Attention (Jun/26): one of the borrowers — Grupo Uniggel, representing 7.9% of net assets — filed for court-supervised reorganization, and the quote dropped from R$ 9.14 to R$ 8.27; contracts remain formally current on payments, backed by land collateral. RZAG11 lends money to soybean, corn, and cotton farmers via CRAs (agribusiness receivables certificates) and passes on the interest monthly, exempt from income tax for individual investors. Manager Riza Asset Management originates 90% of the loans directly with producers — rated 8/10, very good. The R$ 0.12/month distribution has been locked in for 15 months and is real: the fund distributes exactly the interest it generates, without drawing on reserves. With the quote at R$ 8.27, the annualized yield reaches 17.5% p.a., tax-exempt. The current discount — P/BV 0.84 (you pay R$ 84 for every R$ 100 of the fund's assets) — reflects uncertainty surrounding the Uniggel case. It suits investors seeking tax-exempt monthly income with high yields who accept moderate risk in rural credit and hold a 3–5 year horizon; it is not suitable for those wanting inflation protection (it yields the CDI, not the IPCA) or those needing quick liquidity. Verdict: ACCUMULATE — worth it if you believe the Uniggel situation has a resolution; avoid if rural borrower default risk makes you uncomfortable.
Investment thesis
RZAG11 is Riza Asset's credit Fiagro, holding R$ 679M across 19 CRAs originated in-house (89.7%), 100% CDI+4.79% and a 2.1-year duration. The fund pays a stable DPU of R$ 0.12/month for 15 months (interrupted only by the Dec/25 extra), yielding a 12m dividend yield of 16.9% p.a. on a R$ 8.90 quote with a P/BV of 0.89. Book value per unit grew from R$ 9.55 (IPO) to R$ 9.98 (Mar/26) — a sign of real accounting growth after paying 53 dividends. Robust collateral (Aval + land fiduciary lien in 18/19 CRAs) and direct relationships with 14 consolidated rural producers (25–60 years) form the core thesis. Risks: pending Uniggel reorganization (6.4% of net assets) and projected Selic rate cuts to 11% compressing revenue.
Who it's for
Investors seeking tax-exempt monthly income with a high CDI+ spread, preferring direct exposure to agricultural credit pulverized among top-tier producers while accepting moderate concentration (top-3 = 44%). 3–5 year horizon. Those who value managers specialized in proprietary origination (Riza) over funds of funds or multi-strategy funds.
Who it's not for
Investors seeking an inflation hedge (100% CDI, 0% IPCA), exposure to agricultural land (not the case — credit only), requiring high daily liquidity (R$ 1.1M/day), or uncomfortable with concentration in a few top-tier borrowers. Also unsuitable for those expecting growing dividends — DPU is already at a compressed level set by the manager.
Points of attention and risks
Uniggel/Grupo Formoso in court-supervised reorganization (7.9% of total net assets)
Grupo Formoso (Uniggel Sementes) — one of Brazil's leading soybean seed producers — filed for court-supervised reorganization on December 18, 2025, with total debt of ~R$ 1.3 billion. The Court of Palmas (TO) granted an injunction (90-day stay period) blocking asset seizures and accelerated maturities. The fund holds R$ 42.75M (6.4% of net assets) in the group's CRA (CDI+4.15%, maturing Oct/29, backed by fiduciary lien on land in MS and TO) and another R$ 10.0M (1.5%) in a smaller CRA — totaling R$ 52.75M (7.9% of net assets). The manager suspended revenue distributions from these CRAs out of conservatism. Both remain formally current on payments. Extracompensatory collateral (fiduciary liens on land) provides theoretical protection, but legal enforcement takes 12–36 months.
4th Offering proposed: absorption of LSAG11 via related parties — conflict of interest
Riza called a unitholders' meeting (AGE) for July 13, 2026 to approve a 4th unit offering earmarked for LSAG11 (Riza Agro II), with payment via asset transfer — without preemptive rights for current unitholders. The transaction is between related parties: the manager and administrator are barred from voting by regulation, leaving the decision exclusively to unitholders without conflicts. Additional proposal: expansion of the investment policy to include CPR-Fs, rural CRIs, CDCAs, CDAs, Agricultural Warrants, and CIRs — beyond the original CRAs. Structuring costs would be borne by LSAG11. An independent valuation report is required by regulation. The voting outcome from July 13, 2026 was not yet disclosed in the June 2026 Management Report.
