Multi-strategy: CRI + structured credit + securitization (8 Riza divisions)
Segment: Paper — Multi-strategy CRI (Real Estate, Infra, Securitization, Retail) · Price R$ 83.38 · P/BV 0.9436 · BV/unit R$ 88.36376 · Net assets 778297836.1 · 45,103 unitholders
RZAK11 (Riza Akin FII) is a Brazilian REIT in the Paper — Multi-strategy CRI (Real Estate, Infra, Securitization, Retail) segment. Multi-strategy: CRI + structured credit + securitization (8 Riza divisions)
8 Riza management divisions, 51 assets, 49% IPCA+ and 31% CDI+
This page gathers the factual snapshot of RZAK11 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 (formerly Riza Capital) is an independent manager focused on real estate credit, sale-leaseback, and structured strategies. RZAK11 is the firm's flagship paper REIT — 8 management divisions (Real Estate, Infra, Securitization, Agro, Direct Lending, Allocation, Fixed Income) coexist within a single actively managed portfolio. In Jun/2025, Riza underwent a partial spin-off, and the management of the fund was transferred to Riza Allocation Gestora de Recursos (CNPJ 47.138.945/0001-38), with the same core team.
The firm has a solid track record in RZAT11 (sale-leaseback, rated 7.8), RZAG11 (CRA), RZTR11 (farmland), and RZLC11 (logistics). Proprietary origination across 8 divisions is RZAK11's competitive edge — the fund accesses CRIs and REITs that other managers cannot originate.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CRI Evolua | — | 6.73% | — |
| CRI Mitre Capote Valente | — | 5.57% | — |
| CRI Genial Solar | — | 5.54% | — |
| CRI AXS | — | 5.08% | — |
| CRI Direcional Headquarters | — | 5.0% | — |
| CRI Direcional - Senior | — | 4.43% | — |
| CRI Urba (MRV) | — | 4.1% | — |
| CRI MRV 1 - Senior | — | 3.06% | — |
| CRI CFL II | — | 3.02% | — |
| CRI YouInc | — | 2.86% | — |
| CRI FGR Incorporações | — | 2.63% | — |
| CRI Norsk | — | 2.43% | — |
| CRI ProSoluto V - Senior | — | 2.41% | — |
| CRI Allegra Pacaembu II | — | 2.26% | — |
| CRI Órigo - Senior | — | 2.25% | — |
| CRI Tenda - Senior | — | 2.21% | — |
| CRI Galleria - Senior | — | 2.19% | — |
| CRI Colonial | — | 2.0% | — |
| CRI NM Ksm Log | — | 1.98% | — |
| CRI Alfa Ipiranga | — | 1.55% | — |
| CRI MonteCarlo II | — | 1.15% | — |
| CRI CFL | — | 1.13% | — |
| CRI Porto Ponta Félix | — | 100.0% | — |
| CRI NM Ksm Log II | — | 100.0% | — |
| CRI Axis | — | 93.0% | — |
| CRI JAUAPERI | — | 91.0% | — |
| CRI Helbor Portfolio - Senior | — | 87.0% | — |
| CRI HBR Aviação | — | 65.0% | — |
| CRI ProSoluto IV - Senior | — | 41.0% | — |
| CRI Splice | — | 39.0% | — |
| CRI Starbucks III | — | 38.0% | — |
| CRI MRV 1 | — | 30.0% | — |
| CRI Starbucks IV | — | 26.0% | — |
| CRI Galleria - Mezzanine | — | 23.0% | — |
| CRI Starbucks V | — | 20.0% | — |
| FII Riza Viseu Subclass B | — | 7.21% | — |
| Riza Lecci FII Sub - Subordinated | — | 3.07% | — |
| FII Lago da Pedra | — | 2.25% | — |
| FII BRL Direcional - Senior | — | 1.99% | — |
| FII Riza Kalithea | — | 1.94% | — |
| Breakdown | Share |
|---|---|
| By state | São Paulo 42.0% · Minas Gerais 18.0% · Rio de Janeiro 10.0% · Sul 8.0% · Norte/Nordeste/Centro-Oeste 22.0% |
Fund P/BV.
