(formerly BTG Pactual Terras Agrícolas FII — converted to a Limited Liability Fiagro in Jan/2026; same CNPJ 41.076.607/0001-32)
Segment: Fiagro · Farmland (Sale & Leaseback) · Price R$ 70.28 · P/BV 0.6111 · BV/unit R$ 115.01 · Net assets R$ 384 Mi · 11,057 unitholders · 6 assets
BTRA11 (BTG Pactual Terras Agrícolas FIAGRO) is a Brazilian REIT in the Fiagro · Farmland (Sale & Leaseback) segment. (formerly BTG Pactual Terras Agrícolas FII — converted to a Limited Liability Fiagro in Jan/2026; same CNPJ 41.076.607/0001-32)
BTG Pactual's Fiagro in a new phase: after resolving legal disputes and selling farms at a profit, the fund allocated R$ 85M to coffee in southern Minas Gerais, raising recurring income to R$ 0.73/unit. Note: the R$ 0.90 DPU still partially relies on reserves while the new allocations mature.
This page gathers the factual snapshot of BTRA11 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: BTG Pactual Gestora de Recursos Ltda..
BTG Pactual Gestora de Recursos is the asset management arm of Latin America's largest investment bank and one of Brazil's leading asset managers, featuring a broad portfolio of FIIs, Fiagros, FIPs, and listed funds. Administration and custody are handled by BTG Pactual Serviços Financeiros DTVM (CNPJ 59.281.253/0001-23), with auditing by Ernst & Young. The executive responsible for the fund is Gustavo Cotta Piersanti (Head of Fund Services).
The current management team's primary achievement has been the turnaround of the inherited portfolio: following severe adversity across 4 of the 6 original assets (defaults, unauthorized mortgages, possession disputes), the team intervened in judicial proceedings, overturned unfavorable rulings, repossessed properties, and sold farms above acquisition cost — sending net income soaring from R$ 16.5M (2024) to R$ 37.5M (2025). Technical partners include Farm Check, IHS Markit, and StoneX. A key point to watch is that, with the asset sales phase concluded, management must still prove its ability to redeploy cash into recurrent income-generating operations under the new Fiagro mandate.
Unit price of R$ 64.81 (Jul 23, 2026) versus a book value per unit of R$ 114.97 (Jun/2026). A discount of ~44%—one of the largest in the sector. A significant portion of book value consists of accounts receivable from contracted sales (R$ 122.4M), sugarcane FIDC units (R$ 40.2M), the new MG coffee farm (R$ 85M), and fixed-income cash (~R$ 10M)—assets that are largely more tangible than farmland marked to market.
last close R$ 70.28 · all-time low R$ 36.09 · high R$ 73.98 · book value per unit R$ 115.01.
Liquidating a R$ 100k position without moving the price (capping daily sales at 20% of ADTV) requires ~25 trading days. Exiting a R$ 500k position would be unviable without major price impact.
BTRA11 has followed an atypical path: launched with a productive farmland Sale & Leaseback thesis (6 farms, 10,079 ha), it faced severe adversity across four of its six original assets (defaults, unauthorized mortgages, possession disputes), underwent a complete management replacement, and, starting in 2023–2024, executed a consistent program of judicial repossessions and profitable asset monetization. Net income surged from R$ 16.5M (2024) to R$ 37.5M (2025).
Its conversion to a Fiagro in Jan/2026 and its initial sugarcane allocation (ACP Bioenergia) mark the entry into a new phase: having sold its income-generating farms, the fund must now redeploy cash and sales installments into operations that sustain distributions. Its major achievement (the turnaround) and its major risk (depleted recurring income) coexist in the same asset.
| Period | What happened |
|---|---|
| IPO | IPO (CVM Instruction 400) at R$ 100/unit in Jul/2021, raising R$ 350.4M (R$ 336M net of costs). Acquisition of 6 farms (10,079 ha) via Sale & Leaseback with 10-year atypical leases and an average cap rate of ~12.3%. |
| CRISE | Defaults, unauthorized mortgages, and possession disputes across 4 of the 6 original assets. Replacement of consulting/management and legal intervention to overturn unfavorable rulings. |
| VENDA VIANMACEL | Following successful repossession, the fund completed the sale of Fazenda Vianmacel for R$ 101.5M (above acquisition value), payable in 10 semiannual installments. Property remains with the fund until full payment. |
| TURNAROUND | Successful repossessions of Colibri and Três Irmãos. Sale of 50% of Fazenda Três Irmãos (Aug/24) for R$ 44.8M. FY net income of R$ 16.5M (R$ 4.91/unit). |
| RECICLAGEM | Full sale of Rui Prado (R$ 35.5M, Sep/25 — fully paid) and Grupo Hendges (R$ 48M, Dec/25). Net income surges to R$ 37.5M (R$ 11.14/unit). Unit buyback program underway. |
| CONVERSÃO EM FIAGRO | Fund converted from an FII to a Limited Liability Fiagro (same CNPJ), expanding the investment universe into CRAs, agribusiness equity, and debt while maintaining tax exemption for individual investors. |
| ALOCAÇÃO EM CANA | Tactical allocation backed by sugarcane areas in partnership with ACP Bioenergia — registered as R$ 40.2M in FIDC units (10.2% of net assets in the 12/31/2025 Financial Statements). |
| ATUAL (DATA ANÁLISE) | Unit price R$ 60.36 (06/01/2026), P/BV 0.52. DPU of R$ 0.90/unit referring to Apr/26, paid on 05/29/2026. 12m DY 16.49%. Cash of R$ 22M and distributable reserves of R$ 13.44/unit. |
| VITÓRIA JUDICIAL JR | TJ-MT confirms by unanimous panel vote the Fund's ownership rights over Fazenda JR (Campo Verde/MT), denying the appeal filed by Felícia Administração e Participações S.A. The Ownership Lawsuit filed by the Fund was ruled fully favorable in both instances. |
| NOVA ALOCAÇÃO CAFÉ (R$ 85 MI) | Fund executes second major allocation under the expanded Fiagro mandate: R$ 85M in coffee farms in southern Minas Gerais (937 ha total, 714 ha arable). Management declares sanitization concluded — all assets have regularized possession, are sold, or are leased to new partners. Estimated recurring revenue rises to R$ 0.73/unit/month. |
| DESOCUPAÇÃO VOLUNTÁRIA JR | Felícia Administração e Participações S.A. confirms it will voluntarily vacate Fazenda JR by 08/03/2026, acknowledging the TJ-MT ruling. It requested a Court Bailiff to draw up a Statement of Condition — covering corn, millet, and sunn hemp crops — upon handing over the keys. |