XP Vista Asset (management) + BTG Pactual DTVM (administration). Launched on April 13, 2012. CNPJ 97.521.225/0001-25. The FII with the largest retail unitholder base in Brazil — 1.47 million.
Segment: Hybrid (CRIs 79.1% + FIIs 11.8% + Swaps 8.3%) · Price R$ 9.26 · P/BV 1.0 · BV/unit R$ 9.26 · Net assets R$ 5,25 Bi · 1,509,087 unitholders
MXRF11 (Maxi Renda Real Estate Investment Fund - FII) is a Brazilian REIT in the Hybrid (CRIs 79.1% + FIIs 11.8% + Swaps 8.3%) segment. XP Vista Asset (management) + BTG Pactual DTVM (administration). Launched on April 13, 2012. CNPJ 97.521.225/0001-25. The FII with the largest retail unitholder base in Brazil — 1.47 million.
Lends money backed by real estate collateral to dozens of companies and distributes the interest monthly as tax-free income
This page gathers the factual snapshot of MXRF11 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: XP Vista Asset Management Ltda..
XP Vista Asset Management Ltda. (CNPJ 16.789.525/0001-98) is the active management division of XP Inc., one of Latin America's largest investment conglomerates. It inherited MXRF11's mandate from XP Gestão de Recursos (original manager since the April 2012 IPO), with administration transitioning gradually from XP Investimentos CCTVM to BTG Pactual Serviços Financeiros DTVM in 2023. The combination of XP for management and BTG for administration is one of the most conservative and liquid in the FII market.
MXRF11 is a flagship for XP Asset in the FII segment, both for its scale (R$ 4.31B) and popularity (1.40 million unitholders). The team maintains a dedicated portal (mxrf.xpasset.com.br), an active IR channel ([email protected]), and publishes robust management reports (>30 pages/month). Auditing is handled by Ernst & Young, and lead coordination for the 11th offering was managed by BTG Pactual itself. Compared to peers, the management score is 8.0/10 — a solid manager executing its mandate for 14 years without major scandals, though with a history of frequent offerings (11 in total) that dilute part of the returns.
Pure paper/CRI fund with a supplementary book of tactical FIIs (11.8%) and financial swaps in São Paulo (8.3%)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CRI Birmann 32 | São Paulo/SP | 3.7% | — |
| CRI Helbor | TF - República do Líbano | São Paulo/SP | 3.4% | — |
| CRI Shopping Itaquera | São Paulo/SP | 3.2% | — |
| GARE11 | — | 3.0% | — |
| OPI FUNDO DE INVESTIMENTO IMOBILIARIO RESPONSABILIDADE | — | 2.8% | — |
| CRI Arcelor Mittal | — | 2.6% | — |
| CRI Uberlândia Refrescos | Uberlândia/MG | 2.6% | — |
| CRI CSN | Taubaté/SP | 2.6% | — |
| CRI Mateus TRX | — | 2.6% | — |
| CRI Assaí | Guarujá | Guarujá/SP | 2.1% | — |
| CRI Rio Ave | Nordeste do Brasil | 2.1% | — |
| CRI Nova Milano KSM | — | 1.9% | — |
| CRI FGR | Brasília/DF | 1.9% | — |
| Brooklin 2 | São Paulo – SP | São Paulo/SP | 1.9% | — |
| XP CASH P1 FUNDO DE INVESTIMENTO RENDA FIXA REFERENCIADA DI | — | 1.8% | — |
| Seed Teviot | — | 1.8% | — |
| CRI Bem Brasil | — | 1.8% | — |
| CRI FGR II | — | 1.7% | — |
| CRI Prevent Senior | Rio de Janeiro/RJ | 1.6% | — |
| CRI Porto 2 Life Sênior | — | 1.6% | — |
| CRI Oba II | — | 1.6% | — |
