The price of MXRF11 is updated in real time during the B3 (Brazil's stock exchange) trading session, from 10:00 a.m. to 5:30 p.m. (Brasília time). The last recorded close was R$ 9.70 per unit (06/09/2026). The average daily trading volume over the last 21 sessions is R$ 14.1 million — one of the ten largest among all Brazilian REITs, which ensures that the vast majority of investors can enter and exit positions without a meaningful price impact.
Relative to book value, the unit trades at a premium of 4.6% (P/BV of 1.05): the book value per unit (NAV) calculated at the close of March 2026 is R$ 9.37, while the market price sits around R$ 9.70. This premium has been characteristic of MXRF11 for several years and reflects the structural demand from Brazilian retail investors — but it is an important data point for anyone assessing the price-to-book relationship before investing. To compare with fair-value analyses and find out whether it is worth it right now, see the fund's analysis section.
MXRF11, formally called the Maxi Renda Real Estate Investment Fund, is an actively managed Brazilian REIT traded on B3 under the ticker MXRF11. Launched on April 13, 2012, it is one of the oldest and most popular in the Brazilian market — and the REIT with the largest number of individual unitholders in Brazil: 1,402,221 registered investors as of February 2026, a number that keeps growing.
The fund falls into the hybrid category, with predominant exposure to CRIs (real-estate receivable certificates), complemented by units of other REITs and financial swap operations. The ANBIMA classification is REIT TVM Active Management — TVM. The target audience is investors in general (ICVM 400), with no minimum investment amount — you just need to buy at least one unit on B3 through any brokerage.
Because most of the net assets are allocated to paper — specifically to CRIs (real-estate receivable certificates), which are debt securities backed by real-estate contracts. Unlike brick-and-mortar REITs, which own physical properties (warehouses, malls, corporate floors), MXRF11 lends money to real-estate projects and earns interest. This structure provides greater predictability of monthly income, but also exposure to credit risk and interest-rate variation.
MXRF11's net assets stood at R$ 4.31 billion in March 2026, spread across three large asset blocks. The main one, at 79.1% of net assets, is the CRIs (real-estate receivable certificates): roughly 90 securities, with 62% indexed to IPCA+ at an average rate of 8.71% per year and 6.9% to CDI+. The mark-to-market (MtM) carry rate of the CRI book is 9.73% per year, with an average LTV of 55% on the real-estate collateral and a credit spread of 160 bps over the risk-free curve.
The second block is units of other REITs (11.8% of net assets), used as a tactical allocation by manager XP Vista. The main ones are GARE11 (Guardian Real Estate, R$ 134.9 million), LPLP11 (LPL Properties, R$ 118.3 million), Unidades Helbor (R$ 46 million, acquired in February 2026) and MCLO11. This portion adds indirect exposure to physical real estate — but also an extra layer of management fees from the underlying REITs.
The third block is the financial swaps (permutas) (8.3% of net assets, R$ 374.2 million) across 13 high-end residential developments in São Paulo — Brooklin, Itaim Bibi, Pinheiros, Vila Nova Conceição, Morumbi, Jardim Europa and Campo Belo. The target return on these operations is INCC + 13.13% per year. The cash flow from the swaps is concentrated around the Habite-se (occupancy permit) period (70% to 80% of the receivable), which creates revenue seasonality — but offers real diversification beyond the CRI book.
Portfolio concentration is extremely low. The HHI (Herfindahl-Hirschman) index is 0.0145 — in practice, this means no single borrower dominates the portfolio. The largest CRI (Birmann 32 — a corporate building on Faria Lima) represents only 3.64% of net assets. The five largest CRIs together account for 15% of net assets, and the ten largest cover 24.8%. Among the borrowers are Arcelor Mittal, CSN (AAA-rated by Fitch), Mercado Livre, Assaí Atacadista, GPA and FEMSA — companies with operating revenue that supports the contracts without relying solely on the collateral property.
MXRF11 is managed by XP Vista Asset Management Ltda. (CNPJ 16.789.525/0001-98), the active-management division of the XP Inc. group. XP Vista formally took over the mandate from the original manager (XP Gestão de Recursos) and maintains a dedicated IR portal (mxrf.xpasset.com.br). The internal manager rating assigned by the Rico aos Poucos analysis is 8.0 out of 10 — VERY GOOD: 14 years of track record without scandals, detailed monthly management reports and a team specialized in CRIs.
The administration is the responsibility of BTG Pactual Serviços Financeiros DTVM (CNPJ 59.281.253/0001-23), which took over the role in 2023, replacing XP Investimentos CCTVM. BTG also acts as custodian and bookkeeper. The independent audit is performed by Ernst & Young. This combination of XP Vista in management + BTG in administration is considered one of the most conservative and professionalized in the REIT market.
MXRF11 has 460.27 million units outstanding (March 2026), the result of 11 primary offerings since the IPO in 2012. Net assets grew from R$ 2.85 billion in December 2023 to R$ 4.31 billion in March 2026 — growth of 51% in a little over two years, driven by the offerings and by asset appreciation. The NAV per unit (book value) is R$ 9.37 (latest disclosure: March 2026).
In the price history recorded since 2016, the all-time low was R$ 8.36 in December 2016 — before the fund became widely popular — and the all-time high was R$ 14.32 in December 2019, at the pre-pandemic peak, when interest rates were at record lows in Brazil. Over the last 24 months, the unit traded between R$ 9.16 (low of October 2024) and R$ 10.33 (high of October 2025), with annualized volatility of 9.12% — low by REIT standards.
The largest drawdown of the last 24 months was -14.66%, recorded in December 2024 — during the worst moment of the Selic hiking cycle for REITs. The unit recovered in roughly 10 months, evidencing the resilience of the unitholder base and the structural retail demand for the asset.
For information on MXRF11's monthly dividends, distribution history and DY, see the fund's dividends page. For the full valuation analysis and buy or sell recommendation, visit the analysis page.
MXRF11 (Maxi Renda REIT) is a Brazilian paper REIT managed by XP Vista Asset Management and administered by BTG Pactual DTVM. It invests primarily in CRIs (79.1% of net assets), complemented by tactical REIT holdings (11.8%) and financial swaps in São Paulo (8.3%). It is the Brazilian REIT with the most individual unitholders: 1.40 million.
The current P/BV is 1.05 — the unit trades at a 4.6% premium to book value (NAV of R$ 9.37 in March 2026). This is atypical for paper REITs, which usually trade at a 3% to 15% discount to book value.
It is a paper fund. 79.1% of net assets are in CRIs (real-estate receivable certificates), complemented by tactical REIT holdings (11.8%) and financial swaps (8.3%). It does not own physical real estate directly.
0.90% per year on net assets, with no performance fee. It represents roughly R$ 38.8 million per year, split between XP Vista Asset (management) and BTG Pactual DTVM (administration). It is above the sector median (0.7% to 0.8%).
1,402,221 individual unitholders in February 2026 — the largest number among all Brazilian REITs. There are 460.27 million units issued across 11 primary offerings since the IPO in April 2012.
The all-time high was R$ 14.32 in December 2019, at the pre-pandemic peak with the Selic rate at record lows. The all-time low was R$ 8.36 in December 2016. Over the last 24 months, the unit traded between R$ 9.16 and R$ 10.33.