Rio Bravo For You Fundo de Investimento Imobiliário de Responsabilidade Limitada, a capital-gain fund with a fixed term until September 10, 2028 (CNPJ 62.662.477/0001-90). Spin-off from RBRS11 on October 1, 2025.
Segment: Residential (capital gains + short/long-term leasing) · Price R$ 74.99 · P/BV 0.7959 · BV/unit R$ 94.22 · Net assets R$ 91,4 Mi · 82 unitholders · 1 assets
RBFY11 (Rio Bravo For You FII) is a Brazilian REIT in the Residential (capital gains + short/long-term leasing) segment. Rio Bravo For You Fundo de Investimento Imobiliário de Responsabilidade Limitada, a capital-gain fund with a fixed term until September 10, 2028 (CNPJ 62.662.477/0001-90). Spin-off from RBRS11 on October 1, 2025.
Orderly liquidation of the Cyrela For You Paraíso development (SP) until 2028, with leveraged CRI debt and distributions taxed at 20%
This page gathers the factual snapshot of RBFY11 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: Rio Bravo Investimentos.
Rio Bravo Investimentos is one of the pioneer FII managers in Brazil (CVM 2000), with a diversified platform — retail (RBVA11), corporate (RCRB11), residential (RBRS11, RBFY11), logistics (TRBL11), multi-strategy (RBFM11), and real estate credit (RBHY11, RBHG11, RBIF11). CEO/CIO Paulo André Porto Bilyk (since 1994, then founder). The firm has a solid track record in long-standing funds such as RCRB11 (1999) and RBVA11. The RBFY11, however, is an atypical vehicle — the product of a spin-off with the specific function of liquidating a residential development. The manager does not determine the thesis: the bylaws already define the exit. The rating of 7 reflects the quality of the firm, not the product.Single portfolio: Cyrela For You Paraíso development (SP) — split between operational properties (rental income) and inventory for sale (capital gains)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Cyrela For You Paraíso | R. Apeninos, 973 and R. Carneiro Dias, 427/429/441/445 — Paraíso Neighborhood, S | 100.0% | 0.84% |
HHI 1.0 — maxima.
| Breakdown | Share |
|---|---|
| By state | Southeast (São Paulo city) 100.0% |
| By tenant | Multiple guests/tenants (short and long stay) 100.0% |
| By index | Adjustable daily rate (short stay) + IPCA (conventional long stay) 100.0% |
P/BV of 0.83 (R$ 78.99 / R$ 94.85)—a 17% discount to BV. But caution: BV is composed of appraised properties (R$ 77.8M income + R$ 30.4M inventory) and what will actually remain for unitholders after paid CRI + sales costs + withheld income tax is lower.
last close R$ 74.99 · all-time low R$ 60.04 · high R$ 95.00 · book value per unit R$ 94.22.
Average daily volume (21 sessions) of R$ 402,734 · 12-month average of R$ 350,000.
Low liquidity. A R$ 100k position takes ~1.2 trading days to exit without moving the price; R$ 1M takes ~12 days. On typical volume days| Period | What happened |
|---|---|
| AQUISIÇÃO PELO RBRS11 | Rio Bravo Renda Residencial (RBRS11) acquires Cyrela For You Paraíso (122 operational + 137 for sale) via a Purchase and Sale Commitment (CCV) with Cyma 04 Empreendimentos. Cyrela delivers the building fully furnished; remaining CCV balance kept open. |
| ESTRUTURAÇÃO DO CRI | To settle the CCV balance and finance FF&E for the 122 units, RBRS11 structures a R$ 48.5M CRI with Cia Província (IPCA+9.50% p.a., maturity Sep/2028). 75% of units pledged under fiduciary lien; receivables assigned. |
| VENDAS PELO RBRS11 | Start of the unit sales cycle to amortize the CRI (Material Fact Notice April 20, 2023). Transfer of R$ 112.3M from Properties to Inventory for sale. |
| CONSTITUIÇÃO DO RBFY11 | Approval of the constitution of RBFY11 as a separate vehicle to exclusively house For You Paraíso. Duration term: 3 years (extendable up to 5). |
| CISÃO PARCIAL DO RBRS11 | Partial Spin-Off takes effect: RBRS11 transfers all For You assets (R$ 110+ M) and the CRI obligation (R$ 19.7M) to RBFY11. RBRS11 retains Urbic Vila Mariana and Urbic Sabiá. |
| ESTREIA NA B3 | Units begin trading on B3 under ticker RBFY11. First close at R$ 95.00. |
| REPACTUAÇÃO DO CRI | CRI spread rises from IPCA+9.50% to IPCA+10.20% reflecting the loss of diversified collateral (spin-off removed Sabiá and Vila Mariana). |
| PRIMEIROS 5 MESES | Current operations: 78–89% occupancy, 94 cumulative units sold, DPU of R$ 0.23/0.23/0.24/0.07/0.00 (manager concentrates distributions at the end of the semester). |
| FASE TERMINAL | Original CRI maturity and nominal fund term (3 years). Manager may extend 1 year + 1 year via Unitholders' Meeting (until 2030). |
| LIQUIDAÇÃO OBRIGATÓRIA | Even with maximum extensions, the bylaws mandate liquidation. Remaining capital returned via extraordinary amortization. Final performance depends on the average selling price of the remaining units. |