Atualizado em Aug 26, 2026 — RG Julho/2026 disponível: O relatório gerencial de julho (doc 1299607, publicado em 25/08) confirma o guidance de 2027 sem novos cortes (R$ 0,575/cota/mês), atualiza o VP para R$ 97,47 e o PL para R$ 662,7 Mi com 31.997 cotistas. Desde a publicação deste artigo, a cota saiu de R$ 49,13, caiu à mínima histórica de R$ 29,31 e recuperou para R$ 35,78 em 25/08 (+12,9% no dia), com relatos no ClubeFII de um único player comprando R$ 3 Mi em cotas desde 05/08. The P/VP passed from 0.50 to 0.37. The DPS of R$ 0.30 for needle and set remains.
What was announced today, Jul 31, 2026, after closing: el MFII11 apurou el MFII11 R$ 0.90 for quote earnings in the April-June quarter and will pay you in three installments of R$ 0,30 — em 14/08, 15/09 e 15/10. Monthly income comes out of the month. R$ 0.91 to R$ 0.30XX: a fall of 67%. Data-base da primeira parcela: Jul 31, 2026.
The lazy reading of this announcement is "the fund manager cut the dividend". That's not what happened. O O O MFII11 did not choose to pay less: he did it Less is less. The R$ 0.90 of the statement is the entire result that the fund found between April and June — and a FII is required by law to distribute at least 95% of what it finds. The dividend is the mirror of the cashier, not someone’s decision.
And this is where the number becomes uncomfortable: in the previous quarter, that same result was R$ 2.73 per share (the R$ 0.91 paid in April, May and June). The quarterly profit of the fund fell 67% from one quarter to the other.
First: how much comes out of your pocket.
Before the "why", what changes in the current account. The income of FII is exempt from income tax for an individual, so the amount below is net:
| Sua posição | Recebia por mês | Passa a receber | Perda mensal |
|---|---|---|---|
| 100 units (~R$ 4,913) | R$ 91,00 | R$ 30,00 | −R$ 61.00XXX |
| 500 units (~R$ 24,565) | R$ 455,00 | R$ 150,00 | −R$ 305.00XXX |
| 1,000 units (~R$ 49,130) | R$ 910,00 | R$ 300,00 | −R$ 610.00XXX |
| 2,000 units (~R$ 98,260) | R$ 1.820,00 | R$ 600,00 | −R$ 1,220.00XXX |
Em The dividend yield yields. — the annual income divided by the price of the unit, the metric that everyone looks at — the fund comes out of annualized 22.2% (R$ 0.91 × 12 over R$ 49.13) for 49.13) 7,3% (R$ 0.30 × 12). The DY of 23.68% that still appears on the websites is the photo of the last 12 months: it is rearview mirror, not windshield.
The detail that almost no one will notice: the fund could have paid the R$ 0.90 at once in August only. It chose to slice into three installments of R$ 0.30 "in order to enable a monthly payment", in the words of the statement. It's not makeup — it's preserving the income routine of the cotist. Mas means that more means more August, September and October are already hired at this stage.: there is no good surprise on the way to 15/10.
Why the box disappeared: two reasons, one of them with name and address.
The quarterly report published today is rare for frankness. The fund manager opens the number that interests: the projection of net cash generation of assets has been redone downwards, and ugly.
| Geração líquida de caixa projetada | Previsão do 1T26 | Previsão do 2T26 | Diferença |
|---|---|---|---|
| Ano de 2026 | R$ 30.6 my R$ 30.6 my R$ 30.6 | R$ 9.2 my R$ 9.2 my R$ 9.2 | −R$ 21.4 mi (−70%)% |
| Ano de 2027 | R$ 87.1 my R$ 87.1 my R$ 87.1 | R$ 46.5 my R$ 46.5 my R$ 46.5 | −R$ 40.6 mi (−47%)% |
Motivo 1 — the concession of the cemeteries of São Paulo. The MFII11 has 35% of the SPE Cortel Consortium SP, which acquired the Block 2 of the cemetery services concession of the capital of São Paulo: five cemeteries (Araçá, Don Bosco, Santo Amaro, Sao Paulo and Vila Nova Cachoeirinha by 5 years), This participation is that participation is. 25,6% da carteira do fundo — it is not a leg, it is a quarter of the heritage.
