REC Recebíveis Imobiliários
Segment: Paper (CRI) — Multi-category · Price R$ 75.44 · P/BV 0.8674 · BV/unit R$ 86.97 · Net assets R$ 2,30 Bi · 174,052 unitholders · 100 assets
RECR11 (REC Recebíveis Imobiliários FII) is a Brazilian REIT in the Paper (CRI) — Multi-category segment. REC Recebíveis Imobiliários
Lends to developers, land subdividers, and shopping malls by purchasing debt securities backed by real estate (CRIs) and passes on the interest every month, distributed across roughly one hundred operations. Note: distributions fluctuate month-to-month and the majority finances residential construction and land subdivisions, which are sensitive to high interest rates.
This page gathers the factual snapshot of RECR11 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: REC Gestão de Recursos S.A..
REC Gestão de Recursos has operated for over 10 years in the Brazilian market, focusing on real estate fixed income. In addition to RECR11, it manages REC Renda Imobiliária (advisory), REC Logística, REC Multiestratégia, REC FAMI Fundo de CRI, REC Cotas Amortizáveis II, REC Master Fundo de CRI, and REC One — totaling approximately R$ 3.5 billion under management. The team specializes in structuring CRIs focusing on collateral and mitigants (fiduciary liens + reserve funds are standard across all operations). RECR11 track record: cumulative distribution of 158.3% on a R$ 100 unit price between Dec/2017 and Mar/2026, vs. 87.1% for the liquid CDI — 82% above the benchmark.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-realiza-2025-habitasec | — | 5.2% | — |
| cri-ativos-resid-diversif-habitasec | — | 4.2% | — |
| cri-ativos-resid-diversif2-habitasec | — | 2.5% | — |
| cri-realiza-2-habitasec | — | 2.0% | — |
| cri-vca3-canal | — | 1.8% | — |
| cri-pulverizado-projetos-residenciais-habitasec | — | 1.5% | — |
| cri-codepe-habitasec | — | 1.3% | — |
| cri-aracaju-shopping-habitasec | — | 1.1% | — |
| cri-fampar2-habitasec | — | 1.0% | — |
| cri-cortel3-snr-opea | — | 1.0% | — |
| cri-vca-habitasec | — | 0.9% | — |
| cri-ativos-resid-diversif2-novo-habitasec | — | 0.7% | — |
| cri-vca2-habitasec | — | 0.6% | — |
| cri-vokkan2-canal | — | 0.5% | — |
| cri-carneiro-habitasec | — | 0.5% | — |
| cri-terra-santa-leverage | — | 0.5% | — |
| cri-pulverizado-projetos-residenciais2-habitasec | — | 0.4% | — |
| cri-credihome3-snr-opea | — | 0.5% | — |
| cri-comtermica-canal | — | 0.2% | — |
| cri-bari-cri-imob-pf | — | 0.1% | — |
| cri-olimpo-renegociado | — | — | — |
| Open K Ativos e Recebíveis | — | 0.4% | — |
| Emet Multiestratégia FII | — | 0.8% | — |
| Faria Lima Capital Recebíveis | — | 0.1% | — |
| Suno CRI FII | — | 0.7% | — |
| Valora CRI Infra FII | — | 1.3% | — |
| Aroeira FII | — | 0.4% | — |
| Morumbi Plaza Building (ownership stake) | Av. Dr. Chucri Zaidan — Morumbi/Brooklin Novo, São Paulo/SP | — | — |
HHI 0.0135 — muito baixa.
| Breakdown | Share |
|---|---|
| By index | IPCA+ 74.7% · CDI+ 12.6% · IGPM 2.7% · TR 0.1% · Others (FIIs / Real Estate / Cash) 9.9% |
RECR11 trades at a P/BV of 0.91 — a 9% discount to its book value of R$ 88.93. In line with the mixed paper subsegment median.
last close R$ 75.44 · all-time low R$ 67.2 · high R$ 106.4 · book value per unit R$ 86.97.
Average daily volume (21 sessions) of R$ 2,135,602 · 12-month average of R$ 2,889,445.
Excellent liquidity for the segment — average daily trading volume of R$ 2,135,602 (after XP joined as market maker in Jan/2026). Positions of up to R$ 1M can be exited in ~3 business days without moving the price. RECR11 ranks among the most liquid paper FIIs on the B3.
| Period | What happened |
|---|---|
| IPO as UBSR11 — UBS (BR) Recebíveis Imobiliários | The fund began trading on Dec/21/2017 under ticker UBSR11, administered by Banco Ourinvest. Multiple unit classes were initially issued (8 series), unified under the same CNPJ (28.152.272/0001-26). Initial unit price R$ 100.00. |
| Migration to BRL Trust DTVM and renaming to RECR11 | In Aug/2018, administration migrated to BRL Trust DTVM. The fund appointed REC Gestão de Recursos as investment advisor. Ticker was renamed to RECR11 and classes were unified. |
| 12 offerings in 4 years — rapid scaling of net assets | Uninterrupted capital raising from 2017 to 2022: 12th offering completed in May/2022 (R$ 213.9M, 2.18M units). Net assets jumped from ~R$ 31M (1st offering) to ~R$ 2.5B. RECR11 entered the IFIX in Sep/2018. |
| Historical drawdown — fund drops to R$ 67.20 (Dec/2024) | High-yield (HY) paper crisis (DEVA11/HCTR11), Selic rate hike to 14.75%, and stress in the pulverized CRI segment pulled the unit down to R$ 67.20 on Dec/16/2024 — a 24.9% drawdown vs. moving peak. Recovered to R$ 80+ throughout 2025. |
| Olimpo Case — payment-in-kind via real estate | The fund entered into a Private Agreement with Olimpo Participações: Olimpo CRI (20J0612532) and Olimpo 2 CRI (21E0426247) were settled via payment-in-kind of real estate and receivables. Morumbi Plaza property (R$ 75.9M, ~3% of net assets) is the material outcome for the fund. |
| Hiring of Market Maker (XP) | On Jan/15/2026, the fund hired XP Investimentos as market maker to foster liquidity and efficient price formation. Average daily volume rose to R$ 3.2M in subsequent months. |
| Extraordinary DPS of R$ 1.03 — capturing mark-to-market gains | In Mar/2026, RECR11 distributed R$ 1.0335/unit — highest DPS since May/2025. Monthly cash result (R$ 27.3M) reflects greater capture of mark-to-market gains on accumulated IPCA inflation and targeted amortizations. |