What Happened to ITIP11?
The liquidation process has reached its final stage. The ITIP11 real estate fund (FII) has formalized the wind-down of its operations with a total liquidation value of R$ 64.9325578 per unit, split into two parts: the delivery of units from another fund and a residual cash balance. The record date to qualify for these credits is October 16, 2026.
For investors following the dissolution process approved at the Extraordinary General Meeting on July 27, 2026, the initial projection was that the new fund's units would land in accounts on October 13 and the cash on October 15. The actual schedule was pushed back by about a week. The full sale of the portfolio was completed on October 15, and the conclusion now follows strict dates.
This schedule change answers the main question for investors who checked their brokerage accounts in recent days and saw no new balance: the units and cash were not forgotten; they were simply rescheduled by Inter DTVM administration for the penultimate week of the month.
How Much Will ITIP11 Unitholders Receive per Unit in the Liquidation?
The total gross amount calculated is R$ 64.93 per unit. However, investors will not receive this entire amount in cash. Nearly 94% of the value comes in the form of units of INTER HEDGE FII (INHF), a multi-strategy fund managed by the same firm that absorbed ITIP11's assets.
The official breakdown was structured into two very unequal asset tranches:
Tranche A represents R$ 61.02 per unit and will be delivered in INHF units. To calculate how many units you will receive, the manager used a ratio of 5.811428442 INHF units for every 1 ITIP11 unit. This parity was based on INHF's market price at the close of October 14, 2026, set at R$ 10.50.
Tranche B is the cash amortization balance, equivalent to R$ 3.91 per unit. Any tax adjustments and mandatory withholdings will be deducted from this amount before it reaches your brokerage account.
| Component | Payment Method | Value per Unit | Ratio / Factor | Settlement Date |
|---|---|---|---|---|
| Tranche A | INHF units | R$ 61.02 | 5.811428442 to 1 | 10/21/2026 |
| Tranche B (Gross) | Cash at brokerage | R$ 3.91 | Current currency | 10/23/2026 |
| Gross Total | Hybrid (Units + Cash) | R$ 64.93 | 100.00% | October 2026 |
When Do the INHF Units and Cash Arrive in the Account?
The credits occur on two separate dates. The new INHF units will appear in custody on Wednesday, October 21, 2026, while the net cash portion will be transferred on Friday, October 23, 2026.
Investors should note that the process is not simultaneous. Between October 21 and October 23, the ITIP11 position will be definitively removed from the statement, a new position with the INHF ticker will appear, and two days later, the account balance will receive the financial settlement for Tranche B.
This 48-hour gap between assets and cash is part of the operational mechanics used by B3 and the administrator to consolidate tax withholding orders on the financial capital before final distribution.
How Does Income Tax Withholding Work in the ITIP11 Liquidation?
This is the most sensitive point of the entire process. Capital gains withholding tax (IRRF) will be debited directly from the cash portion (Tranche B). Investors who made a profit by comparing the liquidation value (R$ 64.93) to their purchase price will not need to generate a separate tax payment slip (DARF): the administrator withholds the tax at the source.
The problem lies in how your acquisition cost was calculated. The fund gave unitholders a deadline to report their historical average cost on the Cuore platform. The Material Fact established a punitive rule for those who failed to complete this step.
Watch out for the arbitrated minimum cost: For unitholders who did not report their average cost on Cuore, the administration automatically applied a value of R$ 52.36 per unit—which is the historical low for ITIP11 units on the B3 secondary market.
If you bought units back then for R$ 65.00, R$ 70.00, or at the IPO price of R$ 100.00, but failed to submit the requested information, tax authorities will assume your cost was only R$ 52.36. This creates a fictitious capital gain of R$ 12.57 per unit (R$ 64.93 minus R$ 52.36).
With the standard 20% tax rate on gains earned in real estate funds, the tax hit for negligent unitholders will be about R$ 2.51 per unit withheld at the source. Since the cash portion was only R$ 3.91, the net cash balance to be received shrinks to roughly R$ 1.40 per unit—more than 64% of the cash vanishes into undue taxes.
Was the R$ 64.93 Value Good or Bad for Unitholders Who Held Their Position?
It depends on the benchmark, but the result was favorable for those who held their position until trading closed on August 27. At the last close before trading was frozen, ITIP11 was trading at R$ 54.20 on B3. The liquidation value represented a premium of nearly 20% over the market price at that time.
Compared to Net Asset Value (NAV), the outcome was a marginal loss. In June 2026, net asset value per unit stood at R$ 67.07 (with net assets of R$ 50.18 million). By the close of July 2026, it had dropped to R$ 66.07 (net assets of R$ 49.43 million). The liquidated value of R$ 64.93 came in just 1.7% below the July NAV, absorbing transaction costs and the structure's wind-down fees.
Investors who chose not to sell on B3 at an 18% discount in August captured an extra R$ 10.73 per unit by waiting for the managers to complete the dissolution. Investors who sold during the panic prior to the freeze accepted a financial loss that the actual liquidation did not confirm.
What Happens to Fractional INHF Units?
Because the conversion ratio is broken (5.811428442 INHF units per ITIP11 unit), practically all unitholders will be entitled to decimal fractions. No one ends up with fractional units in their brokerage account.
The rule established by Inter DTVM dictates that only whole units will be credited on October 21. All fractional remainders will be grouped into whole lots and auctioned on B3 at a later date.
Once the auction of these remainders on the market is complete, the net proceeds from the sale will be deposited directly into the respective unitholders' accounts in exact proportion to their fractions. There is no need to issue sell orders or contact the trading desk to resolve these cents.
What to Do Now with the New INHF Units?
The original ITIP11 investment thesis has formally ceased to exist. An investor who held a passive FoF focused exclusively on paper FIIs is now a unitholder in a real estate hedge fund.
You did not choose to buy INHF; the conversion was mandatory by majority vote at Inter Asset's reorganization meeting. While ITIP11 charged only 0.30% per year to replicate the Teva Paper Index across 38 funds, INHF is an actively managed fund with a broader mandate, capable of combining credit, units, and physical brick-and-mortar assets. Investors seeking strict exposure to real estate receivables will need to evaluate whether the new mandate meets their goals or if they should sell INHF on the market after the credit lands.
Before the liquidation process, ITIP11's monthly dividend had been steadily eroding: it paid R$ 0.80 in July 2025, fluctuated between R$ 0.65 and R$ 0.76 in the first half of 2026, and made an extraordinary distribution of R$ 0.92 in August 2026 to empty operating cash. The monthly flow of distributions will now be dictated by INHF's distribution policy.
Check custody on 10/21/2026 — Verify that the whole quantity of INHF units was credited at a ratio of 5.8114 times your former ITIP11 position.
Check the cash deposit on 10/23/2026 — See if the gross financial credit of R$ 3.91 per unit hit your account and check the withholding tax deducted on the settlement statement.
Wait for the fraction auction payout — The residual balance from decimal places will be credited after the odd-lot auction concludes on B3.
Decide the fate of INHF — Reevaluate your portfolio. If you want to keep only pure receivables in your portfolio, prepare to trade the received INHF units on the secondary market.
The Verdict: The Wind-Down of ITIP11
The ITIP11 liquidation process delivered a fair closing value for those who stayed until the end: R$ 64.93 per unit recovered much of the irrational discount seen on the exchange before August's suspension. The only disappointment falls on investors who failed to register their historical cost on Cuore and will face a significant tax withholding based on an arbitrated cost basis of R$ 52.36. With asset delivery scheduled between October 21 and 23 and registration cancellation slated for October 28, 2026, the ITIP11 cycle comes to a definitive end in the FII industry.
