MXRF11 pays R$ 0.10 per unit in May 2026, with payment on 06/15/2026. Over the last 12 months (June 2025 to May 2026), the fund consistently distributed between R$ 0.095 and R$ 0.10 per month, with only a one-off step down to R$ 0.095 in March 2026 — a cut that lasted a single month before the DPS returned to its usual level. For someone holding 1,000 units at the current price of R$ 9.70, that means roughly R$ 100 of tax-exempt income per month, with no income tax for individuals.
The annualized dividend yield is 12.19%, calculated over the last 12 months of distributions totaling R$ 1.195/unit. In terms of tax equivalence, that tax-exempt 12.19% is equivalent to roughly 14.3% gross in taxable investments such as a CDB or Tesouro Direto (Brazilian Treasury) — a gross-up of 17.5% for the income-tax bracket. Against the current CDI, the fund delivers 118% of the benchmark in net terms.
This is one of the most frequent questions about the fund. The straight answer: MXRF11 is a high-grade REIT — that is, the CRIs that make up its portfolio have a high credit profile, with large, low-default-risk borrowers. Companies such as CSN (AAA-rated by Fitch), Arcelor Mittal, Mercado Livre, Assaí, GPA and FEMSA are among the main obligors. About 88.9% of the positions are in a single (senior) structure, with no subordination. The portfolio's average LTV is 55%, which represents comfortable protection on the real-estate collateral.
The fund's effective default rate is around 0.5% — extremely low for a book of 90 CRIs. There are four CRIs with overdue or workout status (Urbplan, Arquiplan/Beside, AIZ/Pesa), but the individual weight of each is below 1.4% of net assets, and Urbplan is already fully provisioned. So when you see a DY of 12% in a high-grade REIT, you are looking at a rare combination: conservative credit paying a competitive yield — possible because the portfolio carries an average rate of IPCA + 8.71% per year on the main CRIs.
MXRF11's distribution history tells the maturation story of a fund that grew alongside the Brazilian retail investment market. In 2017, after the unit split from R$ 100 to R$ 10, the fund began distributing monthly — until then payments were semiannual, with results concentrated. The recurring DPS in that period was R$ 0.05 to R$ 0.07 per unit, with a sizable extra in April 2017 of R$ 0.95 (accumulated since the IPO).
Between 2019 and 2021, dividends scaled progressively to R$ 0.07 to R$ 0.09 per month, with semiannual extraordinary distributions that generated one-off peaks — such as the R$ 0.19 of December 2019 and the R$ 0.16 of March 2020 (pandemic). The all-time high of recurring distribution was in 2023, when the fund kept R$ 0.11 per unit in 10 of the 12 months, totaling R$ 1.38/unit for the year — the largest annual result in its history.
In 2024, the DPS pulled back to R$ 0.09 in some months (August to October), reflecting the high-Selic environment and negative mark-to-market on the CRIs. From 2025 on, the fund stabilized its level at R$ 0.10/month consistently, interrupted only by that one-off cut of March 2026. The close of 2025 was the best in its history, with R$ 515.3 million distributed, a 16.3% ROE and net income of R$ 675.8 million.
The stabilization reflects the maturation of the CRI portfolio: the average carry rate (MtM) reached 9.73% per year, and the extreme diversification (HHI of 0.0145, with the largest borrower representing only 3.64% of net assets) ensures that no isolated credit event causes a meaningful impact on the DPS. The combination of a diversified portfolio, no leverage and net cash of R$ 101.7 million allows manager XP Vista to keep the level without resorting to amortizations or forced depletion of reserves.
The most important question for the income investor: will MXRF11 keep paying R$ 0.10 per unit? The data suggest yes — but the level has no slack. Over the last 12 months ended February 2026, the fund generated R$ 525.4 million of cash result and distributed R$ 528.7 million, resulting in a payout of 100.6%. The difference is small (R$ 0.28 million per month, or R$ 0.001/unit), but it signals that no reserves are accumulating at a meaningful pace.
