A pure-credit agribusiness fund (Fiagro) managed by Riza Asset Management (CNPJ 40.413.979/0001-44), with R$ 679M in net assets allocated across 19 agribusiness receivables certificates (CRAs) originated by the manager itself, 100% indexed to CDI+ with 94% proprietary origination.
Segment: Fiagro — Credit (Agribusiness CRAs) · Price R$ 8.31 · P/BV 0.8318 · BV/unit R$ 9.99 · Net assets R$ 680 Mi · 89,255 unitholders
RZAG11 (Riza Agro Fiagro) is a Brazilian REIT in the Fiagro — Credit (Agribusiness CRAs) segment. A pure-credit agribusiness fund (Fiagro) managed by Riza Asset Management (CNPJ 40.413.979/0001-44), with R$ 679M in net assets allocated across 19 agribusiness receivables certificates (CRAs) originated by the manager itself, 100% indexed to CDI+ with 94% proprietary origination.
Lends to soybean, corn, and cotton rural producers by purchasing agricultural credit notes (CRAs) structured in-house by manager Riza, and passes on interest as tax-exempt monthly income. Note: a major borrower filed for court-supervised reorganization, although payments remain current.
This page gathers the factual snapshot of RZAG11 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: Riza Asset Management.
Riza Asset Management (CNPJ 12.209.584/0001-99) is an independent Brazilian asset manager founded in 2018 and specialized in structured credit, with a strong footprint in the agricultural and real estate segments. The administrator is Banco Genial S.A. RZAG11 is the firm's flagship Fiagro — Riza also manages RZTR11 (agricultural land) and RZAK11 (Akin, newer agri credit). Its competitive edge is its proprietary origination desk: 89.7% of CRAs are structured internally, maintaining direct relationships with 14 producer groups in soy, corn, and cotton concentrated in the Cerrado and Matopiba regions. Specialized legal counsel in rural restructuring and a track record of 60+ small, well-managed provision-for-doubtful-debts events (including the 2024 Uniggel renegotiation) reinforce its credibility. Point of attention: aggressive performance fee (10% over the CDI) and concentrated exposure to a few top-tier groups.| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cra-atafona-2033 | — | 16.9% | — |
| cra-kps-2031 | — | 13.4% | — |
| cra-celini-2031 | — | 9.1% | — |
| cra-grupo-mg-2031 | — | 7.5% | — |
| cra-gaps-2028 | — | 6.5% | — |
| cra-uniggel-2029 | — | 6.4% | — |
| cra-gatto-2031 | — | 5.2% | — |
| cra-armin-2031 | — | 4.5% | — |
| cra-safra-sul-2031a | — | 4.0% | — |
| cra-oscar-2028 | — | 3.6% | — |
| cra-safra-sul-2031b | — | 2.1% | — |
| cra-horita-2026 | — | 1.7% | — |
| cra-kps-2026 | — | 1.5% | — |
| cra-richart-2026 | — | 1.5% | — |
| cra-uniggel-2026 | — | 1.5% | — |
| cra-agrogar-2026 | — | 2.3% | — |
| cra-pugliesi-2027 | — | 1.2% | — |
| cra-ubere-2026 | — | 1.3% | — |
| FIDC EXAG (subordinated unit) | — | 3.2% | — |
HHI 0.1 — baixa.
| Breakdown | Share |
|---|---|
| By index | CDI+ 100.0% · IPCA 0.0% · PreFixado 0.0% |
P/BV of 0.84 — a 16% discount to the book value of R$ 9.99 (Jun/26). Fund history: maximum P/BV of 1.10 (2021/22) and minimum of 0.80 (Oct/24 with Uniggel allowance for loan losses).
last close R$ 8.31 · all-time low R$ 7.50 · high R$ 10.55 · book value per unit R$ 9.99.
Average daily volume (21 sessions) of R$ 1,140,000 · 12-month average of R$ 1,891,000.
Modest liquidity. A R$ 500k position takes ~2 business days to unwind without moving the price — suitable for retail investors. The fund's daily volume is ~50% of RURA11 and ~60% of VGIA11.
| Period | What happened |
|---|---|
| B3 IPO — R$ 290 million | Launched in October 2021 with initial net assets of R$ 290M (quote at R$ 9.55) and a 100% Fiagro CRA strategy featuring Riza proprietary origination. Operations began on October 6, 2021. |
| 2nd Offering doubles the fund — R$ 663M net assets | In Dec/2022, net assets jumped from R$ 289M (Sep/22) to R$ 663M (Dec/22) following the 2nd offering, which practically doubled the fund. Book value per unit rose to R$ 9.75. Unitholder base: 32.7k. |
| Historical peak in provisioned doubtful debts | Cash jumped to R$ 65.5M in Sep/23 — a preventive reserve in light of the challenging 2023/24 agricultural cycle. DPU fluctuated between R$ 0.115–0.135 throughout 2023. |
| DPU adjusted to R$ 0.105–0.11 | Facing commodity pressure, the manager reduced DPU from R$ 0.12 (2023 average) to R$ 0.105–0.11 throughout 2024 — preserving reserves. Net assets stabilized around R$ 650M. |
| Uniggel Court-Supervised Reorganization Begins | Grupo Uniggel — one of the largest soybean seed producers — files for court-supervised reorganization. Riza renegotiates operations and keeps CRAs current, but chooses NOT to factor revenue into the Feb/26 distribution. |
| DPU rises to R$ 0.125 — end of adjustment cycle | After 12 months paying R$ 0.105–0.11, DPU returned to R$ 0.125 and held that level for 8 consecutive months. Unitholders grew from 87k (Mar/24) to 88.4k (Mar/26). |
| Extraordinary distribution of R$ 0.15 (Dec/25) | In December 2025, the manager distributed R$ 0.15/unit — an exception (vs. stabilized R$ 0.12) — drawing down accumulated reserves from 2H/2025. |
| DPU stabilized at R$ 0.12; BV per unit peaks at R$ 9.98 | Book value per unit reached R$ 9.98 (Mar/26) — highest in history. Net assets of R$ 678.9M, 88.4k unitholders. Quote dropped to R$ 8.90 (May/26) reflecting IFIX adjustments. |
| Uniggel: stay period injunction + controversial Riza unitholders' meeting | In Jun/26, the quote plummeted from R$ 9.14 to R$ 8.22 (-10%) following confirmation of the Uniggel/Grupo Formoso reorganization stay period (7.9% of net assets). BV per unit receded from R$ 9.98 to R$ 9.79. Simultaneously, Riza called a unitholders' meeting (May 28, 2026) to absorb LSAG11 via a private offering of R$ 103.7M without preemptive rights and with investment policy changes — sparking s |