Fundo de Investimento Imobiliário Responsabilidade Limitada (Suno Asset)
Segment: Paper / Middle Risk CRI (balanced HG + HY) · Price R$ 80.23 · P/BV 0.8511 · BV/unit R$ 94.27 · Net assets R$ 396 Mi · 34,655 unitholders
SNCI11 (Suno Recebíveis Imobiliários) is a Brazilian REIT in the Paper / Middle Risk CRI (balanced HG + HY) segment. Fundo de Investimento Imobiliário Responsabilidade Limitada (Suno Asset)
Lends to developers and homebuilders via CRIs (backed by real estate liens) and distributes interest monthly — R$ 1.00/unit without cuts for 16 straight months. Watch out: 7% of net assets are in 4 loans undergoing active recovery, and the fund purchased Gafisa shares to facilitate construction tied to a collateralized project.
This page gathers the factual snapshot of SNCI11 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: Suno Asset Management.
Suno Asset Management is a full-service originator: internal CRI structuring (not just a secondary buyer), proprietary credit analysis, a formalized investment committee, and direct relationships with debtors that enable restructurings. The portfolio's consolidated credit spread adjusted from a peak of 5.4% in H2/25 to 3.19% in Apr/26, remaining healthy for the strategy.
Administration is provided by BTG Pactual Serviços Financeiros DTVM. The Suno management team publishes an extensive monthly letter with high transparency on credit events (including granular disclosures on recovering AIZ, Vanguarda, RDR, and Solar Junior CRIs and unitholders' meeting resolutions).
Positive point: management demonstrated the ability to maintain a R$ 1.00 distribution per unit throughout the 2025 stress (unitholder count dropping from ~41k to ~35k), using retained earnings reserves (currently R$ 0.34/unit) and recycling the portfolio — in April, net leverage was zeroed out (the fund became a net lender), CRI Primato was prepaid with a penalty, and CRIs were purchased at attractive rates (MZM Series 1 at IPCA+12.95%, AXS III at IPCA+11.90%, Comporte at CDI+3.85%, Copagril at IPCA+11.50%). The adjusted performance of the last 6 months (21.26%) outperformed IFIX (9.36%) and Paper IFIX (10.07%), correcting the gap opened by credit events. Neutral point: the SNCI-SNME relationship (same manager) requires continuous monitoring to avoid conflicts of interest.
50 assets: 44 CRIs + 6 FIIs — 62.5% IPCA, 19.7% CDI, ~1% INCC/IGPM/Fixed, 10.1% hybrid/logistics/paper FIIs, 8.2% reverse repos, 4% cash
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-supreme-garden | — | 7.3% | — |
| cri-gafisa-sorocaba | — | 6.3% | — |
| cri-gs-souto | — | 6.2% | — |
| cri-mrv-i | — | 5.6% | — |
| cri-opy-health | — | 4.4% | — |
| cri-itabira | — | 4.3% | — |
| cri-ceratti-magna | — | 3.5% | — |
| cri-mzm-iii | — | 3.1% | — |
| cri-mzm-ii | — | 3.0% | — |
| cri-axs | — | 2.9% | — |
| cri-rdr-itu | — | 2.9% | — |
| cri-mzm-v | — | 2.7% | — |
| cri-mrv-ii | — | 2.6% | — |
| cri-axs-3 | — | 2.4% | — |
| cri-bit-serie-4 | — | 2.3% | — |
| cri-latam | — | 2.1% | — |
| cri-bit | — | 2.1% | — |
| cri-bit-serie-3 | — | 2.0% | — |
| cri-mzm-i | — | 1.6% | — |
| cri-aiz-longa | — | 1.4% | — |
| cri-comporte | — | 1.4% | — |
| cri-conceito | — | 1.2% | — |
| cri-gf6 | — | 1.2% | — |
| cri-wimo-iv | — | 1.1% | — |
| cri-rdr-itu-serie-3 | — | 1.1% | — |
| cri-bit-serie-2 | — | 0.9% | — |
| cri-supreme-garden-509 | — | 0.8% | — |
| cri-rdr-itu-serie-2 | — | 0.8% | — |
| cri-arpoador-sub | — | 0.7% | — |
| cri-vanguarda | — | 0.6% | — |
| cri-locpay-senior | — | 0.6% | — |
| cri-wimo | — | 0.4% | — |
| cri-estoque-helbor | — | 0.4% | — |
| cri-gramado-gvi | — | 0.3% | — |
| cri-esatas | — | 0.3% | — |
| cri-astir | — | 0.2% | — |
| cri-rede-duque-443 | — | 0.2% | — |
| cri-rede-duque-444 | — | 0.2% | — |
| cri-arpoador-senior | — | 0.2% | — |
| cri-aiz-curta | — | 0.1% | — |
HHI 0.038 — moderada-baixa.
| Breakdown | Share |
|---|---|
| By state | Southeast (SP/RJ/ES/MG) 62.0% · South (RS/SC/PR) 10.0% · Northeast (PI/MA/CE) 4.0% · Miscellaneous / Granular 7.0% · Non-real estate (FIIs/cash) 17.0% |
| By index | IPCA 62.0% · CDI 17.0% · FII (no direct indexer) 17.0% · Compromissadas 12.0% · INCC 1.0% · IGPM 0.3% |
all-time low R$ 74.40 · high R$ 113.92 · book value per unit R$ 94.27.
Medium-low liquidity — average daily trading volume dropped to R$ 512k in Jun/26 (vs. 12-month average of R$ 664k). A R$ 200k position can be exited in 2 days. A R$ 1M position may take 10+ days.
| Period | What happened |
|---|---|
| 2021 — IPO (Jul/2021) | |
| 2022 — Portfolio matures | |
| 2023 — Linearization | |
| 2024 — DPU compresses | |
| 2024-2025 — Credit events | |
| 2026 — Recovery begins |