A formal contract termination. The Brazilian real estate fund (FII) INRD11 (Inter Residence FII) published a material fact disclosing the termination of its market-maker services agreement with Banco Fator, which had been signed on August 27, 2026. The decision stems from no disagreement or operational crisis: it is strictly the execution of the fund's liquidation schedule. Because INRD11 units were officially blocked from trading on the B3 secondary market at the close of August 27, maintaining a contracted institution to guarantee daily liquidity lost all practical and economic sense.
Previous analysis by Rico aos Poucos had already projected INRD11's definitive liquidation and warned of the final exit window via the B3, which closed on August 26, 2026. With the confirmation of the market maker's contract ending, the fund concludes another formal stage of its wind-down, clearing the path for the average cost declaration period and subsequent distribution of units in the receiving fund, INHF11.
What Happened to INRD11 on August 27?
An anticipated operational wind-down. The administrator and manager, Inter Asset, announced the termination of the contract with Banco Fator, which had acted as the market maker for the INRD11 real estate fund. The market maker's role was to place daily buy and sell orders on the B3 order book to provide liquidity to investors and narrow trading spreads.
The shift occurred precisely because the liquidation schedule approved by unitholders established August 27, 2026, as the date for blocking units on the B3. Since the exchange's order book is closed for INRD11 and no more units can change hands until the liquidation is complete, maintaining Banco Fator's services would generate unnecessary costs for unitholders without providing any operational benefit.
Why Was Ending the Market Maker Inevitable?
Because there is no liquidity without a secondary market. A market maker is a financial contractor whose work exists only during the phase of public exchange trading. When INRD11 published its material fact on August 11, 2026, outlining the liquidation, it established that investors interested in selling their units and exiting for cash had to do so strictly between August 12, 2026, and August 26, 2026.
Operational timeline: On August 26, 2026, the B3 exit window closed. On August 27, 2026, units were blocked in the custody system. On that same day, August 27, 2026, the fund terminated the market maker contract. The sequence unfolded seamlessly and without surprises.
Any attempt to hire a new market maker—a possibility mentioned pro forma in the document—is ruled out for as long as the custody freeze remains in place. INRD11 will not return to the B3 trading screen as it moves directly toward canceling its registration with Brazil's securities regulator, the CVM.
INRD11 Units Are Blocked on the B3: What Now?
Now the secondary market exit door is closed. If you held INRD11 units and did not sell them on the exchange by August 26, 2026, you can no longer sell this asset via your broker. Your units now appear as blocked in your brokerage account or are in the process of amortization and replacement.
This transition changes the nature of your investment. You are no longer holding a real estate fund focused on direct residential rentals (multifamily) that distributed monthly rental income (the last announced distribution was R$ 0.72 per unit in August 2026); instead, you are now a unitholder in the process of migrating to INHF11.
| Operational Indicator | Operational History | Current Status (Aug/2026) |
|---|---|---|
| Trading Status | Active on B3 | Blocked since 08/27/2026 |
| Market Maker | Banco Fator (active) | Terminated on 08/27/2026 |
| Portfolio Properties | 5 buildings (490 apartments) | Sold to INHF11 (R$ 108 million) |
| Reference Quote (B3) | R$ 72.53 (08/21/2026) | Trading Suspended |
| Liquidation Value per Unit | ~R$ 95.38 | ~R$ 95.38 (subject to adjustments) |
| Last Monthly Dividend | R$ 0.72 / unit | Ended post-liquidation |
What Is the Next Critical Step for Unitholders Who Kept Their Units?
Input your average cost basis on the Cuore platform. This is the most urgent task for unitholders who remained in the fund. Because capital gains will arise from the liquidation and property exchange transaction, a 20% withholding income tax (IR) applies to the difference between the liquidation value and your acquisition cost.
The manager, Inter Asset, will send the link to the Cuore platform by email on September 1, 2026. The reporting window runs from September 1 to October 1, 2026.
Watch out for excessive tax risk: If you fail to report your average acquisition cost on the Cuore platform by October 1, 2026, tax rules will force the fund administrator to adopt INRD11's lowest historical trading price as your cost basis. This will artificially inflate your capital gains and trigger a much higher 20% withholding tax directly at the source.
When Will Unitholders Receive INHF11 Units?
Between the second and third weeks of October 2026. The sale of INRD11's five properties (Cipreste and Barbacena in Belo Horizonte, Cenarium in Campinas, Lindóia and Ecoville in Curitiba) closed at R$ 108 million. This amount will not be paid out as cash into your checking account; rather, it will be converted into units of INHF11, the Inter group's receiving fund.
The official timeline detailed by the fund establishes the following numerical milestones:
- 07/27 to 09/25/2026: INHF11 offering period and physical asset transfer procedures.
- 09/25/2026: Effective integration of INHF11 units through the transaction structure.
- 09/30 to Jul 10, 2026: Period designated for any cash amortization (in case of cash residuals following tax and expense settlements).
- 10/15 to 10/20/2026: Delivery and distribution of new INHF11 units to unitholder portfolios.
- 10/28/2026: Formal cancellation of INRD11's CVM registration and definitive wind-down of the fund.
From INRD11 to INHF11: What Changes for Your Portfolio?
Your investment thesis changes completely. INRD11 was a vehicle specialized in pure residential income (multifamily), leasing apartments directly to more than 450 tenants and delivering predictable income that grew from R$ 0.52 to R$ 0.72 per unit over 3.5 years with low default rates (0.21%).
By receiving INHF11 units, you become an investor in a real estate hedge fund. INHF11 holds a broader, more flexible, multi-strategy mandate, allowing it to hold real estate receivables certificates (CRIs), units of other FIIs, and various real estate assets. If your original goal in buying INRD11 was exclusive exposure to the urban residential rental market, it is worth evaluating the INHF11 thesis once the units are credited to decide whether to hold the new asset or sell it on the B3.
Verdict: What to Do with Your INRD11 Position Now?
With units blocked since August 27, 2026, and the market maker dismissed, the only immediate action required from unitholders is operational and tax-related. Keep an eye on your inbox on September 1, 2026, to access the Cuore platform and register your correct average cost basis by October 1, 2026.
The arbitrage potential between the screen quote (R$ 72.53 at the last available close) and the property alienation value (~R$ 95.38 per unit) will be realized via conversion into INHF11 units in mid-October, net of income tax withholdings.
Tracking Schedule and Liquidation Triggers
Follow INRD11's next steps using these key numbers and deadlines:
| Date / Window | Expected Event | Required Unitholder Action |
|---|---|---|
| 09/01 to Jan 10, 2026 | Opening of Inter Asset's Cuore system | Report the exact average acquisition cost to avoid a 20% tax on the historical floor price. |
| 09/25/2026 | Integration of INHF11 units | None (internal structuring process). |
| 09/30 to Jul 10, 2026 | Cash amortization window | Check for any residual cash balance deposits in your brokerage account. |
| 10/15 to 10/20/2026 | Crediting of INHF11 units | Verify the receipt of new units in your brokerage custody account. |
| 10/28/2026 | Extinction of INRD11 | Confirm the definitive cancellation of the INRD11 ticker on the B3 system. |
