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BeginnerBrazilian REITs · Lesson B4.2 · Module B4

Record date, ex-date and payment

Module B4: Your first share

11 slides~5 minquiz at the end

In this lesson

  • The four dates of an income payment
  • The price adjustment on the ex-date
  • Why buying the day before nets zero
See the slides
Desk calendar open on the month of July

Brazilian REITs · Lesson B4.2

Bought today. Do I get this month's income?

Three dates answer that — and the share price does the math too.

An income calendar

The dates that decide who gets paid

  1. 09/30 · Record dateHeld the share at day's end?the income is yours
  2. 10/01 · Ex-dateThe share loses the rightbuyers now wait for the next one
  3. 10/02 · T+2The trade settlesthat doesn't change the right
  4. 10/14 · PaymentCash in your accountR$ 0.90 per share, automatically

Example dates. Each fund announces its own in a notice to shareholders.

The rule

Which day counts?

The trade date counts, not the settlement date.

In Brazil, buy by the end of the record date ("data com") and the income is yours, even if the trade settles at T+2.

On the ex-date

The price takes the income out

R$ 100.00close on record date−R$ 0.90income=R$ 99.10ex-date reference
R$ 99.10share+R$ 0.90to receive=R$ 100.00same value as before

Theoretical reference: in actual trading, the price may open higher or lower.

Both sides

Before or after the record date

Bought by 09/30

  • Gets R$ 0.90 on 10/14
  • Paid a price with the income inside

Bought from 10/01 on

  • Doesn't get this month's income
  • Paid a price without the income in it

The trick that doesn't work

Buy the day before, sell the day after

R$ 99.10sold on 10/01−R$ 100.00bought on 09/30=−R$ 0.90on the sale
−R$ 0.90+R$ 0.90income on 10/14=R$ 0.00in the end

There's no free income. The R$ 0.90 loss on the sale can offset future FII gains (lesson I5.2).

Where to find the dates

Four places to check

  • Shareholder noticethe fund publishes amount and dates
  • Fund pagehere on the site, Dividends tab
  • Dividend calendarupcoming FII payments
  • Your brokershows what you're due to receive

Remember this

Three ideas from this lesson

  1. The record date rulesWhoever held the share at the end of that day gets paid — the trade date counts.
  2. On the ex-date, the price adjustsThe share now trades without the income.
  3. No shortcutBuying the day before and selling after nets zero: you paid for the right.

Quick test · 1 of 2

Bought on the record date, settling at T+2. Do you get paid?

See answer

Yes. The right belongs to whoever bought by the end of the record date. T+2 settlement doesn't change that.

Quick test · 2 of 2

Share at R$ 50.00 on the record date, R$ 0.40 income. Ex-date reference?

See answer

R$ 50.00 − R$ 0.40 = R$ 49.60. The income comes out of the price — and into your account on payment day.

Lesson complete

Next lesson

B4.3Beginner · Lesson B4.3How long does it take to sell and get paid?No redemption: to exit, someone buys your share — and the cash arrives at T+2.Continue
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Image credits
  • Matheus Bertelli · Pexels · Pexels License — Pexels
  • Aaaatu · Wikimedia Commons · CC BY-SA 4.0 — Wikimedia Commons

Educational content, written for learners. Not investment advice.