FIAGRO-Imobiliário Responsabilidade Limitada — CNPJ 42.537.579/0001-76. Reorganized into FIAGRO RL in accordance with CVM Rule 175. Following the partial spin-off on May 6, 2025 (CPTA11 absorbed ~52% of NAV).
Segment: FIAGRO — Credit (Agribusiness CRAs) · Price R$ 7.42 · P/BV 0.7413 · BV/unit R$ 10.01 · Net assets R$ 198 Mi · 21,268 unitholders · 55 assets
CPTR11 (Capitânia Agro Strategies - FIAGRO-Imobiliário Responsabilidade Limitada) is a Brazilian REIT in the FIAGRO — Credit (Agribusiness CRAs) segment. FIAGRO-Imobiliário Responsabilidade Limitada — CNPJ 42.537.579/0001-76. Reorganized into FIAGRO RL in accordance with CVM Rule 175. Following the partial spin-off on May 6, 2025 (CPTA11 absorbed ~52% of NAV).
Invests in agribusiness CRAs, CRIs, and FIDCs with 55 assets across 39 borrowers, a portfolio audited by EY, and 96% backed by real estate or physical collateral. Note: 3 court-supervised reorganization cases (AgroGalaxy, CRAS Brasil, and the Patense residual) total ~9% of net assets — and the fund suspended distributions for 4 months in 2024.
This page gathers the factual snapshot of CPTR11 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: Capitânia Investimentos.
Capitânia Investimentos is an independent Brazilian asset manager headquartered on Faria Lima Avenue in São Paulo, specializing in structured private credit and listed funds. CPTR11 is the vehicle dedicated to agribusiness within the firm's credit mandate, backed by an active team in risk analysis, structuring, and the CRA secondary market.
Positive highlights of the management: (i) above-average transparency in monthly reporting on the detailed status of the 4 stressed cases; (ii) technical execution of the partial spin-off in May/2025, offering a liquidation option to unsatisfied unitholders without harming the remaining fund; (iii) addition of AAA issuers (Minerva, SLC Máquinas) and a broad concentration-reduction movement—top 5 fell from 23% to 20% of AUM; (iv) audit by Ernst & Young with no qualifications for the 2024/25 fiscal year.
Critical points: (i) the 2023–2024 cycle showed that the initial thesis underestimated agribusiness risk—multiple simultaneous defaults forced the suspension of distributions for 4 months; (ii) the decision to charge performance fees over CDI+1% is unfriendly to unitholders for a high-yield product.
Brazilian agribusiness CRA Fiagro with 55 diversified assets across 41 borrowers, a short 1.7-year duration, and 4 stressed cases representing ~12% of NAV
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| combio-cra021004nu | — | 5.2% | — |
| araguaia-cra02200795 | — | 4.0% | — |
| ultracheese-23j1042731 | — | 3.9% | — |
| agrogalaxy-cra022009ki | — | 3.9% | — |
| patense-cra02300go1 | — | 3.8% | — |
| solubio-cra024008c2 | — | 3.7% | — |
| cras-brasil-cra02300vst | — | 3.4% | — |
| uisa-cra021005qp | — | 3.5% | — |
| alcoeste-cra024008c3 | — | 2.9% | — |
| olfar-cra023003jx | — | 2.8% | — |
| minerva-cra02500b9l | — | 1.3% | — |
| alvorada-22j1107076 | — | 2.7% | — |
| belagricola-cra02200dky | — | 1.1% | — |
| ura-agro-snr6s-4571422sn6 | — | 6.0% | — |
| alianca-agricola-cra02300ci2 | — | 2.2% | — |
| demais-cras-cris-fidcs | — | 35.7% | — |
| cotas-fiagros | — | 10.0% | — |
| caixa-rf | — | 7.3% | — |
HHI 0.038 — baixa.
| Breakdown | Share |
|---|---|
| By index | CDI 63.0% · IPCA 19.0% · Equities (Fiagro units) 10.0% · Caixa 7.0% · PreFixado 1.0% |
Trading at R$ 8.38 (May 13, 2026) vs a book value of R$ 10.03 (Mar/26) = a discount of 16.5%. The discount reflects the risk premium for the 4 reorganization cases (already marked down) plus a reduced scale following the spin-off.
last close R$ 7.42 · all-time low R$ 5.95 · high R$ 10.68 · book value per unit R$ 10.01.
Average daily volume (21 sessions) of R$ 238,145 · 12-month average of R$ 266,647.
LOW liquidity post-spin-off. A R$ 100k position exits in ~2 business days (applying the rule of 20% of daily volume); R$ 500k in 10 business days; R$ 1M in 21 days — a structural constraint for medium-sized investors.
| Period | What happened |
|---|---|
| 1ª EMISSÃO (IPO) | Formation and IPO via ICVM Rule 476, R$ 96.50/unit, raising R$ 100 million. The fund was launched at the peak of enthusiasm for Fiagros as a new asset class. 1,036,270 units initially subscribed. |
| 2ª EMISSÃO | Additional capital raise via ICVM Rule 400 at R$ 96.72/unit, R$ 300 million. NAV reaches ~R$ 405M in Sep/2022. Focus on originating agribusiness CRAs under the Capitânia mandate. |
| DESDOBRAMENTO 1:10 | Approval of a 1:10 unit split to reduce ticket size and increase liquidity. Units go from 4,138,006 to 41,380,060. DPU adjusted from R$ 1.35/unit to R$ 0.10–0.12/unit. |
| CRISE DO AGRO | The agricultural sector faces an adverse delinquency cycle. AgroGalaxy enters court-supervised reorganization (Aug/2024), Patense enters court-supervised reorganization (Sep/2024), and multiple cases pressure portfolio valuations. Market unit price plummets from R$ 9.80 (Jul/24) to a historical low of R$ 5.95 on Dec 20, 2024 (-39%). |
| CISÃO APROVADA E EXECUTADA | On March 5, 2024, the unitholders' meeting approved a partial spin-off; the process was formalized between March 5, 2025 (formal consultation) and May 6, 2025 (record date). 52% of unitholders chose to migrate to CPTA11 (the spun-off fund in liquidation within up to 2 years). Remaining CPTR11: net assets of R$ 199M, 19.8M units. |
| ALTERAÇÕES NO REGULAMENTO | On June 5, 2025, and August 21, 2025, bylaws amendments aligned the fund with CVM Resolution 175 (FIAGRO RL) and refined policies. Management mandate preserved: structured agribusiness credit with the explicit inclusion of Financial CPRs (Rural Product Notes) and CDCAs (Agribusiness Credit Deposit Certificates). |
| ESTABILIDADE DA DISTRIBUIÇÃO | DPU returns to a stable trajectory: R$ 0.11 (Sep–Nov/25), R$ 0.115 (Dec/25–Feb/26). Market price recovers from R$ 6.12 (Dec/24) to R$ 8.59 (Feb/26). Portfolio closes Feb/26 with 55 assets, 41 debtors, and a reserve of R$ 0.268/unit (sufficient for 2.3 months of extra DPU). |
| BELAGRÍCOLA RE APROVADA + ATUAL | Belagrícola reaches the 50% quorum for out-of-court reorganization — credit will be extended without a haircut. Capitânia incorporates Minerva CRAs (AAA) and SLC Máquinas CRAs (SLC group AAA), an explicit move to upgrade the average profile. Accumulated reserve of R$ 0.268/unit. |