The protective cushion does exist, however. Net cash (item 9 of the Monthly Report) stood at R$ 101.7 million in March 2026 — enough to cover roughly 30 years of burn at the current pace. In addition, the manager has a one-off catalyst on the horizon: three financial-swap (permuta) developments (Brooklin 1, Vila Nova Conceição 1 and Jardim Europa 2) were in the Habite-se (occupancy permit) phase in March 2026, a period in which 70% to 80% of the cash flow concentrates. This opens room for a peak in swap revenue in the second and third quarters of 2026, possibly sustaining an average DPS around R$ 0.11 for 2 to 3 months.
The main risk to MXRF11's dividends is not credit — it is macro. With 78.4% of the book indexed to IPCA/INCC, sharp disinflation compresses the real component of the distributions. The Focus Bulletin projects IPCA of 4.17% for 2026, which would be comfortable to sustain the current level, but below the recent history.
MXRF11 pays dividends monthly, always with a payment date around the 15th of the month following the reference period. The cycle is: the manager computes the month's cash result, the administrator (BTG Pactual DTVM) notifies the market of the distribution via CVM/FundosNet, and the payment is credited directly to the investor's account at the brokerage — with no additional action required.
The ex-date (last day to be entitled to the dividend) varies monthly, but typically falls on the last business day of the reference month. The latest announced dividend was R$ 0.095 per unit, with a payment date of 06/15/2026 — for the reference period of May 2026. Investors holding units through the ex-date receive automatically, including those who bought the day before the cut.
To calculate how much you would receive with a given amount invested: simply divide the amount by the unit price (approximately R$ 9.70) to find the number of units, and multiply by the DPS of R$ 0.10. With R$ 10,000 invested, for example, you would buy about 1,031 units and receive roughly R$ 103 per month — tax-exempt. To receive R$ 1,000 per month, you would need about 10,000 units, corresponding to an investment of roughly R$ 97,000.
The annual income statement (for the income-tax return) is issued by the paying source MXRF11, CNPJ 97.521.225/0001-25, and sent annually by the brokerages. Because it is a REIT with more than 50 unitholders and is exchange-traded, the distributions are tax-exempt at source and on the return for individuals.
