In transition: Patria assumed management on Feb 3, 2026 (replacing RBR Asset). Former ticker FRBR11 / RBR Private Crédito Imobiliário. Tax ID (CNPJ) 30.166.700/0001-11. Anbima category: Multicategory Hybrid Paper.
Segment: Paper — High Yield CRI · Price R$ 76.87 · P/BV 0.7612 · BV/unit R$ 100.99 · Net assets R$ 1,29 Bi · 77,662 unitholders
RBRY11 (RBR Structured Real Estate Credit) is a Brazilian REIT in the Paper — High Yield CRI segment. In transition: Patria assumed management on Feb 3, 2026 (replacing RBR Asset). Former ticker FRBR11 / RBR Private Crédito Imobiliário. Tax ID (CNPJ) 30.166.700/0001-11. Anbima category: Multicategory Hybrid Paper.
Finances residential developers in São Paulo through dozens of real estate credit contracts, distributing interest as monthly income. Note: the manager was replaced in 2026, and portfolio cleanup may still pressure income for a few months.
This page gathers the factual snapshot of RBRY11 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 Investimentos (Real Estate).
Patria is one of Latin America's largest alternative asset managers (>R$ 289B in global assets under management), with a 37+ year track record. Its Real Estate division is Brazil's largest independent REIT manager, managing 30+ REITs listed on the B3 (including PCIP11 and HGCR11, benchmarks in CRI). On February 3, 2026, Patria took direct control of RBR Gestão de Recursos, assuming management of RBRX11, RBRY11, and RBRP11. The first month under management (Feb/2026) already brought portfolio cleanup — creating a watchlist of 10.6% of net assets and signaling leverage reduction. Patria's reputation is a vote of confidence for investors who were concerned about the previous management's transparency.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| fii-casas-aaa | — | 10.9% | — |
| cri-xplg-aaa-cdi-ii | — | 8.4% | — |
| cri-yuny-jardim-paulista-i | — | 6.4% | — |
| cri-exto-senior | — | 5.3% | — |
| cri-vila-leopoldina | — | 4.0% | — |
| cri-mos-jardins-pinheiros-ii | — | 4.0% | — |
| cri-hm-maxi-campinas | — | 3.0% | — |
| cri-tael-vi | — | 2.7% | — |
| cri-global-realty | — | 2.6% | — |
| cri-fgr-iii | — | 2.6% | — |
| cri-pulverizado-mk-cdi | — | 2.4% | — |
| cri-conx | — | 2.3% | — |
| cri-tael-ii | — | 2.2% | — |
| cri-pernambuco-my-beach | — | 2.2% | — |
| cri-tarjab-altino-cdi-ii | — | 2.0% | — |
| cri-rkm-senior | — | 1.9% | — |
| cri-tarjab-carinas | — | 1.4% | — |
| cri-verticale-ii | — | 1.4% | — |
| cri-arqos | — | 1.3% | — |
| cri-landsol | — | 0.4% | — |
| RBR High Grade Income | — | 4.3% | — |
| Ourinvest Real Estate | — | 0.6% | — |
| BTG Pactual Crédito Imobiliário | — | 0.5% | — |
| Galapagos Crédito Imobiliário | — | 0.5% | — |
HHI 0.0265 — baixa.
| Breakdown | Share |
|---|---|
| By state | Sudeste 85.0% · Nordeste 5.7% · Centro-Oeste 3.3% · Sul 1.1% · Pulverizado/Múltiplos 4.9% |
| By index | CDI 88.0% · IPCA 11.9% · IGPM 0.1% |
A P/BV of 0.91 indicates a 9% discount to current book value (R$ 100.67/unit, Apr/2026) — well above high-yield peers trading at a 0.75 median. This reflects the premium the market assigns to Patria's credibility as manager. The discount has widened since the last analysis (it was 7% in Mar/2026), tracking the drop in DPU to R$ 1.00.
last close R$ 76.87 · all-time low R$ 78.6 · high R$ 129.6 · book value per unit R$ 100.99.
Average daily volume (21 sessions) of R$ 6,100,000 · 12-month average of R$ 4,200,000.
High liquidity for a high-yield REIT-style fund (FII): ADTV of R$ 6.1M/day (Apr/26). Positions of R$ 1M settle in 1 business day without moving the price — comfortable for retail to corporate investors.
| Period | What happened |
|---|---|
| IPO and initial formation (FRBR11) | Fund launched on May 24, 2018 as FRBR11 — RBR Private Crédito Imobiliário. Started with 162 thousand units and net assets of R$ 16.6M. Focus on CRIs structured by RBR Asset. |
| Growth via offerings | Successive offerings expand net assets — reaching R$ 60M in March 2019 and R$ 200M by the end of 2020. Ticker changes to RBRY11 and name to 'RBR Structured Real Estate Credit' to reflect repositioning. |
| Peak of non-recurring revenue | Portfolio matures and receives waves of prepayments: extraordinary distribution of R$ 2.85/unit in April 2022. Net assets exceed R$ 1B. Average DPU hovers around R$ 1.15–1.25. |
| Stabilization in high interest rate cycle | Selic at 13.75% benefits carry. Extraordinary distribution of R$ 2.35/unit in Feb/2023. Portfolio reaches ~40 operations with average LTV close to 60%. |
| Gradual DPU compression | DPU drops from R$ 1.05 (Jan) to R$ 0.90 (Sep/Oct) with the normalization of non-recurring revenues. Net assets end the year at R$ 1.2B with 12.77M units (stabilized — no new offerings since 2023). |
| Recovery and final RBR extraordinary distribution | High Selic and active management raise DPU to R$ 1.25 between Aug-Dec/2025. In Oct/2025, an extraordinary distribution of R$ 2.50/unit — the last major extraordinary distribution under RBR management before the sale to Patria. |
| Patria takes over — cleanup underway | On Feb 3, 2026, Patria assumes management. Within 60 days: pays R$ 0.52/unit in performance fees to the previous manager (wiping out reserves), creates a watchlist with 6 CRIs (10.6% of net assets), and signals leverage reduction. DPU begins to fall: 1.25 → 1.15 → 1.09 → 1.06. |