The business plan of this concession depends on a specific revenue: a. taxa de manutenção dos jazigos, which can only be charged after the City of São Paulo formally accepts the revitalization works. The works went on. The accept, no. Faced with successive delays of the City Hall, the fund manager did what a conservative fund manager does: he played the starting premise of this recipe to start with. 2028 — and said in writing that it adopted a pessimistic scenario "in order to avoid further negative revisions". In the meantime, the fund continues to fund the works of the Intervention Plan in 2026 and 2027 without the inputs it expected.
There's a second move going on, and that's what can turn the game: how the concession got it. prazo fixo e vem sendo corroída por atrasos que não são culpa do concessionário, a equipe do Consórcio Cortel já está montando o pedido de reequilíbrio econômico-financeiro do contrato — the legal mechanism that obliges the granting authority to replenish the account when it itself causes the delay. The fund manager makes it clear that he makes it clear. This rebalancing is not yet in the projections.. In other words: today's guidance is the scenario without any compensation. If the order thrives, it is pure upside down.
2 Motive — sales stuck on two big projects. There is no bureaucracy here to blame. The Damha Fit II (Uberaba/MG) was compared to the Damha Fit I, which sold all the lots in one day, two-thirds in sight. The second phase is with 17% sold, works in 10%, and the little that sells comes out in long installments — which pushes the cashier forward. The Island Reserve (Sertaneja/PR), high standard, is in portfolio since 2022 with works in 46% and e. apenas 7% vendido. Together, the two add 11.1% of the portfolio.
Notice the different nature of the two problems. The first is the first. D D: the revenue exists, is contracted by 25 years, and was pushed into the calendar. The second is the second. demanda: the product is on the shelf and the customer did not come at the expected rhythm. The first is solved with a city pen; the second, only with market.
The number that the report does not add up: the fund will yield less than the savings of itself.
The MFII11 has a trump that Merit repeats in every report — and it is true. In 153 historical months since 2013, the distributed income exceeded the net income tax CDI in net income tax on 2013. 149 delesx 149 deles. Only four months remained below 100% of CDI. In 48 months the fund paid more than double of CDI.
Now do the account with the new number. The metric that the fund manager himself uses is the return on the integralized value. With R$ 0.30, that gives about R$ 0.30. 0,31% ao mês. The liquid CDI liquid IR, with Selic in 14.25%, wheel close to IR, with Selic in 14.25%, wheel close to IR. 0,94% ao mês.
The fund will deliver approximately one-third of the liquid CDI — for three straight months, already contracted. In thirteen years of history, MFII11 fell below 100% of CDI in four isolated months. Now there are three consecutive announcements, announced in advance, on a scale that none of the four historical exceptions have come close. The asset that sold itself as "monthly income above CDI, exempt from IR" ceases to be that for an entire quarter.
"Graduate resumption in 2027": what the fund manager's own table says
The report states that it projects "a gradual recovery at the level of dividends to be distributed from 2027". The phrase calms. The estimated flow table per unit, on the page 12 of the same document, is harder:
| Ano | Estimated flow by quotation | Média mensal implícita | Leitura |
|---|---|---|---|
| 2026 | R$ 7,69 | R$ 0,64 | R$ 5,89 já pagos no 1º semestre |
| 2027 | R$ 6,90 | R$ 0,58 | Below 2026X |
| 2028 | R$ 11,40 | R$ 0,95 | Back to the old footpath. |
Two conclusions come from there, and none is written in the report in large letters.
The first: If 2026 closes at R$ 7.69 per unit and the fund has already paid R$ 5.89 in the first half plus R$ 0.90 announced now, there is exactly R$ 0.90 left for October, November and December. By the fund manager's own projection, the fund manager's own projection, the plateau of R$ 0.30 monthly extends until the end of 2026X — today's press release contracts three months, but the table suggests six.
The second: R$ 6.90 to 2027 is " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " R$ 7.69 of 2026. that the R$ 7.69 of 2026. The "gradual resumption from 2027" means rising from R$ 0.30 to something close to R$ 0.58 per month — half of what the fund paid until March. The return to the level of R$ 0.91 only appears in 2028. Whoever buys MFII11 today waiting for the old dividend to come back in January is reading the headline, not the spreadsheet.
