home Equity) | — | 5.1% | — |
| Econ (SP Developer) | — | 5.1% | — |
| Fulwood FW10 (Mercado Livre BTS) | — | 5.1% | — |
| Delta Energia (GD) | — | 4.1% | — |
| XPLG (Warehouses) | — | 3.9% | — |
| GAPS (Goiás Agribusiness) | — | 3.4% | — |
| Vista Faria Lima (Triple A) | — | 3.1% | — |
| Direcional 1 (Pro-Soluto) | — | 3.1% | — |
| Almeida Júnior (Southern Malls) | — | 3.0% | — |
| Exto (SP Developer) | — | 2.5% | — |
| Direcional 2 (Granular) | — | 2.5% | — |
| ABMais (Franca-SP Subdivision) | — | 2.4% | — |
| Urba II Sr (MRV Subdivision) | — | 2.4% | — |
| JMD Urbanismo (Central-West Subdivision) | — | 2.4% | — |
| Frizzo III (RS Subdivision) | — | 2.3% | — |
| CashMe I Sr (Home Equity) | — | 2.2% | — |
| Idea Zarvos (SP Developer) | — | 1.9% | — |
| MRV FB I (High-End Granular) | — | 1.9% | — |
| Solfácil Super Sr | — | 1.6% | — |
| Bravo Logística (Paulínia Warehouse) | — | 1.3% | — |
| Safira Bronze Ipanema | — | 1.1% | — |
| Tibério (SP Developer) | — | 1.1% | — |
| Urba II Mez A | — | 1.0% | — |
| Casa Shopping (RJ) | — | 0.9% | — |
| Urba I Sr | — | 0.8% | — |
| MRV Pro-Soluto I | — | 0.7% | — |
| Urba I Mez A | — | 0.4% | — |
| Rede D'Or (Hosp. Santa Helena) | — | 0.3% | — |
| Solfácil Mez A | — | 0.2% | — |
| GENIAL INVESTIM (FII) | — | 3.9% | — |
Fund's P/BV.
last close R$ 86.54 · all-time low R$ 76.10 · high R$ 101.96 · book value per unit R$ 99.99.
| Period | What happened |
|---|---|
| Fund Establishment | On July 24, 2023, the bylaws were approved and Intrag DTVM amended the minimum unit quantity to 2.5 million and the minimum net assets to R$ 250 million. Itaú Asset Management was appointed as manager. |
| Start of Operations (IPO) | On October 3, 2023, the fund commenced operations with net assets of approx. R$ 250M and R$ 100.00/unit. Focus on IPCA+ CRIs with a return target of 1.5%–2.5% p.a. above equivalent NTN-B government bonds. |
| Commencement of Exchange Trading | On February 19, 2024, units began trading on the B3 under the ticker ICRI11. Prior to this, pricing was based exclusively on book value. |
| Extraordinary distribution of R$ 1.45/unit (3 consecutive months) | In Oct, Nov, and Dec/2024, the fund distributed R$ 1.45/unit — accumulated extraordinary distribution from the high IPCA cycle in 2024. A milestone validating the programmed retention/distribution model. |
| Fiscal year-end with net assets of R$ 390M | The fund closed 2025 with net assets of R$ 390.1M (unit price R$ 101.14), 11,673 unitholders, and 3.86M units. Cumulative accounting earnings since IPO reached R$ 32.00/unit. |
| Allocation of 5% of net assets to CashMe III | In March 2026, the manager announced a new allocation of approximately 5% of net assets into a CashMe CRI (Cyrela subsidiary) yielding IPCA+8.60% with a duration of ~4 years. Cash closed the month at 3% and the reserve at R$ 2.40/unit. |
| Exit from AXS; entries into Fulwood FW10 (Mercado Livre) + MRV FB I | In May/2026, the manager exited the AXS CRI position (solar distributed generation) and executed two new acquisitions: (1) Fulwood FW10 — Mercado Livre BTS CRI, logistics warehouse in Florianópolis-SC, IPCA+9.5%, duration 3.7 years, max LTV 80%; (2) MRV FB I — high-end granular real estate CDI+2.05%, duration 2.1 years, 100% MRV guarantee. Result: distributed generation fell from 18% to 13%, and w |
| MAGOPPF provision absorbed — reserve reaches R$ 2.99/unit | On June 5, 2026, the MAGOPPF FII (ICRI's holding via the Porto5 CRI) announced a provision impacting ICRI's book value per unit in June. Simultaneously, an automotive BTS (IPCA+9.8%) was settled early in the month. The manager confirmed that the reserve closed June 2026 at R$ 2.99/unit — sufficient to absorb the impact without affecting distributions. |