High-yield/mid-yield paper FII: 27 IPCA+-linked CRIs (82% of NAV) + 20 CRI FII units (12% of NAV). MTM carry rate of IPCA+9.8%. Recurring annualized DY of 13.5% with R$ 1.00/month for 12 months.
Segment: Paper — Granular IPCA+ CRI · Price R$ 93.38 · P/BV 0.9934 · BV/unit R$ 94.0 · Net assets R$ 1,59 Bi · 125,262 unitholders
MCCI11 (Mauá Capital Recebíveis Imobiliários FII) is a Brazilian REIT in the Paper — Granular IPCA+ CRI segment. High-yield/mid-yield paper FII: 27 IPCA+-linked CRIs (82% of NAV) + 20 CRI FII units (12% of NAV). MTM carry rate of IPCA+9.8%. Recurring annualized DY of 13.5% with R$ 1.00/month for 12 months.
A fund that lends to companies backed by real estate collateral via inflation-adjusted debt securities (CRIs), featuring active management by Mauá and units of other credit funds in its portfolio. Caution: a portion is allocated to ongoing construction projects, which carry higher risk.
This page gathers the factual snapshot of MCCI11 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: Mauá Capital Real Estate (JiveMauá joint venture).
MCCI11 is managed by Mauá Capital Real Estate (part of the JiveMauá platform following the 2024 merger between Jive Investments and Mauá Capital). It is one of the most established firms in paper FIIs, operating MCCI11 since Dec/2019. It has an explicit distribution stabilization philosophy: 9 consecutive months at R$ 1.00/unit and a firm guidance band of R$ 0.90-1.00 through Jul/26. Track record of active recycling: R$ 720 million reallocated over 2 years raised the average rate from IPCA+7.0% to IPCA+8.3% — the manager "eats its own cooking" (proprietary origination for 7 of the top 10 CRIs). The administrator is BTG Pactual (Top-1 in FIIs).See our analysis of Mauá Capital Real Estate (JiveMauá joint venture) →
last close R$ 93.38 · all-time low R$ 75.0 · high R$ 110.0 · book value per unit R$ 94.0.
Average daily volume (21 sessions) of R$ 4,917,654 · 12-month average of R$ 4,258,495.
High liquidity: R$ 5.4M/day (Jun/2026 monthly average), R$ 114.2M/month, and 125,229 unitholders. IFIX weight 1.03%, IFIX-L 1.16%, SUNO 30 3.33%. Retail investors can exit effortlessly; only large institutional positions (≥ R$ 1M) require more than one trading session.
| Period | What happened |
|---|---|
| IPO | Inception on 08/21/2019, IPO on 12/10/2019. Clear strategy from the start: IPCA+ paper FII with active management by Mauá Capital. |
| Portfolio construction | Capital raising and allocation phase. Initial portfolio based on CRIs with lower average rates (IPCA+7%). DPU ramped up from R$ 0.50 to R$ 0.90/unit. |
| Active portfolio recycling | Mauá reallocated R$ 720 million in 2 years (44% of NAV) — selling lower-yielding CRIs and acquiring new ones at a premium. Average rate rose from IPCA+7.0% (Jan/24) to IPCA+8.3% (Dec/25). |
| Consolidated level | Distribution band of R$ 0.90–1.00 confirmed for 2H/26 (through Dec/26). DPU steady at R$ 1.00 for 12 months, recurring dividend yield at 13.5% p.a. Carrying rate rose to IPCA+9.8% with active portfolio recycling. Pirelli CRI expanded — LTV dropped from 92% to 78%. |