| CRI Buriti Empreendimentos | Nordeste | 1.5% | — |
| CRI Mercado Livre | Ribeirão Preto/SP | 1.4% | — |
| CRI GPA GARE III | — | 1.4% | — |
| CRI General Shopping FII – GSFI11 | — | 1.4% | — |
| Brooklin 2 | São Paulo/SP | 1.3% | — |
| CRI JK Square | São Paulo/SP | 1.3% | — |
| Brooklin 4 | São Paulo – SP | São Paulo/SP | 1.3% | — |
| CRI FEMSA Coca-Cola | Santo André/SP | 1.2% | — |
| CRI Pesa/AIZ | Sul do Brasil | 1.2% | — |
| Mitre Realty Empreendimentos | — | 1.2% | — |
| GPA II | — | 1.2% | — |
| CRI Assaí | Bangu | Rio de Janeiro/RJ | 1.2% | — |
| CRI Tecnisa | São Paulo/SP | 1.1% | — |
| CRI TRX Obramax Piracicaba | Piracicaba/SP | 1.1% | — |
| GUARDIAN CORE RESIDENCIAL FII RESPONSABILIDADE LIMITADA | — | 1.1% | — |
| XPCI11 | — | 1.1% | — |
| CRI FS Infra | — | 1.0% | — |
| BGRJ11 | — | 1.0% | — |
| Brooklin 4 | São Paulo/SP | 1.0% | — |
HHI 0.0167 — low.
| Breakdown | Share |
|---|---|
| By index | IPCA 61.6% · CDI 6.9% · Pré/IGP-M/Vencidos 10.7% · FII/Permuta/Outros 20.9% |
The unit trades at R$ 9.80 against a book value of R$ 9.37 (Mar/2026), representing a 4.6% premium. This is atypical for credit funds — the sector median trades at a 3–15% discount. The premium reflects: (i) a base of 1.40 million unitholders with recurring demand; (ii) very high daily liquidity (R$ 14M); (iii) a 14-year track record of stable distributions; and (iv) the XP brand effect in retail distribution. Investors pay for predictability, but give up margin of safety.
last close R$ 9.26 · all-time low R$ 7.60 · high R$ 14.78 · book value per unit R$ 9.26.
Average daily volume (21 sessions) of R$ 14,065,150 · 12-month average of R$ 13,086,770.
Exceptional liquidity—among the top 10 in the real estate fund market. R$ 1M can be liquidated in <1 day, and R$ 10M in ~3.5 business days. Large investors face no material price impact.MXRF11 is a landmark case of a Brazilian REIT-style fund (FII) that grew alongside the mainstream adoption of real estate funds in Brazil. Launched on April 13, 2012, as a small, actively managed fund by XP with an initial unit price of R$ 100 and semiannual distributions, it became the primary retail gateway to the real estate fund universe starting in 2019–2020. Its low unit price (~R$ 10), stable monthly dividend (R$ 0.09–0.12 for years), and the broad reach of the XP platform massively expanded its unitholder base—surging from a few thousand to 1.40 million by 2026, a unique phenomenon in Brazilian retail investing.
Structurally, management shifted from XP Gestão de Recursos to XP Vista Asset Management, and administration moved from XP Investimentos CCTVM to BTG Pactual DTVM (consolidated in 2023). The fund completed 11 primary offerings between 2012 and 2025; the 11th offering (Oct–Nov/2025) raised only R$ 218M out of the R$ 1B targeted, marking its first notable undersubscription. Fiscal year 2025 was the best in its history, posting a net income of R$ 675.8M (16.3% ROE) and reversing the negative MtM adjustments seen in 2024. MXRF11 has matured alongside the market and now serves as a benchmark for liquidity and stability, though it has lost some margin of safety due to its sustained premium over book value.
