What Happened to the ITIP11 Settlement?
A two-week delay. The material fact notice released on Jun 10, 2026 rescheduled the final dissolution steps for the ITIP11 real estate investment fund (FII): the disclosure of the exact liquidation value moved from 10/06 to 10/15/2026, the distribution of INHF units shifted from mid-month to 10/21/2026, and the cash credit for the residual amortization was pushed to 10/23/2026.
This shift brings anxiety for investors following the vehicle's wind-down since the July 2026 unitholder meeting. Investors who expected their cash to clear in the first week of October will now need to wait longer. The operational reasons involve aligning asset settlement with the offering of Inter Hedge FII (INHF), an actively managed fund that will absorb ITIP11's portfolio.
For investors whose positions have been locked on the B3 since 08/27/2026, the change does not alter the final economic terms of the exchange, but it does require additional patience during the settlement pipeline.
What Are the New Dates for the ITIP11 Liquidation?
The timeline has been reorganized into six milestones. The official document establishes that the portfolio assets will be definitively converted into INHF units on Aug 10, 2026, with the receipt split on 10/14/2026 and the record date for investor rights set for 10/16/2026.
The complete cancellation of the vehicle's registration with regulators will take place on Dec 11, 2026, formally removing the ticker symbol from the stock exchange system.
What Changes in the Exchange Ratio Between ITIP11 and INHF?
The net asset value (NAV) math remains intact. The portfolio sale is based on the net asset value (NAV) per unit, allowing investors who held ITIP11 at a discount of ~14% to 21% to capture the spread relative to the R$ 64.57 recorded in the equity value at the time of the freeze.
The schedule change does not harm the unit conversion executed at net asset value. Unitholders transition from holding a passive product indexed to the Teva Papel index to owning an actively managed high-grade paper real estate fund.
Asset reference used to close the transaction.
Price locked since trading was frozen on 08/27/2026.
Arbitrage margin captured upon unit delivery at NAV.
How Does Taxation Work at the Time of Unit Delivery?
Withholding tax applies to realized gains. Regulations require a 20% withholding income tax on the positive difference between the amount returned in the liquidation process and the average acquisition cost reported by the unitholder.
The window to submit acquisition costs via the Cuore platform closed on Jan 10, 2026. For investors who did not submit brokerage notes or statements by the deadline, the administrator will apply the lowest historical quotation for ITIP11 as the standard baseline, which tends to increase the tax withheld during the cash settlement.
If you held a position in ITIP11 through the trading freeze date, no manual action is required now on the B3. Custody will transfer automatically on 10/21/2026 when INHF units appear in your portfolio, followed by the cash amortization credit on 10/23/2026. Just keep track of your adjusted average cost basis for future sales of INHF units.
What Should Unitholders Monitor Going Forward?
Three points require attention until operations wrap up completely. The announcement of exact figures on 10/15/2026 will be the key milestone to determine how much will be delivered in INHF units versus cash.
Proportions Disclosure (10/15/2026) — Review the report detailing the exact ITIP11-to-INHF unit conversion factor and the cash amortization amount in reais per unit.
Custody Credit (10/21/2026) — Verify on your brokerage platform that the target fund units were allocated correctly to your investment account.
Fraction Treatment and Cash Deposit (10/23/2026) — Confirm the residual amortization deposit in your checking account and monitor notices regarding any fractional unit auctions resulting from the split.
The Verdict: What to Do About the Rescheduled Timeline
The timeline postponement is a purely operational bump that pushes liquidation proceeds into the second half of October 2026. For locked-in unitholders, the core thesis remains unchanged: the exchange at net asset value absorbs the ITIP11 price discount and transfers custody to an active vehicle (INHF). Investors should watch for the October 15, 21, and 23 dates to confirm account transactions.
