High-yield paper FII / CRI with 26 CRIs (aggressive focus, IPCA+ and CDI+) — managed by Rio Bravo Investimentos, IPO Dec 16, 2020 (CNPJ 37.899.479/0001-50)
Segment: Paper / High-Yield CRI · Price R$ 62.28 · P/BV 0.6709 · BV/unit R$ 92.83 · Net assets R$ 176 Mi · 3,428 unitholders
RBHY11 (Rio Bravo Crédito Imobiliário High Yield FII) is a Brazilian REIT in the Paper / High-Yield CRI segment. High-yield paper FII / CRI with 26 CRIs (aggressive focus, IPCA+ and CDI+) — managed by Rio Bravo Investimentos, IPO Dec 16, 2020 (CNPJ 37.899.479/0001-50)
Rio Bravo's high-carry CRI portfolio, with a name that signals the thesis: higher yields in exchange for higher credit risk. Be aware: part of the portfolio is in credit restructuring situations and distributions have relied on asset sales, not just recurring interest.
This page gathers the factual snapshot of RBHY11 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: Rio Bravo Investimentos Ltda..
Rio Bravo Investimentos is one of Brazil's oldest independent asset managers — founded in 2000 — with R$ 14.1B in AUM across 40 funds, including the RBHG11/RBHY11/RBIF11 family (real estate and infrastructure credit) and the brick-and-mortar funds RBVA11/RCRB11/RBRS11/TRBL11/RBFM11. In Mar/2025 it acquired JPP Capital (R$ 500M+ in FIIs, 30k unitholders) — the first in a series of acquisitions announced by director Evandro Buccini. Attention: Pátria Investimentos (the controlling shareholder of RBR since Feb/2026) does NOT control Rio Bravo — these are direct competing managers with similar names.
The management team for RBHY11 has maintained the same profile since its IPO (Dec/2020) — with Marcelo Andrade responsible for market communications. Fund track record: Total Return of 102% (book value per unit + distributions) and 72% (market price per unit + distributions) since IPO, vs. IFIX at 69%. The manager has published consistent semiannual guidance since 2H/2022 — a sign of transparency. Auditor: Baker Tilly 4Partners.
26 CRIs + 4 FIIs | 62.4% High-Yield + 21.8% Middle Risk + 2.4% Home Equity | Average LTV 47.7% | Carry of CDI+6.0% / IPCA+11.0%
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CRI Planta Inc. I | São Paulo - SP | 8.1% | — |
| CRI Ober | Nova Odessa - SP | 7.6% | — |
| CRI Porto 5 | Rio Grande and Pelotas - RS | 6.9% | — |
| CRI Villa Cambury | São Sebastião - SP | 5.2% | — |
| CRI Amelia Telles | Porto Alegre - RS | 5.2% | — |
| CRI Misa | Jericoacoara - CE | 4.2% | — |
| CRI EKKO Group 48th Series | Granja Viana - SP | 3.9% | — |
| CRI Villa Art Indaiá Senior | Caraguatatuba - SP | 3.6% | — |
| CRI EKKO Group 47th Series | Granja Viana - SP | 3.5% | — |
| CRI Finvest | Sete Lagoas, Vespasiano and Esmeraldas - MG | 3.4% | — |
| CRI Arena MRV | Belo Horizonte - MG | 3.4% | — |
| CRI New Village | Abadia de Goiás - GO | 3.3% | — |
| CRI Spot Diadema (Totus) | Diadema - SP | 3.1% | — |
| CRI Celeste Energia | Cuiabá and Brasnorte - MT | 2.7% | — |
| CRI BRK Laboratório II | Aparecida de Goiânia - GO | 2.6% | — |
| CRI Isdralit | Porto Alegre - RS | 2.4% | — |
| CRI Grupo Rei | Santa Helena - GO | 2.3% | — |
| CRI Nest - Vila Ipojuca | São Paulo - SP | 2.3% | — |
| CRI Ellleven Energy Senior | Goiás | 2.0% | — |
| CRI Villa Art Indaiá Subordinated | Caraguatatuba - SP | 2.0% | — |
| CRI Progetti Terrace | Cidade Nova - RS | 1.7% | — |
| CRI Invert - Gafisa | São Paulo - SP | 1.4% | — |
| CRI Celeste Energia II | Nobres - MT | 1.3% | — |
| CRI Fazenda Ranchão | Espírito Santo do Pinhal and Jacutinga - MG | 0.8% | — |
| CRI Ellleven Energy Subordinated | Goiás | 0.5% | — |
| CRI Aris - Astir Incorporadora | São Paulo - SP | 0.1% | — |
| PERMUTA LOTE 5 CAMPINAS FII | — | 3.2% | — |
| FII Galápagos Recebíveis Imobiliários | — | 0.9% | — |
| FII Rio Bravo Crédito High Grade | — | 1.2% | — |
| FII Urca Prime Renda | — | 0.1% | — |
HHI 0.045 — moderada.
| Breakdown | Share |
|---|---|
| By index | CDI 41.0% · IPCA 40.2% · Pré-fixada 2.3% · FIIs 5.3% · Caixa 11.2% |
last close R$ 62.28 · all-time low R$ 73.50 · high R$ 105.00 · book value per unit R$ 92.83.
Average daily volume (21 sessions) of R$ 270,938 · 12-month average of R$ 290,000.
Low liquidity relative to the fund's size. A R$ 100k position takes ~1.8 business days to exit; R$ 500k takes 9 days; R$ 1M takes 18 days. Compatible with long-term retail investors, but incompatible with institutional investors or active trading.
| Period | What happened |
|---|---|
| IPO | Launch of Rio Bravo Crédito Imobiliário High Yield (RBHY11) on Dec 16, 2020. |
| RAMPAGEM | First semester featured rapid cash allocation into CRIs. |
| 2ª EMISSÃO | Units jump to 1,581,644 (~+163%). |
| 3ª EMISSÃO | Units reach 1,893,505 — level maintained to this day. |
| 4ª EMISSÃO ABRE | 4th offering registered with CVM on Nov 8, 2022. |
| OFERTA CANCELADA | CVM approves the request for revocation and cancellation of the 4th offering on Feb 8, 2023. |
| AJUSTE TAXAS | Bylaw amendment by unilateral administrator act, without changing total fees. |
| ESTABILIDADE | DPU shifts from R$ 1.20 (2023) to R$ 1.00 (2024) amid falling inflation (IPCA). |
| AQUISIÇÃO JPP | Rio Bravo (parent of the manager) acquires JPP Capital — the first in a series of M&As. |
| DPS RECUPERA | DPU rises to R$ 1.08 (Feb) and R$ 1.10 (Mar/2026) after 13 months stable at R$ 1.05. |
| ÊNFASE AUDITOR | 2025 Financial Statements (Baker Tilly) include an emphasis: distributions exceeded reserves + fiscal year profit. |
| HOJE | Price R$ 78.07, P/BV 0.86, Dividend Yield 16.01%. Guidance for 1H2026: R$ 1.00-1.20. |