| Reference | Income/unit | DY in month | Base price | Ex-date | Payment |
|---|---|---|---|---|---|
| 2026-05 | R$ 0.1 | 1.002% | R$ 9.98 | 2026-05-29 | 2026-06-15 |
| 2026-04 | R$ 0.1 | 1.008% | R$ 9.92 | 2026-04-30 | 2026-05-15 |
| 2026-03 | R$ 0.095 | 0.963% | R$ 9.86 | — | 2026-04-15 |
| 2026-02 | R$ 0.1 | 1.031% | R$ 9.7 | — | 2026-03-13 |
| 2026-01 | R$ 0.1 | 1.027% | R$ 9.74 | — | 2026-02-13 |
| 2025-12 | R$ 0.1 | 1.055% | R$ 9.48 | — | 2026-01-15 |
| 2025-11 | R$ 0.1 | 1.049% | R$ 9.53 | — | 2025-12-12 |
| 2025-10 | R$ 0.1 | 1.038% | R$ 9.63 | — | 2025-11-14 |
| 2025-09 | R$ 0.1 | 1.04% | R$ 9.62 | — | 2025-10-14 |
| 2025-08 | R$ 0.1 | 1.022% | R$ 9.78 | — | 2025-09-12 |
| 2025-07 | R$ 0.1 | 1.056% | R$ 9.47 | — | 2025-08-14 |
| 2025-06 | R$ 0.1 | 1.053% | R$ 9.5 | — | 2025-07-14 |
| 2025-05 | R$ 0.1 | 1.066% | R$ 9.38 | — | 2025-06-13 |
| 2025-04 | R$ 0.1 | 1.065% | R$ 9.39 | — | 2025-05-15 |
| 2025-03 | R$ 0.09 | 0.997% | R$ 9.03 | — | 2025-04-14 |
| 2025-02 | R$ 0.09 | 0.997% | R$ 9.03 | — | 2025-03-18 |
| 2025-01 | R$ 0.09 | 1.0% | R$ 9.0 | — | 2025-02-14 |
| 2024-12 | R$ 0.1 | 1.081% | R$ 9.25 | — | 2025-01-14 |
| 2024-11 | R$ 0.1 | 1.101% | R$ 9.08 | — | 2024-12-13 |
| 2024-10 | R$ 0.09 | 0.985% | R$ 9.14 | — | 2024-11-14 |
| 2024-09 | R$ 0.09 | 0.921% | R$ 9.77 | — | 2024-10-14 |
| 2024-08 | R$ 0.09 | 0.9% | R$ 10.0 | — | 2024-09-13 |
| 2024-07 | R$ 0.1 | 0.998% | R$ 10.02 | — | 2024-08-14 |
| 2024-06 | R$ 0.1 | 0.98% | R$ 10.2 | — | 2024-07-12 |
| 2024-05 | R$ 0.1 | 0.982% | R$ 10.18 | — | 2024-06-14 |
| 2024-04 | R$ 0.1 | 0.975% | R$ 10.26 | — | 2024-05-15 |
| 2024-03 | R$ 0.1 | 0.953% | R$ 10.49 | — | 2024-04-12 |
| 2024-02 | R$ 0.1 | 0.972% | R$ 10.29 | — | 2024-03-14 |
| 2024-01 | R$ 0.1 | 0.952% | R$ 10.5 | — | 2024-02-16 |
| 2023-12 | R$ 0.11 | 1.031% | R$ 10.67 | — | 2024-01-15 |
| 2023-11 | R$ 0.11 | 1.048% | R$ 10.5 | — | 2023-12-14 |
| 2023-10 | R$ 0.11 | 1.017% | R$ 10.82 | — | 2023-11-16 |
| 2023-09 | R$ 0.11 | 1.009% | R$ 10.91 | — | 2023-10-16 |
| 2023-08 | R$ 0.11 | 0.997% | R$ 11.04 | — | 2023-09-15 |
| 2023-07 | R$ 0.12 | 1.145% | R$ 10.48 | — | 2023-08-14 |
| 2023-06 | R$ 0.12 | 1.135% | R$ 10.57 | — | 2023-07-14 |
| 2023-05 | R$ 0.12 | 1.125% | R$ 10.67 | — | 2023-06-15 |
| 2023-04 | R$ 0.12 | 1.136% | R$ 10.56 | — | 2023-05-15 |
| 2023-03 | R$ 0.12 | 1.177% | R$ 10.2 | — | 2023-04-17 |
| 2023-02 | R$ 0.12 | 1.184% | R$ 10.14 | — | 2023-03-14 |
| 2023-01 | R$ 0.11 | 1.102% | R$ 9.98 | — | 2023-02-14 |
