CNPJ 28.516.301/0001-91 — IPO on Sep 12, 2019
Segment: Paper — Multi-category CRI (88% IPCA, 12% CDI) · Price R$ 76.99 · P/BV 0.8843 · BV/unit R$ 87.06 · Net assets R$ 758 Mi · 83,479 unitholders
XPCI11 (XP Crédito Imobiliário FII) is a Brazilian REIT in the Paper — Multi-category CRI (88% IPCA, 12% CDI) segment. CNPJ 28.516.301/0001-91 — IPO on Sep 12, 2019
An XP fund that lends money backed by real estate collateral to nearly 50 companies across various sectors and passes the interest on monthly as income tax-exempt income. Note: the GPA group (owners of Pão de Açúcar and Extra) is undergoing an out-of-court reorganization and is the fund's largest individual debtor.
This page gathers the factual snapshot of XPCI11 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: XP Vista Asset Management Ltda..
XP Vista Asset Management is the Brazilian REIT-style fund (FII) management arm of XP Inc., the country's largest independent brokerage. The team managing XPCI11 handles in-house CRI origination (non-outsourced), allowing for customized structuring and an implicit spread premium when selling on the secondary market.
Active management track record: throughout 2025, they completed +30 acquisitions (including CSN AAA, Anima AA.br, Direcional, and Leroy Merlin CRIs) and turned over R$ 607M in Sovereign Treasury Operations (cash management). No documented credit events in the last 24 months — no defaults or meaningful restructurings reported.
Management fee: 1.00% p.a., with no performance fee. Audited by PwC.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| 20B0817201 | — | 8.9% | — |
| 22E1284935 | — | 7.3% | — |
| 20G0800227 | — | 6.5% | — |
| 22L1314899 | — | 5.7% | — |
| 25F8639014 | — | 5.2% | — |
| 23F2426912 | — | 4.9% | — |
| 23D1515316 | — | 4.3% | — |
| 19L0882278 | — | 4.0% | — |
| 24C1526928 | — | 3.8% | — |
| 24J2248382 | — | 3.0% | — |
| 25J2841095 | — | 2.5% | — |
| 24I2431440 | — | 2.0% | — |
| 19G0228153 | — | 2.0% | — |
| 20C0936929 | — | 2.0% | — |
| 21J0043571 | — | 1.8% | — |
| 20B0849733 | — | 1.8% | — |
| 20F0689770 | — | 1.8% | — |
| 24L1853110 | — | 1.4% | — |
| 25L3373552 | — | 1.4% | — |
| 24B1276213 | — | 1.4% | — |
| 19L0882479 | — | 1.3% | — |
| 23K2260145 | — | 1.3% | — |
| 26B3803595 | — | 1.3% | — |
| 24I1177541 | — | 1.2% | — |
| 22G1232724 | — | 1.2% | — |
| 23G2239867 | — | 1.1% | — |
| 24I2268708 | — | 1.1% | — |
| 25J2841065 | — | 1.0% | — |
| 17I0181659 | — | 0.9% | — |
| 20H0695880 | — | 0.8% | — |
| 24K1682338 | — | 0.8% | — |
| 23H1539646 | — | 0.7% | — |
| 20L0687041 | — | 0.6% | — |
| 25C3830957 | — | 0.6% | — |
| 24C1924689 | — | 0.5% | — |
| 18J0698011 | — | 0.5% | — |
| 13J0119975 | — | 0.5% | — |
| 25B2178970 | — | 0.4% | — |
| 23F1508169 | — | 0.4% | — |
| 22C0981880 | — | 0.4% | — |
HHI 0.0395 — baixa.
| Breakdown | Share |
|---|---|
| By state | Sudeste 78.4% · Nordeste 11.7% · Centro-Oeste 6.9% · Sul 2.7% · Norte 0.3% |
| By index | IPCA 78.6% · CDI 10.5% |
A P/BV of 0.93 indicates that the unit is trading at a 7% discount to book value. In credit funds, this discount reflects the risk premium demanded by the market due to: (1) concentration in GPA, (2) a 4.2-year duration in a high-Selic environment, and (3) the mark-to-market cycle of the CRIs.
last close R$ 76.99 · all-time low R$ 70.51 · high R$ 106.76 · book value per unit R$ 87.06.
Average daily volume (21 sessions) of R$ 1,376,102 · 12-month average of R$ 1,903,101.
Comfortable liquidity for positions up to R$ 1 million (3–4 business days). Official volume cited by the manager (Feb/26 management report): R$ 2.97M/day.
| Period | What happened |
|---|---|
| Launch with 1M units at R$ 100 | Inception on Sep 12, 2019, initial offering with net assets of R$ 96.9M and 1 million units. Initial strategy: allocate to IPCA+ and CDI+ CRIs via XP origination. First monthly distribution: R$ 0.63 (Oct/2019). |
| Net assets grow from R$ 96M to R$ 655M | Fundraising followed by active allocation: net assets jump to R$ 622M in Mar/2020 (6.5M units) and R$ 655M in Dec/2021 (6.9M units). Distributions rise from R$ 0.55 to R$ 1.00, tracking increases in the Selic and CDI rates. |
| Distributions reach a historical high of R$ 1.22 | 2022 inflation and a 13.75% Selic rate benefit the portfolio (88% IPCA+, direct indexation). Net assets exceed R$ 800M following the 4th offering (8.7M units in June/2022). Distributions reach R$ 1.22 in May/2022, marking historical highs. |
| Distributions stabilize at R$ 0.80–0.95 as IPCA recedes | IPCA recedes, and Selic begins a rate-cutting cycle in 2023. Monthly distributions drop from R$ 1.22 (May/2022) to R$ 0.80 (Oct–Sep/2024). Book value per unit falls from R$ 97 to R$ 87 (-10%), reflecting the mark-to-market of CRIs amid rising long-term DI rates. Unit price hits R$ 70.51 in Jan/2025 (historical low). |
| Bylaws amendment — limited liability | On June 17, 2025, XP amended the bylaws to comply with CVM Resolution 175: limiting unitholder liability to the unit value and adopting the "limited liability" suffix. No material change for unitholders. Notice to unitholders issued on July 10, 2025. |
| XPCI11 monitors 17% exposure to GPA | GPA announces R$ 1.7B in debt maturing between May and July 2026 with low refinancing capacity, entering an out-of-court reorganization. XP Investimentos preliminarily analyzes the impacts on FIIs with exposure: SLB structures with real estate fiduciary liens and atypical contracts are not affected by the process. XPCI11, with 17.3% of net assets in GPA CRIs, maintains its valuation without credit |
| 48 CRIs, average rate IPCA + 8.03%, 13.2% dividend yield | Net worth of R$ 771M, 8,701,552 units, 81,174 unitholders. Unit price at R$ 82.58 (P/BV 0.93). Latest acquisition: CRI Amy II in Feb/2026 (R$ 10M at CDI + 2.35%). Accumulated inflation-adjustment reserve: R$ 2.25M (R$ 0.25/unit) — a buffer to smooth out DPU volatility. |