last close R$ 83.38 · all-time low R$ 69.81 · high R$ 90.01 · book value per unit R$ 88.36376.
| Period | What happened |
|---|---|
| Fund IPO | Riza Akin Imobiliário (RZAK11) commences operations on 21/12/2020 with initial net assets of R$ 289.7M and 3.001M units (BV per unit R$ 96.50). Original focus: Riza Real Estate CRIs. |
| CRI portfolio ramp-up | The fund grows from net assets of R$ 289M (Dec/2020) to ~R$ 290M (Dec/2021) as the first CRI portfolios are assembled. Monthly distributions range between R$ 0.50 and R$ 1.32. Cash falls from R$ 203M to R$ 4M as deployment progresses. |
| First supplemental offering | Offering increases units from 3.0M to 3.4M. Net assets rise to R$ 322M. |
| Second offering — reaching R$ 446M | Offering adds ~1.3M units (total 4.76M). Net assets rise to R$ 446M. Unitholders double from 14k to 25k. |
| Third offering — effective scale-up to current size | Units jump from 4.76M to 8.807M (final). Net assets reach R$ 819M (up 84%). Unitholders double from 25k to 45k. This is the current size — no new offerings since then. |
| Bankruptcy filing for Starbucks CRIs | In December/2023 , SRC 6 Participações (operator of the Starbucks brand in Brazil until 2023) files for bankruptcy protection. RZAK11 held R$ 50.2M in Starbucks CRIs III, IV, and V. As of May/2026, R$ 6.54M in outstanding balance remains, under negotiation for a multi-year installment agreement. |
| Zamp acquires Starbucks Brazil operations | Zamp acquires 100% of Café Pacífico (Starbucks Brazil operator) for R$ 101.8M. Starbucks CRIs were NOT included in scope — proceeds went to labor and supplier debts. Residual collateral: ~R$ 3M in judicially retained credit card receivables. |
| Riza Manager spin-off | Riza Gestora de Recursos is partially spun off. Management of RZAK11 transfers to Riza Allocation Gestora de Recursos (CNPJ 47.138.945/0001-38), with the same core team. Formal change with no operational impact. |
| Stable DPS at R$ 1.15→R$ 1.10/unit | Distributions remain stable throughout the year: R$ 1.15/month from May to Sep, R$ 1.10 from Oct/2025 onward. Full-year result: R$ 12.55/unit distributed (R$ 110.5M) on R$ 12.24/unit earned (R$ 107.8M). Payout 102.5% (used R$ 0.31/unit of retained earnings). |
| Liquidation and re-issuance of CRI Allegra Pacaembu | On 12/02/2026 , the original CRI Allegra (22D0378281) is fully liquidated with an additional premium payable throughout 2026. New transaction Allegra II (25L3133633) enters the portfolio in a senior structure with 30% subordination, but at 1/3 the size of its predecessor (R$ 17.5M vs ~R$ 53M). |
| Net assets R$ 778M, 12m DY 16.0% | Current position: R$ 778M in net assets, 8.807M units, 45,103 unitholders, 35 CRIs + 9 REITs. Net cash (item 9 of Monthly Report): R$ 23.1M. Gross leverage: 102.87% of net assets. Market price (Jun/2026) R$ 83.39 (P/BV 0.94). |
| Regulatory update — ANBIMA fee transparency | On 21/05/2026 , the RZAK11 regulation is updated by administrator BTG to replace the "Compensation Summary" with the ANBIMA Tool (Fee Transparency Platform) , pursuant to CVM Circular Letter No. 1/2025. No change in any amounts charged to unitholders — a purely disclosure-format update. |