| 2022-12 | R$ 0.1 | 0.994% | R$ 10.06 | — | 2023-01-13 |
| 2022-11 | R$ 0.08 | 0.835% | R$ 9.58 | — | 2022-12-14 |
| 2022-10 | R$ 0.1 | 0.998% | R$ 10.02 | — | 2022-11-16 |
| 2022-09 | R$ 0.1 | 0.992% | R$ 10.08 | — | 2022-10-17 |
| 2022-08 | R$ 0.11 | 1.096% | R$ 10.04 | — | 2022-09-15 |
| 2022-07 | R$ 0.12 | 1.234% | R$ 9.72 | — | 2022-08-12 |
| 2022-06 | R$ 0.1 | 1.047% | R$ 9.56 | — | 2022-07-14 |
| 2022-05 | R$ 0.11 | 1.163% | R$ 9.46 | — | 2022-06-14 |
| 2022-04 | R$ 0.11 | 1.183% | R$ 9.3 | — | 2022-05-13 |
| 2022-03 | R$ 0.1 | 1.047% | R$ 9.56 | — | 2022-04-14 |
| 2022-02 | R$ 0.09 | 1.006% | R$ 8.94 | — | 2022-03-15 |
| 2022-01 | R$ 0.09 | 0.976% | R$ 9.22 | — | 2022-02-14 |
| 2021-12 | R$ 0.09 | 0.915% | R$ 9.84 | — | 2022-01-14 |
| 2021-11 | R$ 0.08 | 0.826% | R$ 9.68 | — | 2021-12-14 |
| 2021-10 | R$ 0.09 | 0.917% | R$ 9.81 | — | 2021-11-16 |
| 2021-09 | R$ 0.08 | 0.806% | R$ 9.92 | — | 2021-10-15 |
| 2021-08 | R$ 0.08 | 0.803% | R$ 9.96 | — | 2021-09-15 |
| 2021-07 | R$ 0.07 | 0.71% | R$ 9.86 | — | 2021-08-13 |
| 2021-06 | R$ 0.07 | 0.69% | R$ 10.15 | — | 2021-07-15 |
| 2021-05 | R$ 0.07 | 0.685% | R$ 10.23 | — | 2021-06-15 |
| 2021-04 | R$ 0.14 | 1.35% | R$ 10.37 | — | 2021-05-14 |
| 2021-03 | R$ 0.08 | 0.778% | R$ 10.29 | — | 2021-04-15 |
| 2021-02 | R$ 0.08 | 0.783% | R$ 10.22 | — | 2021-03-12 |
| 2021-01 | R$ 0.08 | 0.755% | R$ 10.6 | — | 2021-02-12 |
| 2020-12 | R$ 0.07 | 0.677% | R$ 10.33 | — | 2021-01-15 |
| 2020-11 | R$ 0.06 | 0.597% | R$ 10.05 | — | 2020-12-14 |
| 2020-10 | R$ 0.06 | 0.578% | R$ 10.37 | — | 2020-11-16 |
| 2020-09 | R$ 0.13 | 1.236% | R$ 10.52 | — | 2020-10-15 |
| 2020-08 | R$ 0.07 | 0.67% | R$ 10.44 | — | 2020-09-15 |
| 2020-07 | R$ 0.07 | 0.677% | R$ 10.33 | — | 2020-08-14 |
| 2020-06 | R$ 0.07 | 0.65% | R$ 10.77 | — | 2020-07-14 |
| 2020-05 | R$ 0.07 | 0.651% | R$ 10.75 | — | 2020-06-15 |
| 2020-04 | R$ 0.07 | 0.71% | R$ 9.86 | — | 2020-05-15 |
| 2020-03 | R$ 0.16 | 1.61% | R$ 9.94 | — | 2020-04-14 |
| 2020-02 | R$ 0.1 | 0.907% | R$ 11.02 | — | 2020-03-06 |
| 2020-01 | R$ 0.08 | 0.706% | R$ 11.33 | — | 2020-02-14 |
| 2019-12 | R$ 0.19 | 1.518% | R$ 12.51 | — | 2020-01-14 |
| 2019-11 | R$ 0.09 | 0.776% | R$ 11.6 | — | 2019-12-12 |
| 2019-10 | R$ 0.09 | 0.815% | R$ 11.04 | — | 2019-11-14 |
| 2019-09 | R$ 0.09 | 0.816% | R$ 11.03 | — | 2019-10-15 |
| 2019-08 | R$ 0.07 | 0.652% | R$ 10.74 | — | 2019-09-12 |
| 2019-07 | R$ 0.07 | 0.651% | R$ 10.75 | — | 2019-08-15 |
| 2019-06 | R$ 0.07 | 0.61% | R$ 11.47 | — | 2019-07-15 |