| Period | What happened |
|---|---|
| IPO | Maxi Renda FII begins operations on April 13, 2012, as an active management FII with units priced at R$ 100.00. Administration by XP Investimentos CCTVM and management by XP Gestão de Recursos. Custodian: Oliveira Trust DTVM. Initial benchmark: 6-year NTN-C. Management fee of 0.46% p.a. + performance fee of 30% on returns exceeding the benchmark (distributed semi-annually). |
| CONSOLIDAÇÃO INICIAL | Early years of operation as a diversified real estate income fund — holdings in SPVs, CRIs, and equity stakes in developments. Historical positions in Alameda Lorena (São Paulo), Haus Jardins, Casa Jardim Itaverá, and other inventory properties held for sale. The fund was still small, with proprietary active management by XP. |
| DESDOBRAMENTO + DISTRIBUIÇÃO MENSAL | 1-for-10 unit split in 2017 (from R$ 100 to R$ 10) and transition to monthly distributions. NAV grows from R$ 242M in March 2017 to R$ 302M in December 2018. Focus consolidates around CRIs and structured operations. |
| EXPANSÃO E POPULARIZAÇÃO | XP launches a massive distribution campaign for MXRF11 as a gateway for retail investors into FIIs, leveraged by the XP Investimentos platform. Successive offerings in 2019-2020 (Prospectus IDs 61093, 77879, 109961) and 2021 multiply the NAV. DPU stabilizes at R$ 0.07-0.09 with semi-annual extras. |
| PICO DE DPS | DPU peaks at R$ 0.11-R$ 0.12 monthly (2023 with 10 months paying R$ 0.11+). NAV exceeds R$ 2.85B in December 2023. The CRI portfolio solidifies as the core of the thesis. |
| MIGRAÇÃO PARA BTG | Administration transitions to BTG Pactual Serviços Financeiros DTVM (CNPJ 59.281.253/0001-23) and management consolidates under XP Vista Asset Management Ltda. (CNPJ 16.789.525/0001-98). Prospectuses for the 8th and 9th offerings formalize the new structure. |
| 10ª EMISSÃO | 10th Offering with an initial volume of R$ 800 million (additional up to R$ 1.0B). Issue Price R$ 9.74 + Primary Distribution Fee R$ 0.33 (3.39%) = Subscription Price R$ 10.07. Strong retail uptake, fully subscribed. |
| FECHAMENTO 2024 | Year-end closed with net assets of R$ 3.94B, 437.32M units, and a book value per unit of R$ 9.01. Net income of only R$ 64.9M due to negative mark-to-market adjustments: -R$ 274M in CRIs and -R$ 100M in real estate funds. Distributions paid: R$ 438M. DPU dropped to R$ 0.09 in Aug-Oct/2024. |
| 11ª EMISSÃO (SUB-CAPTAÇÃO) | 11th Offering launched on October 24, 2025, aiming to raise R$ 1B (105 million units at R$ 9.52). Subscriptions came in far below expectations at 22.94 million new units (R$ 217.97M excluding the primary distribution fee) — roughly 22% of the initially offered volume. This signals demand saturation at the current price. |
| FECHAMENTO 2025 (RECORDE) | Year-end closed with net assets of R$ 4.34B, 460.27M units, and a book value per unit of R$ 9.42. Net income EXPLODED to R$ 675.8M (compared to R$ 64.9M in 2024), reversing negative MtM adjustments with +R$ 79M in CRIs and +R$ 71M in real estate funds. Distributions paid: R$ 515M (76% of net income). ROE of 16.3%. Unitholders totaled 1,339,326 (individual investors). |
| ATUAL | The fund closed Feb/2026 with net assets of R$ 4.41B, 460.27M units, and 1,402,221 unitholders, making it Brazil's #1 real-estate fund by retail unitholder base. Unit price at R$ 9.80 (May 13), book value per unit at R$ 9.37 (Mar/26), and P/BV of 1.05. DPU at R$ 0.095 (Mar/26), reflecting a one-off cut from R$ 0.10 to R$ 0.095, with a return to R$ 0.10 signaled for May/26 according to community tr |