Segment: Paper - Hybrid / Receivables · Price R$ 4.64 · P/BV 0.553 · BV/unit R$ 8.39 · Net assets R$ 174 Mi · 23,009 unitholders
ARRI11 (Open K Ativos e Recebíveis Imobiliários FII) is a Brazilian REIT in the Paper - Hybrid / Receivables segment.
Pools capital from unitholders and lends it to developers and subdividers across 8 states via real-estate contracts, distributing interest monthly as income tax-exempt earnings. Note: two significant loans matured in 2026 and have not yet been settled, carrying a risk of loss on those positions.
This page gathers the factual snapshot of ARRI11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.
Management: Open Capital Gestão de Ativos (Open Kapital).
Open Capital (Open Kapital) is an asset manager specialized in high yield real estate credit. ARRI11 was established in November 2018 as Átrio REIT by REIT Gestão de Ativos, undergoing CVM 175 restructuring in December 2023 when it was renamed to Open K. Administrator: Oliveira Trust DTVM. Auditor: PwC (clean opinion in 2025; 2024 qualification resolved). The manager modernized systems and brought forward management report publications starting September/2025. In March/2026, the manager projects the Selic policy rate at 11% by December/2026. Cumulative return of ~80% since the IPO outperforms the CDI over the period — however, the March/2026 DPU cut and the AROK FII position (same group) keep the rating at fair.See our analysis of Open Capital Gestão de Ativos (Open Kapital) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-raposo | — | 7.6% | — |
| cri-raposo-ii | — | 7.0% | — |
| cri-itaborai | — | 7.0% | — |
| cri-sante | — | 6.6% | — |
| cri-nave-i | — | 6.6% | — |
| cri-pro-lotes-ii | — | 6.5% | — |
| cri-five-senses-sr | — | 6.1% | — |
| cri-rio-branco | — | 5.5% | — |
| cri-socicam | — | 4.7% | — |
| cri-quartier-i | — | 3.9% | — |
| cri-indt | — | 3.8% | — |
| cri-hvl | — | 3.0% | — |
| cri-copagril | — | 2.5% | — |
| cri-delta-park | — | 2.3% | — |
| cri-pro-lotes | — | 2.2% | — |
| cri-nave-ii | — | 1.7% | — |
| cri-ipatinga | — | 1.2% | — |
| cri-rio-branco-ii | — | 1.1% | — |
| cri-five-senses-sub | — | 1.1% | — |
| cri-rni | — | 0.3% | — |
| AROK FII (Open Kapital Multi-Strategy Income Assets) | — | 11.4% | — |
| Diamante FIDC Closed Single Class | — | 3.4% | — |
| RECD11 | — | 1.2% | — |
| PSEC11 (Pátria Securities) | — | 0.6% | — |
| ALZC11 | — | 0.6% | — |
| LIFE11 | — | 0.3% | — |
| Others (EDGA11 and similar) | — | 0.0% | — |
| Cash / Fixed Income | — | 2.7% | — |
HHI 0.0591 — baixa.
| Breakdown | Share |
|---|---|
| By state | MG 36.3% · BA 29.7% · PR 13.1% · AM 8.9% · TO 4.7% · SC 2.8% |
| By index | IPCA+ 80.5% · CDI+ 19.5% |
Unit traded at R$ 4.84 (June 1, 2026, historical low) vs book value of R$ 8.43 (Apr/2026)—a 43% discount. The discount reflects: DPU stabilized at R$ 0.07 (3 months), opaque AROK FII position (11.4% of NAV), Ipatinga default history, matured Raposo CRIs awaiting liquidation, and Selic at 14.5%.
last close R$ 4.64 · all-time low R$ 4.84 · high R$ 11.27 · book value per unit R$ 8.39.
Average daily volume (21 sessions) of R$ 415,816 · 12-month average of R$ 235,485.
Low-to-medium liquidity. A R$ 100k position takes ~1.2 business days to exit without moving the price; R$ 1M takes ~12 days. Recent volume growth (May/2026) is tied to post-DPU-cut selling pressure.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Established as Átrio REIT Recebíveis Imobiliários by REIT Gestão de Ativos. |
| IPO | IPO on B3 as Átrio REIT Recebíveis Imobiliários FII (ARRI11). CVM registration in July/2019. |
| INADIMPLÊNCIA | CRI Ipatinga defaults — first major credit event. |
| SPLIT 1:10 | 1:10 unit split approved in formal unitholder consultation. |
| VIRA OPEN K | CVM 175 restructuring. Name changed to Open K Ativos e Recebíveis Imobiliários FII. |
| 8ª EMISSÃO | 8th offering approved for R$ 70M, but only 13.1% subscription uptake. |
| RESSALVA RESOLVIDA | 2024 financial statements had a PwC qualification regarding FIDC Diamante. In 2025, the qualification was resolved — clean opinion. |
| CORTE DE DPS | After 17 stable months at R$ 0.09, DPU reduced to R$ 0.07 — a 22% drop. |