If you searched for OUJP11 on your brokerage platform and couldn't find your units, your money hasn't vanished. The OUJP11 real estate fund has entered liquidation: a material fact released on 11/13/2026 formalized the fund's winding down, which will distribute its assets between two other FIIs and return the remainder in cash to unitholders. You don't need to sell anything right now—just follow the calendar through February 2027.
What Happened to OUJP11?
OUJP11 formally initiated its liquidation process on 11/13/2026. Its portfolio of roughly 32 real estate receivables certificates (CRIs) will be split in two: half will go to FTRR11 and half to RBIC11. Unitholders will receive units in both of these funds plus a cash amortization payment. OUJP11's final trading session on B3 is Dec 11, 2026.
This was the missing piece. Since October, the fund had changed its administrator—Rio Bravo Investimentos DTVM took over from Finaxis on 10/22/2026—but the liquidation itself had not yet been confirmed. This week's document confirms the pending outcome: the fund will not continue operating and will be wound down.
Liquidation Timeline: Dates That Matter
The process has a set beginning, middle, and end. Keep two main dates in mind: Nov 12, 2026 (the last day to trade units) and 02/15/2027 (when the final cash payment arrives). In between, the fund leaves the stock exchange and its assets are transferred.
How Much Will You Receive?
The return comes in three installments. First, an extraordinary distribution of R$ 0.85 per unit, paid in cash on 11/24/2026. Next, in February 2027, you receive units of RBIC11 and FTRR11 (split evenly in value) and a final cash amortization. The sum of these final two portions tends to approach the fund's net asset value (NAV) rather than its exchange quotation.
This difference is what matters most for investors who bought on the exchange. The net asset value per unit (NAV) is R$ 99.52, while the unit closed at R$ 62.22 on 11/13/2026—representing a P/NAV ratio of 0.63, meaning units traded at a 37% discount to NAV. Doing the math: R$ 99.52 ÷ R$ 62.22 ≈ 1.60. If the liquidation returns an amount close to NAV, investors who bought near R$ 62 could receive roughly 60% more than they paid. However, the exact value will only be known on May 2, 2027, because the assets will be valued at the time of transfer and may appraise above or below book NAV.
Extraordinary cash distribution, base date 11/13/2026. This is the only financial amount definitively set so far.
Net asset value per unit. The final amortization (units + cash) tends to approach this figure, not the market price.
Exchange price, reflecting a 37% discount to NAV (P/NAV 0.63). The gap between the two represents potential upside from the liquidation.
What Do You Need to Do?
Very little, but one step has a strict deadline. The main action required is submitting your average purchase cost to the administrator between Nov 12, 2026 and 01/26/2027. This figure represents the price at which you bought your units and is used to calculate income tax on the amortization gains. If you fail to report it, the administrator may apply a default average cost, which is typically disadvantageous for investors who bought at lower prices.
FII amortization payments are taxed as capital gains: a 20% income tax applies to the difference between the amount received and your acquisition cost. That is why your average cost matters so much—the higher your purchase price, the lower your tax burden. Instructions on how to submit this data are typically provided on the Rio Bravo Investimentos DTVM website and through your broker's notices as the deadline approaches.
What Are RBIC11 and FTRR11?
These are the two funds inheriting OUJP11's portfolio. Roughly 32 CRIs will be split evenly between them—a real estate credit portfolio indexed to IPCA and CDI (59% in IPCA + 10.1% and 40% in CDI + 5.1%). Rather than liquidating everything on the market and risking sales at a discount, management chose to transfer the securities to funds that will continue operating.
RBIC11 is the new name for JPPA11—the fund changed its name in October 2026 and is co-managed by JPP Capital, the same firm that managed OUJP11. In other words, part of the assets remains under familiar management. FTRR11 is the other recipient. If you hold OUJP11 today, you will wake up on Oct 2, 2027 with units of these two funds in your portfolio, becoming a unitholder subject to the risks and dividends of each.
- You do not need to rush to sell your units: holding until the end of the process tends to deliver an amount close to NAV, well above the current market price of R$ 62.22
- The extraordinary distribution arrives in your account on 11/24/2026 without any action required on your part, provided you held units on 11/13/2026
- Units will disappear from your brokerage account starting on 12/14/2026—this is expected and not an error; cash and new units arrive in February
- You become a unitholder of RBIC11 and FTRR11 automatically—you must decide, after February, whether to hold or sell these funds
Next Steps in Order
By 11/24/2026 — confirm the credit of the extraordinary distribution in your brokerage account
From Nov 12, 2026 to 01/26/2027 — locate your average purchase cost for OUJP11 and submit it to the administrator within the deadline to avoid overpaying taxes
On May 2, 2027 — read the official announcement detailing the amortization value and the proportion of RBIC11 and FTRR11 units you will receive
After 02/15/2027 — once cash and new assets are in your account, decide whether to keep holding RBIC11 and FTRR11 or reallocate the proceeds
In short: OUJP11 did not default or evaporate—it reached its end in an organized manner, with a public calendar and an exchange discount that works in favor of investors who held their positions. Unitholders' responsibilities are now purely administrative and straightforward: track the dates and report your average cost on time. The outcome that had been pending since October has finally arrived.