| 2019-05 | R$ 0.07 | 0.592% | R$ 11.82 | — | 2019-06-14 |
| 2019-04 | R$ 0.08 | 0.712% | R$ 11.23 | — | 2019-05-15 |
| 2019-03 | R$ 0.07 | 0.648% | R$ 10.8 | — | 2019-04-15 |
| 2019-02 | R$ 0.07 | 0.622% | R$ 11.26 | — | 2019-03-15 |
| 2019-01 | R$ 0.06 | 0.575% | R$ 10.44 | — | 2019-02-14 |
| 2018-12 | R$ 0.06 | 0.544% | R$ 11.02 | — | 2019-01-15 |
| 2018-11 | R$ 0.06 | 0.605% | R$ 9.91 | — | 2018-12-17 |
| 2018-10 | R$ 0.06 | 0.61% | R$ 9.83 | — | 2018-11-16 |
| 2018-09 | R$ 0.07 | 0.72% | R$ 9.72 | — | 2018-10-15 |
| 2018-08 | R$ 0.07 | 0.713% | R$ 9.82 | — | 2018-09-17 |
| 2018-07 | R$ 0.08 | 0.805% | R$ 9.94 | — | 2018-08-14 |
| 2018-06 | R$ 0.1 | 1.0% | R$ 10.0 | — | 2018-07-13 |
| 2018-05 | R$ 0.08 | 0.863% | R$ 9.27 | — | 2018-06-15 |
| 2018-04 | R$ 0.06 | 0.594% | R$ 10.1 | — | 2018-05-15 |
| 2018-03 | R$ 0.06 | 0.583% | R$ 10.29 | — | 2018-04-16 |
| 2018-02 | R$ 0.07 | 0.69% | R$ 10.15 | — | 2018-03-15 |
| 2018-01 | R$ 0.06 | 0.644% | R$ 9.32 | — | 2018-02-15 |
| 2017-12 | R$ 0.05 | 0.529% | R$ 9.45 | — | 2018-01-15 |
| 2017-11 | R$ 0.06 | 0.64% | R$ 9.38 | — | 2017-12-14 |
| 2017-10 | R$ 0.06 | 0.634% | R$ 9.46 | — | 2017-11-16 |
| 2017-09 | R$ 0.07 | 0.746% | R$ 9.38 | — | 2017-10-16 |
| 2017-08 | R$ 0.06 | 0.647% | R$ 9.27 | — | 2017-09-14 |
| 2017-07 | R$ 0.07 | 0.758% | R$ 9.24 | — | 2017-08-14 |
| 2017-06 | R$ 0.06 | 0.636% | R$ 9.43 | — | 2017-07-14 |
| 2017-05 | R$ 0.1 | 1.018% | R$ 9.82 | — | 2017-06-14 |
| 2017-04 | R$ 0.95 | 10.089% | R$ 9.42 | — | 2017-05-15 |
MXRF11 pays R$ 0.10 per unit in May 2026, with payment on 06/15/2026. Over the last 12 months, the DPS ranged between R$ 0.095 and R$ 0.10, resulting in an annualized dividend yield of 12.19%.
Monthly. MXRF11 has distributed income every month since 2017, when it switched from semiannual distributions to the monthly model after the unit split.
High grade. MXRF11 invests in CRIs with low-risk borrowers — CSN (AAA), Arcelor Mittal, Mercado Livre, Assaí and others. The fund's effective default rate is only 0.5%, with an average LTV of 55%.
There was a one-off cut in March 2026 (R$ 0.10 to R$ 0.095), reversed already in April 2026. In 14 years of operation, the fund has never had a structural dividend cut.
The trailing-12-month DY is 12.19%, equivalent to roughly 14.3% gross for those in the 17.5% income-tax bracket — or 118% of the CDI in net terms.
With R$ 10,000 at a price of R$ 9.70/unit, you would buy about 1,031 units and receive roughly R$ 103 per month, tax-exempt for individuals.