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BeginnerBrazilian REITs · Lesson B4.3 · Module B4

How long does it take to sell and get paid?

Module B4: Your first share

10 slides~4 minquiz at the end

In this lesson

  • Why there's no redemption
  • Liquidity is turnover, not shareholders
  • What selling everything at once costs
See the slides
Two sand hourglasses on a shelf

Brazilian REITs · Lesson B4.3

I need the money. Now what?

FIIs have no redemption: you sell to someone else — and the cash arrives at T+2.

Aaaatu · Wikimedia Commons · CC BY-SA 4.0

How you exit a FII

No redemption: you need a buyer

  1. You sellsend the sell order
  2. Someone buysanother investor takes the price
  3. Trade doneT+0, the day you sell
  4. Cash in your accountT+2, two business days later

Law 8,668/1993, art. 2: a FII is a closed-end fund; redeeming shares is prohibited.

The settlement clock

Sold on Monday, paid on Wednesday

  1. Monday · T+0Salethe trade closes in the session
  2. Tuesday · T+1Settlingthe cash can't leave yet
  3. Wednesday · T+2Cash availablewithdraw or reinvest

Holidays push the date. In 09/2025, B3 announced a project to move stocks to T+1, planned for 02/2028.

Liquidity

Many shareholders is not the same as liquidity

Fund A · 40k shareholders

30% of sessions

  • On 7 of every 10 days, nobody trades

Fund B · 5k shareholders

100% of sessions

  • Trades R$ 2 million a day

Liquidity is how much money trades per session and in how many sessions there are trades.

The order book

Who wants to buy, who wants to sell

Bids (buyers)Asks (sellers)
Level 1300 at R$ 49.50200 at R$ 50.20
Level 2400 at R$ 49.30500 at R$ 50.40
Level 3300 at R$ 49.00300 at R$ 50.60

Spread: R$ 0.70 between the best bid and the best ask. It's a cost that never shows on your statement.

Do the math

Selling 1,000 shares at once

R$ 50,0001,000 shares × R$ 50÷R$ 20,000traded per session=2.5full sessions
1,000 shares×R$ 49.27average price in the book=R$ 49,270received
R$ 50,000−R$ 49,270=R$ 730cost (1.5%)

The sale eats all three bid levels. On each FII page, the Risk tab estimates how long an exit takes.

Remember this

Three ideas from this lesson

  1. No redemptionTo exit, someone has to buy your share on the exchange.
  2. T+2Sale proceeds become available two business days later.
  3. Liquidity is turnoverWhat counts is money traded and how often — not the number of shareholders.

Quick test · 1 of 2

40k shareholders, trades in 30% of sessions. Is it liquid?

See answer

No. On 7 of every 10 sessions nobody trades. A seller may wait days or accept a much lower price.

Quick test · 2 of 2

Sold on Monday, no holidays that week. When is the cash free?

See answer

On Wednesday. Settlement is T+2: two business days after the trade date.

Lesson complete

Next lesson

B4.4Beginner · Lesson B4.4Why does the share price go up and down?Same rent, share down 20%: the math that separates interest rates from trouble at the fund.Continue
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Image credits
  • Aaaatu · Wikimedia Commons · CC BY-SA 4.0 — Wikimedia Commons
  • Leeloo The First · Pexels · Pexels License — Pexels

Educational content, written for learners. Not investment advice.