CRI: Real Estate Receivables Certificate
Real-estate fixed income. Tax-exempt for individuals.Real-estate fixed income. Tax-exempt for individuals.
Asset class sheet
- Return Profile
- CDI + spread or IPCA + coupon
- Individual Tax (BR)
- Income tax exempt for individuals (BR)
- Collateral & Backing
- Fiduciary lien & receivables assignment
- Offering Cap
- Fiduciary ring-fenced estate
How CRI works
Fixed income backed by real-estate credit, in a ring-fenced estate.
Tax Exempt (IRPF)
Interest distributions are exempt from Brazilian Income Tax for individuals.
Real Collateral
Fiduciary lien on real estate, fiduciary assignment of receivables, and reserve funds.
Scheduled Cash Flow
Contractual calendar for periodic interest payments and principal amortization.
Ring-Fenced Estate
Fiduciary regime isolating transaction assets from the securitizer's balance sheet.
Security Architecture of a Real Estate Transaction
What protects the payment.How the payment flow is protected.
- 01
Origination & Underlying Backing
Receivables from development, land, or rent.
- 02
Fiduciary Lien & Reserve Fund
Property as collateral and a reserve account.
- 03
Inflation (IPCA+) or CDI+ Indexation
Paid as IPCA+ or CDI+.
- 04
Monthly Portfolio Surveillance
Portfolio, construction, and collateral cover.
CRI Portfolio Advantages
- Superior Tax-Adjusted Yield
With no income tax, the net beats a similar CDB.
- Inflation Protection
IPCA+ series track inflation.
- Tangible Real-Economy Backing
Backed by property and receivables.
Risk Factors to Consider
- Credit & Delinquency Risk
Late payments on the real-estate credit can cut the cash flow.
- Construction & Project Performance Risk
Construction delay or cancellations can require extra collateral.
- Low Secondary Liquidity & No FGC
No FGC. Plan to hold until maturity.
Other Poupz Capital asset classes
Corporate Equity
Ownership in real companies
Agribusiness (CRA)
Agribusiness fixed income
Receivables (CR)
Corporate credit
Invest in Real Estate Credit with Institutional Rigor
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