Top-3 concentration = 43.9% of net assets in CRAs
The three largest borrowers — Atafona (18.1%), KPS (16.0%), and Celini (9.7%) — concentrate nearly half of the CRA portfolio. HHI per debtor is 0.10 (moderate). Although all three have 30+ operating years, owned land, and guarantees including aval (joint liability endorsement) and fiduciary liens, concentration is higher than in pulverized peers like RURA11 (top-3 = 16%) and VGIA11.
100% CDI = sensitivity to declining Selic rate
The entire portfolio is indexed to CDI+ (0% IPCA, 0% fixed-rate). With the Selic rate at 14.5% and Focus survey projecting 11.0% in 12 months, projected revenue falls proportionally. Average spread of CDI+4.79% over an 11% Selic rate yields a gross return of ~16.3% p.a. (vs. current 19.8%). Sustainable DPU projected for 1H/2027 stands at R$ 0.105–0.110/unit.
The manager itself notes in the Feb/26 Management Report: 'the sector faces significant uncertainties related to credit availability and input price volatility... margin compression compared to levels seen in recent years'. Soybeans at CEPEA/Paranaguá range between R$ 132–138/bag (below Jan/26), cotton is flat, and corn shows a mild recovery. The scenario risk is the simultaneous deterioration of multiple harvests.
Modest liquidity (R$ 1.14M/day)
30-day average daily volume of R$ 1.14 million (Status Invest May 14, 2026). For a fund with R$ 679M in net assets, this represents low-to-moderate liquidity. A R$ 500k position takes ~2 business days to exit without moving the price; R$ 5M requires 22 days. Bid-ask spread of ~0.3% under normal averages.
Proprietary origination and robust collateral — positive differentiator
89.7% of the portfolio is originated in-house by Riza, featuring direct relationships with rural producers. In 18 of the 19 CRAs, collateral consists of Joint Liability Endorsement (Aval) + Fiduciary Lien on Land — a much stronger instrument than the fiduciary assignment of receivables. The 14 largest borrowers have 25–60 years of operating history and 2nd/3rd generation leadership. Book value per unit rose from R$ 9.55 (Oct/21) to R$ 9.98 (Mar/26) = +4.5% net after paying 53 dividends.
Is RZAG11 trustworthy?
Our current reading of RZAG11 is ACCUMULATE, with a score of 7.1/10. 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.
High management standards (Riza), but downgraded within the top tier due to accumulating current risks: Uniggel/Grupo Formoso in court-supervised reorganization (7.9% of net assets), top-3 concentration of 43.9%, and the proposed absorption of LSAG11 via related parties — a conflict of interest that weighs on governance.
Is RZAG11 safe?
Safety in a REIT is not yes or no — it is how much risk you accept. RZAG11 has a medio risk profile. What that means in practice:
Component
Level
Concentração
3.0
Price volatility
2.5
Dividend volatility
2.5
Liquidez
4.0
Underlying asset risk
3.5
Financial/leverage risk
1.0
Risks that don't show up in RZAG11's fact sheet
Uniggel in court reorganization could contaminate other seed segment CRAs
Grupo Uniggel (R$ 52.75M combined = 7.9% of net assets) is Brazil's largest soybean seed client. If reorganization terms are severe, it could reduce demand for premium seeds from producers like Atafona (18.1% of net assets) and Irmãos Gatto (5.2%) — also specialized in seeds. Sectoral contagion possible.
Atafona and Gatto have 30+ operating years, 2nd/3rd generation leadership, owned land, and diversification into cotton/corn — diluting seed dependency.
10% performance fee over CDI consumes 0.2–0.3% of gross return
In Feb/26, R$ 100k in performance fees were booked (R$ 0.0015/unit). Although moderate compared to peers (RURA11 charges 20% over CDI+1%), it drains ~1.7% of the unitholder's monthly income.
10 of the 14 debtor groups operate in the Cerrado region (BA, GO, MT, TO, MA). A systemic climate shock in this region (drought, strong La Niña) would impact multiple debtors simultaneously, reducing their debt-servicing capacity.
Fiduciary lien guarantees on high-value land (>R$ 30k/ha in BA/MT) preserve credit quality even under crop failure scenarios.
No diversification into IPCA-linked or fixed-rate CRAs
A 100% CDI+ allocation is a strategic decision by the manager, but it creates full sensitivity to the short end of the Selic curve. In an aggressive interest-rate cutting cycle (Selic <10%), peers with 30-40% IPCA exposure preserve earnings better.
