Iridium Gestão de Recursos

Iridium Gestão de Recursos is an independent asset manager founded in 2017 and authorized by CVM in July of the same year (Declaratory Act No. 15,760). Headquartered in São Paulo in Itaim Bibi, the manager built its reputation in the niche of receivables FIIs and currently operates with a single vehicle — IRIM11, which following the merger with IRDM11 (November/2025) became one of the largest paper FIIs on the stock exchange, with a net asset value (NAV) of approximately R$ 2.95 billion and 205 thousand unitholders.

Track record and governance

Iridium reached 2025 with two relevant paper funds: IRDM11, created in 2017/2018, and IRIM11, launched in 2021. IRDM11 built a solid history of distributions — R$ 1.91 billion distributed over more than seven years — but carried the weight of post-pandemic defaults in riskier credit assets (HCTR, DEVA, TORD). The decision to incorporate IRDM11 into IRIM11 was the strategic response: migrate to a more competitive fee structure (no performance fee, 0.98% total per year) and take advantage of IRIM11's market discount to create scale. The merger meeting passed on the first call with a qualified quorum — a sign of effective institutional communication. Historical point of attention: the manager went as far as proposing a 20% performance fee on excess returns for IRIM11, backed down after strong pressure from unitholders, and formalized the permanent exemption — an episode that briefly tarnished its reputation, but demonstrates that market scrutiny worked. The current structure relies on BTG Pactual as administrator and custodian, ensuring operational robustness.

Strategy and fund under management

With the merger completed, IRIM11 became a multi-strategy paper FII with 157 CRIs (~72% of NAV) and 23 FII units (~19%), in addition to cash/fixed income (~10%). The MTM rate of the CRI portfolio is IPCA+10.3%, with a duration of 3.46 years — relevant exposure to IPCA, which supports dividends in inflationary cycles. By sector, the portfolio diversifies into distributed generation (~19%), residential (~22%), shopping malls (~13%), and logistics (~8%), avoiding excessive concentration. Management has been actively recycling assets inherited from IRDM: sales with capital gains, replacement of higher-risk positions with CRIs with better guarantees, and adjustments to the FII portion. The dividend for June/2026 (R$ 0.95/unit) was the highest since the merger — a sign of gradual normalization, although accumulated reserves are practically zeroed out, which reduces the cushion for months with lower results.

Strengths and points of attention

• Post-merger scale: NAV of R$ 2.95 Bi opens access to larger CRI operations and reduces unit management costs.
• Competitive fee structure: 0.98% total without performance — real alignment of incentives after the 2025 episode.
• High DY and diversified portfolio: ~14-15% per year, with IPCA+10.3% MTM and 157 pulverized CRIs across multiple sectors.
• Top-tier administrator: BTG Pactual as administrator and custodian reduces operational risk.

• Recycling still underway: assets inherited from IRDM11 (FIIs of variable quality, riskier CRIs) need to be replaced without destroying DPS — a process expected to last until 2027.
• Persistent discount of ~20%: P/NAV of 0.80 reflects market uncertainty regarding recycling and IRDM's default history. High discount is both an opportunity and a risk signal.
• Zeroed reserves: without an accumulated earnings cushion, monthly dividend volatility should be higher — months with below-average results go straight to the unitholder.
• Questioned governance history: the performance fee episode left a scar; more conservative investors remain attentive.

For which investor does it make sense

IRIM11 — and by extension Iridium — fits the profile of the moderate to aggressive investor who accepts dividend and NAV volatility in exchange for a DY above the paper segment average. The ~20% discount on NAV can be a medium-term unlock as recycling progresses and the market recognizes the sanitized portfolio. More conservative profiles, who need linear and predictable income, should wait for the completion of the recycling process — scheduled for 2026/2027. The critical point to monitor is the sales pace of assets inherited from IRDM: capital gains accelerate recycling, but impact recurring results. Monitoring DPS month by month and management reports is essential before increasing positions.