O que sustenta o outro lado da mesa
An honest article does not end in a scare. The thesis of the fund did not die with this announcement, and the numbers that support it are also in the same report.
What is MFII11, in a phrase: A fund that builds apartments and popular lotements—mostly within Minha Casa Minha Vida—sells the units and passes the profit to the unitholder, without income tax. He does not live on rent; he lives on selling ready-made work. This makes revenue naturally irregular: a quarter with concentrated delivery pays a lot, a quarter of standing pitcher pays little.
Translating the four numbers: the fund has nearly R$ 1 billion of merchandise on the shelf and R$ 286 millions already sold entering over the next few years — but also R$ 468.8 millions of work still to pay. The tension of the cashier is not between profit and loss; it is between what comes in and what needs to come out first. That's exactly what broke out in the dividend.
Dos R$ 974,5 milhões de estoque, apenas 42.4 millions are ready units. — the only ones that saw instant cash when they sell. It is the bottleneck in a row: 4.4% of the stock has quick effect on the pocket of the quotation; the rest depends on the work forward and customer appear.
On the operational side, the MCMV engine did not stop. There were two releases in the quarter — Livus Oratório (190 units, VGV above R$ 61 million) and Livus Patriarch (184 units, VGV above R$ 54 million), both in the São Paulo capital — plus the purchase of a plot in Sapopemba. And the granting of cemeteries, which today is the villain of the flow, is also the line with the highest expected result of the entire portfolio: R$ 441.6 millions, with TIR projected from 16.4% per year. Her problem is her problem. quando, não It's the same thing..
There is one fact that deserves redoubled attention: the number of quotations dropped from 32,542 to 32,542. 31.997 between July and August — about 500 people left even before this announcement. The price had already been delivering the message: total return of −26.36% em 2026, against +1.46% of IFIX in the same period.
Sell, insure or buy.
There is no single answer, but there are three defensible readings — and each depends on why you have this background.
| If you bought it for. | What this announcement does to your thesis |
|---|---|
| Renda mensal (viver of dividend) | Quebra. The asset delivers CDI ~1/3 from CDI for at least one quarter and, by fund manager projection, ~60% of the old level in 2027. Predictable income is no longer what this fund offers. |
| Desconto patrimonial (P/VP 0.37) | It does not change. You pay R$ 35.78 for R$ 97.47 of equity. The cut affects the short-term flow, not the value of the stock, receivables or landbank. |
| Retaken in 2028XX | It gets cheaper and longer. The guidance shows R$ 11.40 per unit in 2028 — but you bank two years of low dividend to get there, and the concession rebalancing is a "if", not a "when". |
What it definitely does It makes sense to sell because of the headline without first looking at why you entered. Who bought the R$ 70 looking for income and sees the income fall 67% has a real thesis problem. Who entered R$ 50 for the asset discount received today an information about R$ 50 for the asset discount received today prazoNo, not about it. valor. They are different situations and the same news does not apply to both.
It is worth remembering that the unit closed today at R$ 49.13XX antes do anúncio, que saiu às 17h40. The market reaction to this statement hasn’t happened yet — it starts on Monday. If you want the context of how the price got here, the análise de faixa de preço justa publicada em 23 de julho set the three scenarios — and it is worth rereading it knowing that her dividend premise was R$ 0.91.
The uncomfortable conclusion: the MFII11 was never an income fund, and the market spent thirteen years pretending it was because the dividend fell into the account every day 15. A development fund pays when it sells work — and when the work is delayed, or the city does not sign, it pays R$ 0.30. Whoever bought MFII11 as an exempt fixed income substitute was not deceived by the fund manager: he was deceived by the regularity of a payment that never had any guarantee behind it. The question that remains is not whether the fund is cheap. It is if you have the two years that the guidance of the fund manager himself is asking.
⚠️ Notice and fonts (click to expand)
Information material, is not recommendation to buy or sell. Primary Sources: ZQQQXXXXXXQQXQXXQXQXQXXQXQXXQXQXXQXQXXQXXQXXXQXXQXXXQXXXQXXQXXQXXQXXQXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX Cotação de fechamento de Jul 31, 2026. Values per share conferred also on independent market database. Flow projections are fund manager estimates and can be revised. Past profitability does not guarantee future result.
