Paper FII — IPCA + CDI CRIs, managed by Polo Capital, corporate + granular mix
Segment: Paper — Multicategory CRI (Mixed IPCA/CDI Multicat) · Price R$ 8.21 · P/BV 0.8615 · BV/unit R$ 9.53 · Net assets R$ 355 Mi · 45,671 unitholders
PORD11 (Polo Crédito Imobiliário FII) is a Brazilian REIT in the Paper — Multicategory CRI (Mixed IPCA/CDI Multicat) segment. Paper FII — IPCA + CDI CRIs, managed by Polo Capital, corporate + granular mix
A fund that lends money to developers, homebuilders, and large corporations through dozens of real estate credit transactions, distributing the interest as monthly income. Be aware: nearly half of the portfolio tracks the CDI rate, meaning monthly income falls if benchmark interest rates decline.
This page gathers the factual snapshot of PORD11 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: Polo Capital Gestão de Recursos Ltda..
A Polo Capital (CNPJ 05.451.668/0001-79) é uma gestora independente brasileira fundada em 2003, com sede no Rio de Janeiro. Atua como multimercado (macro, long short, crédito) e tem track record reconhecido em crédito estruturado. Geri o PORD11 (originalmente Polo Recebíveis Imobiliários II, lançado em dez/2012) há mais de 13 anos sem mudança de gestora — sinal de estabilidade institucional.
O FII passou por desdobramento 10:1 em mar/2024 (cotação saiu de ~R$ 84 para ~R$ 8,40, cota patrimonial de R$ 96,76 para R$ 9,68), aumentando liquidez e democratizando acesso. A cota patrimonial de R$ 9,54 hoje (mar/2026) reflete pequena diluição vs jul/2021 (R$ 99,28 ÷ 10 = R$ 9,93 base) — atribuível a marcação a mercado em ciclo Selic alta.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-coteminas | — | 7.4% | — |
| cri-opy-health | — | 5.1% | — |
| cri-arena-mrv | — | 4.7% | — |
| cri-cetilpark-senior | — | 4.1% | — |
| cri-pro-soluto-sub-cdi | — | 4.0% | — |
| cri-pontte-iv | — | 3.4% | — |
| cri-zircon | — | 2.9% | — |
| cri-sinart | — | 2.9% | — |
| cri-anima | — | 2.7% | — |
| cri-smartfit | — | 2.6% | — |
| cri-patio-malzoni | — | 2.5% | — |
| cri-sao-carlos | — | 2.0% | — |
| cri-allegra-ii | — | 1.9% | — |
| cri-bralar | — | 1.7% | — |
| cri-pro-soluto-sr-ipca | — | 1.7% | — |
| cri-pro-soluto-ii-cdi | — | 1.7% | — |
| cri-mrv-flex-s1 | — | 1.6% | — |
| cri-pulverizado-414 | — | 1.6% | — |
| cri-patrimar-iii | — | 1.5% | — |
| cri-youinc | — | 1.5% | — |
| cri-hapvida | — | 1.5% | — |
| cri-alphaville | — | 1.2% | — |
| cri-mamma-jamma | — | 1.1% | — |
| cri-assai | — | 1.0% | — |
| cri-pulverizado-416 | — | 0.9% | — |
| cri-novo-mundo | — | 0.9% | — |
| cri-pulverizado-415 | — | 0.7% | — |
| cri-solfacil | — | 0.7% | — |
| cri-prestes | — | 0.7% | — |
| cri-brz | — | 0.5% | — |
| cri-corporativo-modena | — | 0.4% | — |
| cri-smartfit-ii | — | 0.3% | — |
| cri-pulverizado-62 | — | 0.3% | — |
| cri-direcional-pro-soluto-ii | — | 0.2% | — |
| cri-dasa | — | 0.0% | — |
| klas12-debenture | — | 0.5% | — |
| FII Moema (unlisted) | — | 9.2% | — |
| FII OURILOG (Logistics) | — | 0.2% | — |
HHI 0.0305 — baixa.
| Breakdown | Share |
|---|---|
| By index | IPCA+ 49.0% · CDI+ 47.0% · IGPM 2.1% · PreFixado 0.7% · Other (FII/cash) -1.2% |
P/BV of 0.88 as of May 8, 2026 — a 12% discount relative to the book value per unit of R$ 9.54. Positioning is close to the mixed peer median (0.91), discounted due to the FII Moema position (9.2%) and exposure to MCMV/development during a high Selic cycle.
last close R$ 8.21 · all-time low R$ 6.61 · high R$ 9.85 · book value per unit R$ 9.53.
| Period | What happened |
|---|---|
| 12/2012 — IPO original | Establishment of Polo Recebíveis Imobiliários II FII under CNPJ 17.156.502/0001-09, CVM registration 200600. The initial offering raised ~R$ 100 million with 1,000,000 units at R$ 100 each. Initial benchmark: CDI. |
| 07/2013 — Mudança de benchmark p/ NTN-B + 1pp | On Jul 22, 2013, the benchmark changed from the CDI to the 6-year NTN-B Treasury bond + 1 percentage point per year — aligning with the consolidating IPCA+ portfolio profile. |
| 12/2018 — 2ª emissão atinge o público pela 1ª vez | Unitholder count grew to 690 by the end of 2018. NAV remained at ~R$ 102M with 1 million units. |
| 11/2019 — Mudança de benchmark p/ IMA-B yield diário (ANBIMA) | Effective Nov 27, 2019, the new benchmark became the daily yield of the IMA-B published by ANBIMA — better aligned with paper FII market best practices. |
| Q1/2020 — 3rd offering doubles the fund's size | Units jumped from 1,000,000 to 1,972,845 (NAV increased from R$ 100M to R$ 197M). The capital raise slightly diluted book value per unit (from R$ 104.5 to R$ 100.28) and significantly expanded the unitholder base. |
| Q2/2021 — 4th offering scales fund to R$ 370M | Units jumped from 1,972,845 to 3,728,375 (raising ~R$ 175M in additional capital). NAV surpassed R$ 370 million. Book value per unit stabilized at ~R$ 99. CRI portfolio volume grew and diversification increased. |
| 03/2024 — Desdobramento de cotas 10:1 | A 10:1 unit split was approved: units increased from 3,728,375 to 37,283,750. Quote price dropped from ~R$ 96 to ~R$ 9.60, and distributions moved from R$ 0.93/unit to R$ 0.094/unit. Objective: increase accessibility and liquidity for retail investors. Unitholders jumped from 27 to 38 and continued growing rapidly to the current 46,178 . |
| 06/2025 — Atualização de Regulamento | On Jun 18, 2025, a private instrument amending the bylaws was executed (registered at the Notary's Office). Details in ID 927977 (complete bylaws) + ID 927980 (consolidation). Updates alignment with the latest CVM regulations. |
| 2025–2026 — Active management in a stressed environment | Between Jan and Mar/2026, management capitalized on widening spreads (Selic at 14.5% + increased credit uncertainty) to build and expand secondary market positions: Assaí (IPCA+11.8%), Patrimar (CDI+2.9–3.2%), and Bralar (CDI+6%) . It exited JHSF at CDI+1.17% and continues to reduce exposure to Novo Mundo (currently amortizing). |