Alert: the unitholders' meeting (AGE) on July 28, 2026, closed its voting period with the result still pending — if approved, the fund will be liquidated and the assets split between FTRR11 and JPPA11. Wait for the Material Fact notice before making any moves. OUJP11 lends money to real estate projects via CRIs (Brazilian real-estate receivables certificates, which are asset-backed credit notes) and distributes interest every month, tax-free for individuals: 65% at IPCA+10.1% and 34% at CDI+5%. Co-managed by JPP Capital and Fator ORE Asset — smaller managers compared to Kinea, BTG, or XP, but with a real track record: 11 new deals in 2024-26 and a defaulted CRI in 2024 resolved without loss in 2025. Monthly distribution rose from R$ 0.93 (Feb/25) to R$ 1.20 (Apr/26) through recycling into higher rates. Real dividend: cash of R$ 1.51 per unit in Apr/26 with a distribution of R$ 1.20 — accumulated reserves of R$ 1.55 per unit cover more than 1 full month. Unit price at R$ 67 with a book value of R$ 99 — P/BV of 0.68 (you pay R$ 67 for every R$ 99 of net worth), dividend yield of 16.5%. Profile: moderate-aggressive investor who accepts reorganization risk and smaller managers in exchange for high inflation-linked income. HOLD for current unitholders; prospective buyers should wait for the outcome of the unitholders' meeting before entering.
Investment thesis
OUJP11 is a veteran hybrid credit Brazilian REIT-style fund (active since 2016) co-managed by JPP Capital and Fator ORE. It holds a portfolio of ~32 CRIs with 65% in IPCA+10.1% and 34% in CDI+5%, an LTV of 50%, and a duration of 2.6 years. P/BV of 0.86 and dividend yield of 15.2% based on market price. Reserves of R$ 1.55/unit provide a buffer to smooth out inflation index volatility. Legacy issue resolved: the 2024 default event on the Carvalho Hosken CRI was 100% resolved in 2025. The portfolio has been aggressively renewed (11 new transactions in 2024–26) at high yields. Alert: smaller-scale managers, concentration in São Paulo (50%), and a P/BV that has failed to converge to book value for years.
Who it's for
Investors seeking a high dividend yield (15%) who accept the risk of a persistent discount to book value
A moderate-aggressive profile comfortable with ICVM 476 paper FIIs lacking agency ratings
Those seeking inflation protection with an average yield of IPCA+10.1%
Those who value accumulated reserves as a DPU cushion
Investors betting on the convergence of P/BV to 1.0 over a 2–3 year horizon
Who it's not for
Those seeking very high liquidity (daily volume of R$ 0.5M)
Investors who cannot tolerate a persistent discount to book value
A conservative profile preferring FIIs managed by Top-3 managers (Kinea, BTG, XP)
Those who do not accept CRIs without agency ratings
Those trading positions > R$ 100k (order book spreads can be wide)
The formal consultation period for OUJP11 unitholders ended on July 28, 2026. The agenda included: (1) change of administrator (Finaxis CTVM → Rio Bravo Investimentos DTVM); (2) increase in the management fee; (3) elimination of the Investment Committee; (4) authorization to sell all assets — 50% to FTRR11 (Fator) and 50% to JPPA11 (JPP Capital); (5) proportional liquidation with OUJP11 unitholders receiving units of both acquiring funds. The general meeting outcome is expected to be disclosed via a Material Fact Notice at any moment. If approved, the fund will be wound down and positions will migrate to FTRR11 and JPPA11. If rejected, OUJP11 will remain active under its current structure. Monitor Material Fact Notices on FundosNet (CNPJ 26.091.656/0001-50).
Skeleton resolved: Carvalho Hosken CRI (R$ 1.2M provision in June 2024)
In June 2024, the fund carried R$ 1.235M in loss provisions for the Carvalho Hosken CRI (19K1124486 and 20F0692684), with installments overdue by 18 to 262 days. By June 2025, according to Grant Thornton's audit, no installment was overdue by more than 16 days and the provision was fully reversed. The Carvalho Hosken CRI remains in the portfolio (5.1% of net assets). Historical delinquency warrants monitoring.
Concentration among certain borrowers (GPCI 7.5%, Celeste 6.2%)
The top 5 borrowers account for ~28% of net assets: GPCI (7.5%, with 2 active CRIs, GPCI II and GPCI III), Celeste (6.2%), Carvalho Hosken (5.1% — the resolved skeleton), Laken (4.7%), Minas Brisa (4.3%). Reasonable diversification for a R$ 328M fund, but any adverse event at GPCI or Celeste would materially impact performance.
Geographic concentration in São Paulo (50%)
Half of the underlying assets are located in São Paulo, with Paraná (10%), Mato Grosso do Sul (7%), and Minas Gerais (4%) accounting for another 21%. Regional risk is concentrated in São Paulo's real estate cycles. If São Paulo enters a real estate downturn, the fund will feel it disproportionately.
Co-management by JPP + Fator ORE — smaller-scale managers
Unlike Kinea, BTG, XP, or VBI Real Estate, JPP Capital and Fator ORE Asset are smaller asset managers. Access to tier-one deals may be limited, and proprietary credit ratings replace external rating agencies (Fitch, S&P) for the majority of the portfolio (16% A1, 31% A3, 34% Baa1, 13% Baa3, 4% Baa2, 2% A2).
