Paper FIIs: CRIs, Receivables, and How to Invest
March 15, 2026
How paper FIIs work
What are CRIs? Real Estate Receivables Certificates are debt securities backed by real estate credits. When someone finances a property, that credit can be "packaged" into a CRI and sold to investors.
Types of indexers: - CDI+: Yields CDI plus a spread (e.g., CDI + 3%). Payments rise when Selic rises. - IPCA+: Yields IPCA plus a spread (e.g., IPCA + 7%). Protects against inflation. - Fixed rate: Fixed rate. Less common in FIIs.
Impact of Selic on paper FIIs: - Selic rises → CDI+ FII dividends increase - Selic falls → CDI+ FII dividends decrease - IPCA rises → IPCA+ FII dividends increase
Paper FII risks: - Credit risk: Borrower may default - Prepayment risk: Borrower pays early, reducing future income - Market risk: Share price can drop in adverse scenarios
In PaxMoney, paper FIIs are automatically categorized, letting you see how much of your portfolio is exposed to paper vs brick.