Scenarios for RZAG11
Scenario
Description
Stable or rising Selic + Uniggel resolution in favor of the fund
In a scenario where Selic remains above 13% for another 12 months + Uniggel's court-supervised reorganization is approved with a payment plan, the DPU could rise to R$ 0.13-0.14 and the unit price could converge to R$ 9.80-10.00.
Excellent 25/26 crop season + recovering commodities
The 2025/26 Brazilian harvest is progressing well. If prices recover, debtors' debt-servicing capacity improves, reducing allowance for loan losses (ALL) risk and allowing for extra returns.
Convergence to book value — discount narrowing
Current P/BV of 0.89. If the market prices in the resolution of Uniggel + stable Selic, the unit price may rise 10-12% in the medium term to close the gap toward the book value of R$ 9.98.
Uniggel bankruptcy declaration + partial loss
If Uniggel's court-supervised reorganization is converted into bankruptcy and the recovery of the CRAs (R$ 52.75M combined) falls below 50%, a R$ 26M loss (R$ 0.38/unit book value) would occur, and sustainable DPU would drop to R$ 0.11.
Aggressive Selic cut to 10% in 12 months
Extreme Focus scenario (Selic <10%) compresses the CDI+4.79% spread to a gross return of 14.8% p.a. — sustainable DPU drops to R$ 0.098-0.105.
Cerrado/Matopiba climate shock + second debtor entering court-supervised reorganization
Severe climate shock in 25/26 + another debtor following Uniggel into court-supervised reorganization would compromise the debt-servicing capacity of 15-20% of net assets. DPU would be forced down to R$ 0.09-0.10 and the unit price to R$ 7.50-8.00.
Conclusion
RZAG11 is the flagship credit Fiagro of Riza Asset Management, with R$ 678.9M in net assets allocated across 19 Brazilian agribusiness CRAs, all indexed to CDI+4.79% with 89.7% proprietary origination. Over 4.5 years since its IPO in October 2021, the fund has distributed 53 dividends and grown its book value per unit from R$ 9.55 to R$ 9.98 — a sign of genuine accounting value creation.
The DPU of R$ 0.12/unit has been pinned for 15 consecutive months, generating a 12-month DY of 16.97% p.a. on a unit price of R$ 8.90, with a P/BV of 0.89 (an 11% discount). Cash earnings of R$ 8.1M/month exactly cover the distribution — a payout close to 100% without burning reserves on recurring payments.
Key risks include: Uniggel in non-approved court-supervised reorganization (7.9% of combined net assets), projected Selic falling from 14.5% to 11% over 12 months (compressing CDI+ revenue), and a top-3 concentration of 44% in three top-tier rural producers (Atafona, KPS, Celini). On the other hand, robust collateral including endorsement + fiduciary liens on land in 18 of the 19 CRAs, proprietary origination, and direct relationships with 14 consolidated producer groups (25-60 years in business) support the investment thesis.
Verdict: BUY with a rating of 7.5/10 for investors seeking tax-exempt monthly income with a high CDI+ spread, accepting moderate concentration and holding a 3-5 year horizon. Recommended satellite position of 5-10% of a REIT portfolio, ideally combined with more pulverized Fiagros (RURA11) or agricultural brick-and-mortar funds (BTRA11) to dilute cycle risk.
Frequently asked questions
Is RZAG11 good? Is it worth investing?
Current recommendation: ACCUMULATE. Rating 7.1/10. Attention (Jun/26): one of the borrowers — Grupo Uniggel, representing 7.9% of net assets — filed for court-supervised reorganization, and the quote dropped from R$ 9.14 to R$ 8.27; contracts remain formally current on payments, backed by land collateral. RZAG11 lends money to…
RZAG11: buy or sell?
Our current read on RZAG11 is “ACCUMULATE”. Rating 7.1/10. Assess it against your risk profile and the points of attention listed above.
What are RZAG11's risks?
The main points of attention for Riza Agro Fiagro include: Uniggel/Grupo Formoso in court-supervised reorganization (7.9% of total net assets); 4th Offering proposed: absorption of LSAG11 via related parties — conflict of interest; Top-3 concentration = 43.9% of net assets in CRAs; 100% CDI = sensitivity to declining Selic rate.
Who is RZAG11 suitable for?
RZAG11 is suitable for: Investors seeking tax-exempt monthly income with a high CDI+ spread, preferring direct exposure to agricultural credit pulverized among top-tier producers while accepting moderate concentration (top-3 = 44%). 3–5 year horizon. Those who value managers specialized in proprietary origination (Riza) over funds of funds or multi-strategy…