Persistence of P/BV < 1.0 for years
The fund has traded at a market price below book value since mid-2022. Even with a recurring dividend yield of 14–15% and accumulated reserves, the market has not converged the price to book value. Possible explanations: smaller managers, low liquidity (R$ 0.5M/day), and perception of credit risk in unregistered ICVM 476 CRIs lacking agency ratings.
Moderate liquidity (R$ 0.5M/day)
Average daily trading volume of R$ 0.5 million (April 2026 — monthly volume of R$ 7.6M) is modest for a fund with R$ 328M in net assets. Positions > R$ 50k–100k may encounter high bid-ask spreads. Volume improved versus R$ 0.3M/day in January 2026, but remains below peers like KNCR11, KNIP11, and VGIP11.
Is OUJP11 trustworthy?
Our current reading of OUJP11 is HOLD, with a score of 6.2/10. This score comes neither from the manager nor the administrator: it is Rico aos Poucos' editorial assessment, built from the documents the fund files with the CVM. Below is what supports it — and what argues against it.
Striking dividend yield of 16.5% and P/BV of 0.68, but currently undergoing corporate reorganization (general meeting expired, outcome pending) and co-managed by JPP + Fator ORE, managers of smaller scale than industry leaders. Concentration in São Paulo (50%) and top 5 borrowers (~28% of net assets). High yield represents a restructuring risk premium, not a clean bargain.
Risks that don't show up in OUJP11's fact sheet
Recurrent delinquency risk
The Carvalho Hosken CRI defaulted in 2024 and was regularized in 2025 — but the borrower (same special-purpose entity) still accounts for 5.1% of net assets. Other similar issuances (CDI+5–7%) could experience similar dynamics.
GPCI concentration
GPCI Empreendimentos has 2 active CRIs totaling 7.5% of net assets (GPCI II and GPCI III). High reliance on a single São Paulo developer for the largest borrower.
P/BV fails to converge
Units traded below book value for 6+ quarters. This may reflect market distrust regarding the quality of unrated CRIs or smaller-scale managers. Convergence is neither guaranteed nor temporally predictable.
Sensitivity to falling CDI/IPCA rates
Since 99% of the portfolio is linked to IPCA/CDI+spread, a drop in the CDI or deflation reduces DPU quickly. The R$ 1.55/unit reserve provides short-term cushioning.
Proprietary credit ratings replacing agencies
~80% of CRIs lack Fitch/S&P/Moody's ratings — relying solely on JPP's proprietary rating. Under stress, the market may question the methodology and widen the discount.
CRIs with high LTVs (10% of portfolio > 76%)
13.9% of assets have an LTV > 85% (e.g., Minas Brisa 95%, Mateus 100% but High Grade, Aracaju 100.6%). In a real estate downturn, these assets may require collateral reinforcement.
Conclusion
The OUJP11 is a veteran hybrid paper-based FII (active since 2016) that demonstrated real resilience by navigating credit stress in 2024 (R$ 1.2M provision for the Carvalho Hosken CRI) and resolving it without permanent loss by Jun/2025. Concurrently, co-managers JPP Capital + Fator ORE aggressively renewed the portfolio: 11 new operations in 2024–26 at high yields (IPCA+10–12.68% and CDI+5–6%). Result: DPU rose from R$ 0.82–0.91 (Jun–Jul/2024) to R$ 1.10 (Mar/26), showing a clear upward trajectory.
The portfolio is diversified (32 CRIs, top 5 debtors represent 28% of net assets), with an average LTV of 50.2% and a duration of 2.6 years. An accumulated reserve of R$ 1.55/unit equals ~1.3x monthly DPU — providing a real cushion to smooth out IPCA/CDI volatility. Geographic concentration in São Paulo (50%) and GPCI (7.5% of net assets) warrant monitoring.
A P/BV of 0.86 offers a 14% discount to book value, but the discount has persisted for 6+ quarters without clear convergence — likely reflecting market distrust regarding smaller-scale managers (vs Kinea/BTG/XP) and the fact that ~80% of CRIs are ICVM 476 issues without agency ratings. A dividend yield of 15.2% on the market unit price is one of the highest in the segment, but comes with real risk.
Frequently asked questions
Is OUJP11 good? Is it worth investing?
Current recommendation: HOLD. Rating 6.2/10. Alert: the unitholders' meeting (AGE) on July 28, 2026, closed its voting period with the result still pending — if approved, the fund will be liquidated and the assets split between FTRR11 and JPPA11. Wait for the Material Fact notice before making any moves. OUJP11 lends money…
OUJP11: buy or sell?
Our current read on OUJP11 is “HOLD”. Rating 6.2/10. Assess it against your risk profile and the points of attention listed above.
What are OUJP11's risks?
The main points of attention for Ourinvest JPP FII include: 🚨 General meeting deadline (July 28, 2026) expired: reorganization awaiting outcome; Skeleton resolved: Carvalho Hosken CRI (R$ 1.2M provision in June 2024); Concentration among certain borrowers (GPCI 7.5%, Celeste 6.2%); Geographic concentration in São Paulo (50%).
Who is OUJP11 suitable for?
OUJP11 is suitable for: Investors seeking a high dividend yield (15%) who accept the risk of a persistent discount to book value A moderate-aggressive profile comfortable with ICVM 476 paper FIIs lacking agency ratings Those seeking inflation protection with an average yield of IPCA+10.1%