Recommendation: SELL · Rating 2.0/10
Our current reading of LFTT11 is SELL, with a score of 2.0/10. 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.
Last in the Paper · Residential · Medium risk bucket (n=3) by a wide margin. It is a practically defunct fund: 8 unitholders, no distributions for 4 years (DY 0%), P/BV of 0.07, and trading volume of R$ 79k/day on a market cap of R$ 1.4M.
Lite analysis with no CVM filings in the last 180 days. Not comparable to VVCR11 (6.7) or ARTE11 (5.3), which at least distribute income. Maintaining 2.0 (SELL) — unsuitable for secondary market investment.
Safety in a REIT is not yes or no — it is how much risk you accept. LFTT11 has a extremo risk profile. What that means in practice:
| Component | Level |
|---|---|
| Concentração | 5.0 |
| Price volatility | 4.0 |
| Dividend volatility | 5.0 |
| Liquidez | 5.0 |
| Underlying asset risk | 5.0 |
| Financial/leverage risk | 3.0 |
The R$ 0.21/unit principal repayment in Sep/2025 combined with 4 years of no distributions may indicate that the fund is undergoing gradual divestment or liquidation without formal communication to the secondary market. With only 8 unitholders, material decisions can occur without broad disclosure.
Monitor FundosNet/CVM for any meeting minutes or material fact notices
With no CVM filings in the last 180 days, assessing the quality of residential CRIs in the portfolio, delinquency, collateral, or borrower status is impossible. The extreme discount may reflect undisclosed credit problems.
Consult historical documents directly on CVM for in-depth investigation
With only 8 unitholders, the fund operates as a private vehicle for an extremely concentrated group. Conflicts of interest between majority and minority unitholders (if any) are practically invisible without document transparency.
Check meeting minutes and periodic reports on CVM
| Scenario | Description |
|---|---|
| Continued lack of distributions and sporadic principal repayments | The fund continues to distribute no income, occasionally making partial principal repayments as it liquidates assets. Secondary unitholders lose to time without receiving returns. |
| Formal liquidation with returns below book value | If the fund enters formal liquidation, the 8 unitholders may receive returns close to book value — but secondary unitholders who bought at R$ 2.10 may receive much less than the book value of R$ 30.86 if asset issues exist. |
| Resumption of distributions (highly unlikely scenario) | The fund resumes income distributions due to a positive resolution of underlying assets. Highly unlikely without any signaling in the sources consulted. |
LFTT11 (FII Loft II) is a residential paper fund aimed exclusively at qualified investors, with characteristics that make it practically inaccessible and unsuitable for any conventional secondary-market investor.
With only 8 unitholders, the fund operates as a closed private vehicle. The P/BV of 0.07 (a 93% discount) does not represent a value opportunity, but rather the market's pricing that the fund's assets have very limited recovery prospects for unitholders who are not part of the original group. Net assets of R$ 20.5M contrast sharply with the market value of R$ 1.4M.
The lack of distributions since July 2022 — more than 4 years ago — and the sole recent transaction being a principal repayment of R$ 0.21/unit in September 2025 reinforce the view that the fund may be undergoing a gradual asset divestment process with no disclosed schedule.
This analysis is lite — based exclusively on web data (investidor10 and statusinvest), without CVM document mining. No documents were identified in the past 180 days. For any decision, reviewing the complete history on CVM/FundosNet is recommended.
Current recommendation: SELL. Rating 2.0/10. The LFTT11 is a residential paper-based FII intended exclusively for qualified investors , with only 8 unitholders — a figure indicating that the fund is practically closed to the secondary market. The P/BV of 0.07 represents a brutal 93% discount to the book value of R$…
Our current read on LFTT11 is “SELL”. Rating 2.0/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for FII Loft II include: Lite analysis — no CVM filings in the last 180 days; Only 8 unitholders — extremely restricted fund; P/BV of 0.07 — 93% discount to net assets; No distributions since July 2022 — 4 years.
LFTT11 is suitable for: No retail or secondary investor profile is suitable for this fund Potentially the 8 original unitholders awaiting capital return via principal repayments Exclusively for qualified investors with an existing position and deep knowledge of the asset