(Managed by Patria Real Estate since 03/02/2026 — previously RBR Asset Management)
Segment: Paper — High Grade CRI (IPCA+) · Price R$ 82,49 · P/BV 0,8844 · BV/unit R$ 93,29 · Net assets R$ 1,52 Bi · 143.366 unitholders · 103 assets
RBRR11 (RBR High Grade Income — FII) is a Brazilian REIT in the Paper — High Grade CRI (IPCA+) segment. (Managed by Patria Real Estate since 03/02/2026 — previously RBR Asset Management)
Portfolio of 103 quality CRIs (IPCA+9.2% p.a. MTM, LTV ~49%) at P/BV 0.85, under new top-tier management in cleanup and deleveraging phase
This page gathers the factual snapshot of RBRR11 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: Patria Real Estate (Patria Gestão de Recursos / Patria Investimentos).
Since 03/02/2026 management of RBRR11 has been with Patria Real Estate (Patria Gestão de Recursos Ltda.), after Patria acquired direct control of RBR Gestão de Recursos. Patria is Brazil's largest independent FII manager, with R$ 38 Bn under management in the Real Estate vertical, over 30 FIIs listed on B3 and a dedicated team of +50 professionals in the real estate vertical. Across the conglomerate, there are +R$ 309 Bn under management and 37+ years of activity in alternative investments.
Administration remains with BTG Pactual Serviços Financeiros DTVM (also registrar), which is the stable anchor of the structure. The new management signaled a clear agenda in its first reports: reduction of leverage in repo operations, divestment of small, non-core operations from the high grade strategy and study of a consolidation of IPCA+ high grade funds (PCIP, VCJR, RBRR and RPRI). The entry of a top-tier manager is the main positive driver of the thesis today; the risk is the transition period and the definition of the consolidation.
See our analysis of Patria Real Estate (Patria Gestão de Recursos / Patria Investimentos) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CRI Leroy II | — | 7,9% | — |
| CRI GT - Banco do Brasil | — | 7,0% | — |
| CRI Brookfield JK IPCA | — | 6,7% | — |
| CRI Cabreúva | — | 5,7% | — |
| CRI JFL Jardim Faria Lima | — | 5,1% | — |
| CRI JK Financial Center | — | 5,1% | — |
| CRI Plano e Plano | — | 4,4% | — |
| CRI Tellus Brigadeiro II - Series II | — | 3,3% | — |
| CRI CD Guarulhos | — | 3,2% | — |
| CRI Cabreúva Series II | — | 3,1% | — |
| CRI Leo Madeiras | — | 2,8% | — |
| CRI Cury | — | 2,4% | — |
| CRI BTS Yaskawa | — | 2,2% | — |
| CRI Pátio Malzoni | — | 1,6% | — |
| CRI BTLG | — | 1,4% | — |
| CRI aMORA Series I | — | 1,3% | — |
| CRI Barueri Logistics | — | 1,3% | — |
| CRI Faria Lima Business Center | — | 1,2% | — |
| CRI Windsock | — | 1,0% | — |
| CRI Airport Town | — | 0,9% | — |
HHI 0,025 — baixa.
| Breakdown | Share |
|---|---|
| By state | São Paulo (SP) 66,0% · Federal District (DF) 7,0% · Other states / spread 27,0% |
| By index | IPCA 99,0% · IGP-M 1,0% |
Price of R$ 82.49 (09/06/2026, ex-dividend of R$ 0.95 from 11/06) vs book value per unit of R$ 93.29 (May/2026, official Structured Monthly Report data). Discount of ~12%.
último fechamento R$ 82,49 · mínima histórica R$ 74,2 · máxima R$ 112,5425 · valor patrimonial por cota R$ 93,29.
To liquidate a R$ 100k position without affecting price (limit 20% of ADTV/day), it takes ~1 business day. Comfortable liquidity for the retail investor and adequate for medium-sized tickets.
The RBRR11 was born in 2018 as one of the pioneering high grade paper funds from RBR Asset, building over 7 years a diversified portfolio of IPCA+ CRIs with robust real estate collateral, net assets of R$ 1.59 Bn and ~140k unitholders.
The recent inflection point was 03/02/2026, when Patria assumed management after acquiring control of RBR Gestão de Recursos. In the first months, the new management set a clear agenda: reduce leverage in repo operations (from 10.6% to 3.5% of net assets), divest small and non-core operations and study a consolidation of the group's IPCA+ high grade funds. The thesis today combines a quality credit portfolio trading at a 15% book value discount with the entry of a top-tier manager — balanced by the natural uncertainty of a transition period.
| Period | What happened |
|---|---|
| INÍCIO | Fund commences operations on 02/05/2018 as a high grade paper fund from RBR Asset Management, focused on CRIs with robust real estate collateral. BTG Pactual administration. |
| CRESCIMENTO RBR | Under RBR, the fund grows through successive issuances, expanding its unitholder base and net assets, establishing itself as one of the main high grade paper fund benchmarks in the market. |
| DPS NO CICLO DE SELIC ALTA | With Selic elevated and IPCA volatile, DPS fluctuates between R$ 0.70 and R$ 1.00/unit. Net assets exceed R$ 1.5 Bn and the unitholder base reaches ~138k. |
| EMISSÃO — PL R$ 1,53 BI | New issuance raises units outstanding from 15,057,201 to 16,300,275 and net assets to R$ 1.53 Bn (book value per unit R$ 93.61). |
| PATRIA ASSUME A GESTÃO | On 03/02/2026, via Material Fact, Patria takes direct control of RBR Gestão de Recursos and assumes management of RBRR11. First report under new leadership in Feb/26. |
| REDUÇÃO DE ALAVANCAGEM + DESINVESTIMENTOS | New management reduces leverage in repo operations from 10.6% (Feb) to 7.7% (Mar) and 3.5% of net assets (Apr/26), targeting zero by semester end. Divests small, non-core operations (Cone Refri, CB I Meza, Plano e Plano, Wimo) and reduces Pátio Malzoni and Bem Brasil. |
| PL R$ 1,59 BI | Structured Monthly Report Mar/26 reports net assets of R$ 1.588 Bn, book value per unit of R$ 97.47 and 137,782 unitholders, with 102% of net assets allocated in target assets. |
| DPS R$ 0,90 + PLANO DE CONSOLIDAÇÃO | Distributable result of R$ 1.01/unit (with extraordinary from CRI HDEL redemption and sales), DPS of R$ 0.90 paid on 19/05/26. Patria announces study of consolidation of IPCA+ high grade funds (PCIP/VCJR/RBRR/RPRI), with intent to call assembly in the semester. |
| ATUAL (DATA ANÁLISE) | Unit R$ 83.27 (01/06/2026), P/BV 0.85 (vs Mar/26 book value) or 0.89 (vs Apr/26 MTM book value of R$ 93.63). 12m DY ~11.9%. ADTV R$ 4.1 M/day. |